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Office Properties Income Trust (OPI) earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed May 22, 2026 · Office Properties Income Trust (OPI) Q1 2026 earnings results →
Q1 2026 Revenue down 4% year over year to $109M · 85¢ of every $1 of revenue lost · operating margin 7.4%
Office Properties Income Trust made $109M in Q1 2026 (-4% Y/Y). Operating margin 7.4%, net loss $93.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 22, 2026.
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What changed this quarter
Revenue was $108.9M in Q1 2026, down 4% year over year and up 3% from the previous quarter.
Operating profit was $8.0M, a 7.4% margin (down 2.9 points year over year). Total costs fell 1% while revenue fell 4%. The quarter ended with a net loss of $93.0M, narrower than the previous quarter's $119.0M loss. Net interest and other expense of $101.3M was the main reason.
Operating cash flow was −$52.9M. Non-cash charges added back $44.1M of depreciation and amortization. Working capital and other items used $4.0M. Capital expenditures of $15.0M exceeded it, leaving free cash flow of −$68.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 10-Q | May 22, 2026 | $109M | -4% | 7.4% | −$93.0M | −$52.9M |
| Q4 2025 | 10-K | May 22, 2026 | $105M | -11% | -2.1% | −$119M | $1.8M |
| Q3 2025 | 10-Q | May 22, 2026 | $109M | -10% | -12.5% | −$66.3M | −$12.2M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $114M | -7% | 9.1% | −$41.2M | $32.4M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $114M | -18% | 10.3% | −$45.9M | −$28.6M |
| Q4 2024 | 10-K | Feb 13, 2025 | $118M | — | 8.3% | −$149M | $25.7M |
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🔄Rotation against the market and its industry (RRG)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 26% of its revenue · Stated in 10-K (XBRL) · source
About Office Properties Income Trust
We are a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2025, our wholly owned properties were comprised of 122 properties containing approximately 17.1 million rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 0.3 million rentable square feet. As of December 31, 2025, our properties have an undepreciated carrying value of approximately $3.7 billion and a depreciated carrying value of approximately $2.9 billion. As of December 31, 2025, our properties were leased to 212 different tenants, with a weighted average remaining lease term (based on annualized rental income as defined below) of approximately 6.6 years. The U.S.
In its own words, from its 10-K, filed May 22, 2026.
Office Properties Income Trust against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +8%. Operating margin: 7.4% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OPI Office Properties Income Trust | Q1 2026 | $109M | -4% | 7.4% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Office Properties Income Trust 10-Q on SEC EDGAR · CIK 1456772 · Real Estate
13F: who owns OPI and who is buying
More on OPI
History
Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results