Q3 2026 Revenue up 6% year over year to $193M · 32¢ of every $1 of revenue kept as net profit · operating margin 35.6%
Phillips Edison & Company made $193M in Q3 2026 (+6% Y/Y). Operating margin 35.6%, net earnings $62.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$193M
Year over year+6%
Operating margin35.6%
Net earnings$62.7M
Operating cash flow$85.5M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $193.1M in Q3 2026, up 6% year over year and up 2% from the previous quarter.
Operating profit was $68.8M, a 35.6% margin (up 20.6 points year over year). Of the extra revenue versus Q3 2025, 397% reached operating profit, above the 15% margin then. Total costs fell 20% while revenue rose 6%. Net earnings were $62.7M, up 154% year over year. The effective tax rate was 0.3%.
Operating cash flow was $85.5M (down 10% year over year), 125% of net income including minority interests. Non-cash charges added back $68.9M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $55.5M. Capital expenditures of $37.4M left free cash flow of $48.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$193M
+6%
35.6%
$62.7M
$85.5M
Q2 2026
10-Q
Jul 24, 2026
$190M
+7%
24.0%
$41.1M
$118M
Q1 2026
10-Q
Apr 24, 2026
$191M
+7%
17.5%
$30.4M
$55.6M
Q4 2025
10-K
Feb 10, 2026
$188M
+9%
28.4%
$47.5M
$96.1M
Q3 2025
10-Q
Oct 24, 2025
$183M
+10%
15.0%
$24.7M
$95.4M
Q2 2025
10-Q
Jul 25, 2025
$178M
+10%
8.1%
$12.8M
$96.1M
Q1 2025
10-Q
Apr 25, 2025
$178M
+10%
16.3%
$26.3M
$60.5M
Charts
Latest (Q3 2026): Y/Y +6%, Q/Q +2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $68.6M, Operating cash flow $85.5M.+25.0% since FY2020: more shares outstanding (issuance, stock pay).Cash $3.5M, short-term investments —, long-term debt $2.4B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
All references to “Notes” throughout this Annual Report on Form 10-K refer to the footnotes to the consolidated financial statements in “Part II, Item 8. Financial Statements and Supplementary Data”. OVERVIEW —Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “our,” or “us”), a real estate investment trust (“REIT”) founded 35 years ago, is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Additionally, we operate a third-party investment management business providing property management and advisory services to three unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”). The majority of our revenues are lease revenues derived from our real estate investments.
In its own words, from its 10-K, filed Feb 10, 2026.
Phillips Edison & Company against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +11%. Operating margin: 35.6% against the peers' median 20.6%.