Q3 2026 Revenue down 6% year over year to $239M · 7¢ of every $1 of revenue kept as net profit · operating margin 39.4%
Rexford Industrial Realty made $239M in Q3 2026 (-6% Y/Y). Operating margin 39.4%, net earnings $17.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$239M
Year over year-6%
Operating margin39.4%
Net earnings$17.4M
Operating cash flow$152M
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 $239.1M in Q3 2026, down 6% year over year and down 3% from the previous quarter.
Operating profit was $94.2M, a 39.4% margin (up 2.2 points year over year). Total costs fell 9% while revenue fell 6%. Net earnings were $17.4M, down 81% year over year. The effective tax rate was 0.0%.
Operating cash flow was $151.8M (up 1% year over year), 840% of net income including minority interests. Non-cash charges added back $74.4M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items added $54.6M. Capital expenditures of $56.0M left free cash flow of $95.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$239M
-6%
39.4%
$17.4M
$152M
Q2 2026
10-Q
Jul 28, 2026
$246M
-2%
41.6%
−$524M
$107M
Q1 2026
10-Q
Apr 28, 2026
$245M
-3%
41.0%
$91.2M
$141M
Q4 2025
10-K
Feb 11, 2026
$248M
+2%
37.4%
−$67.7M
$112M
Q3 2025
10-Q
Oct 20, 2025
$253M
+5%
37.2%
$89.9M
$150M
Q2 2025
10-Q
Jul 21, 2025
$250M
+5%
41.4%
$116M
$128M
Q1 2025
10-Q
Apr 21, 2025
$252M
+18%
35.8%
$71.2M
$153M
Charts
Latest (Q3 2026): Y/Y -6%, Q/Q -3%.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 $18.1M, Operating cash flow $152M.+91.9% since FY2020: more shares outstanding (issuance, stock pay).Cash $166M, short-term investments —, long-term debt $3.3B 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
References to “we,” “our,” “us,” “our company,” or “the Company” refer to Rexford Industrial Realty, Inc., a Maryland corporation, together with our consolidated subsidiaries (unless the context requires otherwise), including Rexford Industrial Realty, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to Rexford Industrial Realty, Inc. We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets.
In its own words, from its 10-K, filed Feb 11, 2026.
Rexford Industrial Realty 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: 39.4% against the peers' median 20.6%.