Q3 2026 Revenue up 7% year over year to $354M · 1¢ of every $1 of revenue kept as net profit · operating margin 1.4%
RLJ Lodging Trust made $354M in Q3 2026 (+7% Y/Y): Room Revenue $288M, Food and Beverage Revenue $38.2M, Other Revenue $27.9M. Operating margin 1.4%, net earnings $4.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$354M
Year over year+7%
Operating margin1.4%
Net earnings$4.6M
Operating cash flow$69.0M
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 $354.5M in Q3 2026, up 7% year over year and down 7% from the previous quarter. Room Revenue was the largest line at 81% of revenue. Room Revenue added $21.0M year over year (up 8%), 86% of the total change.
Operating profit was $4.9M, a 1.4% margin (up 2.4 points year over year). Total costs grew 5% against revenue growth of 7%. The fastest-growing cost line was General & admin (+13%). Net earnings were $4.6M. The effective tax rate was 6.0%.
Operating cash flow was $69.0M (up 9% year over year), 1507% of net earnings. Non-cash charges added back $47.7M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items added $12.0M. Capital expenditures of $27.1M left free cash flow of $41.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$354M
+7%
1.4%
$4.6M
$69.0M
Q2 2026
10-Q
Aug 7, 2026
$383M
+6%
8.3%
$31.3M
$115M
Q1 2026
10-Q
May 4, 2026
$340M
+4%
0.0%
−$349K
$26.2M
Q4 2025
10-K
Feb 27, 2026
$329M
-0.4%
0.2%
$549K
$62.9M
Q3 2025
10-Q
Nov 6, 2025
$330M
-4%
-1.0%
−$3.8M
$63.3M
Q2 2025
10-Q
Aug 8, 2025
$363M
-2%
8.0%
$28.6M
$101M
Q1 2025
10-Q
May 5, 2025
$328M
+1%
1.1%
$3.2M
$16.3M
Charts
Latest (Q3 2026): Y/Y +7%, Q/Q -7%.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 $4.6M, Operating cash flow $69.0M.-8.9% since FY2020: buybacks shrank the count.Cash $410M, short-term investments —, long-term debt $2.2B 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
We are a self-advised and self-administered Maryland real estate investment trust that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We are one of the largest U.S. publicly-traded lodging REITs in terms of both number of hotels and number of rooms. Our hotels are concentrated in markets that we believe exhibit multiple demand generators and attractive long-term growth prospects. We believe premium-branded, focused-service and compact full-service hotels with these characteristics generate high levels of RevPAR, strong operating margins and attractive returns.
In its own words, from its 10-K, filed Feb 27, 2026.
RLJ Lodging Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +11%. Operating margin: 1.4% against the peers' median 15.9%.