Q3 2026 Revenue up 23% year over year to $119M · 24¢ of every $1 of revenue kept as net profit · operating margin 24.7%
Safehold made $119M in Q3 2026 (+23% Y/Y): Ground Leases $101M, Hotel Operations $18.0M. Operating margin 24.7%, net earnings $28.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$119M
Year over year+23%
Operating margin24.7%
Net earnings$28.8M
Operating cash flow$5.5M
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 $118.7M in Q3 2026, up 23% year over year and up 4% from the previous quarter. Ground Leases was the largest line at 85% of revenue.
Operating profit was $29.3M, a 24.7% margin (down 1.2 points year over year). Of the extra revenue versus Q3 2025, 20% reached operating profit, below the 26% margin then. Total costs grew 25% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+31%). Net earnings were $28.8M, down 2% year over year. The effective tax rate was 4.5%.
Operating cash flow was $5.5M, 17% of net income including minority interests. Non-cash charges added back $1.9M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $31.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$119M
+23%
24.7%
$28.8M
$5.5M
Q2 2026
10-Q
Jul 31, 2026
$115M
+22%
24.6%
$30.2M
$34.6M
Q1 2026
10-Q
May 1, 2026
$111M
+14%
23.0%
$28.9M
−$8.6M
Q4 2025
10-K
Feb 12, 2026
$97.9M
+6%
27.4%
$27.9M
$12.3M
Q3 2025
10-Q
Nov 6, 2025
$96.2M
+6%
25.9%
$29.3M
−$1.4M
Q2 2025
10-Q
Aug 6, 2025
$93.8M
+4%
25.5%
$27.9M
$28.0M
Q1 2025
10-Q
May 7, 2025
$97.7M
+5%
25.9%
$29.4M
$8.9M
Charts
Latest (Q3 2026): Y/Y +23%, Q/Q +4%.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 $31.3M, Operating cash flow $5.5M.-5.2% since FY2020: buybacks shrank the count.Cash $21.7M, short-term investments —, long-term debt $4.6B 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
Explanatory Note for Purposes of the "Safe Harbor Provisions" of Section 21E of the Securities Exchange Act of 1934, as amended Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are included with respect to, among other things, our current business plan, business strategy, portfolio management, prospects and liquidity.
In its own words, from its 10-K, filed Feb 12, 2026.
Safehold against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +23% against the peers' median +14%. Operating margin: 24.7% against the peers' median 20.6%.