Filing Flows › Safehold (SAFE) › Q1 2026
Safehold (SAFE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Safehold (SAFE) reported revenue of $111M for the first quarter 2026 (Q1 2026), +13% from a year earlier and +13% from the quarter before. Operating margin was 23.0%, net earnings $28.9M (26.1% of revenue).
Safehold, Q1 2026: revenue $111M (+14% year over year), operating margin 23.0%, net earnings $28.9M, operating cash flow −$8.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111M | +13% | +13% |
| Operating profit | $25.5M | -5% | +1% |
| Net earnings | $28.9M | +3% | -2% |
| Operating cash flow | −$8.6M | -170% | -197% |
What changed
Revenue was $110.9M in Q1 2026, up 13% year over year and up 13% from the previous quarter. Ground Leases was the largest line at 91% of revenue.
Operating profit was $25.5M, a 23.0% margin (down 2.9 points year over year). Of the extra revenue versus Q1 2025, 2% reached operating profit, below the 26% margin then. Total costs grew 18% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $28.9M, down 2% year over year. The effective tax rate was 2.3%.
Operating cash flow was −$8.6M. Non-cash charges added back $1.8M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $43.1M.
Questions
What was Safehold's revenue in the first quarter 2026?
Safehold (SAFE) reported revenue of $111M for the first quarter 2026 (Q1 2026), +13% from a year earlier and +13% from the quarter before.
Was Safehold profitable in the first quarter 2026?
Operating profit was $25.5M (23.0% of revenue) and net earnings $28.9M.
Source: Safehold 10-Q on SEC EDGAR.