Filing Flows › Safehold (SAFE) › Q2 2026 › vs Q1 2026
Safehold (SAFE) Q2 2026 vs Q1 2026 (quarter over quarter)
Safehold's revenue rose $3.8M (+3%) from $111M in Q1 2026 to $115M in Q2 2026. The biggest changes: Hotel Operations +$6.1M (+62%); Ground Leases −$2.3M (-2%). Operating margin 24.6% against 23.0% (+1.6 pts).
Safehold, Q2 2026: revenue $115M (+22% year over year), operating margin 24.6%, net earnings $30.2M, operating cash flow $34.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 24.6% | 23.0% | +1.6 pts |
| Net margin | 26.3% | 26.0% | +0.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Ground Leases | $98.7M | $101M | −$2.3M | -2% |
| Hotel Operations | $15.9M | $9.9M | $6.1M | +62% |
| Revenue | $115M | $111M | $3.8M | +3% |
| Other income, net | $3.9M | $4.0M | −$174K | -4% |
| Operating profit | $28.3M | $25.5M | $2.7M | +11% |
| Costs & expenses | $86.4M | $85.3M | $1.1M | +1% |
| Pre-tax earnings | $32.1M | $29.6M | $2.5M | +9% |
| Cost of revenue | $770K | $1.3M | −$540K | -41% |
| General & admin | $14.3M | $15.3M | −$960K | -6% |
| Other operating costs | $71.3M | $68.7M | $2.6M | +4% |
| Net earnings | $30.2M | $28.9M | $1.3M | +4% |
| Minority interests | $568K | $36K | $532K | 16× |
| Income tax | $1.4M | $685K | $709K | +104% |
| Depreciation & amortization | $1.8M | $1.8M | $1K | +0.1% |
| Share-based compensation | $3.4M | $3.8M | −$390K | -10% |
| Working capital & other | $759K | $43.1M | −$42.3M | -98% |
| Operating cash flow | $34.6M | −$8.6M | $43.2M | — |
Questions
How much did Safehold's revenue grow quarter over quarter in Q2 2026?
Safehold's revenue rose $3.8M (+3%) from $111M in Q1 2026 to $115M in Q2 2026.
What drove Safehold's revenue change in Q2 2026?
Hotel Operations +$6.1M (+62%); Ground Leases −$2.3M (-2%).