Filing Flows › Safehold (SAFE) › Q2 2026
Safehold (SAFE) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
Safehold (SAFE) reported revenue of $115M for the second quarter 2026 (Q2 2026), +22% from a year earlier and +3% from the quarter before. Operating margin was 24.6%, net earnings $30.2M (26.3% of revenue).
Safehold, Q2 2026: revenue $115M (+22% year over year), operating margin 24.6%, net earnings $30.2M, operating cash flow $34.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +3% | +22% |
| Operating profit | $28.3M | +11% | +18% |
| Net earnings | $30.2M | +4% | +8% |
| Operating cash flow | $34.6M | — | +24% |
What changed
Revenue was $114.6M in Q2 2026, up 22% year over year and up 3% from the previous quarter. Ground Leases was the largest line at 86% of revenue.
Operating profit was $28.3M, a 24.6% margin (down 0.8 points year over year). Of the extra revenue versus Q2 2025, 21% reached operating profit, below the 25% margin then. Total costs grew 24% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $30.2M, up 8% year over year. The effective tax rate was 4.3%.
Operating cash flow was $34.6M (up 24% year over year), 113% of net earnings. Non-cash charges added back $1.8M of depreciation and amortization and $3.4M of share-based compensation.
Questions
What was Safehold's revenue in the second quarter 2026?
Safehold (SAFE) reported revenue of $115M for the second quarter 2026 (Q2 2026), +22% from a year earlier and +3% from the quarter before.
Was Safehold profitable in the second quarter 2026?
Operating profit was $28.3M (24.6% of revenue) and net earnings $30.2M.
Source: Safehold 10-Q on SEC EDGAR.