Filing Flows › Safehold (SAFE) › Q3 2026 › vs Q2 2026
Safehold (SAFE) Q3 2026 vs Q2 2026 (quarter over quarter)
Safehold's revenue rose $4.0M (+4%) from $115M in Q2 2026 to $119M in Q3 2026. The biggest changes: Hotel Operations +$2.1M (+13%); Ground Leases +$2.0M (+2%). Operating margin 24.7% against 24.6% (+0.1 pts).
Safehold, Q3 2026: revenue $119M (+23% year over year), operating margin 24.7%, net earnings $28.8M, operating cash flow $5.5M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 24.7% | 24.6% | +0.1 pts |
| Net margin | 24.3% | 26.3% | -2.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Ground Leases | $101M | $98.7M | $2.0M | +2% |
| Hotel Operations | $18.0M | $15.9M | $2.1M | +13% |
| Revenue | $119M | $115M | $4.0M | +4% |
| Other income, net | $3.5M | $3.9M | −$344K | -9% |
| Operating profit | $29.3M | $28.3M | $1.1M | +4% |
| Costs & expenses | $89.4M | $86.4M | $3.0M | +3% |
| Pre-tax earnings | $32.8M | $32.1M | $715K | +2% |
| Cost of revenue | $786K | $770K | $16K | +2% |
| General & admin | $14.3M | $14.3M | −$73K | -0.5% |
| Other operating costs | $74.3M | $71.3M | $3.0M | +4% |
| Net earnings | $28.8M | $30.2M | −$1.3M | -4% |
| Minority interests | $2.5M | $568K | $2.0M | +347% |
| Income tax | $1.5M | $1.4M | $90K | +6% |
| Operating cash sources | $34.7M | $35.4M | −$716K | -2% |
| Depreciation & amortization | $1.9M | $1.8M | $27K | +1% |
| Share-based compensation | $4.0M | $3.4M | $605K | +18% |
| Working capital & other | $29.2M | $759K | $28.4M | 38× |
| Operating cash flow | $5.5M | $34.6M | −$29.1M | -84% |
Questions
How much did Safehold's revenue grow quarter over quarter in Q3 2026?
Safehold's revenue rose $4.0M (+4%) from $115M in Q2 2026 to $119M in Q3 2026.
What drove Safehold's revenue change in Q3 2026?
Hotel Operations +$2.1M (+13%); Ground Leases +$2.0M (+2%).