Filing Flows › Safehold (SAFE) › Q3 2026
Safehold (SAFE) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Safehold (SAFE) reported revenue of $119M for the third quarter 2026 (Q3 2026), +23% from a year earlier and +4% from the quarter before. Operating margin was 24.7%, net earnings $28.8M (24.3% of revenue).
Safehold, Q3 2026: revenue $119M (+23% year over year), operating margin 24.7%, net earnings $28.8M, operating cash flow $5.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $119M | +4% | +23% |
| Operating profit | $29.3M | +4% | +18% |
| Net earnings | $28.8M | -4% | -2% |
| Operating cash flow | $5.5M | -84% | — |
What changed
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.
Questions
What was Safehold's revenue in the third quarter 2026?
Safehold (SAFE) reported revenue of $119M for the third quarter 2026 (Q3 2026), +23% from a year earlier and +4% from the quarter before.
Was Safehold profitable in the third quarter 2026?
Operating profit was $29.3M (24.7% of revenue) and net earnings $28.8M.
Source: Safehold 10-Q on SEC EDGAR.