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Tanger (SKT) earnings and revenue breakdown
Latest: Q3 2026 · 8-K filed Nov 4, 2026
Q3 2026 Revenue up 9% year over year to $158M · 21¢ of every $1 of revenue kept as net profit · operating margin 22.2%
Tanger made $158M in Q3 2026 (+9% Y/Y): Rental revenue $149M, Other revenue $6.3M, Management, leasing and other services $2.3M. Operating margin 22.2%, net earnings $33.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 4, 2026 (preliminary, from the earnings release).
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What changed this quarter
Revenue was $157.7M in Q3 2026, up 9% year over year and up 1% from the previous quarter. Rental revenue was the largest line at 95% of revenue. Rental revenue added $11.8M year over year (up 9%), 95% of the total change. Management, leasing and other services declined 6%.
Operating profit was $35.0M, a 22.2% margin (up 2.1 points year over year). Of the extra revenue versus Q3 2025, 47% reached operating profit, above the 20% margin then. Total costs grew 6% against revenue growth of 9%. The fastest-growing cost line was General & admin (+10%). Net earnings were $33.6M, up 5% year over year. The effective tax rate was 0.0%.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 8-K | Nov 4, 2026 | $158M | +9% | 22.2% | $33.6M | — |
| Q2 2026 | 10-Q | Aug 6, 2026 | $156M | +11% | 19.7% | $33.2M | $93.5M |
| Q1 2026 | 10-Q | May 4, 2026 | $150M | +11% | 17.3% | $28.3M | $36.3M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $145M | +9% | 20.1% | $32.0M | $74.3M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $141M | +9% | 20.1% | $30.1M | $82.0M |
| Q1 2025 | 10-Q | May 2, 2025 | $135M | +10% | 13.0% | $19.2M | $41.4M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Tanger
Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and other open-air retail destinations in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and other open-air retail centers. As of December 31, 2025, our consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 14.0 million square feet, which were 98% occupied and contained over 2,600 stores representing over 700 store brands. We also had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada.
In its own words, from its 10-K, filed Feb 26, 2026.
Tanger against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +11%. Operating margin: 22.2% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SKT Tanger | Q3 2026 | $158M | +9% | 22.2% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Tanger 8-K on SEC EDGAR · CIK 899715 · Real Estate Investment Trusts
13F: who owns SKT and who is buying
More on SKT
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results