Q3 2026 Revenue up 9% year over year to $231M · 31¢ of every $1 of revenue kept as net profit · operating margin 38.4%
Stag Industrial made $231M in Q3 2026 (+9% Y/Y). Operating margin 38.4%, net earnings $70.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$231M
Year over year+9%
Operating margin38.4%
Net earnings$70.7M
Operating cash flow$147M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $231.0M in Q3 2026, up 9% year over year and up 3% from the previous quarter.
Operating profit was $88.6M, a 38.4% margin (up 0.3 points year over year). Of the extra revenue versus Q3 2025, 42% reached operating profit, above the 38% margin then. Total costs grew 9% against revenue growth of 9%. The fastest-growing cost line was General & admin (+22%). Net earnings were $70.7M, up 45% year over year. The effective tax rate was 0.0%.
Operating cash flow was $147.5M (up 3% year over year), 204% of net income including minority interests. Non-cash charges added back $80.5M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $9.3M. Capital expenditures of $41.5M left free cash flow of $106.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$231M
+9%
38.4%
$70.7M
$147M
Q2 2026
10-Q
Jul 28, 2026
$224M
+8%
37.0%
$52.9M
$111M
Q1 2026
10-Q
Apr 28, 2026
$224M
+9%
37.5%
$62.0M
$117M
Q4 2025
10-K
Feb 11, 2026
$221M
+11%
37.8%
$83.5M
$104M
Q3 2025
10-Q
Oct 29, 2025
$211M
+11%
38.0%
$48.6M
$144M
Q2 2025
10-Q
Jul 29, 2025
$208M
+9%
38.0%
$50.0M
$112M
Q1 2025
10-Q
Apr 29, 2025
$206M
+10%
36.1%
$91.4M
$104M
Charts
Latest (Q3 2026): Y/Y +9%, Q/Q +3%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $72.2M, Operating cash flow $147M.+25.4% since FY2020: more shares outstanding (issuance, stock pay).Cash $14.9M, short-term investments —, long-term debt $3.3B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
“Cash Rent Change” means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.
In its own words, from its 10-K, filed Feb 11, 2026.
Stag Industrial 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: 38.4% against the peers' median 20.6%.