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Star (STHO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Star (STHO) Q3 2026 earnings results →
Q3 2026 Revenue up 42% year over year to $39.9M · 113¢ of every $1 of revenue lost · operating margin 8.9%
Star made $39.9M in Q3 2026 (+42% Y/Y): Land development revenue $21.0M, Other income $16.4M, Operating lease income $1.7M. Operating margin 8.9%, net loss $45.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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 $39.9M in Q3 2026, up 42% year over year and up 106% from the previous quarter. Land development revenue was the largest line at 52% of revenue. Land development revenue added $19.3M year over year (up 1133%), 163% of the total change. Other income declined 30%.
Operating profit was $3.6M, a 8.9% margin (up 4.6 points year over year). Of the extra revenue versus Q3 2025, 20% reached operating profit, above the 4% margin then. Total costs grew 35% against revenue growth of 42%. The fastest-growing cost line was Other operating costs (+43%). The quarter ended with a net loss of $45.1M, after a profit of $41.5M the previous quarter. Net interest and other expense of $48.6M was the main reason.
Operating cash flow was −$9.2M. Non-cash charges added back $791K of depreciation and amortization. Working capital and other items added $35.1M. Capital expenditures of $229K exceeded it, leaving free cash flow of −$9.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $39.9M | +42% | 8.9% | −$45.1M | −$9.2M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $19.4M | -54% | -11.6% | $41.5M | −$2.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $20.9M | +43% | -58.7% | −$14.5M | −$8.4M |
| Q4 2025 | 10-K | Feb 17, 2026 | $25.4M | -23% | 4.3% | −$23.3M | −$8.0M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $28.1M | +14% | 4.3% | $1.8M | $5.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $42.1M | +38% | 7.2% | −$39.7M | −$2.6M |
| Q1 2025 | 10-Q | May 12, 2025 | $14.6M | -42% | -76.7% | −$8.0M | −$6.3M |
Charts
Interactive views
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💵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
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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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 Star
Explanatory Note for Purposes of the "Safe Harbor Provisions" of Section 21E of the Securities Exchange Act of 1934, as amended Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are included with respect to, among other things, Star Holdings (“we,” “our” and/or the “Company”) current business strategy, portfolio management, prospects and liquidity.
In its own words, from its 10-K, filed Feb 17, 2026.
Star against its Lessors of Real Property, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +42% against the peers' median +8%. Operating margin: 8.9% against the peers' median 8.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| STHO Star | Q3 2026 | $39.9M | +42% | 8.9% |
| Highwoods Realty Ltd Partnership | Q3 2026 | $218M | +8% | 67.2% |
| GOOD Gladstone Commercial | Q3 2026 | $42.4M | +4% | -4.9% |
| RHEP Regional Health Properties | Q2 2026 | $24.4M | +143% | -0.9% |
| ALCO Alico | Q3 FY26 | $9.0M | +8% | 20.9% |
Source: Star 10-Q on SEC EDGAR · CIK 1953366 · Lessors of Real Property, NEC
Guidance and outlook
13F: who owns STHO and who is buying
More on STHO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results