Q2 FY27 Revenue up 0% year over year to $558M · 23¢ of every $1 of revenue kept as net profit · operating margin 18.2%
Sun Communities made $558M in Q2 FY27 (+0.4% Y/Y). Operating margin 18.2%, net earnings $126M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$558M
Year over year+0.4%
Operating margin18.2%
Net earnings$126M
Operating cash flow$155M
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 $558.2M in Q2 FY27, roughly flat year over year and up 15% from the previous quarter.
Operating profit was $101.6M, a 18.2% margin (up 24.6 points year over year). Total costs fell 23% while revenue was flat. Net earnings were $126.2M, up 943% year over year. The effective tax rate was 0.0%. Non-operating items added $26.2M, 21% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $155.2M (down 22% year over year), 121% of net earnings. Non-cash charges added back $125.7M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $104.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 FY27
10-Q
Oct 27, 2026
$558M
+0.4%
18.2%
$126M
$155M
Q1 FY27
10-Q
Jul 28, 2026
$485M
-2%
10.4%
−$1.0B
$266M
Q4 FY26
10-Q
Apr 28, 2026
$508M
+8%
4.6%
−$6.3M
$269M
Q3 FY26
10-K
Feb 25, 2026
$515M
+0.1%
1.0%
$122M
$166M
Q2 FY26
10-Q
Oct 30, 2025
$697M
+2%
-0.3%
$10.9M
$198M
Q1 FY26
10-Q
Jul 31, 2025
$624M
+5%
-30.3%
$1.3B
$256M
Q4 FY25
10-Q
May 6, 2025
$470M
+0.2%
-9.0%
−$41.6M
$244M
Charts
Latest (Q2 FY27): Y/Y +0%, Q/Q +15%.Latest (Q2 FY27): Net income $128M, Operating cash flow $155M.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
Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our." We are a fully integrated real estate investment trust ("REIT"). We own manufactured housing ("MH") and recreational vehicle ("RV") communities in the United States ("U.S."), Canada, and the UK (together with MH and RV, the "properties").
In its own words, from its 10-K, filed Feb 25, 2026.
Sun Communities against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.4% against the peers' median +11%. Operating margin: 18.2% against the peers' median 18.2%.