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Sun Communities (SUI) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jul 31, 2025
Sun Communities (SUI) reported revenue of $624M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +33% from the quarter before. Operating margin was -30.3%, net earnings $1.3B (213.4% of revenue).
Sun Communities, Q1 FY26: revenue $624M (+5% year over year), operating margin -30.3%, net earnings $1.3B, operating cash flow $256M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $624M | +33% | +5% |
| Operating profit | −$189M | — | — |
| Net earnings | $1.3B | — | — |
| Operating cash flow | $256M | +5% | -18% |
| Free cash flow | $184M | — | -8% |
What changed
Revenue was $623.5M in Q1 FY26, up 5% year over year and up 33% from the previous quarter. MH was the largest line at 49% of revenue. UK Segment added $18.2M year over year (up 17%), 67% of the total change.
Operating costs exceeded revenue by $189.1M, an operating margin of -30.3%. Total costs grew 44% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+46%). Net earnings were $1,314.1M, up 2218% year over year. The effective tax rate was 0.0%. Non-operating items added $1,519.4M, 114% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $256.0M (down 18% year over year), 19% of net earnings. Non-cash charges added back $127.4M of depreciation and amortization and $8.7M of share-based compensation. Working capital and other items used $1,210.4M. Capital expenditures of $71.7M left free cash flow of $184.3M.
Questions
What was Sun Communities' revenue in the first quarter fiscal 2026?
Sun Communities (SUI) reported revenue of $624M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +33% from the quarter before.
Was Sun Communities profitable in the first quarter fiscal 2026?
Operating loss was $189M (-30.3% of revenue) and net earnings $1.3B.
Source: Sun Communities 10-Q on SEC EDGAR.