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Sun Communities (SUI) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Oct 30, 2025
Sun Communities (SUI) reported revenue of $697M for the second quarter fiscal 2026 (Q2 FY26), +2% from a year earlier and +12% from the quarter before. Operating margin was -0.3%, net earnings $10.9M (1.6% of revenue).
Sun Communities, Q2 FY26: revenue $697M (+2% year over year), operating margin -0.3%, net earnings $10.9M, operating cash flow $198M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $697M | +12% | +2% |
| Operating profit | −$1.9M | — | — |
| Net earnings | $10.9M | -99% | — |
| Operating cash flow | $198M | -23% | +5% |
What changed
Revenue was $697.2M in Q2 FY26, up 2% year over year and up 12% from the previous quarter. MH was the largest line at 43% of revenue. MH added $15.9M year over year (up 6%), 95% of the total change. RV declined 2%.
Operating costs exceeded revenue by $1.9M, an operating margin of -0.3%. Total costs grew 19% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $12.1M, down 96% year over year ($10.9M including minority interests, which bore $1.2M of losses). The effective tax rate was 0.0%. Non-operating items added $12.8M, 117% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $197.8M (up 5% year over year), 1815% of net income including minority interests. Non-cash charges added back $126.2M of depreciation and amortization and $8.9M of share-based compensation. Working capital and other items added $51.8M.
Questions
What was Sun Communities' revenue in the second quarter fiscal 2026?
Sun Communities (SUI) reported revenue of $697M for the second quarter fiscal 2026 (Q2 FY26), +2% from a year earlier and +12% from the quarter before.
Was Sun Communities profitable in the second quarter fiscal 2026?
Operating loss was $1.9M (-0.3% of revenue) and net earnings $10.9M.
Source: Sun Communities 10-Q on SEC EDGAR.