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Terreno Realty (TRNO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Terreno Realty (TRNO) Q3 2026 earnings results →
Q3 2026 Revenue up 14% year over year to $132M · 52¢ of every $1 of revenue kept as net profit · operating margin 42.2%
Terreno Realty made $132M in Q3 2026 (+14% Y/Y). Operating margin 42.2%, net earnings $68.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $132.2M in Q3 2026, up 14% year over year and up 6% from the previous quarter.
Operating profit was $55.8M, a 42.2% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 49% reached operating profit, above the 41% margin then. Total costs grew 12% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $68.1M, down 34% year over year. The effective tax rate was 0.0%.
Operating cash flow was $81.2M (up 2% year over year), 119% of net earnings. Non-cash charges added back $30.5M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $22.1M. Capital expenditures of $27.2M left free cash flow of $54.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $132M | +14% | 42.2% | $68.1M | $81.2M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $125M | +11% | 41.8% | $57.6M | $74.9M |
| Q1 2026 | 10-Q | May 6, 2026 | $124M | +13% | 40.7% | $69.4M | $61.9M |
| Q4 2025 | 10-K | Feb 4, 2026 | $137M | +33% | 41.8% | $158M | $70.3M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $116M | +17% | 41.3% | $103M | $79.5M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $112M | +19% | 39.0% | $93.3M | $60.6M |
| Q1 2025 | 10-Q | May 7, 2025 | $110M | +30% | 38.9% | $48.1M | $61.4M |
Charts
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📈Investments: gains and what it boughtinteractive
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About Terreno Realty
Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, “we”, “us”, “our”, “our Company” or “the Company”) acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate.
In its own words, from its 10-K, filed Feb 4, 2026.
Terreno Realty against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +8%. Operating margin: 42.2% against the peers' median 42.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRNO Terreno Realty | Q3 2026 | $132M | +14% | 42.2% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Terreno Realty 10-Q on SEC EDGAR · CIK 1476150 · Real Estate
Guidance and outlook
13F: who owns TRNO and who is buying
More on TRNO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
Compare TRNO with
- Terreno Realty vs Forestar Group (TRNO vs FOR)
- Terreno Realty vs Millrose Properties (TRNO vs MRP)
- Terreno Realty vs Hudson Pacific Properties (TRNO vs HPP)
- Terreno Realty vs Urban Edge Properties (TRNO vs UE)
- Terreno Realty vs Ellington Financial (TRNO vs EFC)
- Terreno Realty vs Office Properties Income Trust (TRNO vs OPI)