Filing Flows › Terreno Realty (TRNO) › Q1 2026
Terreno Realty (TRNO) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Terreno Realty (TRNO) reported revenue of $124M for the first quarter 2026 (Q1 2026), +13% from a year earlier and -9% from the quarter before. Operating margin was 40.7%, net earnings $69.4M (55.8% of revenue).
Terreno Realty, Q1 2026: revenue $124M (+13% year over year), operating margin 40.7%, net earnings $69.4M, operating cash flow $61.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $124M | -9% | +13% |
| Operating profit | $50.7M | -12% | +18% |
| Net earnings | $69.4M | -56% | +44% |
| Operating cash flow | $61.9M | -12% | +0.8% |
| Free cash flow | $47.9M | -4% | +48% |
What changed
Revenue was $124.4M in Q1 2026, up 13% year over year and down 9% from the previous quarter.
Operating profit was $50.7M, a 40.7% margin (up 1.8 points year over year). Of the extra revenue versus Q1 2025, 55% reached operating profit, above the 39% margin then. Total costs grew 9% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $69.4M, up 44% year over year. The effective tax rate was 0.0%. Non-operating items added $18.7M, 27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $61.9M (up 1% year over year), 89% of net earnings. Non-cash charges added back $29.5M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items used $41.5M. Capital expenditures of $14.0M left free cash flow of $47.9M.
Questions
What was Terreno Realty's revenue in the first quarter 2026?
Terreno Realty (TRNO) reported revenue of $124M for the first quarter 2026 (Q1 2026), +13% from a year earlier and -9% from the quarter before.
Was Terreno Realty profitable in the first quarter 2026?
Operating profit was $50.7M (40.7% of revenue) and net earnings $69.4M.
Source: Terreno Realty 10-Q on SEC EDGAR.