Q3 2026 Revenue down 1% year over year to $428M · 50¢ of every $1 of revenue kept as net profit · operating margin 63.1%
UDR made $428M in Q3 2026 (-0.9% Y/Y). Operating margin 63.1%, net earnings $216M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Revenue$428M
Year over year-0.9%
Operating margin63.1%
Net earnings$216M
Operating cash flow$202M
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 $428.1M in Q3 2026, down 1% year over year and up 1% from the previous quarter.
Operating profit was $270.2M, a 63.1% margin (up 45.4 points year over year). Total costs fell 56% while revenue fell 1%. Net earnings were $216.1M, up 435% year over year. The effective tax rate was 0.2%.
Operating cash flow was $201.8M (down 14% year over year), 87% of net income including minority interests. Non-cash charges added back $165.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $202.2M. Capital expenditures of $67.1M left free cash flow of $134.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 3, 2026
$428M
-0.9%
63.1%
$216M
$202M
Q2 2026
10-Q
Jul 28, 2026
$425M
0%
27.2%
$69.0M
$262M
Q1 2026
10-Q
Apr 30, 2026
$426M
+0.9%
54.0%
$190M
$129M
Q4 2025
10-K
Feb 17, 2026
$433M
+2%
64.1%
$223M
$261M
Q3 2025
10-Q
Oct 30, 2025
$432M
+3%
17.7%
$40.4M
$235M
Q2 2025
10-Q
Jul 31, 2025
$425M
+2%
18.2%
$37.7M
$250M
Q1 2025
10-Q
May 1, 2025
$422M
+2%
29.0%
$76.7M
$156M
Charts
Latest (Q3 2026): Y/Y -1%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $231M, Operating cash flow $202M.+12.2% since FY2020: more shares outstanding (issuance, stock pay).Cash $1.2M, short-term investments —, long-term debt $5.8B at 2025-12-31.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
UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated real estate portfolio consisted of 165 communities located in 21 markets, consisting of 55,240 completed apartment homes, which are held directly or through our subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures. In addition, we have an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments.
In its own words, from its 10-K, filed Feb 17, 2026.
UDR against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.9% against the peers' median +11%. Operating margin: 63.1% against the peers' median 20.6%.