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UDR (UDR) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
UDR (UDR) reported revenue of $426M for the first quarter 2026 (Q1 2026), +0.9% from a year earlier and -2% from the quarter before. Operating margin was 54.0%, net earnings $190M (44.6% of revenue).
UDR, Q1 2026: revenue $426M (+0.9% year over year), operating margin 54.0%, net earnings $190M, operating cash flow $129M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $426M | -2% | +0.9% |
| Operating profit | $230M | -17% | +88% |
| Net earnings | $190M | -15% | +147% |
| Operating cash flow | $129M | -51% | -18% |
| Free cash flow | $85.3M | -56% | -17% |
What changed
Revenue was $425.8M in Q1 2026, up 1% year over year and down 2% from the previous quarter.
Operating profit was $229.8M, a 54.0% margin (up 25.0 points year over year). Of the extra revenue versus Q1 2025, 2759% reached operating profit, above the 29% margin then. Total costs fell 35% while revenue rose 1%. Net earnings were $189.8M, up 147% year over year. The effective tax rate was 0.2%.
Operating cash flow was $128.7M (down 18% year over year), 63% of net income including minority interests. Non-cash charges added back $164.6M of depreciation and amortization and $9.6M of share-based compensation. Working capital and other items used $248.3M. Capital expenditures of $43.5M left free cash flow of $85.3M.
Questions
What was UDR's revenue in the first quarter 2026?
UDR (UDR) reported revenue of $426M for the first quarter 2026 (Q1 2026), +0.9% from a year earlier and -2% from the quarter before.
Was UDR profitable in the first quarter 2026?
Operating profit was $230M (54.0% of revenue) and net earnings $190M.
Source: UDR 10-Q on SEC EDGAR.