Q3 2026 Revenue up 56% year over year to $1.2B · 62¢ of every $1 of revenue lost · operating margin -72.4%
ERP Operating Ltd Partnership made $1.2B in Q3 2026 (+56% Y/Y). Operating margin -72.4%, net loss $747M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 9, 2026.
Revenue$1.2B
Year over year+56%
Operating margin-72.4%
Net earnings−$747M
Operating cash flow—
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 $1.2B in Q3 2026, up 56% year over year.
Operating costs exceeded revenue by $0.87B, an operating margin of -72.4%. Total costs grew 235% against revenue growth of 56%. The fastest-growing cost line was General & admin (+436%). The quarter ended with a net loss of $0.75B. Minority interests bore $0.01B of it: to shareholders the quarter was a loss of $0.74B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 9, 2026
$1.2B
+56%
-72.4%
−$747M
—
Q3 2025
10-Q
Oct 30, 2025
$767M
—
27.5%
$289M
$486M
Charts
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 −$747M, Operating cash flow $339M.-0.1% since FY2023: buybacks shrank the count.Cash $55.9M, short-term investments —, long-term debt $8.2B 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
Equity Residential (“EQR”) is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages rental properties in dynamic metro areas across the U.S. ERP Operating Limited Partnership (“ERPOP”) is focused on conducting the multifamily property business of EQR. EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.
In its own words, from its 10-K, filed Feb 13, 2026.
ERP Operating Ltd Partnership against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +56% against the peers' median +14%. Operating margin: -72.4% against the peers' median 15.9%.