Q3 2026 Revenue down 3% year over year to $23.2M · 25¢ of every $1 of revenue lost · operating margin 34.2%
Wheeler Real Estate Investment Trust made $23.2M in Q3 2026 (-3% Y/Y). Operating margin 34.2%, net loss $5.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$23.2M
Year over year-3%
Operating margin34.2%
Net earnings−$5.9M
Operating cash flow$7.3M
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 $23.2M in Q3 2026, down 3% year over year and up 3% from the previous quarter.
Operating profit was $7.9M, a 34.2% margin (up 11.2 points year over year). Total costs fell 17% while revenue fell 3%. The quarter ended with a net loss of $5.9M, after a profit of $9.7M the previous quarter. Net interest and other expense of $13.8M was the main reason.
Operating cash flow was $7.3M (up 34% year over year). Non-cash charges added back $5.0M of depreciation and amortization. Working capital and other items added $8.1M. Capital expenditures of $1.9M left free cash flow of $5.4M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$23.2M
-3%
34.2%
−$5.9M
$7.3M
Q2 2026
10-Q
Aug 6, 2026
$22.5M
-14%
46.8%
$8.6M
$8.0M
Q1 2026
10-Q
May 8, 2026
$24.0M
-1%
42.4%
−$1.2M
$4.5M
Q4 2025
10-K
Mar 5, 2026
$25.2M
-9%
42.2%
$482K
$2.4M
Q3 2025
10-Q
Nov 6, 2025
$23.8M
-4%
23.1%
$11.5M
$5.4M
Q2 2025
10-Q
Aug 5, 2025
$26.1M
-0.8%
57.3%
−$1.0M
$8.9M
Q1 2025
10-Q
May 6, 2025
$24.4M
-6%
49.9%
$3.5M
$4.4M
Charts
Latest (Q3 2026): Y/Y -3%, Q/Q +3%.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 −$5.9M, Operating cash flow $7.3M.-98.9% since FY2020: buybacks shrank the count.Cash $23.7M, short-term investments —, long-term debt — 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
Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011 in connection with the Company's initial public offering. The Trust serves as the general partner of Wheeler REIT, L.P. (the "Operating Partnership"), which was formed as a Virginia limited partnership on April 5, 2012. Prior to the Cedar Acquisition (as defined below), substantially all of our assets were held by, and all of our operations were conducted through, our Operating Partnership. At December 31, 2025, the Company owned 100% of the Operating Partnership.
In its own words, from its 10-K, filed Mar 5, 2026.
Wheeler Real Estate Investment Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +11%. Operating margin: 34.2% against the peers' median 20.6%.