Q3 2026 Revenue up 9% year over year to $468M · 30¢ of every $1 of revenue kept as net profit · operating margin 55.2%
W. P. Carey made $468M in Q3 2026 (+9% Y/Y): Owned Real Estate Segment $467M, Investment Management $875K, Other advisory income and reimbursements $500K. Operating margin 55.2%, net earnings $141M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$468M
Year over year+9%
Operating margin55.2%
Net earnings$141M
Operating cash flow$322M
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 $468.3M in Q3 2026, up 9% year over year and up 2% from the previous quarter. Owned Real Estate Segment was the largest line at 100% of revenue. Owned Real Estate Segment added $38.4M year over year (up 9%), 104% of the total change. Asset management revenue declined 69%.
Operating profit was $258.3M, a 55.2% margin (up 7.4 points year over year). Of the extra revenue versus Q3 2025, 141% reached operating profit, above the 48% margin then. Total costs fell 7% while revenue rose 9%. Net earnings were $140.9M, roughly flat year over year. The effective tax rate was 6.9%.
Operating cash flow was $322.2M (up 7% year over year), 228% of net earnings. Non-cash charges added back $133.1M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items added $38.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$468M
+9%
55.2%
$141M
$322M
Q2 2026
10-Q
Jul 29, 2026
$461M
+7%
35.5%
$186M
$333M
Q1 2026
10-Q
Apr 29, 2026
$455M
+11%
43.9%
$176M
$283M
Q4 2025
10-K
Feb 11, 2026
$445M
+9%
40.4%
$148M
$305M
Q3 2025
10-Q
Oct 29, 2025
$431M
+8%
47.8%
$141M
$300M
Q2 2025
10-Q
Jul 30, 2025
$431M
+10%
51.6%
$51.3M
$404M
Q1 2025
10-Q
Apr 30, 2025
$410M
+5%
46.7%
$126M
$273M
Charts
Latest (Q3 2026): Y/Y +9%, Q/Q +2%.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 $141M, Operating cash flow $322M.+26.5% since FY2020: more shares outstanding (issuance, stock pay).Cash $155M, short-term investments —, long-term debt $8.7B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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🔄Rotation against the market and its industry (RRG)interactive
W. P. Carey Inc. (“W. P. Carey” or the “Company”) is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, and retail facilities that are critical to our tenants’ operations. Our portfolio is comprised of 1,682 properties, net-leased to 371 tenants in 25 countries. As of December 31, 2025, approximately 61% of our contractual minimum annualized base rent (“ABR”) was generated by properties located in the United States and approximately 33% was generated by properties located in Europe.
In its own words, from its 10-K, filed Feb 11, 2026.
W. P. Carey against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +11%. Operating margin: 55.2% against the peers' median 20.6%.