Q3 2026 Revenue up 8% year over year to $40.3M · 14¢ of every $1 of revenue lost · operating margin 65.0%
Chiron Real Estate made $40.3M in Q3 2026 (+8% Y/Y): Healthcare Real Estate Segment $34.1M, SHOP Segment $6.2M. Operating margin 65.0%, net loss $5.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$40.3M
Year over year+8%
Operating margin65.0%
Net earnings−$5.7M
Operating cash flow$13.4M
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 $40.3M in Q3 2026, up 8% year over year and up 1% from the previous quarter. Healthcare Real Estate Segment was the largest line at 85% of revenue. Healthcare Real Estate Segment declined 8%.
Operating profit was $26.2M, a 65.0% margin (down 13.0 points year over year). Operating profit fell $2.8M even though revenue rose $3.1M versus Q3 2025, so costs grew faster than sales. Total costs grew 72% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+91%). The quarter ended with a net loss of $5.7M, after a profit of $72.3M the previous quarter. Net interest and other expense of $32.2M was the main reason.
Operating cash flow was $13.4M (down 24% year over year). Non-cash charges added back $11.0M of depreciation and $2.4M of share-based compensation. Working capital and other items added $5.7M. Capital expenditures of $5.0M left free cash flow of $8.3M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$40.3M
+8%
65.0%
−$5.7M
$13.4M
Q2 2026
10-Q
Aug 10, 2026
$39.7M
+5%
74.8%
$63.3M
$22.6M
Q1 2026
10-Q
May 7, 2026
$38.1M
+10%
4.3%
$1.7M
$13.4M
Q4 2025
10-K
Mar 2, 2026
$38.4M
+9%
-16.0%
−$6.1M
$21.6M
Q3 2025
10-Q
Nov 5, 2025
$37.2M
+9%
-13.6%
−$5.1M
$17.6M
Q2 2025
10-Q
Aug 6, 2025
$38.0M
+11%
78.4%
$585K
$22.1M
Q1 2025
10-Q
May 8, 2025
$34.6M
-1%
10.8%
$2.1M
$12.3M
Charts
Latest (Q3 2026): Y/Y +8%, 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 −$5.7M, Operating cash flow $13.4M.-71.1% since FY2020: buybacks shrank the count.Cash $9.1M, short-term investments —, long-term debt $1.2M 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
Chiron Real Estate Inc. (the “Company,” “us,” “we,” or “our”) is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems. The Company’s common stock is listed on the New York Stock Exchange. On February 23, 2026, the Company changed its name from Global Medical REIT Inc. to Chiron Real Estate Inc. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Chiron Real Estate LP (the “Operating Partnership”).
In its own words, from its 10-K, filed Mar 2, 2026.
Chiron Real Estate against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +11%. Operating margin: 65.0% against the peers' median 20.6%.