Q2 2026 Revenue up 28% year over year to $151M · 17¢ of every $1 of revenue lost · operating margin 70.2%
Ares Real Estate Income Trust made $151M in Q2 2026 (+28% Y/Y). Operating margin 70.2%, net loss $26.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$151M
Year over year+28%
Operating margin70.2%
Net earnings−$26.1M
Operating cash flow$189M
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 $151.2M in Q2 2026, up 28% year over year and up 4% from the previous quarter.
Operating profit was $106.1M, a 70.2% margin (up 4.1 points year over year). Of the extra revenue versus Q2 2025, 85% reached operating profit, above the 66% margin then. Total costs grew 12% against revenue growth of 28%. The fastest-growing cost line was Other operating costs (+12%). The quarter ended with a net loss of $26.1M, narrower than the previous quarter's $40.6M loss. Minority interests bore $12.5M of it: to shareholders the quarter was a loss of $13.7M. Net interest and other expense of $121.4M was the main reason.
Operating cash flow was $189.4M (up 991% year over year). Non-cash charges added back $59.5M of depreciation and amortization. Working capital and other items added $156.0M. Capital expenditures of $12.7M left free cash flow of $176.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$151M
+28%
70.2%
−$26.1M
$189M
Q1 2026
10-Q
May 13, 2026
$145M
+25%
68.9%
−$40.6M
−$163M
Q4 2025
10-K
Mar 6, 2026
$141M
+31%
68.9%
−$35.0M
$163M
Q3 2025
10-Q
Nov 10, 2025
$123M
+14%
64.6%
−$15.6M
−$128M
Q2 2025
10-Q
Aug 13, 2025
$118M
+15%
66.1%
−$42.5M
$17.4M
Q1 2025
10-Q
May 9, 2025
$116M
+17%
65.9%
−$34.1M
$201M
Q4 2024
10-K
Mar 6, 2025
$108M
+15%
69.6%
−$10.1M
−$200M
Charts
Latest (Q2 2026): Y/Y +28%, Q/Q +4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$26.1M, Operating cash flow $189M.+122.2% since FY2020: more shares outstanding (issuance, stock pay).Cash $40.1M, short-term investments —, long-term debt $3.0B 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
Ares Real Estate Income Trust Inc. is a net asset value (“NAV”)-based perpetual life REIT formed on April 11, 2005, as a Maryland corporation. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. As of December 31, 2025, our consolidated real property portfolio consisted of 143 properties, totaling approximately 30.5 million square feet located in 34 markets throughout the U.S. As used herein, the terms “AREIT,” the “Company,” “we,” “our” or “us” refer to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries, except where otherwise indicated or the context otherwise requires.
In its own words, from its 10-K, filed Mar 6, 2026.
Ares Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +14%. Operating margin: 70.2% against the peers' median 20.6%.