Revenue Growth Momentum
FRT grew total revenue by 10.3% year-over-year to $341.1M in Q1 FY2026, compared to $309.2M in Q1 FY2025, reflecting continued strength in the company's retail real estate portfolio.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
FRT delivered a strong Q1 FY2026 with revenue up 10.3% YoY to $341.1M and net income surging 149.5% to $159.1M, driven by a dramatic expansion in operating margin to 61.3%.
Revenue
$341.08M
+10.33% YoY
EPS (Diluted)
$1.81
+151.39% YoY
Operating Income
$208.99M
+93.27% YoY
Source: SEC XBRL
FRT reported Q1 FY2026 revenue of $341.08M, up 10.3% year over year. Operating margin was 61.3%, up 26.3 points from 35.0% a year earlier. Operating cash flow was $184.59M, up 3.1% year over year. FRT's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.97 | 0.72 | Beat +34.9% |
| Mar 2026This filing | 1.81 | 0.71 | Beat +155.1% |
| Dec 2025 | 1.56 | 0.76 | Beat +104.0% |
| Sep 2025 | 0.69 | 0.79 | Miss -13.2% |
Reported EPS of $1.81 versus the $0.71 analyst consensus — a +155.1% beat for Mar 2026.
Compiled by AI from this SEC filing
FRT grew total revenue by 10.3% year-over-year to $341.1M in Q1 FY2026, compared to $309.2M in Q1 FY2025, reflecting continued strength in the company's retail real estate portfolio.
Source: 10-Q Income Statement
Operating income nearly doubled, rising 93.3% YoY from $108.1M to $209.0M, pushing the operating margin from approximately 35.0% to 61.3% — a 26.3 percentage point improvement that signals significant operating leverage or reduced non-cash charges.
Source: 10-Q Income Statement
Net income jumped 149.5% YoY to $159.1M, with basic EPS rising from $0.72 to $1.82 (+152.8%) and diluted EPS from $0.72 to $1.81 (+151.4%), reflecting both improved operations and potentially favorable non-recurring items.
Source: 10-Q Income Statement
Operating cash flow grew modestly by 3.1% YoY to $184.6M, providing a solid base for dividend payments and capital reinvestment, though the growth rate lagged the dramatic net income increase, suggesting some non-cash components drove the earnings surge.
Source: 10-Q Cash Flow Statement
Total assets grew 5.5% YoY to $9.10B, while stockholders' equity increased 3.7% to $3.31B; however, total liabilities rose 6.9% to $5.53B, keeping the debt-to-equity ratio elevated at approximately 1.67x.
Source: 10-Q Balance Sheet
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
FRT carries a debt-to-equity ratio of approximately 1.67x, with total liabilities of $5.53B against stockholders' equity of $3.31B. As a REIT, elevated leverage amplifies sensitivity to interest rate increases, which could raise refinancing costs and compress funds from operations.
Source: 10-Q Balance Sheet
Cash and equivalents stand at only $115.6M against total assets of $9.10B, representing less than 1.3% of the asset base. This thin liquidity cushion may limit FRT's flexibility to respond to unexpected capital needs or market disruptions without accessing credit facilities.
Source: 10-Q Balance Sheet
Financing cash flow swung sharply negative to -$198.9M in Q1 FY2026 from -$10.0M in Q1 FY2025, a 1,885.7% deterioration. This likely reflects increased debt repayments or dividend distributions, which could constrain future financial flexibility.
Source: 10-Q Cash Flow Statement
Net income of $159.1M significantly exceeded operating cash flow of $184.6M on a proportional basis, but the 149.5% surge in net income versus only 3.1% growth in operating cash flow suggests the earnings improvement may be partly driven by non-cash or non-recurring items, which may not be sustainable.
Source: 10-Q Income Statement & Cash Flow Statement
As a retail-focused REIT, FRT's portfolio is concentrated in shopping centers and mixed-use properties, making it vulnerable to shifts in consumer spending, e-commerce penetration, and tenant financial health. Any deterioration in retail sector fundamentals could negatively impact occupancy rates and rental income.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 341.08 $M | 309.15 $M | +10.33% |
Operating Income $M | 208.99 $M | 108.13 $M | +93.27% |
Net Income $M | 159.10 $M | 63.77 $M | +149.50% |
EPS (Basic) $ | 1.82 $ | 0.72 $ | +152.78% |
EPS (Diluted) $ | 1.81 $ | 0.72 $ | +151.39% |
Answers draw on this SEC filing and the data on this page
In 2026-Q2, Federal Realty Investment Trust achieved a 7.8% YoY increase in total property revenue to $335.7 million, though net income attributable to the Trust fell 45.0% YoY to $85.7 million primarily due to lower real estate disposition gains.
Federal Realty Investment Trust (FRT) delivered strong FY2024 results with revenue up 6.4% to $1.28B, operating income surging 27.5% to $602M, and net income jumping 39.2% to $411M, reflecting robust operational performance across its retail-focused REIT portfolio.
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