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Kimco Realty (KIM) delivered strong Q1 2026 results with revenue up 4.0% YoY to $558.0M, net income surging 24.2% to $164.9M, and operating margin expanding 360 bps to 37.2%, reflecting solid operational execution across its open-air shopping center portfolio.
营业收入
$558.02M
同比 ++3.99%
营业利润
$207.77M
同比 ++15.12%
提交于 · 来源: SEC EDGAR 10-Q 原文
Kimco Realty (KIM) Q1 FY2026 营收 $558.02M，同比增长 4.0%。 净利润 $164.9M，同比增长 24.2%。
Total revenue increased 4.0% YoY from $536.6M to $558.0M in Q1 2026, suggesting continued strength in rental income from Kimco's open-air and mixed-use shopping center portfolio, likely supported by high occupancy rates and contractual rent escalations.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income jumped 15.1% YoY from $180.5M to $207.8M, with operating margin improving from 33.6% to 37.2%, indicating meaningful operating leverage and disciplined cost management relative to revenue growth.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Net income rose 24.2% YoY from $132.8M to $164.9M, with net margin expanding to 29.6%, suggesting that below-the-line items such as interest expense or gains on real estate transactions may have contributed favorably in addition to improved operating performance.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow grew 8.6% YoY to $243.0M, comfortably covering capital needs and supporting dividend distributions, a key metric for REIT investors assessing funds from operations (FFO) quality.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Investing cash outflows narrowed dramatically by 62.8% to -$48.5M (from -$130.6M), and financing outflows fell 63.5% to -$237.7M (from -$650.5M), suggesting reduced acquisition activity and lower debt repayments or equity distributions compared to Q1 2025.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
With a debt-to-equity ratio of 0.87 and total liabilities of $9.04B against stockholders' equity of $10.39B, Kimco carries significant leverage typical of REITs. Rising interest rates could increase refinancing costs and pressure net income, particularly as debt matures and must be rolled over at potentially higher rates.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Stockholders' equity declined 1.9% YoY from $10.59B to $10.39B, while total assets also fell 0.7% to $19.59B. This trend may reflect depreciation of real estate assets, dividend distributions exceeding retained earnings, or asset dispositions, and warrants monitoring for long-term book value erosion.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
As an open-air shopping center REIT, Kimco's revenue is dependent on the financial health of its retail tenants. Any deterioration in consumer spending, tenant bankruptcies, or store closures could reduce occupancy rates and rental income, directly impacting revenue and cash flow.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Cash and equivalents of $168.4M represent less than 1% of total assets of $19.6B, which is relatively thin for a company with $9.0B in liabilities. While operating cash flow is strong at $243.0M per quarter, any unexpected capital needs or market disruptions could strain liquidity.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Share buybacks were negligible at $462K in Q1 2026 compared to $0 in Q1 2025, indicating the company is not actively returning capital through repurchases. For a REIT, this is common given dividend distribution requirements, but limits one lever for supporting per-share metrics.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.23，分析师一致预期 $0.19，超预期 +18.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $558.02M | $536.62M | +3.99% |
营业利润 | $207.77M | $180.48M | +15.12% |
净利润 | $164.9M | $132.82M | +24.15% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $19.59B | $19.73B | -0.74% |
总负债 | $9.04B | $8.95B | +1.00% |
股东权益 | $10.39B | $10.59B | -1.88% |
现金及等价物 | $168.44M | $131.27M | +28.31% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $242.99M | $223.81M | +8.57% |
投资活动现金流 | $-48.51M | $-130.55M | +62.85% |
筹资活动现金流 | $-237.67M | $-650.49M | +63.46% |
股票回购 | $462,000 | $0 | — |
折旧及摊销 | $156.5M | $158.45M | -1.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 37.2% | 33.6% | +3.60% |
净利率 | 29.6% | — | — |
净资产收益率 | 1.6% | — | — |
总资产收益率 | 0.8% | — | — |
资产负债率 | $0.87 | — | — |
Kimco Realty (KIM) reported strong Q1 2026 results with revenue of $558.0M (up 4.0% YoY) and net income of $164.9M (up 24.2% YoY). Operating margin expanded to 37.2% from 33.6% a year ago, reflecting solid operational performance across its shopping center portfolio.
The key takeaways from KIM's Q1 2026 report include strong net income growth of 24.2% to $164.9M, operating margin expansion of 360 basis points to 37.2%, and robust operating cash flow of $243.0M. Notably, both investing and financing cash outflows declined sharply, suggesting reduced acquisition spending and more disciplined capital allocation compared to Q1 2025.
Yes, Kimco Realty grew revenue by 4.0% YoY to $558.0M in Q1 2026, up from $536.6M in Q1 2025. This growth likely reflects higher rental income from its open-air shopping center portfolio driven by occupancy improvements and contractual rent escalations.
Kimco's financial health appears stable with $168.4M in cash, strong quarterly operating cash flow of $243.0M, and a manageable debt-to-equity ratio of 0.87. However, total assets declined slightly to $19.6B and stockholders' equity fell 1.9% YoY to $10.39B, trends worth monitoring over time.
Based on the financial data, key risks for Kimco include its significant leverage with $9.04B in total liabilities, exposure to retail tenant health given its open-air shopping center focus, and relatively limited cash reserves of $168.4M relative to its $19.6B asset base. Rising interest rates remain a particular concern given the company's debt refinancing needs.