BNL earnings analysis
What we found in BNL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Broadstone Net Lease (BNL) reported strong Q1 2026 results, with revenue of $121.4 million, surpassing estimates of $119.2 million, and an EPS of $0.38, exceeding the consensus of $0.37. Revenue increased by 11.7% from $108.7 million in Q1 2025, while net income rose to $46.4 million, a significant increase from $17.5 million year-over-year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Surpasses Estimates
- Q1 2026 revenue reached $121.4 million, exceeding estimates of $119.2 million, reflecting an 11.7% increase from $108.7 million a year ago.
- EPS Exceeds Consensus
- The company delivered an EPS of $0.38, beating the estimate of $0.37, which represents a 122.2% increase from Q1 2025's $0.09.
- Improved Operating Margin
- Operating margin improved to 43.3%, a significant rise from 34.4% in Q1 2025, driven by effective cost management.
- Significant Net Income Increase
- Net income increased by 165.3% year-over-year to $46.4 million compared to $17.5 million in Q1 2025.
- Strong Cash Flow Generation
- Operating cash flow was reported at $76.1 million, a rise from $71.5 million in the prior year, indicating healthy operational efficiency.
- AFFO Guidance Maintained
- The company maintained its AFFO guidance at $1.53 to $1.57 per diluted share for 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased General & Administrative Expenses
- G&A expenses rose to $10.3 million, up from $9.7 million in Q1 2025, reflecting a 7.0% increase.
- Interest Rate Sensitivity
- With total debt of $2.7 billion as of March 31, 2026, rising interest rates could significantly impact the cost of borrowing and financial performance.
- Investment Activity Constraints
- Challenging economic conditions and elevated interest rates may constrain future investment activity, affecting long-term growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.38
- Operating margin
- 43.3%
What they said about what is next.
The company expects AFFO per diluted share of $1.53 to $1.57 for 2026, unchanged from prior guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 19, 2026
- Broadstone Net Lease (BNL) positions itself as an industrial‑focused, diversified single‑tenant net‑lease REIT pursuing growth through (1) embedded same‑store NOI and rent escalations, (2) build‑to‑suit developments,…
- 10-Q · July 31, 2025
- Broadstone Net Lease reported consolidated lease revenues of $112,986,000 for Q2 2025, up $7,079,000 (6.7%) versus Q2 2024, but operating margin and diluted EPS declined materially year-over-year. Operating margin fell…
- 10-K · February 20, 2025
- Broadstone Net Lease positions itself as an industrial‑focused, diversified single‑tenant net‑lease REIT targeting mission‑critical industrial and retail assets and growth via same‑store rent escalations,…
- 10-Q · October 31, 2024
- Broadstone Net Lease reported quarterly lease revenue of $108,397,000 and diluted EPS of $0.19 for the three months ended September 30, 2024. The business generated a strong operating margin (~49.4%) and $212,342,000 of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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