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,…
Earnings analysis · 10-Q
BNL earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.38
- Operating margin
- 43.3%
What stood out
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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.
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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.
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Improved Operating Margin
Operating margin improved to 43.3%, a significant rise from 34.4% in Q1 2025, driven by effective cost management.
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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.
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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.
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AFFO Guidance Maintained
The company maintained its AFFO guidance at $1.53 to $1.57 per diluted share for 2026.
What to watch
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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.
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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.
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Investment Activity Constraints
Challenging economic conditions and elevated interest rates may constrain future investment activity, affecting long-term growth.
Management's outlook
The company expects AFFO per diluted share of $1.53 to $1.57 for 2026, unchanged from prior guidance.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.