CBL earnings analysis
What we found in CBL'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
CBL delivered modest operating growth in Q2 2026, with revenue up 4.0% year over year, same-center NOI up 1.5%, higher occupancy and substantially improved operating cash flow. Earnings and EPS benefited from $13.633 million of real-estate sale gains, $5.925 million of deconsolidation gains and $22.311 million of equity earnings, limiting the quality of the reported $1.47 diluted EPS. Balance-sheet liquidity and debt maturity metrics improved, but defaults, receiverships and $441.9 million of 2026 maturity exposure remain significant constraints.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth; EPS Stable Sequentially
- Q2 revenue was $146.479 million, up $5.574 million, or 4.0%, from $140.905 million in Q2 2025 and up approximately $0.511 million from $145.968 million in Q1 2026. Diluted EPS was $1.47 versus $0.08 year over year and $1.48 sequentially.
- Positive Same-Center NOI
- Same-center NOI increased 1.5% year over year to $97.653 million in Q2 2026 from $96.217 million, supported by a $1.6 million increase in revenue that was partly offset by a $0.2 million increase in operating expenses.
- Mall Growth and Higher Occupancy
- Malls drove segment growth, with revenue increasing $9.063 million to $123.270 million. Portfolio occupancy improved to 90.4% from 88.8%, including malls at 88.3% versus 86.2%.
- Operating Cash Flow Improved
- Six-month operating cash flow rose $33.241 million to $133.188 million from $99.947 million. Six-month capital expenditures were $28.411 million, implying approximately $104.777 million of operating cash flow less reported capital expenditures.
- Liquidity Repositioned
- Cash and cash equivalents increased to $101.280 million from $42.287 million at December 31, 2025, while available-for-sale U.S. Treasury securities declined to $201.169 million from $293.087 million. Total cash, cash equivalents and restricted cash ended at $202.620 million.
- Debt Reduced and Maturities Extended
- Net debt declined $136.774 million to $2.034 billion from $2.171 billion at December 31, 2025. Variable-rate debt fell to 11.1% of pro rata debt from 28.7%, and the weighted-average remaining debt term increased to 3.6 years from 2.6 years.
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.
- Elevated Debt Default Exposure
- Debt maturity and default exposure remains material: $161.959 million of principal relates to loans already in default, while $441.9 million of the company's pro rata debt had matured or was scheduled to mature during 2026, assuming available extensions. Management expects to return Parkdale Mall and Parkdale Crossing and Arbor Place to lenders in satisfaction of debt.
- Property Receiverships Distort Earnings
- Receiverships and loss of control affected Jefferson Mall and The Outlet Shoppes at Gettysburg, producing a $41.259 million gain on deconsolidation for the first six months. Management anticipates returning both properties to lenders, indicating the gain is nonrecurring and reflects asset loss rather than operating improvement.
- Open-Air Weakness and Cost Pressure
- Open-air center revenue declined $4.775 million, or 26.1%, year over year to $13.495 million in Q2. Comparable-property operating costs also increased due to repair and maintenance, payroll and insurance costs, while Q2 property operating expense increased $2.214 million to $25.797 million.
- Interest-Rate and Refinancing Risk
- The company remains exposed to variable-rate financing: pro rata variable-rate debt represented 11.1% of total debt, and a 0.5% increase in rates would increase annual interest expense by approximately $1.4 million. The secured lifestyle centers loan bears interest at SOFR plus 410 basis points.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.47
- Segment
- Malls: $123.270 million revenue in Q2 2026 versus $114.207 million in Q2 2025, up $9.063 million (7.9%).
- Segment
- Outlet Centers: $8.428 million versus $8.531 million, down $0.103 million (1.2%).
- Segment
- Lifestyle Centers: $12.953 million versus $12.677 million, up $0.276 million (2.2%).
- Segment
- Open-Air Centers: $13.495 million versus $18.270 million, down $4.775 million (26.1%).
- Segment
- All Other: $8.876 million versus $8.116 million, up $0.760 million (9.4%); consolidated revenue includes $(20.543) million of consolidation adjustments.
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management stated that it intends to improve occupancy, drive rent growth, reduce overall debt, extend maturities, lower borrowing costs, improve net cash flow and enhance enterprise value. Outlook deferred to the earnings release/call. The formal risk factors were unchanged from the 2025 10-K.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- CBL Properties experienced a significant turnaround in Q1 2026 with a substantial increase in net income and earnings per share, driven by higher revenues and lower operating expenses. The company also benefited from a…
- 10-K · March 3, 2026
- CBL reports improving operating performance in 2025 with total revenues of $578,373,000 and diluted EPS of $4.34, driven by higher rental revenues ($558,985,000) and one-time gains (gain on sales of real estate assets…
- 10-Q · November 7, 2025
- CBL & Associates Properties, Inc. reported strong Q3 2025 results, with total revenues of $139.3 million, up from $125.1 million in Q3 2024, and diluted EPS of $2.38, a substantial increase from $0.52 in the prior year.…
- 10-Q · August 6, 2025
- CBL reported Q2 total revenues of $140,905,000 (up $11,240,000 or +8.7% vs. Q2 2024 $129,665,000) and GAAP diluted EPS of $0.08 (versus $0.14 in Q2 2024). Operating income implied by the filing is $35,546,000 (revenues…
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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