10-Q · May 14, 2026
Comstock Holding Companies, Inc. reported Q1 2026 revenue of $17.4 million, representing a significant 38% increase from $12.6 million in Q1 2025. Diluted EPS rose to $0.19, up from $0.15 year-over-year. The company has…
Earnings analysis · 10-Q
CHCI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Comstock delivered strong second-quarter operating momentum, with revenue up 74.1% year over year to $22.581 million and calculated gross and operating margins improving to approximately 35.4% and 29.4%, respectively.…
Read full summary
Comstock delivered strong second-quarter operating momentum, with revenue up 74.1% year over year to $22.581 million and calculated gross and operating margins improving to approximately 35.4% and 29.4%, respectively. All three reported revenue lines grew, and adjusted EBITDA increased to $7.356 million from $2.222 million. However, results were aided by a $4.261 million unrealized investment gain, while acquisitions drove six-month investing cash outflows of $13.687 million and reduced cash by $5.948 million. No quantitative forward guidance was provided.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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.
What stood out
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Revenue accelerated sharply
Second-quarter revenue increased 74.1% year over year to $22.581 million from $12.972 million and rose 32.9% sequentially from $17 million in Q1 2026.
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Margins rebounded materially
Gross margin expanded to approximately 35.4% from 19.0% a year ago and 15.9% in Q1 2026. Operating margin rose to approximately 29.4% from 13.7% a year ago and 8.8% sequentially.
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All operating lines expanded
Asset management revenue grew 81.7% to $12.481 million, property management revenue rose 39.8% to $4.057 million, and ParkX management revenue increased 88.8% to $6.043 million.
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Underlying EBITDA more than tripled
Adjusted EBITDA increased to $7.356 million from $2.222 million in the prior-year quarter, driven by managed-portfolio expansion, recurring fee-based revenue, leasing fees, and acquisition fees.
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Operating cash generation improved
Six-month operating cash flow improved to $8.364 million from $2.767 million, a $5.597 million increase. Management attributed the improvement to a $5.1 million increase in adjusted net income and a $0.5 million working-capital inflow.
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Portfolio expansion supports growth
The managed portfolio reached 108 assets as of June 30, 2026, while the development pipeline included 6 commercial assets, 4 residential assets, and 1 dual-use hotel.
What to watch
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Earnings benefited from investment gain
The quarter included a $4.261 million unrealized gain on equity investments from the mark-to-market valuation of Jericho Energy Ventures securities. This non-operating gain was $0 in the prior-year quarter, making reported earnings less representative of recurring operations.
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Acquisitions reduced cash
Cash and cash equivalents declined by $5.948 million during the first six months to $25.3 million as investing cash outflows reached $13.687 million. The outflows included $11.8 million for The Reed and Woodland Pointe and $1.5 million invested in Jericho Energy Ventures securities.
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Cost growth remains elevated
Operating costs and expenses increased 42.4% year over year to $15.935 million, including a $3.4 million increase in personnel expenses, while SG&A increased 107.7% to $1.265 million. Sustaining this cost growth requires continued portfolio and fee-revenue expansion.
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Investment execution risk
Six-month investing cash flow was negative $13.687 million versus negative $0.553 million in the prior-year period, reflecting substantially higher investment activity and potential execution risk around new real estate ventures.
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New residential assets not stabilized
Residential assets were 85% leased, versus 94% for stabilized residential assets, because Q2 2026 delivery of BLVD Haley was not yet stabilized. Lease-up and stabilization could affect near-term fee revenue and portfolio performance.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated it is properly staffed for current and foreseeable market conditions and expects to maintain flexibility to pursue growth opportunities, but provided no numerical outlook.
Earlier filings 4
10-Q · November 13, 2025
Comstock reported Q3 revenue of $13,317,000 (up $322,000 vs. Q3 2024's $12,995,000) but saw a sharp deterioration in margins and earnings: gross margin fell to 11.0% and operating margin to 5.0%, resulting in diluted…
10-K · March 21, 2025
Comstock (CHCI) positions itself as an asset-light, fee-based real estate services platform focused on mixed-use, transit-oriented developments in the Washington, D.C. region, anchored by a long-term 2022 asset…
10-Q · May 14, 2024
Comstock reported Q1 revenue of $10.638M (up $0.363M or ~3.5% YoY) and diluted EPS of $0.09 (vs $0.07 a year ago). Gross margin compressed to 16.5% (from ~19.0% in Q1 2023) and operating margin fell to 10.8% (from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.