10-Q · July 22, 2026
Essential Properties delivered 18.1% year-over-year revenue growth to $161.888 million, with operating income up 18.9% to $104.418 million and GAAP diluted EPS increasing to $0.34. Portfolio growth, 99.6% occupancy,…
Earnings analysis · 10-Q
EPRT earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
EPRT delivered $168.671 million of Q3 revenue and $0.51 of EPS, both above the prior-year quarter and prior quarter based on the supplied financial history. The company raised 2026 AFFO-per-share guidance to $2.02-$2.05…
Read full summary
EPRT delivered $168.671 million of Q3 revenue and $0.51 of EPS, both above the prior-year quarter and prior quarter based on the supplied financial history. The company raised 2026 AFFO-per-share guidance to $2.02-$2.05 and introduced 2027 guidance of $2.10-$2.18, but total principal outstanding increased to $2.991 billion from $2.530 billion at year-end and the weighted-average interest rate rose to 4.33% from 4.23%. The filing identifies $61.0 million of unhedged revolver borrowings and $0.6 million of exposure under a 100-basis-point adverse rate scenario, leaving the overall signal mixed.
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
- $0.51
What stood out
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Revenue accelerated sequentially and year over year
Revenue was $168.671 million, up approximately 4.1% from $162 million in 2026 Q2 and 16.3% from $145 million in 2025 Q3.
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EPS improved versus both comparison periods
Reported EPS was $0.51, compared with $0.34 in 2026 Q2 and $0.33 in 2025 Q3, representing increases of $0.17 and $0.18, respectively.
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AFFO outlook raised and extended
2026 AFFO-per-share guidance increased to $2.02-$2.05 from $2.01-$2.05, while new 2027 guidance was provided at $2.10-$2.18.
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Investment-volume outlook strengthened
The company increased 2026 investment-volume guidance to $1.3 billion-$1.5 billion from $1.2 billion-$1.5 billion, a $100 million increase at the low end.
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Debt funding supports investment capacity
Management reported total principal outstanding of $2.991 billion at September 30, 2026, including $491 million under the Revolving Credit Facility and $400 million of 2036 Notes.
What to watch
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Debt and funding costs increased
Total principal outstanding increased to $2.991 billion from $2.530 billion at December 31, 2025, while the weighted-average interest rate rose to 4.33% from 4.23%.
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Residual variable-rate exposure
$61.0 million of Revolving Credit Facility borrowings remained unhedged at September 30, 2026; a 100-basis-point adverse rate change was estimated to create $0.6 million of market-risk exposure.
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Senior notes trade below carrying value
The estimated fair value of senior unsecured notes was $1.088 billion versus carrying value of $1.200 billion, indicating a $111.672 million fair-value discount associated with market rates.
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Limited new risk-factor disclosure
The filing states that there were no material changes to the 2025 Form 10-K risk factors except for an additional risk factor disclosed in the quarter ended June 30, 2026; the content of that additional factor is not reproduced in the provided filing extract.
Management's outlook
2026 AFFO-per-share guidance was raised to $2.02-$2.05 from $2.01-$2.05, and 2027 AFFO-per-share guidance was introduced at $2.10-$2.18. The company also increased 2026 investment-volume guidance to $1.3 billion-$1.5 billion from $1.2 billion-$1.5 billion.
Earlier filings 4
10-Q · April 22, 2026
Essential Properties reported Q1 2026 total revenues of $158,798,000, up $29,444,000 (22.8% YoY) from $129,354,000 a year ago, driven by higher rental revenue. Operating income was $89,647,000 (operating margin ~56.5%)…
10-K · February 11, 2026
Essential Properties continues to scale its single-tenant, long-term net-lease platform focused on middle‑market, service-oriented tenants, ending 2025 with a 2,300-property portfolio and $555.0 million of annualized…
10-Q · October 22, 2025
Essential Properties reported Q3 total revenues of $144.934M (three months ended Sept. 30, 2025) and diluted EPS of $0.33, both up versus the prior-year quarter. Operating income was $93.736M (operating margin ~64.7%),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.