10-Q · May 5, 2026
JBG SMITH (JBGS) reported Q1 2026 revenue of $127.6 million, outperforming consensus estimates of $103.5 million, with a reduced net loss of $0.32 per diluted share compared to a loss of $0.56 in the same period last…
Earnings analysis · 10-Q
JBGS earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
JBGS delivered $129.4 million of Q2 revenue, up from both the prior quarter and prior year, but profitability deteriorated sharply as diluted EPS declined to negative $1.03 and the company recorded a $44.1 million…
Read full summary
JBGS delivered $129.4 million of Q2 revenue, up from both the prior quarter and prior year, but profitability deteriorated sharply as diluted EPS declined to negative $1.03 and the company recorded a $44.1 million impairment. Multifamily NOI fell 14.2% and same-store NOI declined 4.0%, while commercial results were comparatively stable and services revenue grew 14.8%. Operating cash flow weakened to $19.2 million for the first six months, and the $356.1 million Wardman Tower judgment creates a significant contingent liquidity risk despite management's planned appeal and absence of an accrual.
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.
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.
Reported figures
- Earnings per share
- $-1.03
What stood out
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Revenue and services revenue improved
Revenue was $129.4 million, up approximately 5.2% sequentially from $123 million in Q1 2026 and approximately 6.9% from $121 million in Q2 2025. Third-party real estate services revenue including reimbursements increased 14.8% year over year to $17.0 million.
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Leasing indicators improved sequentially
Same-store multifamily leased occupancy improved to 94.3% leased as of June 30, 2026, up 80 basis points from March 31, 2026, while office occupancy increased 20 basis points sequentially to 75.4%. The company executed 151,000 square feet of office leases during the quarter.
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Commercial segment grew year to date
Commercial six-month property revenue increased 4.1% to $114.2 million and commercial NOI increased 2.1% to $69.3 million, primarily from Tysons Dulles Plaza, Dulles View and the consolidation of 1101 17th Street.
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Cash flow remained positive but weakened
Operating cash flow was $19.2 million for the first six months, versus $31.8 million in the prior-year period. Investing activities included $43.1 million of development costs, construction in progress and real estate additions, partly funded by $46.6 million of real estate sale proceeds.
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Liquidity sources remain available
Cash and cash equivalents were $74.8 million at June 30, 2026, with $526.2 million of undrawn revolving-credit capacity. Management stated that cash flows from operations and proceeds from financings, asset sales and recapitalizations are expected to fund business needs.
What to watch
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Loss and impairment materially worsened
Net loss attributable to common shareholders widened to $59.2 million, or negative $1.03 per diluted share, from $19.2 million, or negative $0.29, in Q2 2025 and from negative $0.32 in Q1 2026. The quarter included a $44.1 million impairment loss.
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Multifamily operating pressure persists
Same-store NOI declined 4.0% year over year to $54.8 million, with multifamily NOI down 14.2% to $26.6 million. Multifamily effective rents decreased 9.5% for new leases during Q2, reflecting continued pressure despite improved leasing.
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Litigation creates substantial contingent exposure
The Wardman Tower court judgment ordered defendants, including the company, to pay approximately $356.1 million plus attorneys' fees, although management believes a loss is not probable and recorded no liability. The estimated possible loss range is $0 to $356.1 million, plus fees and post-judgment interest.
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Debt maturities and leverage remain elevated
Consolidated debt included $1.643 billion of mortgage loans and $930.0 million under the revolving facility and term loans at June 30, 2026. Maturities totaled $846.1 million for consolidated entities and $35.0 million at the unconsolidated venture share in 2026 and 2027.
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Fraud loss increased operating costs
Transaction and other costs increased 121.3% year over year to $10.5 million for the first six months, including a $9.5 million charge, net of insurance recoveries, from an AI-enabled employee-impersonation fraud scheme that caused fraudulent wire transfers.
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No formal risk-factor update, but litigation escalated
The filing states there were no material changes to the risk factors previously disclosed in the Annual Report and prior quarterly filing. Nevertheless, the new Wardman Tower judgment has a possible exposure of up to $356.1 million and may require collateralized bonds that could affect liquidity.
Management's outlook
No quantitative revenue or EPS guidance was disclosed. Management expects to fund growth opportunities through asset sales and private-equity joint ventures and anticipates that operating cash flow, financings, asset sales, recapitalizations and existing cash will fund operations and capital needs. Management also anticipates that bonds will be posted in connection with the Wardman Park litigation, which may affect liquidity.
Earlier filings 4
10-K · February 17, 2026
JBG SMITH (JBGS) positions itself as a mixed‑use owner/operator concentrated in National Landing with a large development pipeline (4.9 million sqft, 3.6M at our share) and a placemaking strategy intended to drive NAV…
10-Q · April 29, 2025
JBG SMITH reported Q1 total revenue of $120,686,000, down from $145,184,000 a year earlier, and recorded a net loss of $53,698,000 (loss per share $0.56) versus a loss of $42,190,000 (loss per share $0.36) in Q1 2024.…
10-Q · October 29, 2024
JBG SMITH reported third-quarter revenue of $136,026,000 and a GAAP net loss per share of $(0.32), an improvement versus the year-ago quarter (revenue $151,562,000; loss per share $(0.58)). Revenue declined…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.