10-Q · April 30, 2026
Kimco Realty (KIM) delivered a robust Q1 2026 performance with net income of $157.4 million, equating to $0.23 EPS, an increase from $125.1 million or $0.18 EPS in the prior year period. Revenue grew to $552.8 million,…
Earnings analysis · 10-Q
KIM earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Kimco delivered a constructive operating quarter: total revenue rose 4.9% year over year to $550.8 million, same-property NOI increased 3.5%, and diluted FFO per share rose to $0.46 from $0.44. GAAP EPS nevertheless…
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Kimco delivered a constructive operating quarter: total revenue rose 4.9% year over year to $550.8 million, same-property NOI increased 3.5%, and diluted FFO per share rose to $0.46 from $0.44. GAAP EPS nevertheless slipped to $0.22 from $0.23 because property-sale gains fell sharply year over year. Liquidity strengthened, with six-month operating cash flow of $588.3 million and ending cash of $700.4 million, but investors should weigh $851.1 million of combined consolidated and JV debt maturities remaining in 2026 and elevated redevelopment spending.
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
- $0.22
- Operating margin
- 35.6%
- Segment
- Single operating business: open-air, grocery-anchored shopping centers and mixed-use properties; rental-property revenue was $546.423 million and management/other fee income was $4.378 million.
What stood out
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Revenue rose 4.9% year over year
Q2 total revenue was $550.801 million, up $25.626 million, or 4.9%, from $525.175 million a year earlier, driven principally by a $20.6 million increase in tenant revenue from leasing activity and portfolio growth.
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Same-property NOI grew 3.5%
Same-property NOI increased $13.6 million, or 3.5%, to $403.160 million. Management attributed the gain primarily to $10.1 million of higher minimum rent, $2.0 million of higher recovery income, and a $2.0 million reduction in credit losses.
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FFO per share increased $0.02
Diluted FFO per share increased to $0.46 from $0.44, while FFO available to common shareholders rose $11.6 million to $309.168 million.
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Operating cash flow and liquidity improved
Six-month operating cash flow increased $59.1 million year over year to $588.3 million. Cash, cash equivalents and restricted cash ended at $700.4 million, versus $212.8 million at the beginning of 2026.
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Leasing activity remained strong
Kimco executed 826 leases totaling 6.2 million square feet in the first half, including 253 new leases and 573 renewals/options; new-lease average rent was $28.49 per square foot.
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Quarterly dividend increased 7.7%
The Board raised the quarterly common dividend to $0.28 per share from $0.26, a 7.7% increase, payable September 17, 2026.
What to watch
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GAAP earnings declined despite revenue growth
GAAP net income available to common shareholders declined $9.7 million to $145.8 million and diluted EPS fell to $0.22 from $0.23, as Q2 property-sale gains dropped to $1.4 million from $38.9 million a year earlier.
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Refinancing and interest-cost exposure
Debt maturities remaining in 2026 total $773.4 million of consolidated debt plus $77.7 million of unconsolidated-joint-venture debt. Interest expense increased $2.7 million year over year in Q2 to $83.9 million.
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Higher redevelopment capital intensity
First-half improvements to operating real estate rose to $173.6 million from $138.2 million, with redevelopment and renovation spending nearly doubling to $109.7 million from $60.1 million. Management also expects another $125.0 million-$175.0 million of redevelopment/re-tenanting spend in the remainder of 2026.
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No formal risk-factor update; impairment occurred
The filing states there were no material changes to risk factors previously disclosed in the 2025 Form 10-K. Nonetheless, the company recognized a $5.6 million impairment on a preferred-stock investment following the investee's bankruptcy restructuring filing.
Management's outlook
The 10-Q does not provide numeric earnings or revenue guidance. Management quantified planned remaining-2026 acquisitions at approximately $300.0 million-$500.0 million and redevelopment/re-tenanting capital commitments at approximately $125.0 million-$175.0 million.
Earlier filings 4
10-K · February 20, 2026
Kimco Realty (KIM) reported full-year operational improvement in 2025 with revenue rising to $2.14B (from $2.037B in 2024), higher aggregate diluted EPS (2025 quarters sum to $0.82 vs $0.56 in 2024) and modestly higher…
10-Q · July 28, 2023
Kimco reported a revenue increase to $442,840,000 in Q2 2023 from $427,198,000 in Q2 2022 and an operating income improvement to $157,192,000 from $133,202,000. Net income swung to $109,270,000 in Q2 2023 from a loss of…
10-K · February 24, 2023
Kimco (10-K for period ended December 31, 2022) presents itself as North America’s largest publicly traded owner/operator of open-air, grocery‑anchored shopping centers with a growing mixed‑use pipeline, emphasizing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.