10-Q · July 22, 2026
NETSTREIT delivered strong Q2 growth, with revenue up 26.9% year over year to $61.284 million, GAAP net income rising to $6.311 million, and AFFO increasing to $35.491 million. Portfolio expansion was substantial, with…
Earnings analysis · 10-Q
NTST earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
NETSTREIT delivered strong third-quarter operating momentum, with revenue of $66.262 million and EPS of $0.35 versus $58 million and $0.06 in the prior quarter and $45 million and $0.01 a year earlier. The company also…
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NETSTREIT delivered strong third-quarter operating momentum, with revenue of $66.262 million and EPS of $0.35 versus $58 million and $0.06 in the prior quarter and $45 million and $0.01 a year earlier. The company also exceeded consensus EPS of $0.33 by $0.02. Offsetting positives are substantial floating-rate debt of $1.2 billion, elevated third-quarter Revolver borrowings of $237.7 million, and a January 23, 2027 hedge maturity. The supplied 10-Q states that there were no material changes to the risk factors from the 2025 Form 10-K and does not provide quantitative guidance.
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
- $0.35
What stood out
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Revenue growth accelerated
Third-quarter revenue was $66.262 million, up from $58 million in 2026 Q2 and $45 million in 2025 Q3, representing sequential and year-over-year growth of approximately 14% and 47%, respectively.
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EPS beat estimates
Reported third-quarter EPS was $0.35 versus $0.06 in 2026 Q2 and $0.01 in 2025 Q3; it also exceeded the $0.33 consensus estimate by $0.02, or approximately 6.1%.
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Term debt remained substantial
The company had $1.2 billion of listed floating-rate term debt as of September 30, 2026: $250.0 million under the 2029 Term Loan, $175.0 million under each 2030 term loan, and $300.0 million under each of the 2031 and 2032 Term Loans.
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Higher Revolver utilization
Average daily Revolver borrowings were $237.7 million during the third quarter, compared with $100.0 million for the nine months ended September 30, 2026, indicating elevated acquisition-related funding usage late in the period.
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Debt hedging provides protection
Interest-rate derivatives convert the variable-rate term debt to fixed rates, while $100.0 million of the 2030 Term Loan A hedges mature on January 23, 2027.
What to watch
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Floating-rate debt exposure
The company reported $1.2 billion of floating-rate term debt and average daily Revolver borrowings of $237.7 million in the quarter. A 1% adverse interest-rate move was estimated to create approximately $1.0 million of market-risk exposure.
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Near-term hedge maturity
The 2030 Term Loan A interest-rate hedges mature on January 23, 2027, creating potential refinancing or interest-rate exposure for the associated debt after hedge expiration.
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Higher acquisition funding needs
The 10-Q states there were no material changes to the risk factors in the December 31, 2025 Form 10-K. However, the quarter included $237.7 million of average daily Revolver borrowings versus $100.0 million for the nine-month period, highlighting liquidity and funding sensitivity.
Management's outlook
The supplied 10-Q text does not include quantitative company guidance. The related October 21, 2026 earnings update reportedly maintained 2026 AFFO guidance at $1.37-$1.39 per share and increased expected net investment activity to at least $800 million, but those figures are not stated in the supplied 10-Q excerpt.
Earlier filings 4
10-Q · April 20, 2026
NETSTREIT reported Q1 2026 revenue of $57,062,000 (up $11,152,000 or +24.3% YoY vs $45,910,000) and net income of $5,711,000 (vs $1,700,000 a year ago). Operating profitability expanded materially (operating income…
10-K · February 10, 2026
NETSTREIT (NTST) grew portfolio scale and operating performance in 2025 while funding expansion with debt and equity. The Company acquired 140 properties for $603.0 million, increased ABR to $198.3 million and delivered…
10-K · February 24, 2025
NETSTREIT positions itself as an internally managed REIT focused on single-tenant, long‑term net‑leased retail properties concentrated in necessity/defensive retail sectors. As of December 31, 2024 the company owned or…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.