10-Q · August 7, 2026
CBL delivered modest operating growth in Q2 2026, with revenue up 4.0% year over year, same-center NOI up 1.5%, higher occupancy and substantially improved operating cash flow. Earnings and EPS benefited from $13.633…
CBL earnings analysis
10-Q · Filed November 9, 2026 · Our reading of the company's report
The latest report
CBL delivered solid operating progress in Q3 2026, with revenue up 6.8%, same-center NOI up 3.8%, occupancy higher at 91.5% and improved cash generation. However, diluted EPS fell to $0.37 from $2.38 due to lower…
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CBL delivered solid operating progress in Q3 2026, with revenue up 6.8%, same-center NOI up 3.8%, occupancy higher at 91.5% and improved cash generation. However, diluted EPS fell to $0.37 from $2.38 due to lower disposition and deconsolidation gains, higher interest expense and $25.342M of non-cash default interest. Debt declined and variable-rate exposure improved, but $422.1M of pro-rata debt was matured or maturing in 2026, including $106.6M tied to properties in receivership, keeping liquidity and refinancing risk material.
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
- $0.37
- Operating margin
- 30.9%
What stood out
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Revenue Growth Accelerated
Q3 revenue was $148.697M, up $9.417M, or 6.8%, from $139.280M in Q3 2025 and up from $146M in Q2 2026. Management attributed the year-over-year increase to $5.7M from mall acquisitions and $5.8M from comparable-property rental revenue growth.
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Operating Margin Improved
Derived operating margin increased to approximately 30.9% from 21.4% in Q3 2025 and 30.5% in Q2 2026. Expenses declined to $102.734M from $109.415M year over year, helped by $4.816M lower depreciation and amortization and $3.583M lower G&A.
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Comparable NOI and Occupancy Up
Same-center NOI rose 3.8% to $96.205M from $92.708M, driven by a $6.1M increase in revenues, including higher occupancy, rents and percentage rents. Total portfolio occupancy improved to 91.5% from 90.2%.
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Mall Segment Led Growth
Malls were the primary growth engine: Q3 mall revenue increased $9.986M to $125.862M and mall NOI increased $11.252M to $84.287M. Lifestyle-center revenue increased $0.273M and outlet-center revenue increased $0.009M.
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Cash Generation Strengthened
Nine-month operating cash flow increased $54.787M to $224.307M from $169.520M. Using reported capital expenditures of $53.859M, derived nine-month free cash flow was approximately $170.448M, with capex equal to about 12.2% of nine-month revenue.
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Debt Balance and Rate Exposure Reduced
Consolidated debt declined to $2.025B from $2.171B at December 31, 2025, while the proportion of pro-rata variable-rate debt fell to 11.0% from 28.7%. Management also refinanced the $634.0M secured term loan with a $425.0M mall loan and a $176.1M lifestyle-center loan.
What to watch
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EPS Declined Sharply
Q3 diluted EPS fell to $0.37 from $2.38 in Q3 2025 and $1.47 in Q2 2026. The decline reflected $45.834M less gain on real estate sales, $33.958M less gain on deconsolidation and $21.348M higher interest expense year over year.
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Elevated Maturity and Default Risk
The company reported $422.1M of its pro-rata debt matured or maturing in 2026, including $106.6M related to three properties in receivership. Parkdale Mall and Parkdale Crossing had $46.803M outstanding and Arbor Place had $81.615M outstanding at September 30, 2026.
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Default Interest Pressuring Earnings
Interest expense increased $21.3M year over year in Q3, primarily from non-cash default interest on past-due loans and higher refinancing rates. Non-cash default interest expense was $25.342M in Q3 2026 versus a $1.326M reversal in Q3 2025.
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Open-Air Segment Contracted
Open-air-center revenue declined to $12.637M from $15.155M and NOI declined to $10.243M from $12.081M year over year. Open-air occupancy also decreased to 94.3% from 95.3%.
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Interest Rate Sensitivity Remains
The company had $2.504B of pro-rata debt at September 30, 2026 with a weighted-average interest rate of 6.44%; a 0.5% increase in variable rates would increase annual interest expense by approximately $1.4M.
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No Formal Risk-Factor Update
The filing states there were no material changes to the risk factors disclosed in the 2025 Form 10-K. Separately, management identified $2.503B of pro-rata non-recourse debt and noted that future dividends depend on earnings, liquidity, debt restrictions and capital requirements.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; outlook was not updated. Management stated that property operating cash flows and cash on hand are expected to fund capital expenditures.
Earlier filings 4
10-Q · May 8, 2026
CBL Properties experienced a significant turnaround in Q1 2026 with a substantial increase in net income and earnings per share, driven by higher revenues and lower operating expenses. The company also benefited from a…
10-K · March 3, 2026
CBL reports improving operating performance in 2025 with total revenues of $578,373,000 and diluted EPS of $4.34, driven by higher rental revenues ($558,985,000) and one-time gains (gain on sales of real estate assets…
10-Q · November 7, 2025
CBL & Associates Properties, Inc. reported strong Q3 2025 results, with total revenues of $139.3 million, up from $125.1 million in Q3 2024, and diluted EPS of $2.38, a substantial increase from $0.52 in the prior year.…
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