10-Q · August 4, 2026
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…
Earnings analysis · 10-Q
KIM earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Kimco delivered a strong operating quarter, with revenue up 1.9% year over year, diluted EPS of $0.41 versus $0.19, and same-property NOI growth of 4.9%. Earnings benefited materially from property-sale gains, including…
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Kimco delivered a strong operating quarter, with revenue up 1.9% year over year, diluted EPS of $0.41 versus $0.19, and same-property NOI growth of 4.9%. Earnings benefited materially from property-sale gains, including an $89.4 million consolidated gain and stronger joint-venture disposition gains, so the operating-margin improvement is not fully recurring. Liquidity was favorable, with $544.9 million of cash and no borrowings under the $2.0 billion revolving facility, although higher debt, increased impairments and elevated redevelopment spending remain key risks. The filing states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K.
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
- $0.41
- Operating margin
- 51.3%
- Segment
- Single reportable segment: open-air, grocery-anchored shopping centers and mixed-use assets; NOI at share was $427.7 million versus $415.1 million in Q3 2025.
What stood out
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Revenue grew year over year
Q3 revenue was $546.1 million, up $10.3 million, or 1.9%, from $535.9 million in Q3 2025, but down $4.9 million, or 0.9%, from $551.0 million in Q2 2026.
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EPS and operating income improved
Diluted EPS was $0.41 versus $0.19 in Q3 2025 and $0.22 in Q2 2026. Operating income increased to $280.0 million from $187.2 million a year earlier, although the comparison benefited from an $89.4 million property-sale gain versus $3.7 million.
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Same-property NOI remained strong
Same-property NOI increased 4.9% year over year to $405.0 million, driven by a $12.4 million increase in minimum rent, a $5.0 million increase in net recovery income, and $1.3 million lower credit losses.
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Joint ventures contributed meaningfully
NOI at share rose to $427.7 million from $415.1 million, while equity in joint-venture income increased to $73.9 million from $27.0 million, primarily due to higher property-sale gains within joint ventures.
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Operating cash flow and liquidity grew
Nine-month operating cash flow increased to $977.8 million from $861.6 million. Cash, cash equivalents and restricted cash rose to $544.9 million from $212.8 million at December 31, 2025.
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Liquidity and covenant position solid
The company had no outstanding balance on its $2.0 billion revolving credit facility and no outstanding commercial paper at September 30, 2026. Debt covenants remained well within limits, including 36% total indebtedness to GAV versus a maximum of 60%.
What to watch
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Higher debt and interest expense
Interest expense increased to $87.7 million from $84.3 million in Q3 2025 and to $254.8 million from $245.8 million for the nine-month period. Notes payable increased to $8.04 billion from $7.72 billion at December 31, 2025, although the company estimates a 1.0% increase in short-term rates would raise nine-month interest expense by $0.1 million.
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Impairment exposure increased
Q3 impairment charges increased to $8.0 million from $0.4 million in Q3 2025. For the nine months, the company recorded $5.6 million of impairment related to a preferred-stock investment following the investee's bankruptcy restructuring filing, in addition to $9.1 million of property carrying-value impairments.
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Redevelopment spending is elevated
Capital intensity remains significant: the company spent $273.9 million on operating-real-estate improvements during the first nine months, up from $232.0 million, and expects an additional $75.0 million-$100.0 million for redevelopment and re-tenanting through year-end 2026.
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Acquisition execution risk
The company expects up to $150.0 million-$300.0 million of additional property acquisitions during the remainder of 2026. Funding may rely on operating cash flow, dispositions, the credit facility or commercial paper, increasing execution and capital-allocation risk.
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Near-term refinancing needs
The company reported $507.0 million of consolidated debt maturities for 2026 and subsequently repaid $500.0 million of senior unsecured notes in October 2026. Refinancing and interest-rate conditions remain relevant despite the $2.0 billion undrawn revolving facility.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. Management anticipates spending approximately $150.0 million-$300.0 million on acquisitions and approximately $75.0 million-$100.0 million on redevelopment and re-tenanting during the remainder of 2026. The previously disclosed 2026 net income and FFO outlook was provided in the October 29, 2026 8-K rather than this filing.
Earlier filings 4
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,…
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.