Saul Centers (BFS) Q2 FY2026 earnings: revenue $77 million, up 8.4% on the year

Saul Centers, Inc. (BFS) reported revenue of $77 million for Q2 FY2026, the quarter ended 30 June 2026, up 8.4% on the same quarter a year earlier. Net income was $9 million, down 18.3% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$77 millionup 8.4%

Net income$9 milliondown 18.3%

Diluted EPS$0.24

QuarterQ2 FY2026ended 30 June 2026

What management said

Same-property revenue and NOI grew 6.9%: Same property revenue increased $4.7 million or 6.9%, while same property net operating income increased $3.4 million or 6.9%, driven by higher base rents and occupancy gains across the portfolio excluding the ramp-up property.
Mixed-use portfolio surged 15.7% same-property: Mixed-use same property net operating income totaled $15.5 million, up 15.7%, driven predominantly by $2.5 million contribution from Twinbrook Quarter Phase I lease-up progress.
Hampden House occupancy reached 64.2% residential: As of August 3, 2026, 235 of 366 residential units were leased and occupied at the Bethesda Metro Station property, up from 45.6% at March 31, 2026. Retail space achieved 8,600 of 10,100 square feet leased (85.1%).

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	76.8	78.3	70.8	+8.4%
Operating income	52.0	51.6	48.7	+6.9%
Operating margin	67.7%	66.0%	68.7%
Interest expense	20.1	19.7	16.9	+19.3%
Net income	8.8	9.1	10.7	-18.3%
Net margin	11.4%	11.7%	15.1%
Diluted EPS	$0.24	$0.26	$0.33	-27.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	30.8	29.3	26.6	+15.7%
Capital expenditure	4.2	3.7	19.3	-78.3%
Free cash flow	26.6	25.6	7.3	+262.7%
Free cash flow margin	34.6%	32.7%	10.3%
Cash from investing	-9.0	-7.0	-30.1	n/a
Cash from financing	-10.9	-21.7	2.3	n/a
Depreciation and amortisation	16.0	15.9	14.1	+13.8%
Share-based compensation	0.6	0.5	0.4	+50.0%
Dividends paid	14.5	14.3	14.3	+1.3%
Dividend per share	$0.59	$0.59	$0.59	+0.0%
Diluted shares, weighted	24m	24m	24m	+0.9%
Shares outstanding at period end	25m	25m	24m	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	296	302	322	-8.2%
Non-controlling interest	174	172	166	+4.7%
Debt	1,604	1,598	1,565	+2.5%
Other liabilities	85.8	85.8	86.7	-1.1%
Total liabilities and equity	2,159	2,157	2,140	+0.9%
Cash and equivalents	5.9	9.3	5.3	+10.8%
Other assets	2,154	2,148	2,134	+0.9%
Total assets	2,159	2,157	2,140	+0.9%

Questions

What was Saul Centers' revenue in Q2 FY2026?

Saul Centers (BFS) reported revenue of $77 million for Q2 FY2026, the quarter ended 30 June 2026, up 8.4% on the same quarter a year earlier.

How much did Saul Centers earn in Q2 FY2026?

Net income for Q2 FY2026 was $9 million, down 18.3% on the year, and diluted earnings per share $0.24.

When did Saul Centers report Q2 FY2026 results?

Saul Centers filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	63.8	66.7	66.7	66.9	67.3	67.9	71.9	70.8	72.0	75.1	78.3	76.8
Cost of revenue	17.4	17.0	18.2	17.3	17.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	46.4	49.6	48.5	49.7	49.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	73%	74%	73%	74%	74%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	16.7	17.5	48.3	50.2	49.0	56.3	47.8	48.7	49.8	49.1	51.6	52.0
Operating margin	26%	26%	72%	75%	73%	83%	66%	69%	69%	65%	66%	68%
Interest expense	12.5	12.7	12.5	12.3	12.3	16.8	16.8	16.9	17.1	20.0	19.7	20.1
Net income	12.8	13.2	13.6	14.4	14.5	8.1	9.8	10.7	10.5	6.5	9.1	8.8
Net margin	20%	20%	20%	22%	22%	12%	14%	15%	15%	9%	12%	11%
Diluted EPS	$0.42	$0.43	$0.45	$0.48	$0.48	$0.22	$0.29	$0.33	$0.32	$0.15	$0.26	$0.24
Operating cash flow	16.3	32.7	33.8	32.1	26.5	28.8	30.4	26.6	20.6	22.2	29.3	30.8
Capital expenditure	47.9	48.8	45.6	44.6	54.8	27.3	15.7	19.3	17.7	0.2	3.7	4.2
Free cash flow	-31.6	-16.1	-11.7	-12.5	-28.3	1.5	14.7	7.3	3.0	22.0	25.6	26.6
Dividends paid	14.2	14.2	14.2	14.2	14.2	14.3	14.3	14.3	14.3	14.3	14.3	14.5
Shares outstanding	24m	24m	24m	24m	24m	24m	24m	24m	24m	25m	25m	25m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2026, filed 6 August 2026, accession 0000907254-26-000049: the filing on EDGAR. All of Saul Centers, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install