Equity Lifestyle Properties (ELS) Q2 FY2026 earnings: revenue $398 million, up 5.6% on the year

Equity Lifestyle Properties Inc. (ELS) reported revenue of $398 million for Q2 FY2026, the quarter ended 30 June 2026, up 5.6% on the same quarter a year earlier. Net income was $100 million, up 19.2% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$398 millionup 5.6%

Net income$100 millionup 19.2%

Diluted EPS$0.50

QuarterQ2 FY2026ended 30 June 2026

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	398	398	377	+5.6%
Operating income	99.4	112	84.2	+18.0%
Operating margin	25.0%	28.3%	22.3%
Interest expense	33.8	33.6	32.2	+5.0%
Net income	99.5	111	83.5	+19.2%
Net margin	25.0%	28.0%	22.2%
Diluted EPS	$0.50	$0.56	$0.42	+19.0%

$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	148	194	131	+12.7%
Capital expenditure	64.2	45.3	59.5	+7.9%
Free cash flow	83.8	149	71.8	+16.6%
Free cash flow margin	21.1%	37.5%	19.1%
Cash from investing	-64.7	-44.3	-115	n/a
Cash from financing	-86.9	-137	-31.2	n/a
Depreciation and amortisation	53.6	53.1	52.6	+1.9%
Share-based compensation	2.2	2.1	1.8	+20.7%
Dividends paid	105	99.8	98.4	+6.9%
Dividend per share	$0.54	$0.54	$0.52	+5.3%
Diluted shares, weighted	200m	200m	200m	+0.1%
Shares outstanding at period end	194m	194m	191m	+1.4%

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	1,758	1,762	1,731	+1.6%
Non-controlling interest	58.4	58.7	82.1	-28.9%
Debt	3,313	3,290	3,247	+2.0%
Other liabilities	671	638	661	+1.6%
Total liabilities and equity	5,801	5,749	5,721	+1.4%
Cash and equivalents	35.6	39.2	33.0	+7.9%
Other assets	5,765	5,709	5,688	+1.4%
Total assets	5,801	5,749	5,721	+1.4%

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	389	361	387	380	387	372	387	377	393	374	398	398
Operating income	81.0	85.4	115	81.5	82.8	102	109	84.2	98.6	99.0	112	99.4
Operating margin	21%	24%	30%	21%	21%	27%	28%	22%	25%	26%	28%	25%
Interest expense	33.4	33.2	33.5	36.0	36.5	31.6	31.1	32.2	33.7	34.0	33.6	33.8
Pre-tax income	80.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	0%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	80.7	96.4	115	82.1	86.9	101	114	83.5	100	104	111	99.5
Net margin	21%	27%	30%	22%	22%	27%	30%	22%	26%	28%	28%	25%
Diluted EPS	$0.41	$0.50	$0.59	$0.42	$0.44	$0.51	$0.57	$0.42	$0.50	$0.52	$0.56	$0.50
Operating cash flow	152	129	199	143	150	105	193	131	147	99.5	194	148
Capital expenditure	82.2	86.6	54.7	62.5	58.4	65.7	45.2	59.5	71.3	61.2	45.3	64.2
Free cash flow	69.7	42.8	144	80.6	91.1	39.7	148	71.8	75.7	38.3	149	83.8
Dividends paid	83.4	83.4	83.4	89.0	89.1	89.1	91.2	98.4	98.5	99.8	99.8	105
Shares outstanding	186m	186m	186m	187m	187m	191m	191m	191m	194m	194m	194m	194m
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 quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 28 July 2026, accession 0001628280-26-050244: the filing on EDGAR. All of Equity Lifestyle Properties Inc.'s filings: EDGAR company page.

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