JBG Smith Properties (JBGS) Q2 FY2026 earnings: revenue $129 million, up 2.3% on the year

JBG Smith Properties (JBGS) reported revenue of $129 million for Q2 FY2026, the quarter ended 30 June 2026, up 2.3% on the same quarter a year earlier. Net income was -$59 million, and diluted earnings per share $-1.03. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$129 millionup 2.3%

Net income-$59 million

Diluted EPS$-1.03

QuarterQ2 FY2026ended 30 June 2026

What management said

DC metro multifamily supply remains historically constrained: Multifamily pipeline for 2026 is just over 2,200 units versus 14,000 or more in peak years. Forward pipeline through 2028 is 9,000 units, representing 1.6 percent of regional inventory. Market-wide vacancy 6.8 percent in February, asking rents rebounded 2.4 percent through June after declining 4.3 percent from peak.
National Landing office demand strong from secure facility tenants: Ninety-one percent of Q2 leasing activity in National Landing was with defense and technology tenants. Demand for SCIF facilities particularly strong, requiring capital investments exceeding $500 per square foot with construction timelines of 18 months. Ninety-two percent of GSA tenants have SCIF capability, providing competitive advantage.
Leverage elevated due to multifamily stabilization phase: Net Debt to Annualized Adjusted EBITDA was 12.4x as of June 30, 2026, compared to 11.8x at June 30, 2025. Company states this is temporary while leasing up newly constructed multifamily assets including The Grace, Reva, The Zoe, and Valen.

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	129	128	126	+2.3%
Operating income	3.9	-8.1	-1.7	n/a
Operating margin	3.0%	-6.3%	-1.4%
Interest expense	36.0	35.5	35.6	+1.3%
Pre-tax income	-72.4	-23.0	-23.3	n/a
Income tax	0.0	0.0	-0.1	n/a
Net income	-59.2	-18.7	-19.2	n/a
Net margin	-45.7%	-14.7%	-15.2%
Diluted EPS	-$1.03	-$0.32	-$0.29	n/a

$ 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	15.8	3.4	18.8	-15.8%
Cash from investing	-17.0	24.0	109	n/a
Cash from financing	-5.6	-15.8	-158	n/a
Depreciation and amortisation	44.8	47.2	47.6	-5.8%
Share-based compensation	8.9	8.0	7.7	+15.9%
Buybacks	3.0	25.4	225	-98.7%
Dividends paid	10.2	10.4	12.4	-17.6%
Dividend per share	$0.17	n/a	$0.17	+0.0%
Diluted shares, weighted	58m	59m	68m	-14.6%
Shares outstanding at period end	n/a	n/a	62m	n/a

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	1,066	1,140	1,323	-19.4%
Non-controlling interest	11.6	n/a	n/a	n/a
Redeemable equity	493	495	543	-9.3%
Debt	2,530	2,529	2,485	+1.8%
Other liabilities	160	172	198	-19.5%
Total liabilities and equity	4,261	4,336	4,549	-6.3%
Intangible assets	11.5	29.4	52.9	-78.3%
Cash and equivalents	74.8	79.8	61.4	+21.8%
Other assets	4,175	4,227	4,435	-5.9%
Total assets	4,261	4,336	4,549	-6.3%

Questions

What was JBG Smith Properties' revenue in Q2 FY2026?

JBG Smith Properties (JBGS) reported revenue of $129 million for Q2 FY2026, the quarter ended 30 June 2026, up 2.3% on the same quarter a year earlier.

How much did JBG Smith Properties earn in Q2 FY2026?

Net loss for Q2 FY2026 was $59 million, and the diluted loss per share $1.03.

When did JBG Smith Properties report Q2 FY2026 results?

JBG Smith Properties filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 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	152	148	145	135	136	131	121	126	124	128	128	129
Operating income	14.8	6.7	0.4	-3.1	6.3	-2.1	-6.0	-1.7	-0.9	0.7	-8.1	3.9
Operating margin	10%	5%	0%	-2%	5%	-2%	-5%	-1%	-1%	1%	-6%	3%
Interest expense	27.9	28.1	30.2	32.0	35.3	36.7	35.2	35.6	34.8	36.5	35.5	36.0
Pre-tax income	-66.0	-38.6	-43.7	-32.8	-30.5	-70.0	-53.9	-23.3	-34.1	-60.6	-23.0	-72.4
Net income	-58.0	-32.6	-32.3	-24.4	-27.0	-59.9	-45.7	-19.2	-28.6	-45.5	-18.7	-59.2
Net margin	-38%	-22%	-22%	-18%	-20%	-46%	-38%	-15%	-23%	-36%	-15%	-46%
Diluted EPS	-$0.58	-$0.35	-$0.36	-$0.27	-$0.32	-$0.72	-$0.56	-$0.29	-$0.48	-$0.78	-$0.32	-$1.03
Operating cash flow	25.5	68.5	37.0	23.8	26.4	42.2	12.9	18.8	8.9	32.6	3.4	15.8
Buybacks	118	61.5	49.4	66.9	52.0	2.4	148	225	62.9	7.9	25.4	3.0
Dividends paid	23.0	21.5	16.1	16.1	15.0	14.8	14.8	12.4	10.8	10.4	10.4	10.2
Shares outstanding	98m	94m	92m	87m	84m	84m	73m	62m	59m	n/a	n/a	n/a
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 10 August 2026, accession 0001104659-26-092965: the filing on EDGAR. All of JBG Smith Properties's filings: EDGAR company page.

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