SUN Communities (SUI) Q2 FY2026 earnings: revenue $485 million, down 2.3% on the year

SUN Communities Inc. (SUI) reported revenue of $485 million for Q2 FY2026, the quarter ended 30 June 2026, down 2.3% on the same quarter a year earlier. Net income was -$1.0 billion, and diluted earnings per share $-8.08. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$485 milliondown 2.3%

Net income-$1.0 billion

Diluted EPS$-8.08

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	485	508	496	-2.3%
Operating income	50.2	23.5	-73.2	n/a
Operating margin	10.4%	4.6%	-14.8%
Interest expense	38.1	38.4	54.4	-30.0%
Net income	-1,016	-6.4	1,314	n/a
Net margin	-209.6%	-1.3%	265.0%
Diluted EPS	-$8.08	-$0.07	$10.02	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. 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	266	269	256	+3.9%
Cash from investing	-112	-140	5,344	n/a
Cash from financing	-451	-267	-4,244	n/a
Depreciation and amortisation	124	132	117	+5.6%
Share-based compensation	12.7	16.4	8.7	+46.0%
Buybacks	111	60.1	203	-45.2%
Dividend per share	$1.12	$1.12	$1.04	+7.7%
Diluted shares, weighted	127m	126m	126m	+0.5%
Shares outstanding at period end	122m	123m	126m	-2.7%

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	5,519	6,754	7,410	-25.5%
Non-controlling interest	74.2	109	124	-40.3%
Redeemable equity	184	197	258	-28.7%
Debt	4,052	4,246	4,284	-5.4%
Other liabilities	1,038	1,053	1,286	-19.3%
Total liabilities and equity	10,868	12,359	13,362	-18.7%
Goodwill	9.5	9.5	9.5	+0.0%
Intangible assets	34.0	97.8	102	-66.6%
Cash and equivalents	165	497	890	-81.4%
Other assets	10,659	11,754	12,361	-13.8%
Total assets	10,868	12,359	13,362	-18.7%

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	983	727	469	596	680	746	470	496	697	n/a	508	485
Operating income	142	-14.2	-50.5	32.8	93.5	-218	-42.5	-73.2	-1.9	n/a	23.5	50.2
Operating margin	14%	-2%	-11%	6%	14%	-29%	-9%	-15%	-0%	n/a	5%	10%
Interest expense	84.1	85.9	89.7	89.8	87.7	83.2	82.1	54.4	41.5	n/a	38.4	38.1
Net income	127	-80.9	-25.2	56.7	300	-228	-41.2	1,314	12.1	n/a	-6.4	-1,016
Net margin	13%	-11%	-5%	10%	44%	-31%	-9%	265%	2%	n/a	-1%	-210%
Diluted EPS	$1.31	-$0.65	-$0.22	$0.42	$2.31	-$1.77	-$0.34	$10.02	$0.07	n/a	-$0.07	-$8.08
Operating cash flow	223	118	242	311	189	118	244	256	198	n/a	269	266
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	203	298	n/a	60.1	111
Dividends paid	n/a	n/a	n/a	n/a	n/a	n/a	123	n/a	132	n/a	n/a	n/a
Shares outstanding	124m	124m	125m	125m	127m	127m	128m	126m	124m	123m	123m	122m
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. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. 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 0000912593-26-000234: the filing on EDGAR. All of SUN Communities Inc.'s filings: EDGAR company page.

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