Essential Properties Realty Trust (EPRT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Essential Properties Realty Trust published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Essential Properties Realty Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Essential Properties Realty Trust is a REIT. Revenue here is the "Total revenues" line of its statement of operations (rental revenue, interest on loans and direct financing lease receivables, and other revenue), and EPS is diluted net income per share. Its headline earnings measure is adjusted funds from operations (AFFO) per diluted share, shown in the adjusted row. It reports in thousands; figures here are in millions.
• Q3 2026 net income includes a $15.0 million provision for impairment of real estate on eight investments, against $1.4 million on three a year earlier.

Source: Essential Properties Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Essential Properties Realty Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Essential Properties Realty Trust's Rental revenue revenue was $158 million in Q3 2026, up 16% from $137 million in Q3 2025, 94% of total revenue.
• Essential Properties Realty Trust's Interest on loans and direct financing lease receivables revenue was $10.5 million in Q3 2026, up 29% from $8.1 million in Q3 2025, 6% of total revenue.
• Essential Properties Realty Trust's Other revenue revenue was $0.4 million in Q3 2026, up 65% from $0.3 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Essential Properties Realty Trust said:

“The Company currently expects 2027 AFFO per share on a fully diluted basis to be within a range of $2.10 to $2.18. The guidance range includes an estimate for investment volume of $1.0 billion to $1.5 billion, and Cash G&A expense of $32.0 million to $37.0 million.”

“The Company is increasing its previously issued 2026 AFFO per share estimate from $2.01 to $2.05 to a new range of $2.02 to $2.05.”

“The Company is also increasing its guidance range for 2026 investment volume from $1.2 billion to $1.5 billion to an updated range of $1.3 billion to $1.5 billion, and is reiterating its prior guidance range for 2026 Cash G&A of $30.0 million to $34.0 million.”

Source: Essential Properties Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EPRT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted net income per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Essential Properties Realty Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Essential Properties Realty Trust owns single-tenant properties net leased on a long-term basis to service-oriented or experience-based businesses. Its Q3 2026 total revenues of $168.7 million were rental revenue of $157.8 million, interest on loans and direct financing lease receivables of $10.5 million, and other revenue of $430 thousand. (Essential Properties Q3 2026 release, Oct 21, 2026)

Rental revenue rose $21.2 million from a year earlier. Essential Properties attributed the increase primarily to growth in its portfolio, which added 298 rental properties, or 14%, since September 30, 2025, with much of the gain coming from acquisitions made during 2025 and 2026 that were not owned for all of the earlier period. (Essential Properties Form 10-Q, Q3 2026, Oct 21, 2026)

By annualized base rent, Essential Properties' three largest tenant industries are early childhood education (12.7%), health and wellness (12.6%) and car washes (12.0%), followed by quick service restaurants (8.2%) and automotive service (8.1%). Service businesses make up 76.8% of annualized base rent and experience businesses 15.0%. The top ten tenants represent 15.2%, and no single tenant more than 3.0%. (Essential Properties Form 10-Q, Q3 2026, Oct 21, 2026)

At September 30, 2026 the portfolio was 2,580 properties, 99.6% leased to tenants operating 727 concepts across 49 states, with a weighted average lease term of 14.2 years and unit-level rent coverage of 3.5x. In Q3 2026 Essential Properties invested $342.2 million in 100 properties at a 7.7% weighted average cash cap rate, 91% of it in sale-leaseback transactions. (Essential Properties Q3 2026 release, Oct 21, 2026)

Essential Properties' diluted net income per share fell to $0.27 in Q3 2026 from $0.33, even as revenue rose. Provision for impairment of real estate was $15.0 million against $1.4 million, depreciation and amortization rose to $46.9 million from $39.0 million, and interest expense rose to $34.2 million from $28.3 million, which the 10-Q attributed primarily to a higher outstanding debt balance. (Essential Properties Q3 2026 release, Oct 21, 2026; Essential Properties Form 10-Q, Q3 2026, Oct 21, 2026)

FFO adds back real estate depreciation and impairments and removes disposition gains; Core FFO also removes non-core expense such as severance and non-core technology costs ($3.5 million in the quarter); AFFO then removes non-cash items, chiefly straight-line rental revenue ($15.4 million), and adds back non-cash compensation. Diluted FFO per share was $0.54, Core FFO $0.55 and AFFO $0.51, against $0.48 AFFO a year earlier. (Essential Properties Q3 2026 release, Oct 21, 2026)

Diluted weighted-average shares rose to 219,121,415 from 199,875,244 as Essential Properties issued equity to fund investments. All of its 2026 share sales were made on a forward basis, and 15,828,249 shares remained unsettled at quarter end for estimated net proceeds of $482.8 million. (Essential Properties Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Essential Properties gives AFFO per share guidance in its release, with no GAAP net income guidance. With Q3 2026 results it raised the bottom of its 2026 AFFO range to $2.02 to $2.05 per share and issued 2027 guidance of $2.10 to $2.18, assuming investment volume of $1.0 billion to $1.5 billion and Cash G&A of $32.0 million to $37.0 million. (Essential Properties Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Essential Properties Realty Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Essential Properties Realty Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EPRT is on is EPRT a buy or a sell?, what analysts expect next is on the EPRT forecast, and what the company does is on the Essential Properties Realty Trust (EPRT) stock page.

Every number on this page can be traced to a document Essential Properties Realty Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.