NETSTREIT Corp (NTST) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and NETSTREIT 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. NETSTREIT reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per diluted 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.

• NETSTREIT is a REIT. Revenue here is the "Total revenues" line of its statement of operations: rental revenue (including reimbursable) plus interest income on mortgage loans receivable. EPS is net income per diluted share available to common stockholders; NETSTREIT's headline measure is adjusted funds from operations (AFFO) per diluted share, shown in the adjusted row. NETSTREIT reports in thousands; figures here are in millions.

Source: NETSTREIT 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 NETSTREIT 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.

• NETSTREIT's Rental revenue (including reimbursable) revenue was $63.2 million in Q3 2026, up 40% from $45.0 million in Q3 2025, 95% of total revenue.
• NETSTREIT's Interest income on loans receivable revenue was $3.0 million in Q3 2026, down 7% from $3.3 million in Q3 2025, 5% 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, NETSTREIT said:

“The Company is maintaining both its full year 2026 AFFO per share guidance range of $1.37 to $1.39 and its cash G&A range of $16.5 million to $17.0 million (exclusive of transaction costs and severance payments).”

“The Company now expects 2026 net investment activity of at least $800 million vs. its prior range of $700 million to $800 million.”

“In addition, the Company's AFFO per share guidance now includes approximately $0.035 to $0.04 per share of estimated dilution (or 2.8 million to 3.1 million shares) due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method, which compares to the prior range of $0.05 to $0.08 per share of estimated dilution (or 3.6 million to 5.9 million shares).”

Source: NETSTREIT 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 NTST forecast page.

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

Total revenues and diluted net income per share, each as first reported in that quarter's release. The Q4 2025 release prints full-year revenues only, so Q4 2025 revenue is full-year 2025 revenue ($195.0 million) minus the nine-month figure ($142.5 million); its EPS of $0.02 is the release's own Q4 figure.

We do not hold a confirmed date for NETSTREIT'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

NETSTREIT's total revenues were $66.3 million in Q3 2026, up from $48.3 million a year earlier. Rental revenue (including reimbursable) was $63.2 million against $45.0 million, and interest income on its mortgage loans receivable was $3.0 million against $3.3 million. Within rental revenue, fixed lease income was $58.5 million and variable lease income, which includes tenant reimbursements, was $4.9 million. (NETSTREIT Q3 2026 release, Oct 21, 2026; NETSTREIT Form 10-Q, Q3 2026, Oct 21, 2026)

NETSTREIT's 10-Q attributes the $18.0 million increase primarily to a larger number of operating leases. It breaks the change into $15.5 million of additional cash rental receipts, $1.4 million more straight-line rental revenue and $1.4 million more property expense reimbursements, offset by $0.2 million less interest income on mortgage loans receivable and a $0.3 million increase in reserves for uncollectible amounts. (NETSTREIT Form 10-Q, Q3 2026, Oct 21, 2026)

NETSTREIT owns single-tenant retail properties on long-term net leases, focused on what it calls defensive retail industries such as grocers, convenience stores, discount stores and home improvement. At September 30, 2026 it had 913 investments with 158 tenants across 28 industries in 46 states, generating annualized base rent (ABR) of $246.3 million. Occupancy was 99.9%, the weighted average lease term was 10.1 years, and investment grade tenants were 40.1% of ABR, with a further 18.1% from tenants with an investment grade profile. (NETSTREIT Form 10-K, 2025, Feb 10, 2026; NETSTREIT Q3 2026 release, Oct 21, 2026)

No single tenant or borrower exceeded 10% of NETSTREIT's total revenues. Its largest tenant was 4.0% of ABR and the top tenants listed in the supplement together were 33.3%. By industry, grocery was 15.7% of ABR and convenience stores 15.2%; by state, Texas was 18.6%. Leases expiring in 2026 and 2027 were 0.2% and 0.5% of ABR. (NETSTREIT Form 10-Q, Q3 2026, Oct 21, 2026; NETSTREIT Q3 2026 supplemental, Oct 21, 2026)

In Q3 2026 NETSTREIT made 84 investments totaling $273.1 million at a 7.4% cash yield with a 13.0-year weighted average lease term. It sold 15 properties for $39.5 million at a 7.2% cash yield and received $28.2 million of loan repayments, for net investment activity of $205.4 million. (NETSTREIT Q3 2026 release, Oct 21, 2026)

NETSTREIT's GAAP diluted EPS was $0.08 in Q3 2026, against $0.01 a year earlier, on net income attributable to common stockholders of $8.5 million against $618 thousand. Its AFFO per diluted share was $0.35, up 6.1% from $0.33; FFO per diluted share was $0.35 against $0.29, and Core FFO per diluted share $0.34 against $0.31. (NETSTREIT Q3 2026 release, Oct 21, 2026)

The gap between net income and FFO is mostly real estate accounting. FFO adds back $28.5 million of real estate depreciation and amortization and $1.9 million of impairment provisions and removes a $1.4 million net gain on sales of real estate. Core FFO then removes a $1.6 million other gain and adds back $511 thousand of executive transition and severance costs, and AFFO deducts $2.5 million of straight-line rent and adds back $1.7 million of non-cash compensation. A year earlier, provisions for impairment in operating expenses were $5.5 million against $1.9 million this quarter. (NETSTREIT Q3 2026 release, Oct 21, 2026)

Per-share AFFO grew far less than total AFFO, which rose to $37.5 million from $28.0 million, because NETSTREIT funds acquisitions partly with new equity. Diluted weighted average shares were 108,174,030 against 85,641,948 a year earlier. In the quarter it settled 24,000,000 forward shares at a weighted average $17.49 for $419.6 million of net proceeds, and 15,933,883 forward shares remained unsettled. Interest expense, net rose to $17.7 million from $12.6 million. (NETSTREIT 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.

NETSTREIT publishes full-year guidance in its release. With Q3 2026 it kept 2026 AFFO per share guidance at $1.37 to $1.39 and cash G&A at $16.5 million to $17.0 million, and raised expected 2026 net investment activity to at least $800 million from a range of $700 million to $800 million. The guidance now includes $0.035 to $0.04 per share of dilution from outstanding forward equity, against $0.05 to $0.08 before, and NETSTREIT said settling 24.0 million forward shares raises its 2026 weighted average share count by about 2.0 million to 2.3 million, a dilutive impact of $0.025 to $0.03 per share. (NETSTREIT Q3 2026 release, Oct 21, 2026)

NETSTREIT does not reconcile its AFFO guidance to a GAAP figure, citing the difficulty of projecting transactional and other non-core items. AFFO per diluted share for the first nine months of 2026 was $1.03, against $0.98 a year earlier. On October 15, 2026 its board declared a quarterly dividend of $0.225 per share, $0.90 annualized, which is $0.02 above the prior annualized dividend. (NETSTREIT Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover NETSTREIT, 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 NETSTREIT'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 NTST is on is NTST a buy or a sell?, what analysts expect next is on the NTST forecast, and what the company does is on the NETSTREIT Corp (NTST) stock page.

Every number on this page can be traced to a document NETSTREIT 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.