Jun 2026 (Q2 FY26) — Jul 30, 2026
Broadstone Net Lease Q2 FY26 — Strong Build-to-Suit Pipeline and Raised Guidance
Read the full callBroadstone Net Lease (BNL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Broadstone Net Lease earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 122 | +8.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 39.8 | +97.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Incremental ABR from committed build-to-suit pipeline | approximately $33 million | Sep 2024 | Ghosted | |
| AFFO per share | $1.53 to $1.57 | Dec 2025 | We now expect AFFO per share of $1.55 to $1.57, revised up from $1.53 to $1.57, with the midpoint of our guidance range moving to $1.56, representing nearly 5% earnings growth over 2025. | Revised Up |
| AFFO per share growth | attractive mid-single-digit | Jun 2025 | are raising the midpoint of our full year AFFO per share guidance range to $1.56, representing nearly 5% earnings growth over 2025. | On Track |
3 of Broadstone Net Lease, Inc.'s 28 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Raised full-year investment guidance midpoint by over $100 million, now $600M-$800M.
- Raised full-year AFFO per share guidance midpoint to $1.56, representing nearly 5% earnings growth over 2025.
- Secured a landmark $303 million joint venture for an advanced technology facility, adding 100 megawatts of capacity.
- In-process build-to-suit pipeline stands at approximately $645 million, providing over 10% growth on current ABR.
- Same-store rental revenue grew 2.2% year-over-year, with industrial portfolio growing 3.3%.
Qualified
- Incurred $1.6 million in pursuit costs for a build-to-suit opportunity that was ultimately not pursued.
- Triboro Project zoning for data center use remains under review, with a decision targeted by year-end.
Price
$17.66 −2.59% · −$0.47
Performance −4.9% 1Y
1Y: $18.57 on 17 Oct 2025 → $17.66. High $22.84 (21 Jul 2026), low $17.26 (23 Dec 2025).
- Previous close
- $18.13
- 52-week range
- $17.26 – $22.84
- One year
- −6.21%
Overview
- Symbol
- BNL
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Incremental ABR from committed build-to-suit pipeline | approximately $33 million | Sep 2024 | Ghosted | |
| AFFO per share | $1.53 to $1.57 | Dec 2025 | We now expect AFFO per share of $1.55 to $1.57, revised up from $1.53 to $1.57, with the midpoint of our guidance range moving to $1.56, representing nearly 5% earnings growth over 2025. | Revised Up |
| AFFO per share growth | attractive mid-single-digit | Jun 2025 | are raising the midpoint of our full year AFFO per share guidance range to $1.56, representing nearly 5% earnings growth over 2025. | On Track |
Claimed
- Raised full-year investment guidance midpoint by over $100 million, now $600M-$800M.
- Raised full-year AFFO per share guidance midpoint to $1.56, representing nearly 5% earnings growth over 2025.
- Secured a landmark $303 million joint venture for an advanced technology facility, adding 100 megawatts of capacity.
- In-process build-to-suit pipeline stands at approximately $645 million, providing over 10% growth on current ABR.
- Same-store rental revenue grew 2.2% year-over-year, with industrial portfolio growing 3.3%.
Qualified
- Incurred $1.6 million in pursuit costs for a build-to-suit opportunity that was ultimately not pursued.
- Triboro Project zoning for data center use remains under review, with a decision targeted by year-end.
The full ledger
Open Broadstone Net Lease, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Broadstone Net Lease Q1 FY26 — Strong AFFO Growth and Strategic Build-to-Suit Expansion
Read the full callEvery analysed call
Broadstone Net Lease earnings calls (BNL)
Financials
What the filings say
Net profit, year on year: +97% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 108 | 112 | 109 | 113 | 114 | 118 | 121 | 122 |
| Expenses | 55 | 77 | 71 | 69 | 63 | 62 | 58 | 70 |
| Interest | 18 | 20 | 20 | 21 | 28 | 25 | 25 | 26 |
| Net profit | 36 | 26 | 17 | 20 | 26 | 33 | 46 | 40 |
| EPS ($ per share) | 0.19 | — | 0.09 | 0.11 | 0.14 | — | 0.24 | 0.21 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total liabilities | 1,568 | 2,139 | 1,779 | 1,878 | 2,195 | 2,074 | 2,075 | 2,684 |
| Total assets | 3,097 | 3,918 | 4,258 | 4,619 | 5,458 | 5,269 | 5,216 | 5,717 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 128 | 147 | 179 | 245 | 256 | 271 | 276 | 299 |
| Cash from investing | -510 | -832 | -60 | -582 | -860 | 24 | -60 | -675 |
| Cash from financing | 391 | 686 | -28 | 254 | 636 | -335 | -221 | 393 |
| Capital expenditure | -5 | -5 | -11 | -2 | -31 | -46 | -17 | -30 |
| Free cash flow | 123 | 142 | 168 | 243 | 225 | 225 | 259 | 270 |
BNL operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Capital expenditures Build-to-suit developments | $99.4MIn total, we deployed $171.9 million during the quarter, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments and $10.4 million in incremental investments in existing transitional capital projects.Source: earnings call transcript | $77.3MDuring the second quarter, we invested $91.5 million, comprised primarily of $77.3 million in build-to-suit developments and $13.5 million in transitional capital.Source: earnings call transcript | -22.2% |
| Capital expenditures Transitional capital projects | $10.4MIn total, we deployed $171.9 million during the quarter, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments and $10.4 million in incremental investments in existing transitional capital projects.Source: earnings call transcript | $13.5MDuring the second quarter, we invested $91.5 million, comprised primarily of $77.3 million in build-to-suit developments and $13.5 million in transitional capital.Source: earnings call transcript | +29.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
48 filings between Mar 2, 2026 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$211.6K
2 purchases by 1 insider
Sales
None
No insider sold shares.
Compensation
not trading decisions- 31
- Award — granted as compensation
- 15
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Imperiale Richard P | $211.6K | — | Aug 21, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Felice Laura L. Director | Award | 1,148 | $0 |
| Oct 1, 2026 | Watters James H Director | Award | 1,013 | $0 |
| Oct 1, 2026 | JACOBSTEIN DAVID M Director | Award | 202 | $0 |
| Oct 1, 2026 | COKE MICHAEL A Director | Award | 1,081 | $0 |
| Oct 1, 2026 | Saffire Joseph Director | Award | 912 | $0 |
| Oct 1, 2026 | Duran Jessica Director | Award | 1,148 | $0 |
| Oct 1, 2026 | Imperiale Richard P Director | Award | 523 | $0 |
| Oct 1, 2026 | Hawkes Laurie A. Director | Award | 1,858 | $0 |
| Aug 21, 2026 | Imperiale Richard P Director | Purchase | 5,000 | $105.5K |
| Aug 20, 2026 | Imperiale Richard P Director | Purchase | 5,000 | $106.1K |
| May 1, 2026 | Felice Laura L. Director | Award | 4,987 | $0 |
| May 1, 2026 | Duran Jessica Director | Award | 4,987 | $0 |
| May 1, 2026 | Hawkes Laurie A. Director | Award | 4,987 | $0 |
| May 1, 2026 | Imperiale Richard P Director | Award | 4,987 | $0 |
| May 1, 2026 | COKE MICHAEL A Director | Award | 4,987 | $0 |
| May 1, 2026 | JACOBSTEIN DAVID M Director | Award | 4,987 | $0 |
| May 1, 2026 | Saffire Joseph Director | Award | 4,987 | $0 |
| May 1, 2026 | Watters James H Director | Award | 4,987 | $0 |
| Mar 12, 2026 | Callan John SVP & General Counsel | Award | 12,397 | $0 |
| Mar 12, 2026 | Callan John SVP & General Counsel | Tax withheld | 4,470 | $84.8K |
| Mar 12, 2026 | Caruso Michael B. SVP, Underwriting & Strategy | Award | 12,397 | $0 |
| Mar 12, 2026 | Caruso Michael B. SVP, Underwriting & Strategy | Tax withheld | 4,470 | $84.8K |
| Mar 12, 2026 | O'Brien Jennie SVP, Chief Accounting Officer | Award | 9,917 | $0 |
| Mar 12, 2026 | O'Brien Jennie SVP, Chief Accounting Officer | Tax withheld | 3,576 | $67.8K |
| Mar 12, 2026 | Wiegel Molly SVP, Human Resources & Admin | Tax withheld | 3,576 | $67.8K |
| Mar 12, 2026 | Wiegel Molly SVP, Human Resources & Admin | Award | 9,917 | $0 |
| Mar 12, 2026 | Moragne John David CEO | Tax withheld | 75,933 | $1.44M |
| Mar 12, 2026 | Moragne John David CEO | Award | 148,741 | $0 |
| Mar 12, 2026 | Albano Ryan M President & COO | Tax withheld | 56,950 | $1.08M |
| Mar 12, 2026 | Albano Ryan M President & COO | Award | 111,557 | $0 |
| Mar 12, 2026 | Fennell Kevin EVP, CFO & Treasurer | Award | 55,778 | $0 |
| Mar 12, 2026 | Fennell Kevin EVP, CFO & Treasurer | Tax withheld | 28,475 | $540.2K |
| Mar 2, 2026 | Caruso Michael B. SVP, Underwriting & Strategy | Tax withheld | 5,497 | $106.6K |
| Mar 2, 2026 | Albano Ryan M President & COO | Tax withheld | 16,005 | $310.3K |
| Mar 2, 2026 | Albano Ryan M President & COO | Award | 43,455 | $0 |
| Mar 2, 2026 | Moragne John David CEO | Tax withheld | 24,681 | $478.6K |
| Mar 2, 2026 | Moragne John David CEO | Award | 78,632 | $0 |
| Mar 2, 2026 | Wiegel Molly SVP, Human Resources & Admin | Tax withheld | 2,513 | $48.7K |
| Mar 2, 2026 | Wiegel Molly SVP, Human Resources & Admin | Award | 6,208 | $0 |
| Mar 2, 2026 | Fennell Kevin EVP, CFO & Treasurer | Tax withheld | 10,352 | $200.7K |
| Mar 2, 2026 | Fennell Kevin EVP, CFO & Treasurer | Award | 23,797 | $0 |
| Mar 2, 2026 | Callan John SVP & General Counsel | Tax withheld | 4,560 | $88.4K |
| Mar 2, 2026 | Callan John SVP & General Counsel | Award | 8,536 | $0 |
| Mar 2, 2026 | Caruso Michael B. SVP, Underwriting & Strategy | Award | 9,312 | $0 |
| Mar 2, 2026 | O'Brien Jennie SVP, Chief Accounting Officer | Tax withheld | 4,799 | $93.1K |
| Mar 2, 2026 | O'Brien Jennie SVP, Chief Accounting Officer | Award | 8,536 | $0 |
| Mar 2, 2026 | Garner William D. SVP, Acquisitions | Tax withheld | 4,478 | $86.8K |
| Mar 2, 2026 | Garner William D. SVP, Acquisitions | Award | 9,312 | $0 |
| Jul 15, 2025 | Fennell Kevin EVP, CFO & Treasurer | Purchase | 859 | $13.7K |
| May 9, 2025 | Imperiale Richard P Director | Purchase | 2,500 | $40.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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