Abstract

Broadstone Net Lease, Inc. will report quarterly results on February 18, 2026, Post Market; this preview synthesizes the latest reported quarter, current-quarter forecasts for revenue, margins, net profit and adjusted EPS, and recent institutional commentary to frame expectations and the key drivers likely to shape the print and immediate share-price reaction.

Market Forecast

The current-quarter outlook points to modest top-line expansion with softer bottom-line trends: revenue is projected at $116.72 million, up 5.54% year over year, while adjusted EPS is estimated at $0.15, down 24.05% year over year and EBIT is expected at $45.46 million, down 0.54% year over year. Forecast data for gross margin and net profit margin are not available; consensus tilts toward stable rental income with some pressure from below-the-line items.

Broadstone Net Lease, Inc.’s main revenue stream continues to be net rental income, which is projected to underpin steady top-line growth as reflected in the $116.72 million revenue estimate and the accompanying year-over-year increase. The most promising contributor remains net rental income, which totaled $114.17 million in the last reported quarter, up 5.32% year over year, highlighting a run-rate that supports incremental growth into the current period.

Last Quarter Review

In the last reported quarter, Broadstone Net Lease, Inc. delivered revenue of $114.17 million (up 5.32% year over year), a gross profit margin of 94.57%, GAAP net profit attributable to the parent company of $26.47 million, a net profit margin of 23.18%, and adjusted EPS of $0.14 (down 26.32% year over year).

A notable financial highlight was net profit’s quarter-on-quarter improvement of 31.28%, signaling that a high property-level margin continued to translate into healthy bottom-line performance despite year-over-year EPS pressure. On the business side, net rental income remained the central driver, generating $114.17 million and growing 5.32% year over year, providing a sound baseline for current-quarter revenue expectations.

Current Quarter Outlook (with major analytical insights)

Main Business: Net Rental Income and the Near-Term Earnings Path

Broadstone Net Lease, Inc.’s revenue estimate of $116.72 million for the current quarter, up 5.54% year over year, implies continuity from the prior quarter’s $114.17 million result and aligns with a steady run-rate in the rent line. With a previously reported gross margin of 94.57%, incremental revenue growth tends to be high-quality at the property level, since relatively low direct operating expense requirements allow much of the incremental dollar to carry through the gross line. The divergence between the revenue growth estimate and the forecast contraction in adjusted EPS (down 24.05% year over year) suggests that pressure is likely to emerge below the gross profit line, potentially from general and administrative expense, non-cash items, or financing costs.

Given the forecast EBIT decline of 0.54% year over year to $45.46 million, the anticipated margin picture at the operating-income level looks relatively stable compared with EPS, reinforcing the view that the principal headwinds reside in items captured between EBIT and the net line or in share count effects. This outlook places emphasis on the cash conversion of rental income and on whether any incremental non-operating costs or timing effects weigh on per-share measures in the quarter. The prior quarter’s net profit margin of 23.18% provides a recent baseline; maintaining anything close to that level would require expense discipline and limited non-operating drags, even as the top line expands.

From a pacing standpoint, a revenue estimate implying mid-single-digit year-over-year growth indicates that the core lease portfolio is positioned to deliver consistent rental collections and escalations. Investors will focus on whether the reported revenue lands near the $116.72 million forecast and if the composition of revenue remains centered on recurring rents. Confirmation of stability in this core line item would reinforce confidence that the model remains anchored by predictable net rental income, even if per-share earnings face transitory headwinds this quarter.

Most Promising Business: Scaling Net Rental Income with Selective Growth

The most promising avenue for near-term expansion remains the same engine that drove last quarter’s results—net rental income—which accounted for $114.17 million in the prior period and advanced 5.32% year over year. The current-quarter revenue estimate implies another incremental rise, and, given the high gross margin backdrop, even modest rent progression typically provides meaningful contribution to operating profitability. The indicator to watch is whether organic growth from the portfolio, alongside any incremental activity, is sufficient to keep total revenue on its mid-single-digit trajectory.

The quality of revenue growth matters as much as the quantity. Given the prior quarter’s gross margin of 94.57%, the durability of revenue should bolster operating leverage at the property level, improving visibility into EBIT, even as EPS is projected to be softer year over year. If the revenue beat/miss outcome is narrow, attention will shift to the expense and financing contours that ultimately determine how much of that top-line growth translates into per-share earnings. In other words, the constructive signal for the most promising line of business would be stable or improving rental revenue combined with clarity on below-the-line items.

A key success indicator this quarter will be the balance between top-line growth and the cadence of non-operating costs. If Broadstone Net Lease, Inc. can deliver revenue close to or ahead of $116.72 million while demonstrating cost containment and a steady operating margin profile near the forecast EBIT, the pathway for that promising core rental stream to re-accelerate per-share earnings later this year remains open. That would help bridge the current gap between healthy rent growth and the year-over-year EPS decline implied by consensus.

Key Stock Price Drivers This Quarter

The first swing factor is the spread between stable revenue growth and the estimated year-over-year decline in adjusted EPS. Investors will examine whether this gap comes from transitory items or represents a structural shift in cost dynamics. If management’s commentary indicates that headwinds are timing-related or non-cash in nature, the market may be more forgiving on a quarter where EPS lags revenue and EBIT trends. Conversely, clear evidence that non-operating costs are durably higher could anchor multiples to the EPS trajectory rather than to revenue and EBIT stability.

The second driver is the consistency of the margin profile relative to the prior quarter’s metrics. With a 94.57% gross margin and 23.18% net profit margin last quarter, the company demonstrated that property-level economics remain favorable. Sustaining something near that net profit margin would require demonstrating that recurring cash costs and any variable elements are being contained. A print that shows operating-line stability but a lower per-share outcome due to non-operating items may lead to a muted reaction if investors perceive those items as manageable. Alternatively, a matched decline in operating margin alongside EPS would likely be viewed more negatively.

The third factor is forward qualitative guidance around revenue run-rate, expense discipline, and the potential cadence of the below-the-line items that affected EPS in the estimate set. Given the prior quarter’s 31.28% quarter-on-quarter growth in net income, the company showed positive sequential momentum into the current period. If the update reinforces that sequential momentum and outlines a clear path for per-share earnings to narrow the gap with revenue growth later in the year, the stock could see improved sentiment. If guidance implies that EPS pressure persists despite solid rental income, the shares may trade more on the per-share earnings outlook than on the stability of the rent stream.

Analyst Opinions

Within the period from January 1, 2026 to February 11, 2026, available institutional commentary is limited and indicates a neutral stance: UBS reaffirmed a Hold rating on Broadstone Net Lease, Inc., accompanied by a $19.00 price target. Based on these observations within the specified window, the ratio skews 100% neutral and 0% bullish or bearish, so the majority view is neutral.

The neutral perspective centers on the balance of supportive top-line signals and more cautious per-share expectations in the near term. On the supportive side, forecasts call for revenue of $116.72 million, a 5.54% year-over-year increase, which reflects a stable rental baseline and continuity with the previous quarter’s 5.32% growth. The caution stems from the estimated 24.05% year-over-year decline in adjusted EPS and a slight year-over-year dip in EBIT of 0.54%, leaving some investors focused on whether non-operating expenses or other below-the-line items will continue to weigh on the per-share results.

From a practical standpoint, this neutral majority view suggests that investors are prepared to acknowledge the resilience of the rental income model but want to see evidence that the EPS pressure is either transitory or poised to abate as the year progresses. A delivery near the revenue estimate, combined with proof of operating expense control and greater clarity on items between EBIT and net income, could prompt future upgrades as confidence builds in the alignment between revenue growth and per-share earnings. Absent that clarity, the stock may continue to be range-bound, with valuation anchored by the trade-off between the stability of rent-driven revenue and the near-term EPS trajectory.

In sum, the institutional tone entering the print is one of measured balance: neutral expectations with an emphasis on execution around expenses and non-operating line items. A clean revenue line at or above $116.72 million, combined with steady operating profitability and a roadmap for mitigating the gap between EPS and revenue growth, would likely be the combination required to shift sentiment more positively in upcoming quarters. Conversely, if adjusted EPS remains under pressure without a clear offsetting plan despite stable top-line performance, the neutral stance is likely to persist until there is greater visibility on the progression of per-share earnings.