EarningsQ2 2026 Earnings Report
MX:ONL Q2 2026 EPS Results
Actual EPS$7.63
Consensus EPS-$1.27
Beat/MissBeat by +$8.90
One Year Ago EPS-$8.17
MX:ONL Q2 2026 Revenue Results
Actual Revenue$623.01M
Expected Revenue$620.39M
Beat/MissBeat by +$2.62M
YoY Revenue Growth-8.04%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:ONL Upcoming Earnings
Orion Office REIT's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ONL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear operational progress: meaningful leasing velocity, extended WALT, disciplined dispositions that generated substantial proceeds, measurable expense and interest cost savings, improved liquidity and leverage metrics, and a modest upward revision to core FFO guidance. Offsetting these positives were declining GAAP revenues and slightly lower adjusted EBITDA, renewal rent pressure (Q2 renewals down 7.7%), quarter-to-quarter occupancy volatility, continued reliance on one-time sale gains to boost net income, and near-term CapEx variability. On balance the company appears to be making steady, tangible progress toward portfolio stabilization and deleveraging, but some core operating metrics remain under near-term pressure.Company Guidance
Strong Leasing Velocity and Pipeline
Completed 673,000 sq ft of leasing year-to-date, including 202,000 sq ft in Q2 and 116,000 sq ft post-quarter (includes first new lease at Tulsa). Pipeline exceeds 1.1 million sq ft (~17% of portfolio) in discussion or documentation. Weighted average lease term (WALT) improved to 6.2 years from 5.5 years a year ago (up ~12.7%). Cash rent spreads comparing current ending rents to new ending rents: +2.1% in Q2 and +7.1% year-to-date. Leasing concessions trending lower on a per-square-foot basis versus last year.
Material Dispositions and Monetization
Generated $84 million of gross proceeds in H1 2026 from sale of 4 properties plus a 37.4-acre Deerfield, IL campus; Q2 sales totaled $70.6 million including two strategic dispositions sold at implied cash cap rates of 5.6% and 5.0%. Sold 39 properties since the spin totaling over 4.2 million sq ft; average sale price per sq ft for vacant properties has steadily increased.
Improved Leverage and Liquidity
Net debt to annualized adjusted EBITDA improved to 5.4x at quarter end (about one full turn better than prior quarter and down from 6.4x a year ago). Total outstanding debt declined to $436.6 million from $483 million a year ago (down ~$46.4 million, ~9.6%). Net debt to gross real estate assets fell to 27.9% from 29.5% a year ago. Total liquidity of $177 million (cash/restricted cash $63.5M + $113M revolver capacity). Next significant maturity not until Feb 2028 with option to extend to Feb 2029.
Operating Expense and Interest Cost Reductions
Property operating costs improved by $3.4 million in Q2 and $5.1 million year-to-date versus same periods in 2025. Vacant/near-term vacant property sales expected to save more than $12 million in annual carrying costs. Interest expense reduced by $0.7 million in Q2 and $1.6 million year-to-date versus 2025. G&A fell to $4.6 million in Q2 from $4.8 million in prior-year quarter due to headcount reductions.
Guidance Raised and Tightened
Core FFO guidance for 2026 raised and narrowed to $0.72–$0.77 per diluted share (previously $0.69–$0.76). Net debt to adjusted EBITDA guidance lowered/tightened to 6.0–6.8x (from 6.5–7.3x). G&A guidance unchanged at $19.8M–$20.8M. Board declared quarterly cash dividend of $0.02 per share for Q3 2026.
MX:ONL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed