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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Broadstone Net Lease, Inc. is the larger business by last-quarter revenue ($121.4M vs $113.9M, roughly 1.1× Industrial Logistics Properties Trust). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -1.6%, a 39.8% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs 3.1%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs 0.7%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
BNL vs ILPT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $113.9M |
| Net Profit | $46.4M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | 52.2% | -22.1% |
| Net Margin | 38.2% | -1.6% |
| Revenue YoY | 11.7% | 3.1% |
| Net Profit YoY | — | 92.6% |
| EPS (diluted) | $0.24 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $121.4M | — | ||
| Q4 25 | $118.3M | $113.9M | ||
| Q3 25 | $114.2M | $110.9M | ||
| Q2 25 | $113.0M | $112.1M | ||
| Q1 25 | $108.7M | $111.9M | ||
| Q4 24 | $112.1M | $110.5M | ||
| Q3 24 | $108.4M | $108.9M | ||
| Q2 24 | $105.9M | $110.6M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-1.8M | ||
| Q3 25 | $26.5M | $-21.6M | ||
| Q2 25 | $20.2M | $-21.3M | ||
| Q1 25 | $16.7M | $-21.5M | ||
| Q4 24 | $26.4M | $-24.1M | ||
| Q3 24 | $35.6M | $-25.0M | ||
| Q2 24 | $35.3M | $-23.2M |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | -22.1% | ||
| Q3 25 | — | -29.4% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | — | -26.9% | ||
| Q4 24 | — | -31.1% | ||
| Q3 24 | — | -33.5% | ||
| Q2 24 | — | -32.4% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -1.6% | ||
| Q3 25 | 23.2% | -19.4% | ||
| Q2 25 | 17.8% | -19.0% | ||
| Q1 25 | 15.4% | -19.2% | ||
| Q4 24 | 23.5% | -21.8% | ||
| Q3 24 | 32.8% | -22.9% | ||
| Q2 24 | 33.4% | -20.9% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.02 | ||
| Q3 25 | $0.14 | $-0.33 | ||
| Q2 25 | $0.10 | $-0.32 | ||
| Q1 25 | $0.09 | $-0.33 | ||
| Q4 24 | $0.13 | $-0.37 | ||
| Q3 24 | $0.19 | $-0.38 | ||
| Q2 24 | $0.19 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3M | $94.8M |
| Total DebtLower is stronger | — | $4.2B |
| Stockholders' EquityBook value | $3.0B | $489.7M |
| Total Assets | $5.8B | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $94.8M | ||
| Q3 25 | $82.0M | $83.2M | ||
| Q2 25 | $20.8M | $58.6M | ||
| Q1 25 | $9.6M | $108.0M | ||
| Q4 24 | $14.8M | $131.7M | ||
| Q3 24 | $9.0M | $153.9M | ||
| Q2 24 | $18.3M | $146.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $4.2B | ||
| Q3 25 | $2.4B | $4.2B | ||
| Q2 25 | $2.1B | $4.2B | ||
| Q1 25 | $2.0B | $4.3B | ||
| Q4 24 | $1.9B | $4.3B | ||
| Q3 24 | $2.0B | $4.3B | ||
| Q2 24 | $1.9B | $4.3B |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $489.7M | ||
| Q3 25 | $2.9B | $494.1M | ||
| Q2 25 | $2.9B | $519.1M | ||
| Q1 25 | $2.9B | $539.5M | ||
| Q4 24 | $3.0B | $562.0M | ||
| Q3 24 | $3.0B | $585.9M | ||
| Q2 24 | $3.1B | $618.3M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $5.2B | ||
| Q3 25 | $5.5B | $5.2B | ||
| Q2 25 | $5.3B | $5.2B | ||
| Q1 25 | $5.2B | $5.4B | ||
| Q4 24 | $5.2B | $5.4B | ||
| Q3 24 | $5.3B | $5.5B | ||
| Q2 24 | $5.3B | $5.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 8.56× | ||
| Q3 25 | 0.82× | 8.49× | ||
| Q2 25 | 0.73× | 8.09× | ||
| Q1 25 | 0.68× | 7.96× | ||
| Q4 24 | 0.64× | 7.65× | ||
| Q3 24 | 0.65× | 7.35× | ||
| Q2 24 | 0.62× | 6.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $60.7M |
| Free Cash FlowOCF − Capex | — | $42.0M |
| FCF MarginFCF / Revenue | — | 36.9% |
| Capex IntensityCapex / Revenue | — | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $60.7M | ||
| Q3 25 | $64.2M | $22.7M | ||
| Q2 25 | $79.3M | $18.4M | ||
| Q1 25 | $71.5M | $11.4M | ||
| Q4 24 | $276.3M | $2.0M | ||
| Q3 24 | $67.3M | $-3.4M | ||
| Q2 24 | $74.2M | $10.8M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $42.0M | ||
| Q3 25 | $58.0M | $17.6M | ||
| Q2 25 | $76.7M | $15.2M | ||
| Q1 25 | $57.1M | $5.0M | ||
| Q4 24 | $259.5M | $-3.7M | ||
| Q3 24 | $60.3M | $-5.9M | ||
| Q2 24 | $74.0M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 36.9% | ||
| Q3 25 | 50.8% | 15.9% | ||
| Q2 25 | 67.9% | 13.5% | ||
| Q1 25 | 52.5% | 4.5% | ||
| Q4 24 | 231.4% | -3.4% | ||
| Q3 24 | 55.6% | -5.5% | ||
| Q2 24 | 69.9% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 16.4% | ||
| Q3 25 | 5.4% | 4.6% | ||
| Q2 25 | 2.3% | 2.9% | ||
| Q1 25 | 13.2% | 5.7% | ||
| Q4 24 | 15.0% | 5.2% | ||
| Q3 24 | 6.5% | 2.3% | ||
| Q2 24 | 0.2% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
