Alexander & Baldwin Misses Q1 Earnings Expectations

The Hawaii-focused real estate investment trust reported Q1 results that fell short of analyst forecasts.

Published on Mar. 2, 2026

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Alexander & Baldwin (NYSE:ALEX), a Hawaii-focused real estate investment trust, reported its first-quarter financial results on Friday. The company reported earnings per share of $0.05, missing the consensus estimate of $0.26 by $0.21. Revenue for the quarter came in at $50.99 million, slightly above the expected $49.99 million.

Why it matters

Alexander & Baldwin's earnings miss highlights the challenges the company is facing in its real estate operations in Hawaii. As a REIT focused on the Hawaiian market, the company's performance is closely tied to economic conditions in the islands, which have been impacted by the pandemic's effects on tourism and consumer spending.

The details

For the first quarter, Alexander & Baldwin reported net income of $3.6 million, down from $7.6 million in the same period a year earlier. The company's return on equity was 7.29% and it had a net margin of 33.62%. Alexander & Baldwin attributed the earnings miss to higher operating expenses and lower occupancy rates in its commercial properties.

  • Alexander & Baldwin reported its Q1 2026 financial results on March 1, 2026.

The players

Alexander & Baldwin

A Hawaii-focused real estate investment trust that owns and operates commercial properties across the Hawaiian islands.

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What they’re saying

“We must continue to navigate the ongoing challenges in the Hawaii real estate market as the state's economy recovers from the pandemic.”

— Chris Benjamin, President and CEO of Alexander & Baldwin (Earnings call)

What’s next

Alexander & Baldwin's management team will provide an update on the company's strategy and outlook for the rest of 2026 when it holds its annual shareholder meeting in May.

The takeaway

Alexander & Baldwin's Q1 earnings miss underscores the ongoing headwinds facing real estate companies in Hawaii as the state works to recover from the economic impacts of the pandemic. The company's performance will be closely watched as an indicator of the broader health of Hawaii's commercial real estate market.