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Broadstone Net Lease (BNL) Financials

Broadstone Net Lease logo
$20.37 -0.04 (-0.21%)
As of 10:13 AM Eastern
This is a fair market value price provided by Massive. Learn more.
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Annual Income Statements for Broadstone Net Lease

Annual Income Statements for Broadstone Net Lease

This table shows Broadstone Net Lease's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 19 36 55 69 79 51 102 122 155 162 96
Consolidated Net Income / (Loss)		 21 40 60 75 85 56 110 129 163 169 99
Net Income / (Loss) Continuing Operations		 21 40 60 75 85 56 110 129 163 169 99
Total Pre-Tax Income 		42 40 65 76 89 43 112 125 166 164 107
Total Revenue		 98 119 161 196 256 246 332 345 418 432 373
Net Interest Income / (Expense)		 0.00 -29 -34 -52 -73 -76 -64 -79 -80 -73 -94
Total Interest Income		 0.00 0.80 1.20 0.62 0.01 0.02 0.02 0.04 0.51 0.99 0.39
Investment Securities Interest Income		 - 0.80 1.20 0.62 0.01 0.02 0.02 0.04 0.51 0.99 0.39
Total Interest Expense		 0.00 30 35 53 73 76 64 79 80 74 94
Long-Term Debt Interest Expense		 - 30 35 53 73 76 64 79 80 74 94
Total Non-Interest Income		 98 149 195 248 329 322 396 423 497 505 467
Net Realized & Unrealized Capital Gains on Investments		 - 5.79 13 10 30 - 14 16 54 73 13
Other Non-Interest Income		 97 143 182 237 299 322 383 408 443 432 454
Total Non-Interest Expense		 56 79 96 120 167 203 221 219 252 268 266
Net Occupancy & Equipment Expense		 6.08 3.90 6.51 11 16 17 18 22 23 25 23
Other Operating Expenses		 10 18 25 31 39 35 36 37 39 38 39
Depreciation Expense		 29 46 62 84 109 133 132 155 159 156 164
Impairment Charge		 0.00 0.00 2.61 2.06 3.45 19 28 5.54 31 49 40
Income Tax Expense		 - - 0.62 0.86 2.42 0.94 1.64 1.28 0.76 1.18 1.15
Other Gains / (Losses), net		 -21 - -4.77 -0.20 -1.18 15 -0.43 5.38 -1.68 6.20 -6.42
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.60 3.91 4.76 5.73 5.72 5.10 7.10 7.36 7.83 6.55 2.92
Basic Earnings per Share		 $2.15 $2.76 $3.21 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86 $0.51
Weighted Average Basic Shares Outstanding		 8.99M 13.18M 17.08M 80.97M 95.92M 117.15M 153.06M 169.84M 186.62M 187.45M 188.12M
Diluted Earnings per Share		 $2.15 $2.76 $3.21 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86 $0.50
Weighted Average Diluted Shares Outstanding		 9.74M 14.60M 18.57M 87.64M 102.87M 128.80M 163.97M 180.20M 196.32M 196.62M 197.57M
Weighted Average Basic & Diluted Shares Outstanding		 - - 19.38M 22.60M 26.85M 145.58M 163.45M 186.30M 187.71M 188.80M 191.42M
Cash Dividends to Common per Share		 - - - - - - - - $1.12 $1.16 $1.16

Quarterly Income Statements for Broadstone Net Lease

This table shows Broadstone Net Lease's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 50 6.48 65 35 36 26 17 20 26 33 46
Consolidated Net Income / (Loss)		 52 6.80 68 36 37 28 17 20 27 35 46
Net Income / (Loss) Continuing Operations		 52 3.45 68 36 37 28 17 20 27 35 46
Total Pre-Tax Income 		51 7.98 67 36 38 23 18 23 26 39 45
Total Revenue		 105 92 146 92 93 101 89 93 89 102 103
Net Interest Income / (Expense)		 -20 -19 -18 -17 -18 -20 -20 -21 -28 -25 -25
Total Interest Income		 0.13 0.14 0.23 0.65 0.07 0.04 0.10 0.12 0.18 -0.01 0.05
Investment Securities Interest Income		 0.13 0.14 0.23 0.65 0.07 0.04 0.10 0.12 0.18 -0.01 0.05
Total Interest Expense		 20 19 19 18 18 20 20 21 28 25 25
Long-Term Debt Interest Expense		 20 19 19 18 18 20 20 21 28 25 25
Total Non-Interest Income		 125 111 164 109 111 120 109 114 117 127 129
Net Realized & Unrealized Capital Gains on Investments		 15 6.27 59 3.38 2.44 8.20 0.41 0.57 3.26 8.37 7.12
Other Non-Interest Income		 110 105 105 106 108 112 109 113 114 118 121
Total Non-Interest Expense		 54 84 79 56 55 77 71 69 63 62 58
Net Occupancy & Equipment Expense		 5.71 6.00 5.66 5.30 7.01 6.76 5.49 5.00 6.20 6.28 6.18
Other Operating Expenses		 10 9.38 9.43 9.90 8.72 9.93 9.67 9.57 9.97 9.67 10
Depreciation Expense		 39 39 38 37 38 43 39 43 40 42 42
Impairment Charge		 0.00 30 26 3.85 1.06 18 16 12 7.00 4.67 0.00
Income Tax Expense		 0.10 -0.27 0.41 0.53 -0.29 0.53 0.36 0.20 0.21 0.39 0.31
Other Gains / (Losses), net		 1.46 -4.80 1.70 0.75 -0.94 4.70 -0.49 -3.45 1.31 -3.80 1.45
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.46 0.32 3.06 0.61 1.66 1.22 0.75 -0.33 0.60 1.90 0.03
Basic Earnings per Share		 $0.27 $0.03 $0.35 $0.19 $0.19 $0.13 $0.09 $0.11 $0.14 $0.17 $0.24
Weighted Average Basic Shares Outstanding		 186.77M 186.62M 187.29M 187.44M 187.50M 187.45M 187.87M 188.04M 188.10M 188.12M 190.44M
Diluted Earnings per Share		 $0.26 $0.04 $0.35 $0.19 $0.19 $0.13 $0.09 $0.10 $0.14 $0.17 $0.24
Weighted Average Diluted Shares Outstanding		 196.37M 196.32M 196.42M 196.47M 196.93M 196.62M 196.90M 197.14M 197.63M 197.57M 199.75M
Weighted Average Basic & Diluted Shares Outstanding		 187.26M 187.71M 188.43M 188.52M 188.55M 188.80M 189.08M 189.13M 189.22M 191.42M 191.77M
Cash Dividends to Common per Share		 - - - $0.29 $0.29 - $0.29 $0.29 $0.29 - $0.29

Annual Cash Flow Statements for Broadstone Net Lease

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 23 -4.03 -13 8.89 1.32 90 -83 32 -39 -4.64 18
Net Cash From Operating Activities		 39 67 98 128 147 179 245 256 271 276 299
Net Cash From Continuing Operating Activities		 39 67 98 128 147 179 245 256 271 276 299
Net Income / (Loss) Continuing Operations		 21 40 60 75 85 56 110 129 163 169 99
Consolidated Net Income / (Loss)		 21 40 60 75 85 56 110 129 163 169 99
Depreciation Expense		 29 46 63 84 105 132 129 150 153 152 160
Amortization Expense		 1.18 1.63 1.89 1.78 2.54 3.30 3.72 3.59 3.86 3.93 5.49
Non-Cash Adjustments to Reconcile Net Income		 -12 -22 -32 -38 -48 -15 -32 -33 -71 -95 22
Changes in Operating Assets and Liabilities, net		 0.20 1.67 2.66 3.88 2.06 2.54 6.47 0.31 -9.17 -2.03 13
Net Cash From Investing Activities		 -480 -471 -612 -510 -832 -60 -582 -860 24 -60 -675
Net Cash From Continuing Investing Activities		 -480 -471 -612 -510 -832 -60 -583 -860 24 -60 -675
Purchase of Property, Leasehold Improvements and Equipment		 -11 -2.03 -6.78 -5.15 -5.05 -11 -1.60 -31 -46 -17 -30
Purchase of Investment Securities		 -485 -503 -657 -576 -997 -126 -665 -885 -28 -289 -435
Sale and/or Maturity of Investments		 18 35 63 72 169 78 84 56 195 354 94
Other Investing Activities, net		 4.15 0.00 0.00 -1.60 1.60 -0.70 0.00 0.00 -97 -108 -304
Net Cash From Financing Activities		 465 399 501 391 686 -28 254 636 -335 -221 393
Net Cash From Continuing Financing Activities		 465 399 501 391 686 -28 254 636 -335 -222 393
Issuance of Debt		 612 423 1,009 759 1,184 252 738 1,400 216 257 1,648
Issuance of Common Equity		 300 246 273 216 330 588 280 496 -0.18 -1.00 38
Repayment of Debt		 -417 -219 -719 -512 -702 -790 -592 -807 -324 -248 -1,068
Payment of Dividends		 -27 -43 -52 -60 -71 -79 -166 -193 -219 -227 -229
Other Financing Activities, Net		 - - - - 0.00 0.00 -6.61 -260 -7.50 -2.26 4.38

Quarterly Cash Flow Statements for Broadstone Net Lease

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 14 -30 202 -203 -8.68 4.78 -4.96 11 61 -50 -12
Net Cash From Operating Activities		 74 61 71 74 67 64 71 79 64 85 76
Net Cash From Continuing Operating Activities		 37 61 71 74 67 64 71 79 64 85 76
Net Income / (Loss) Continuing Operations		 52 6.80 68 36 37 28 17 20 27 35 46
Consolidated Net Income / (Loss)		 52 6.80 68 36 37 28 17 20 27 35 46
Provision For Loan Losses		 - 30 26 3.85 1.06 18 - - - - 0.00
Depreciation Expense		 37 38 37 36 37 42 38 41 39 41 41
Amortization Expense		 0.98 0.98 0.98 0.98 0.98 0.98 1.24 1.33 1.36 1.57 1.63
Non-Cash Adjustments to Reconcile Net Income		 -48 -6.85 -62 -7.09 -6.62 -20 15 11 -0.03 -4.16 -13
Changes in Operating Assets and Liabilities, net		 -5.75 -8.42 0.14 4.18 -2.10 -4.26 -0.37 5.70 -3.25 11 0.24
Net Cash From Investing Activities		 43 -50 204 -226 -66 27 -85 -131 -174 -285 -162
Net Cash From Continuing Investing Activities		 43 -50 205 -227 -66 27 -85 -131 -174 -285 -162
Purchase of Property, Leasehold Improvements and Equipment		 -5.86 -17 -3.13 -0.17 -7.05 -6.44 -14 -2.61 -6.17 -6.58 -1.36
Purchase of Investment Securities		 -0.17 -1.58 -0.50 -218 -70 0.35 -61 - - -175 -59
Sale and/or Maturity of Investments		 61 16 247 24 31 52 6.22 12 40 35 11
Other Investing Activities, net		 -12 -47 -38 -32 -20 -19 -17 -86 -63 -138 -113
Net Cash From Financing Activities		 -102 -41 -73 -51 -10 -86 8.92 63 171 150 74
Net Cash From Continuing Financing Activities		 -103 -41 -73 -51 -11 -86 8.92 63 171 150 74
Issuance of Debt		 37 54 66 25 85 82 545 288 526 289 213
Repayment of Debt		 -85 -39 -81 -19 -40 -110 -477 -168 -300 -122 -80
Payment of Dividends		 -54 -55 -57 -57 -56 -57 -59 -58 -55 -57 -58
Other Financing Activities, Net		 -0.54 -0.55 -0.56 -0.56 -0.56 -0.58 -0.15 0.67 1.06 2.65 -0.50

Annual Balance Sheets for Broadstone Net Lease

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,952 2,579 3,097 3,918 4,258 4,619 5,458 5,269 5,216 5,717
Cash and Due from Banks		 22 9.36 19 12 100 22 22 19 15 31
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1,638 2,186 2,642 3,415 3,355 3,775 4,474 4,357 4,295 4,782
Goodwill		 - - - 0.00 340 340 340 340 340 340
Intangible Assets		 168 243 286 332 291 304 330 288 268 268
Other Assets		 111 123 134 143 156 165 292 264 281 297
Total Liabilities & Shareholders' Equity		 1,952 2,579 3,097 3,918 4,258 4,619 5,458 5,269 5,216 5,717
Total Liabilities		 954 1,295 1,568 2,139 1,779 1,878 2,195 2,074 2,075 2,684
Short-Term Debt		 102 273 141 197 0.00 102 197 90 93 266
Accrued Interest Payable		 1.60 3.31 9.78 3.59 4.02 6.47 7.07 5.70 5.84 14
Long-Term Debt		 765 905 1,305 1,784 1,541 1,587 1,826 1,820 1,820 2,242
Other Long-Term Liabilities		 85 113 112 154 234 182 165 158 156 163
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 999 1,284 1,529 1,779 2,479 2,741 3,263 3,194 3,141 3,033
Total Preferred & Common Equity		 912 1,187 1,417 1,668 2,299 2,577 3,093 3,049 3,004 2,902
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 912 1,187 1,417 1,668 2,299 2,577 3,093 3,049 3,004 2,902
Common Stock		 1,009 1,302 1,557 1,896 2,625 2,924 3,419 3,441 3,451 3,502
Retained Earnings		 -90 -120 -155 -208 -260 -318 -386 -441 -497 -620
Accumulated Other Comprehensive Income / (Loss)		 2.09 5.12 15 -20 -66 -28 60 49 50 20
Noncontrolling Interest		 87 97 112 111 180 164 170 145 138 131

Quarterly Balance Sheets for Broadstone Net Lease

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,239 5,336 5,368 5,335 5,270 5,265 5,263 5,237 5,327 5,519 5,845
Cash and Due from Banks		 76 15 21 35 222 18 9.00 9.61 21 82 20
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,242 4,416 4,375 4,310 -473 -463 4,348 4,311 -605 -566 4,919
Goodwill		 340 340 340 340 340 340 340 340 340 340 340
Intangible Assets		 322 317 309 298 273 283 277 264 257 258 262
Other Assets		 244 232 285 302 4,908 5,087 251 278 5,314 5,406 304
Total Liabilities & Shareholders' Equity		 5,239 5,336 5,368 5,335 5,270 5,265 5,263 5,237 5,327 5,519 5,845
Total Liabilities		 2,231 2,104 2,107 2,060 2,052 2,067 2,125 2,156 2,291 2,507 2,824
Short-Term Debt		 220 108 123 74 74 79 125 174 198 96 398
Accrued Interest Payable		 11 9.65 5.89 9.19 9.38 14 9.64 9.40 8.54 9.49 22
Long-Term Debt		 1,833 1,826 1,820 1,820 1,820 1,820 1,820 1,816 1,916 2,242 2,242
Other Long-Term Liabilities		 167 160 157 156 148 154 170 157 168 159 162
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,008 3,232 3,262 3,275 3,218 3,197 3,138 3,081 3,036 3,013 3,021
Total Preferred & Common Equity		 2,841 3,079 3,108 3,121 3,074 3,055 2,999 2,950 2,907 2,885 2,892
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,841 3,079 3,108 3,121 3,074 3,055 2,999 2,950 2,907 2,885 2,892
Common Stock		 3,148 3,435 3,431 3,431 3,447 3,444 3,450 3,456 3,460 3,463 3,503
Retained Earnings		 -369 -399 -392 -394 -430 -450 -468 -536 -571 -598 -631
Accumulated Other Comprehensive Income / (Loss)		 62 44 68 84 57 60 17 30 18 19 21
Noncontrolling Interest		 167 153 154 155 144 143 139 131 129 128 129

Annual Metrics And Ratios for Broadstone Net Lease

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 189,216,037.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 189,216,037.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.53
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86 $0.51
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 68.34M 80.97M 95.92M 117.15M 153.06M 169.84M 186.62M 187.45M 188.12M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86 $0.50
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 74.27M 87.64M 102.86M 128.80M 163.97M 180.20M 196.32M 196.62M 197.57M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 77.51M 90.39M 107.41M 145.58M 163.45M 186.30M 187.71M 188.80M 191.42M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Broadstone Net Lease

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 189,216,037.00 191,423,427.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 189,216,037.00 191,423,427.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.19 0.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 26.05% -10.39% 44.09% -22.29% -11.83% 9.05% -39.02% 0.41% -3.61% - 15.92%
EBITDA Growth		 40.66% -45.78% 27.71% -29.79% -15.29% 40.63% -44.65% -9.35% -12.22% - 50.67%
EBIT Growth		 108.99% -80.92% 59.75% -45.15% -25.34% 193.66% -72.66% -34.28% -31.54% - 146.83%
NOPAT Growth		 111.66% -80.23% 60.61% -45.59% -24.62% 177.73% -73.03% -33.86% -32.60% - 149.98%
Net Income Growth		 81.63% -81.52% 64.78% -42.95% -28.53% 306.16% -74.34% -44.82% -27.38% - 165.20%
EPS Growth		 62.50% -80.00% 66.67% -40.63% -26.92% 225.00% -74.29% -47.37% -26.32% - 166.67%
Operating Cash Flow Growth		 -4.68% 0.23% -4.72% 19.19% -8.91% 5.50% 0.84% 6.89% -4.63% - 6.48%
Free Cash Flow Firm Growth		 92.09% 123.21% 127.46% 143.95% 313.81% -61.10% -51.43% -120.82% -293.89% - -1,026.89%
Invested Capital Growth		 2.15% -3.42% -1.05% -2.08% -1.66% -0.99% -0.80% 1.04% 5.24% - 11.64%
Revenue Q/Q Growth		 -11.34% -12.10% 58.11% -36.93% 0.59% 8.71% -11.59% 3.86% -3.44% - 1.68%
EBITDA Q/Q Growth		 -14.18% -47.08% 121.53% -30.22% 3.55% -12.15% -12.68% 14.12% 0.27% - 7.18%
EBIT Q/Q Growth		 -22.01% -84.28% 738.00% -46.60% 6.14% -38.18% -21.80% 28.07% 10.59% - 15.38%
NOPAT Q/Q Growth		 -21.63% -83.72% 705.83% -47.07% 8.57% -40.03% -21.56% 29.49% 10.65% - 15.75%
Net Income Q/Q Growth		 -17.22% -86.97% 903.05% -47.29% 3.70% -25.92% -36.64% 13.36% 36.49% - 32.44%
EPS Q/Q Growth		 -18.75% -84.62% 775.00% -45.71% 0.00% -31.58% -30.77% 11.11% 40.00% - 41.18%
Operating Cash Flow Q/Q Growth		 18.74% -18.01% 16.98% 4.66% -9.26% -5.04% 11.81% 10.94% -19.03% - -10.02%
Free Cash Flow Firm Q/Q Growth		 82.21% 425.36% -35.96% 18.54% -13.44% -40.80% -19.93% -150.74% -706.20% - -21.77%
Invested Capital Q/Q Growth		 -0.67% -1.25% 0.13% -0.29% -0.25% -0.58% 0.32% 1.56% 3.89% - 2.17%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 84.86% 51.09% 71.59% 79.20% 81.53% 65.89% 65.08% 71.50% 74.25% - 84.59%
EBIT Margin		 48.29% 8.63% 45.77% 38.75% 40.89% 23.25% 20.57% 25.36% 29.05% - 43.81%
Profit (Net Income) Margin		 49.58% 7.35% 46.65% 38.98% 40.19% 27.39% 19.63% 21.42% 30.28% - 44.90%
Tax Burden Percent		 102.68% 85.15% 101.93% 100.61% 98.30% 117.78% 95.44% 84.48% 104.25% - 102.51%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.20% -3.36% 0.61% 1.49% -0.77% 2.25% 1.94% 0.85% 0.80% - 0.69%
Return on Invested Capital (ROIC)		 4.04% 0.72% 4.09% 3.23% 3.40% 1.93% 1.48% 1.84% 2.05% - 3.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.11% 0.64% 4.18% 3.27% 3.35% 2.18% 1.46% 1.67% 2.12% - 3.20%
Return on Net Nonoperating Assets (RNNOA)		 2.58% 0.39% 2.48% 1.95% 2.01% 1.31% 0.90% 1.08% 1.47% - 2.43%
Return on Equity (ROE)		 6.62% 1.11% 6.57% 5.18% 5.41% 3.25% 2.39% 2.92% 3.53% - 5.56%
Cash Return on Invested Capital (CROIC)		 1.75% 6.65% 4.76% 5.22% 4.56% 4.20% 3.04% 0.96% -3.38% - -8.52%
Operating Return on Assets (OROA)		 3.91% 0.67% 3.99% 3.18% 3.27% 1.92% 1.47% 1.80% 2.00% - 3.06%
Return on Assets (ROA)		 4.02% 0.57% 4.07% 3.20% 3.21% 2.26% 1.40% 1.52% 2.09% - 3.14%
Return on Common Equity (ROCE)		 6.28% 1.06% 6.27% 4.94% 5.16% 3.10% 2.28% 2.79% 3.37% - 5.33%
Return on Equity Simple (ROE_SIMPLE)		 6.19% 0.00% 6.19% 5.34% 4.94% 0.00% 4.01% 3.52% 3.19% - 4.44%
Net Operating Profit after Tax (NOPAT)		 51 8.25 66 35 38 23 18 23 26 - 45
NOPAT Margin		 48.19% 8.92% 45.49% 38.17% 41.20% 22.73% 20.17% 25.15% 28.81% - 43.51%
Net Nonoperating Expense Percent (NNEP)		 -0.07% 0.07% -0.09% -0.04% 0.05% -0.25% 0.02% 0.17% -0.06% - -0.06%
SG&A Expenses to Revenue		 5.43% 6.49% 3.87% 5.75% 7.56% 6.71% 6.16% 5.41% 6.93% - 5.98%
Operating Expenses to Revenue		 51.71% 91.37% 54.23% 61.25% 59.11% 76.75% 79.43% 74.64% 70.95% - 56.19%
Earnings before Interest and Taxes (EBIT)		 51 7.98 67 36 38 23 18 23 26 - 45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 89 47 105 73 76 66 58 66 66 - 87
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.80 0.98 0.94 0.98 1.19 1.00 1.09 1.04 1.17 - 1.21
Price to Tangible Book Value (P/TBV)		 1.01 1.24 1.17 1.23 1.50 1.25 1.37 1.31 1.48 - 1.53
Price to Revenue (P/Rev)		 5.83 7.19 6.23 6.86 8.44 6.92 8.58 8.09 9.09 - 9.04
Price to Earnings (P/E)		 13.60 19.31 15.89 19.10 25.06 18.41 28.20 30.68 37.65 - 27.73
Dividend Yield		 8.32% 6.99% 7.35% 7.18% 6.07% 7.28% 6.81% 7.23% 6.49% - 6.36%
Earnings Yield		 7.35% 5.18% 6.29% 5.24% 3.99% 5.43% 3.55% 3.26% 2.66% - 3.61%
Enterprise Value to Invested Capital (EV/IC)		 0.87 0.99 0.92 0.98 1.11 0.99 1.05 1.02 1.08 - 1.10
Enterprise Value to Revenue (EV/Rev)		 10.53 12.06 10.16 11.50 13.34 11.64 14.22 14.01 15.50 - 16.14
Enterprise Value to EBITDA (EV/EBITDA)		 12.46 15.63 13.61 15.96 18.80 15.72 19.53 19.76 22.44 - 20.72
Enterprise Value to EBIT (EV/EBIT)		 22.61 30.40 24.62 31.07 38.03 30.66 46.24 51.04 63.31 - 46.64
Enterprise Value to NOPAT (EV/NOPAT)		 22.73 30.54 24.71 31.22 38.13 30.88 46.69 51.44 64.22 - 47.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.65 18.59 17.55 17.94 20.70 18.19 19.25 18.65 20.67 - 20.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 50.27 14.58 19.21 18.66 24.14 23.56 34.39 107.09 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.58 0.60 0.59 0.59 0.62 0.61 0.65 0.70 0.78 - 0.87
Long-Term Debt to Equity		 0.56 0.57 0.57 0.57 0.58 0.58 0.59 0.63 0.74 - 0.74
Financial Leverage		 0.63 0.61 0.59 0.59 0.60 0.60 0.62 0.64 0.70 - 0.76
Leverage Ratio		 1.68 1.66 1.64 1.65 1.65 1.65 1.67 1.70 1.75 - 1.82
Compound Leverage Factor		 1.68 1.66 1.64 1.65 1.65 1.65 1.67 1.70 1.75 - 1.82
Debt to Total Capital		 36.64% 37.43% 37.05% 37.27% 38.27% 37.85% 39.25% 41.05% 43.70% - 46.63%
Short-Term Debt to Total Capital		 1.43% 1.77% 1.44% 1.55% 2.47% 1.84% 3.43% 3.84% 1.79% - 7.02%
Long-Term Debt to Total Capital		 35.21% 35.66% 35.61% 35.71% 35.80% 36.01% 35.81% 37.21% 41.90% - 39.61%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 2.99% 2.84% 2.82% 2.80% 2.74% 2.72% 2.58% 2.51% 2.39% - 2.28%
Common Equity to Total Capital		 60.36% 59.73% 60.13% 59.94% 58.99% 59.43% 58.17% 56.44% 53.92% - 51.09%
Debt to EBITDA		 5.23 5.93 5.49 6.05 6.48 5.98 7.29 7.95 9.10 - 8.76
Net Debt to EBITDA		 5.13 5.87 4.85 5.99 6.45 5.94 7.26 7.87 8.78 - 8.69
Long-Term Debt to EBITDA		 5.02 5.65 5.27 5.79 6.06 5.69 6.66 7.20 8.73 - 7.44
Debt to NOPAT		 9.54 11.58 9.96 11.83 13.14 11.75 17.44 20.68 26.05 - 19.88
Net Debt to NOPAT		 9.37 11.46 8.80 11.71 13.07 11.66 17.35 20.48 25.14 - 19.73
Long-Term Debt to NOPAT		 9.17 11.03 9.58 11.33 12.29 11.18 15.91 18.75 24.98 - 16.88
Noncontrolling Interest Sharing Ratio		 5.13% 4.87% 4.61% 4.59% 4.58% 4.46% 4.37% 4.36% 4.34% - 4.26%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -58 189 121 143 124 73 59 -30 -241 - -545
Operating Cash Flow to CapEx		 1,260.46% 360.67% 2,262.68% 43,123.26% 954.92% 991.94% 498.04% 3,039.88% 1,041.03% - 5,578.59%
Free Cash Flow to Firm to Interest Expense		 -2.95 9.95 6.51 8.07 6.83 3.76 2.93 -1.41 -8.52 - -21.59
Operating Cash Flow to Interest Expense		 3.76 3.19 3.81 4.18 3.70 3.27 3.56 3.76 2.27 - 3.01
Operating Cash Flow Less CapEx to Interest Expense		 3.46 2.31 3.65 4.17 3.31 2.94 2.85 3.63 2.06 - 2.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.09 0.08 0.08 0.08 0.07 0.07 0.07 - 0.07
Fixed Asset Turnover		 0.10 0.09 0.00 0.00 0.10 0.10 0.00 0.00 0.00 - 0.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,170 5,105 5,112 5,097 5,084 5,055 5,071 5,150 5,350 - 5,661
Invested Capital Turnover		 0.08 0.08 0.09 0.08 0.08 0.09 0.07 0.07 0.07 - 0.07
Increase / (Decrease) in Invested Capital		 109 -181 -54 -108 -86 -51 -41 53 266 - 590
Enterprise Value (EV)		 4,512 5,039 4,697 5,014 5,648 5,026 5,329 5,257 5,763 - 6,246
Market Capitalization		 2,498 3,002 2,880 2,990 3,572 2,990 3,217 3,035 3,380 - 3,497
Book Value per Share		 $16.66 $16.28 $16.41 $16.21 $15.91 $15.93 $15.62 $15.37 $15.25 - $15.11
Tangible Book Value per Share		 $13.26 $12.93 $13.14 $12.91 $12.64 $12.71 $12.43 $12.22 $12.09 - $11.97
Total Capital		 5,170 5,105 5,112 5,097 5,084 5,055 5,071 5,150 5,350 - 5,661
Total Debt		 1,894 1,911 1,894 1,899 1,946 1,913 1,990 2,114 2,338 - 2,640
Total Long-Term Debt		 1,820 1,820 1,820 1,820 1,820 1,820 1,816 1,916 2,242 - 2,242
Net Debt		 1,859 1,891 1,672 1,881 1,937 1,898 1,981 2,093 2,256 - 2,619
Capital Expenditures (CapEx)		 5.86 17 3.13 0.17 7.05 6.44 14 2.61 6.17 - 1.36
Net Nonoperating Expense (NNE)		 -1.46 1.45 -1.70 -0.75 0.94 -4.69 0.48 3.45 -1.31 - -1.45
Net Nonoperating Obligations (NNO)		 1,894 1,911 1,894 1,899 1,946 1,913 1,990 2,114 2,338 - 2,640
Total Depreciation and Amortization (D&A)		 38 39 38 37 38 43 40 43 40 - 42
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.27 $0.03 $0.35 $0.19 $0.19 $0.13 $0.09 $0.11 $0.14 $0.17 $0.24
Adjusted Weighted Average Basic Shares Outstanding		 186.77M 186.62M 187.29M 187.44M 187.50M 187.45M 187.87M 188.04M 188.10M 188.12M 190.44M
Adjusted Diluted Earnings per Share		 $0.26 $0.04 $0.35 $0.19 $0.19 $0.13 $0.09 $0.10 $0.14 $0.17 $0.24
Adjusted Weighted Average Diluted Shares Outstanding		 196.37M 196.32M 196.42M 196.47M 196.93M 196.62M 196.90M 197.14M 197.63M 197.57M 199.75M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 187.26M 187.71M 188.43M 188.52M 188.55M 188.80M 189.08M 189.13M 189.22M 191.42M 191.77M
Normalized Net Operating Profit after Tax (NOPAT)		 51 26 93 39 27 40 34 35 33 - 45
Normalized NOPAT Margin		 48.19% 28.61% 63.44% 42.29% 29.42% 39.88% 37.92% 37.93% 36.58% - 43.51%
Pre Tax Income Margin		 48.29% 8.63% 45.77% 38.75% 40.89% 23.25% 20.57% 25.36% 29.05% - 43.81%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.58 0.42 3.60 2.01 2.09 1.20 0.91 1.11 0.92 - 1.79
NOPAT to Interest Expense		 2.58 0.43 3.58 1.98 2.10 1.17 0.90 1.10 0.91 - 1.78
EBIT Less CapEx to Interest Expense		 2.28 -0.46 3.43 2.00 1.70 0.87 0.20 0.99 0.70 - 1.74
NOPAT Less CapEx to Interest Expense		 2.28 -0.45 3.41 1.97 1.71 0.84 0.18 0.98 0.69 - 1.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 110.24% 133.88% 116.26% 136.93% 152.11% 134.58% 193.64% 225.21% 249.01% - 177.81%
Augmented Payout Ratio		 110.24% 133.88% 116.26% 136.93% 152.11% 134.58% 193.64% 225.21% 249.01% - 177.81%

Financials Breakdown Chart

Key Financial Trends

Broadstone Net Lease (BNL) has shown positive operating cash flow and a stable dividend in 2025, with continued access to debt markets to fund investing and financing needs. The four-year view (2022–2025) highlights growing assets, rising leverage, and a diversified income mix that supports current distributions, albeit with sizable cash used for investing.

  • Operating cash flow remained robust in 2025, with net cash from continuing operating activities totaling about $84.6M in Q4 2025 and positive cash flow across all four quarters (Q1: $71.5M; Q2: $79.3M; Q3: $64.2M; Q4: $84.6M).
  • Net income to common shareholders rose in Q4 2025 to $33.13M, with diluted earnings per share of $0.17, up from the prior quarter’s $0.14.
  • Total revenue in Q4 2025 was $101.60M, up from $89.38M in Q3 2025, signaling revenue growth into year-end.
  • Total non-interest income reached $126.67M in Q4 2025, led by $118.30M in Other Non-Interest Income, indicating meaningful diversification beyond interest income.
  • The company maintained a stable quarterly dividend of $0.29 per common share in 2025, implying about $1.16 per share annual dividend (subject to policy).
  • Debt financing remained accessible, with Issuance of Debt of $289.0M in Q4 2025, signaling ongoing capacity to fund investments and capital needs.
  • Total assets were about $5.52B at 9/30/2025 (up from roughly $5.33B in mid-2025), reflecting mid-year asset growth and a larger balance sheet footprint.
  • Net cash from continuing investing activities was negative in Q4 2025 at about $284.6M, reflecting ongoing capital deployment into investments, which affects near-term liquidity unless offset by financing.
  • Long-term debt rose to about $2.24B by Q3 2025, indicating higher leverage and potential pressure on interest coverage in rising-rate environments.
  • Net change in cash and equivalents for Q4 2025 was negative about $49.7M, signaling a cash outflow despite positive operating cash flow, likely due to heavy investing activity and financing needs.
05/22/26 10:14 AM ETAI Generated. May Contain Errors.

Broadstone Net Lease Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Broadstone Net Lease's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Broadstone Net Lease's net income appears to be on an upward trend, with a most recent value of $99.42 million in 2025, rising from $20.89 million in 2015. The previous period was $168.99 million in 2024. See where experts think Broadstone Net Lease is headed by visiting Broadstone Net Lease's forecast page.

Over the last 10 years, Broadstone Net Lease's total revenue changed from $98.09 million in 2015 to $372.66 million in 2025, a change of 279.9%.

Broadstone Net Lease's total liabilities were at $2.68 billion at the end of 2025, a 29.3% increase from 2024, and a 181.5% increase since 2016.

In the past 9 years, Broadstone Net Lease's cash and equivalents has ranged from $9.36 million in 2017 to $100.49 million in 2020, and is currently $30.54 million as of their latest financial filing in 2025.


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Financial statements for NYSE:BNL last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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