NNN REIT (NNN) Financials

$43.94 -0.56 (-1.26%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$44.00 +0.06 (+0.14%)

As of 04:01 AM Eastern

Annual Income Statements for NNN REIT

This table shows NNN REIT'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	162	201	217	258	258	211	264	335	392	397	390
Consolidated Net Income / (Loss)	198	240	265	292	300	229	290	335	392	397	390
Net Income / (Loss) Continuing Operations	188	240	265	292	300	229	290	335	392	397	390
Total Pre-Tax Income	198	240	265	292	300	229	290	335	392	397	390
Total Operating Income	289	336	374	425	417	374	449	483	555	578	589
Total Gross Profit	483	534	585	623	670	661	726	773	828	869	926
Total Revenue	483	534	585	623	670	661	726	773	828	869	926
Operating Revenue	483	534	585	623	670	661	726	773	828	869	926
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	194	197	211	198	254	286	277	291	273	291	337
Selling, General & Admin Expense	35	37	34	34	38	38	45	42	44	44	47
Depreciation Expense	135	149	174	174	189	197	205	224	239	250	268
Other Operating Expenses / (Income)	20	-6.33	-5.71	26	28	30	29	17	-15	-9.21	-7.24
Impairment Charge	4.95	18	8.96	28	32	37	22	8.31	5.99	6.63	29
Total Other Income / (Expense), net	-91	-97	-109	-132	-117	-146	-159	-148	-163	-181	-200
Interest Expense	90	96	109	134	120	146	159	148	164	184	204
Interest & Investment Income	0.11	0.17	0.32	1.81	3.11	0.42	0.22	0.15	1.13	2.98	4.25
Other Income / (Expense), net	-0.93	-0.56	0.00	-	-	-	-	-	0.00	0.00	-0.05
Basic Earnings per Share	$1.21	$1.39	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.16	$2.07
Weighted Average Basic Shares Outstanding	134.00M	144.18M	149.11M	155.74M	164.69M	172.11M	174.71M	176.40M	181.20M	183.69M	187.61M
Diluted Earnings per Share	$1.20	$1.38	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.15	$2.07
Weighted Average Diluted Shares Outstanding	134.49M	144.66M	149.43M	156.30M	165.08M	172.22M	174.82M	177.07M	181.69M	184.04M	187.99M
Weighted Average Basic & Diluted Shares Outstanding	141.05M	147.24M	153.58M	161.62M	171.70M	175.27M	175.64M	181.46M	182.47M	187.55M	189.94M
Cash Dividends to Common per Share	$1.71	$1.78	$1.86	$1.95	$2.03	$2.07	$2.10	$2.16	$2.23	$2.29	$2.36

This table shows NNN REIT'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	107	97	94	107	98	98	97	101	97	96	94
Consolidated Net Income / (Loss)	107	97	94	107	98	98	193	101	97	96	94
Net Income / (Loss) Continuing Operations	107	97	94	107	98	98	191	101	97	96	94
Total Pre-Tax Income	107	97	94	107	98	98	191	101	97	96	94
Total Operating Income	148	140	138	152	144	144	144	150	147	149	147
Total Gross Profit	205	216	215	217	219	218	461	227	230	238	240
Total Revenue	205	216	215	217	219	218	461	227	230	238	240
Operating Revenue	205	216	215	217	218	218	461	227	230	238	240
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	57	77	77	64	75	75	179	77	82	91	93
Selling, General & Admin Expense	10	11	13	12	11	8.71	13	11	11	12	14
Depreciation Expense	60	60	61	63	63	63	65	68	67	68	71
Other Operating Expenses / (Income)	6.71	-37	7.50	6.78	7.29	-31	100	8.91	9.26	-37	9.94
Impairment Charge	1.00	2.32	1.20	0.94	0.76	3.72	1.51	4.54	7.20	15	11
Other Special Charges / (Income)	-20	-	-4.82	-18	-7.77	-	-	-16	-13	-	-12
Total Other Income / (Expense), net	-41	-43	-44	-46	-46	-46	-91	-49	-50	-53	-53
Interest Expense	42	43	44	47	46	47	48	49	53	54	53
Interest & Investment Income	0.64	0.38	0.12	0.98	0.85	1.04	0.61	0.02	2.94	0.96	0.03
Basic Earnings per Share	$0.59	$0.53	$0.52	$0.58	$0.53	$0.53	$0.52	$0.54	$0.51	$0.50	$0.50
Weighted Average Basic Shares Outstanding	181.40M	181.20M	181.79M	182.44M	184.01M	183.69M	186.86M	186.88M	187.84M	187.61M	189.03M
Diluted Earnings per Share	$0.59	$0.53	$0.52	$0.58	$0.53	$0.52	$0.51	$0.54	$0.51	$0.51	$0.50
Weighted Average Diluted Shares Outstanding	181.72M	181.69M	182.21M	182.81M	184.56M	184.04M	187.08M	187.07M	188.33M	187.99M	189.46M
Weighted Average Basic & Diluted Shares Outstanding	0.00	182.47M	183.35M	183.66M	187.53M	187.55M	187.95M	188.78M	189.92M	189.94M	190.25M
Cash Dividends to Common per Share	$0.57	-	$0.57	$0.57	$0.58	-	$0.58	$0.58	$0.60	-	$0.60

This table details how cash moves in and out of NNN REIT'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	3.66	280	-293	113	-113	266	-96	-165	-1.62	3.91	-3.24
Net Cash From Operating Activities	341	415	422	472	502	450	568	578	612	636	667
Net Cash From Continuing Operating Activities	341	415	422	472	506	450	568	583	612	636	667
Net Income / (Loss) Continuing Operations	198	240	265	292	300	229	290	335	392	397	390
Consolidated Net Income / (Loss)	198	240	265	292	300	229	290	335	392	397	390
Depreciation Expense	135	149	174	174	189	197	205	224	239	250	268
Amortization Expense	5.92	7.14	7.14	11	6.69	10	10	8.71	9.47	11	11
Non-Cash Adjustments To Reconcile Net Income	-8.52	16	-27	-4.43	10	12	54	12	-36	-24	-8.61
Changes in Operating Assets and Liabilities, net	11	3.38	2.23	-2.00	0.92	2.17	9.28	4.00	8.47	2.31	6.09
Net Cash From Investing Activities	-645	-780	-626	-609	-619	-143	-432	-778	-681	-424	-748
Net Cash From Continuing Investing Activities	-645	-780	-626	-609	-619	-143	-432	-778	-681	-424	-748
Purchase of Investments	-683	-886	-722	-757	-748	-196	-553	-843	-796	-573	-937
Sale of Property, Plant & Equipment	39	104	97	148	124	53	123	67	116	150	191
Sale and/or Maturity of Investments	2.36	4.14	1.25	0.00	3.10	0.37	0.49	0.52	0.56	0.60	0.46
Other Investing Activities, net	-2.17	-2.24	-2.16	-0.88	1.02	-0.50	-2.39	-2.24	-1.76	-1.90	-2.61
Net Cash From Financing Activities	307	645	-89	250	4.53	-41	-232	35	67	-207	78
Net Cash From Continuing Financing Activities	307	645	-89	250	4.53	-41	-232	35	67	-207	78
Repayment of Debt	-1,418	-1,344	-1,640	-2,046	-696	-795	-390	-523	-921	-1,041	-1,152
Repurchase of Common Equity	-4.20	-15	-3.84	-3.95	-18	-2.22	-0.33	-3.76	-0.97	-3.32	-1.69
Payment of Dividends	-264	-296	-315	-337	-366	-374	-382	-381	-404	-420	-443
Issuance of Debt	1,661	1,676	1,900	2,292	829	1,004	881	688	1,361	1,039	1,589
Issuance of Common Equity	332	278	257	345	542	126	4.05	254	32	218	85
Cash Interest Paid	84	91	104	108	116	119	123	140	148	183	184

This table details how cash moves in and out of NNN REIT'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	93	-93	-4.03	16	162	-169	-3.54	1.22	152	-153	-0.43
Net Cash From Operating Activities	192	122	191	120	207	118	203	119	218	126	187
Net Cash From Continuing Operating Activities	192	122	191	120	207	118	203	120	218	126	187
Net Income / (Loss) Continuing Operations	107	97	94	107	98	98	96	101	97	96	94
Consolidated Net Income / (Loss)	107	97	94	107	98	98	96	101	97	96	94
Depreciation Expense	60	60	61	63	63	63	65	68	67	68	71
Amortization Expense	2.41	2.60	2.59	3.12	2.67	2.69	2.72	2.75	3.06	2.90	2.79
Non-Cash Adjustments To Reconcile Net Income	-17	-6.45	-1.21	-13	-4.14	-5.37	1.13	-8.12	-2.60	0.96	0.88
Changes in Operating Assets and Liabilities, net	40	-31	34	-38	47	-41	38	-44	54	-42	19
Net Cash From Investing Activities	-148	-244	-98	-42	-106	-179	-215	-172	-248	-113	-106
Net Cash From Continuing Investing Activities	-148	-244	-98	-42	-106	-179	-215	-172	-248	-113	-106
Purchase of Investments	-197	-271	-116	-109	-126	-222	-232	-222	-289	-195	-142
Sale of Property, Plant & Equipment	49	27	19	67	20	-	16	51	41	82	36
Sale and/or Maturity of Investments	0.12	0.12	0.12	0.22	0.13	150	0.46	-	-	-	0.00
Other Investing Activities, net	-0.39	-0.23	-0.39	-0.59	-0.13	-0.80	-0.19	-0.53	-0.84	-1.06	-0.35
Net Cash From Financing Activities	50	30	-97	-63	61	-108	8.48	53	182	-166	-81
Net Cash From Continuing Financing Activities	50	30	-97	-63	61	-108	8.48	53	182	-166	-81
Repayment of Debt	-469	-95	-168	-723	-53	-97	-133	-217	-272	-529	-417
Repurchase of Common Equity	-0.22	-0.19	-0.17	-0.13	-2.91	-0.11	-0.09	-0.17	-1.28	-0.16	-0.10
Payment of Dividends	-103	-103	-103	-103	-106	-108	-108	-109	-113	-113	-114
Issuance of Debt	621	227	152	750	41	97	250	369	496	475	449
Issuance of Common Equity	0.76	0.80	22	13	182	0.65	0.66	11	72	2.17	0.70
Cash Interest Paid	4.37	69	2.22	90	0.63	91	0.93	91	1.53	90	19

This table presents NNN REIT's assets and liabilities at the end of each period, using annual balance sheet 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
Total Assets	5,460	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873	9,379
Total Current Assets	26	298	5.68	118	3.99	272	174	6.12	4.84	12	8.52
Cash & Equivalents	14	295	1.36	114	1.11	267	171	2.51	1.19	8.73	5.05
Accounts Receivable	3.34	3.42	4.32	3.80	2.87	4.34	3.15	3.61	3.65	2.98	3.47
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8,021	8,536	8,746	9,240
Total Noncurrent Assets	5,434	6,036	6,555	6,985	7,431	7,366	7,577	115	117	115	131
Other Noncurrent Operating Assets	5,419	6,025	6,545	6,985	7,427	7,366	7,577	115	117	115	131
Total Liabilities & Shareholders' Equity	5,460	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873	9,379
Total Liabilities	2,118	2,417	2,720	2,949	3,103	3,319	3,849	4,023	4,505	4,510	4,971
Total Current Liabilities	0.00	0.00	20	0.00	18	19	0.00	24	34	30	41
Accrued Expenses	-	-	-	-	-	-	-	24	34	30	41
Total Noncurrent Liabilities	2,118	2,417	2,699	2,949	3,085	3,299	3,849	3,999	4,470	4,481	4,930
Long-Term Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374	4,472
Other Noncurrent Operating Liabilities	142	106	119	97	97	78	103	249	242	107	458
Total Equity & Noncontrolling Interests	3,342	3,917	3,841	4,155	4,332	4,319	3,902	4,124	4,157	4,362	4,408
Total Preferred & Common Equity	3,342	3,917	3,841	4,154	4,332	4,319	3,902	4,124	4,157	4,362	4,408
Total Common Equity	2,767	2,997	3,208	3,522	3,987	3,974	3,902	4,124	4,157	4,362	4,408
Common Stock	3,051	3,324	3,601	3,952	4,497	4,636	4,664	4,930	4,973	5,200	5,297
Retained Earnings	-263	-319	-379	-424	-499	-645	-748	-794	-806	-829	-883
Accumulated Other Comprehensive Income / (Loss)	-20	-8.19	-14	-5.70	-11	-16	-15	-13	-10	-7.96	-6.32

This table presents NNN REIT'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	7,952	8,238	8,346	8,561	8,706	8,727	8,924	9,022	9,149	9,480	9,422
Total Current Assets	34	5.81	33	79	4.70	4.68	176	43	8.47	160	8.38
Cash & Equivalents	3.28	3.24	2.28	77	1.13	2.13	174	5.10	5.97	158	4.57
Accounts Receivable	31	2.57	31	2.14	3.57	2.55	2.22	38	2.50	2.27	3.81
Plant, Property, & Equipment, net	7,826	0.00	8,221	8,346	8,587	8,587	8,625	8,898	9,023	9,205	9,281
Total Noncurrent Assets	91	8,232	84	115	114	121	117	72	116	114	132
Other Noncurrent Operating Assets	91	8,232	84	115	114	121	117	72	116	114	132
Total Liabilities & Shareholders' Equity	7,952	8,238	8,346	8,561	8,706	8,727	8,924	9,022	9,149	9,480	9,422
Total Liabilities	3,945	4,103	4,196	4,403	4,531	4,532	4,555	4,665	4,786	5,060	5,027
Total Current Liabilities	57	58	25	61	75	31	75	75	31	80	72
Accrued Expenses	57	-	-	61	75	31	75	75	31	80	72
Total Noncurrent Liabilities	3,888	4,045	4,171	4,342	4,455	4,501	4,479	4,591	4,756	4,980	4,955
Long-Term Debt	3,749	3,751	3,742	4,227	4,230	4,371	4,372	4,375	4,377	4,870	4,774
Other Noncurrent Operating Liabilities	139	294	429	115	225	131	107	215	379	109	181
Total Equity & Noncontrolling Interests	4,007	4,135	4,150	4,158	4,175	4,195	4,369	4,356	4,362	4,420	4,395
Total Preferred & Common Equity	4,007	4,135	4,150	4,158	4,175	4,195	4,369	4,356	4,362	4,420	4,395
Total Common Equity	4,005	4,135	4,150	4,158	4,175	4,195	4,369	4,356	4,362	4,420	4,395
Common Stock	4,805	4,950	4,966	4,969	4,999	5,014	5,196	5,205	5,219	5,292	5,302
Retained Earnings	-787	-803	-804	-800	-814	-811	-819	-841	-849	-865	-902
Accumulated Other Comprehensive Income / (Loss)	-13	-12	-11	-11	-9.48	-8.87	-8.42	-7.79	-7.44	-6.96	-4.45

This table displays calculated financial ratios and metrics derived from NNN REIT'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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.05%	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%
EBITDA Growth	10.97%	14.82%	12.83%	10.02%	0.24%	-5.02%	14.32%	7.59%	12.33%	4.41%	3.66%
EBIT Growth	8.64%	16.67%	11.46%	13.52%	-1.94%	-10.09%	19.92%	7.45%	15.04%	4.10%	2.00%
NOPAT Growth	2.72%	22.90%	11.27%	13.52%	-1.94%	-10.09%	19.92%	7.45%	15.04%	4.10%	2.01%
Net Income Growth	3.55%	20.99%	10.80%	10.22%	2.44%	-23.63%	26.80%	15.34%	17.25%	1.15%	-1.78%
EPS Growth	-3.23%	15.00%	5.07%	13.79%	-5.45%	-21.79%	23.77%	25.17%	14.29%	-0.46%	-3.72%
Operating Cash Flow Growth	14.95%	21.77%	1.50%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%
Free Cash Flow Firm Growth	-35.03%	-22.54%	55.12%	79.59%	-7.50%	1,549.52%	-36.87%	-64.95%	-55.98%	467.40%	90.63%
Invested Capital Growth	10.71%	11.88%	8.53%	7.01%	6.46%	-0.61%	2.53%	5.21%	6.54%	4.13%	1.69%
Revenue Q/Q Growth	2.34%	2.86%	1.57%	1.42%	2.19%	-1.50%	3.41%	1.48%	2.19%	0.26%	2.20%
EBITDA Q/Q Growth	2.09%	9.29%	2.17%	-4.31%	2.60%	-1.56%	3.95%	2.60%	1.84%	0.87%	1.17%
EBIT Q/Q Growth	1.39%	12.59%	1.88%	-6.96%	3.92%	-2.75%	4.88%	3.01%	2.09%	0.71%	0.82%
NOPAT Q/Q Growth	-4.12%	12.57%	1.88%	-6.96%	3.92%	-2.75%	4.88%	3.01%	2.09%	0.71%	0.83%
Net Income Q/Q Growth	-5.40%	10.95%	2.34%	-10.85%	14.18%	-5.18%	5.95%	4.07%	1.56%	0.31%	-0.50%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-13.61%	13.04%	-0.81%	2.72%	8.00%	0.93%	-0.46%	-0.48%
Operating Cash Flow Q/Q Growth	-0.54%	10.08%	-2.27%	3.30%	-0.73%	-0.29%	2.51%	-0.38%	1.41%	-0.61%	1.29%
Free Cash Flow Firm Q/Q Growth	-49.32%	-20.16%	-5.67%	-145.45%	73.26%	40.06%	48.37%	-47.90%	334.24%	-22.27%	2,799.04%
Invested Capital Q/Q Growth	2.29%	3.59%	3.53%	4.14%	2.95%	1.11%	0.20%	1.47%	1.13%	1.92%	-2.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	88.72%	92.18%	94.89%	98.07%	91.29%	88.00%	91.49%	92.50%	96.99%	96.48%	93.86%
Operating Margin	59.77%	63.01%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%	63.64%
EBIT Margin	59.58%	62.90%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%	63.64%
Profit (Net Income) Margin	40.99%	44.88%	45.37%	46.97%	44.69%	34.63%	39.94%	43.29%	47.38%	45.65%	42.08%
Tax Burden Percent	100.07%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.01%
Interest Burden Percent	68.76%	71.35%	70.92%	68.86%	71.93%	61.10%	64.60%	69.35%	70.68%	68.67%	66.12%
Effective Tax Rate	5.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.42%	5.98%	6.05%	6.37%	5.85%	5.12%	6.08%	6.29%	6.83%	6.76%	6.70%
ROIC Less NNEP Spread (ROIC-NNEP)	1.30%	1.12%	1.33%	1.41%	1.78%	0.25%	1.23%	2.25%	2.75%	2.54%	2.18%
Return on Net Nonoperating Assets (RNNOA)	0.74%	0.61%	0.79%	0.94%	1.21%	0.17%	0.98%	2.05%	2.64%	2.56%	2.19%
Return on Equity (ROE)	6.16%	6.60%	6.84%	7.32%	7.06%	5.29%	7.06%	8.34%	9.48%	9.32%	8.89%
Cash Return on Invested Capital (CROIC)	-4.75%	-5.23%	-2.13%	-0.40%	-0.41%	5.73%	3.58%	1.21%	0.50%	2.71%	5.02%
Operating Return on Assets (OROA)	5.55%	5.69%	5.80%	6.22%	5.73%	4.97%	5.84%	6.07%	6.61%	6.59%	6.46%
Return on Assets (ROA)	3.82%	4.06%	4.12%	4.28%	4.12%	3.04%	3.77%	4.21%	4.67%	4.53%	4.27%
Return on Common Equity (ROCE)	5.06%	5.24%	5.47%	6.16%	6.25%	4.87%	6.76%	8.34%	9.48%	9.32%	8.89%
Return on Equity Simple (ROE_SIMPLE)	5.92%	6.11%	6.91%	7.04%	6.92%	5.30%	7.44%	8.12%	9.44%	9.10%	0.00%
Net Operating Profit after Tax (NOPAT)	274	336	374	425	417	374	449	483	555	578	589
NOPAT Margin	56.66%	63.01%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%	63.64%
Net Nonoperating Expense Percent (NNEP)	4.12%	4.86%	4.71%	4.96%	4.07%	4.87%	4.86%	4.04%	4.09%	4.22%	4.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.13%	6.62%	6.61%	6.64%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	7.19%	6.84%	5.78%	5.50%	5.62%	5.78%	6.15%	5.39%	5.28%	5.09%	5.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.23%	36.99%	36.03%	31.78%	37.88%	43.32%	38.18%	37.58%	32.97%	33.52%	36.36%
Earnings before Interest and Taxes (EBIT)	288	336	374	425	417	374	449	483	555	578	589
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	428	492	555	611	612	581	665	715	803	839	869
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.51	1.49	1.67	1.83	1.50	1.90	1.76	1.76	1.67	1.61
Price to Tangible Book Value (P/TBV)	1.32	1.51	1.49	1.67	1.83	1.50	1.90	1.76	1.76	1.67	1.61
Price to Revenue (P/Rev)	7.57	8.49	8.16	9.46	10.87	9.01	10.20	9.37	8.83	8.40	7.65
Price to Earnings (P/E)	22.50	22.55	21.98	22.81	28.23	28.24	28.04	21.64	18.63	18.41	18.19
Dividend Yield	6.37%	5.78%	5.92%	5.27%	4.78%	6.04%	4.98%	5.33%	5.54%	5.69%	6.04%
Earnings Yield	4.44%	4.44%	4.55%	4.38%	3.54%	3.54%	3.57%	4.62%	5.37%	5.43%	5.50%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.26	1.24	1.34	1.45	1.27	1.47	1.40	1.38	1.34	1.30
Enterprise Value to Revenue (EV/Rev)	12.82	13.99	13.65	14.87	15.84	14.00	15.12	14.22	13.93	13.42	12.48
Enterprise Value to EBITDA (EV/EBITDA)	14.45	15.18	14.39	15.16	17.35	15.91	16.52	15.37	14.36	13.92	13.29
Enterprise Value to EBIT (EV/EBIT)	21.52	22.24	21.34	21.79	25.50	24.71	24.45	22.77	20.78	20.19	19.60
Enterprise Value to NOPAT (EV/NOPAT)	22.63	22.20	21.34	21.79	25.50	24.71	24.45	22.77	20.78	20.19	19.60
Enterprise Value to Operating Cash Flow (EV/OCF)	18.15	17.98	18.94	19.62	21.17	20.55	19.32	19.00	18.84	18.36	17.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	22.07	41.49	118.47	282.50	50.36	26.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.59	0.59	0.67	0.69	0.69	0.75	0.96	0.91	1.02	1.00	1.01
Long-Term Debt to Equity	0.59	0.59	0.67	0.69	0.69	0.75	0.96	0.91	1.02	1.00	1.01
Financial Leverage	0.57	0.55	0.60	0.67	0.68	0.69	0.80	0.91	0.96	1.01	1.01
Leverage Ratio	1.61	1.62	1.66	1.71	1.71	1.74	1.87	1.98	2.03	2.06	2.08
Compound Leverage Factor	1.11	1.16	1.18	1.18	1.23	1.06	1.21	1.37	1.43	1.41	1.38
Debt to Total Capital	37.15%	37.11%	40.18%	40.70%	40.82%	42.72%	48.99%	47.63%	50.42%	50.07%	50.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	37.15%	37.11%	40.18%	40.70%	40.82%	42.72%	48.99%	47.63%	50.42%	50.07%	50.36%
Preferred Equity to Total Capital	10.81%	14.77%	9.85%	9.03%	4.71%	4.58%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.03%	48.11%	49.96%	50.27%	54.46%	52.71%	51.01%	52.37%	49.58%	49.93%	49.64%
Debt to EBITDA	4.61	4.70	4.65	4.67	4.88	5.54	5.64	5.24	5.26	5.22	5.14
Net Debt to EBITDA	4.58	4.10	4.65	4.48	4.88	5.08	5.38	5.24	5.26	5.21	5.14
Long-Term Debt to EBITDA	4.61	4.70	4.65	4.67	4.88	5.54	5.64	5.24	5.26	5.22	5.14
Debt to NOPAT	7.22	6.87	6.90	6.71	7.17	8.60	8.34	7.77	7.62	7.57	7.59
Net Debt to NOPAT	7.17	6.00	6.89	6.44	7.17	7.89	7.96	7.77	7.62	7.55	7.58
Long-Term Debt to NOPAT	7.22	6.87	6.90	6.71	7.17	8.60	8.34	7.77	7.62	7.57	7.59
Altman Z-Score	1.24	1.37	1.25	1.42	1.59	1.25	1.33	1.23	1.15	1.15	1.03
Noncontrolling Interest Sharing Ratio	17.93%	20.60%	20.02%	15.83%	11.52%	7.98%	4.20%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.28	0.00	0.22	14.00	0.00	0.26	0.14	0.39	0.21
Quick Ratio	0.00	0.00	0.28	0.00	0.22	14.00	0.00	0.26	0.14	0.39	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-240	-294	-132	-27	-29	419	265	93	41	232	442
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.66	-3.05	-1.21	-0.20	-0.24	2.87	1.66	0.63	0.25	1.26	2.17
Operating Cash Flow to Interest Expense	3.79	4.31	3.86	3.52	4.18	3.08	3.57	3.91	3.74	3.45	3.27
Operating Cash Flow Less CapEx to Interest Expense	4.22	5.39	4.75	4.63	5.21	3.45	4.34	4.36	4.45	3.45	4.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10
Accounts Receivable Turnover	30.17	157.84	151.24	153.48	201.02	183.22	193.92	228.51	228.10	262.46	287.42
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.10	0.10
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	12.10	2.31	2.41	2.38	1.82	1.99	1.88	1.60	1.60	1.39	1.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	12.10	2.31	2.41	2.38	1.82	1.99	1.88	1.60	1.60	1.39	1.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,304	5,934	6,440	6,892	7,337	7,292	7,477	7,867	8,381	8,727	8,875
Invested Capital Turnover	0.10	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10	0.11
Increase / (Decrease) in Invested Capital	513	630	506	452	445	-45	184	390	514	346	148
Enterprise Value (EV)	6,191	7,466	7,986	9,257	10,621	9,252	10,982	10,990	11,536	11,669	11,555
Market Capitalization	3,654	4,529	4,775	5,888	7,288	5,954	7,407	7,242	7,309	7,304	7,088
Book Value per Share	$20.32	$20.37	$21.10	$22.13	$23.23	$22.88	$22.22	$23.07	$22.94	$23.26	$23.21
Tangible Book Value per Share	$20.32	$20.37	$21.10	$22.13	$23.23	$22.88	$22.22	$23.07	$22.94	$23.26	$23.21
Total Capital	5,318	6,229	6,421	7,006	7,320	7,540	7,648	7,873	8,386	8,736	8,881
Total Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374	4,472
Total Long-Term Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374	4,472
Net Debt	1,962	2,017	2,579	2,737	2,987	2,954	3,575	3,747	4,227	4,365	4,467
Capital Expenditures (CapEx)	-39	-104	-97	-148	-124	-53	-123	-67	-116	0.00	-191
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	3.42	-16	3.80	-15	-15	3.15	-20	-31	-27	-37
Debt-free Net Working Capital (DFNWC)	26	298	-15	118	-14	252	174	-18	-30	-18	-32
Net Working Capital (NWC)	26	298	-15	118	-14	252	174	-18	-30	-18	-32
Net Nonoperating Expense (NNE)	76	97	109	132	117	146	159	148	163	181	200
Net Nonoperating Obligations (NNO)	1,962	2,017	2,599	2,737	3,005	2,973	3,575	3,743	4,223	4,365	4,467
Total Depreciation and Amortization (D&A)	141	156	181	186	196	207	216	233	248	261	280
Debt-free, Cash-free Net Working Capital to Revenue	2.49%	0.64%	-2.73%	0.61%	-2.29%	-2.28%	0.43%	-2.61%	-3.71%	-3.07%	-4.00%
Debt-free Net Working Capital to Revenue	5.44%	55.83%	-2.50%	18.96%	-2.13%	38.17%	24.02%	-2.29%	-3.57%	-2.07%	-3.46%
Net Working Capital to Revenue	5.44%	55.83%	-2.50%	18.96%	-2.13%	38.17%	24.02%	-2.29%	-3.57%	-2.07%	-3.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$1.39	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.16	$2.07
Adjusted Weighted Average Basic Shares Outstanding	134.00M	144.18M	149.11M	155.74M	164.69M	172.11M	174.71M	176.40M	181.20M	183.69M	187.61M
Adjusted Diluted Earnings per Share	$1.20	$1.38	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.15	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	134.49M	144.66M	149.43M	156.30M	165.08M	172.22M	174.82M	177.07M	181.69M	184.04M	187.99M
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	141.05M	147.24M	153.58M	161.62M	171.70M	175.27M	175.64M	181.46M	182.47M	187.55M	189.94M
Normalized Net Operating Profit after Tax (NOPAT)	278	248	268	272	291	277	314	344	393	409	433
Normalized NOPAT Margin	57.63%	46.48%	45.85%	43.61%	43.44%	41.92%	43.17%	44.45%	47.43%	47.07%	46.71%
Pre Tax Income Margin	40.97%	44.88%	45.37%	46.97%	44.69%	34.63%	39.94%	43.29%	47.38%	45.65%	42.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.20	3.48	3.43	3.17	3.47	2.56	2.82	3.26	3.39	3.14	2.89
NOPAT to Interest Expense	3.04	3.49	3.43	3.17	3.47	2.56	2.82	3.26	3.39	3.14	2.89
EBIT Less CapEx to Interest Expense	3.62	4.56	4.32	4.28	4.50	2.93	3.59	3.71	4.10	3.14	3.83
NOPAT Less CapEx to Interest Expense	3.47	4.57	4.32	4.28	4.50	2.93	3.59	3.71	4.10	3.14	3.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	133.61%	123.49%	118.75%	115.39%	122.03%	163.62%	131.77%	113.81%	103.09%	105.90%	113.71%
Augmented Payout Ratio	135.73%	129.84%	120.20%	116.74%	127.88%	164.59%	131.89%	114.93%	103.33%	106.73%	114.14%

This table displays calculated financial ratios and metrics derived from NNN REIT'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	-	-	-	-	-	-	-	-	-	-	189,939,441.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	189,939,441.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.03%	8.92%	5.54%	6.99%	6.55%	1.04%	7.17%	4.61%	5.31%	9.12%	-47.90%
EBITDA Growth	13.96%	7.74%	5.85%	8.48%	-0.01%	3.58%	4.79%	1.38%	3.82%	4.80%	31.40%
EBIT Growth	17.80%	8.88%	7.20%	9.76%	-2.79%	2.90%	4.00%	-1.62%	2.60%	3.36%	46.25%
NOPAT Growth	17.80%	8.88%	7.20%	9.76%	-2.79%	2.90%	4.00%	-1.62%	2.60%	3.36%	1.94%
Net Income Growth	20.77%	6.64%	4.66%	8.07%	-8.32%	1.25%	2.21%	-5.75%	-1.09%	-1.98%	-51.30%
EPS Growth	18.00%	3.92%	4.00%	7.41%	-10.17%	-1.89%	-1.92%	-6.90%	-3.77%	-1.92%	-1.96%
Operating Cash Flow Growth	0.82%	7.53%	5.47%	1.69%	7.89%	-3.22%	6.59%	-0.88%	5.63%	7.21%	-7.99%
Free Cash Flow Firm Growth	-134.27%	-43.26%	-47.46%	-351.57%	65.81%	45.96%	47.50%	93.09%	-219.33%	100.38%	-75.57%
Invested Capital Growth	6.89%	6.54%	5.83%	8.11%	3.33%	4.13%	3.74%	2.15%	6.65%	1.69%	5.12%
Revenue Q/Q Growth	1.23%	5.41%	-0.38%	0.65%	0.81%	-0.04%	5.66%	-1.76%	1.48%	3.58%	0.85%
EBITDA Q/Q Growth	4.36%	-3.45%	-0.40%	8.12%	-3.81%	0.02%	0.75%	4.60%	-1.50%	0.96%	0.25%
EBIT Q/Q Growth	6.45%	-5.40%	-0.98%	10.08%	-5.72%	0.13%	0.08%	4.13%	-1.68%	0.87%	-1.29%
NOPAT Q/Q Growth	6.45%	-5.40%	-0.98%	10.08%	-5.72%	0.13%	0.08%	4.13%	-1.68%	0.87%	-1.29%
Net Income Q/Q Growth	8.19%	-9.46%	-2.39%	13.03%	-8.21%	-0.01%	-1.47%	4.22%	-3.67%	-0.92%	-2.08%
EPS Q/Q Growth	9.26%	-10.17%	-1.89%	11.54%	-8.62%	-1.89%	-1.92%	5.88%	-5.56%	0.00%	-1.96%
Operating Cash Flow Q/Q Growth	61.66%	-36.51%	56.84%	-36.83%	71.51%	-43.05%	72.74%	-41.25%	82.77%	-42.19%	48.24%
Free Cash Flow Firm Q/Q Growth	-256.89%	3.12%	12.54%	-50.63%	72.98%	-53.13%	15.78%	80.16%	-1,147.96%	100.18%	-38,823.67%
Invested Capital Q/Q Growth	4.80%	1.13%	0.31%	1.73%	0.16%	1.92%	-0.10%	0.17%	4.58%	-2.82%	3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	102.18%	93.59%	93.56%	100.50%	95.89%	95.94%	91.48%	97.40%	94.54%	92.15%	91.60%
Operating Margin	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%	66.05%	63.99%	62.32%	61.00%
EBIT Margin	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%	66.05%	63.99%	62.32%	61.00%
Profit (Net Income) Margin	52.06%	44.71%	43.81%	49.20%	44.79%	44.81%	41.78%	44.32%	42.07%	40.25%	39.08%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.05%	100.00%
Interest Burden Percent	72.32%	69.21%	68.23%	70.05%	68.20%	68.11%	67.05%	67.11%	65.75%	64.55%	64.07%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.27%	6.59%	6.60%	7.29%	6.76%	6.69%	6.44%	6.84%	6.55%	6.56%	4.81%
ROIC Less NNEP Spread (ROIC-NNEP)	6.24%	5.51%	5.50%	6.16%	5.66%	5.62%	5.34%	5.71%	5.42%	5.37%	3.66%
Return on Net Nonoperating Assets (RNNOA)	6.01%	5.30%	5.32%	5.99%	5.53%	5.66%	5.37%	5.82%	5.49%	5.40%	3.81%
Return on Equity (ROE)	13.29%	11.88%	11.92%	13.27%	12.29%	12.35%	11.81%	12.66%	12.05%	11.96%	8.63%
Cash Return on Invested Capital (CROIC)	0.12%	0.50%	1.24%	-0.77%	3.54%	2.71%	3.14%	4.60%	0.17%	5.02%	1.64%
Operating Return on Assets (OROA)	7.07%	6.37%	6.36%	7.02%	6.51%	6.52%	6.22%	6.61%	6.30%	6.32%	4.66%
Return on Assets (ROA)	5.11%	4.41%	4.34%	4.92%	4.44%	4.44%	4.17%	4.44%	4.14%	4.08%	2.99%
Return on Common Equity (ROCE)	13.29%	11.88%	11.92%	13.27%	12.29%	12.35%	11.81%	12.66%	12.05%	11.96%	8.63%
Return on Equity Simple (ROE_SIMPLE)	9.29%	0.00%	9.50%	9.64%	9.06%	0.00%	9.16%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	148	140	138	152	144	144	144	150	147	149	147
NOPAT Margin	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%	66.05%	63.99%	62.32%	61.00%
Net Nonoperating Expense Percent (NNEP)	1.04%	1.08%	1.09%	1.12%	1.10%	1.07%	1.10%	1.13%	1.13%	1.19%	1.15%
Return On Investment Capital (ROIC_SIMPLE)	-	1.67%	-	-	-	1.65%	1.65%	1.71%	1.59%	1.67%	1.60%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4.98%	4.87%	5.84%	5.44%	5.13%	3.98%	5.63%	4.95%	4.80%	4.88%	5.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.01%	35.40%	35.79%	29.77%	34.32%	34.21%	37.69%	33.87%	35.71%	38.05%	38.82%
Earnings before Interest and Taxes (EBIT)	148	140	138	152	144	144	144	150	147	149	147
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	210	202	202	218	210	210	211	221	218	220	220
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.44	1.76	1.83	1.82	1.99	1.67	1.75	1.77	1.72	1.61	1.71
Price to Tangible Book Value (P/TBV)	1.44	1.76	1.83	1.82	1.99	1.67	1.75	1.77	1.72	1.61	1.71
Price to Revenue (P/Rev)	7.38	8.83	9.11	8.94	10.02	8.40	8.63	8.63	8.40	7.65	10.67
Price to Earnings (P/E)	15.49	18.63	19.29	18.87	21.96	18.41	19.13	19.66	19.43	18.19	19.43
Dividend Yield	6.72%	5.54%	5.33%	5.37%	4.75%	5.69%	5.48%	5.45%	5.58%	6.04%	5.74%
Earnings Yield	6.46%	5.37%	5.18%	5.30%	4.55%	5.43%	5.23%	5.09%	5.15%	5.50%	5.15%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.38	1.41	1.40	1.51	1.34	1.38	1.39	1.35	1.30	1.34
Enterprise Value to Revenue (EV/Rev)	12.51	13.93	14.15	14.06	14.86	13.42	13.57	13.52	13.60	12.48	17.43
Enterprise Value to EBITDA (EV/EBITDA)	12.85	14.36	14.58	14.44	15.50	13.92	14.15	14.21	14.34	13.29	13.99
Enterprise Value to EBIT (EV/EBIT)	18.64	20.78	21.04	20.77	22.46	20.19	20.57	20.82	21.08	19.60	20.75
Enterprise Value to NOPAT (EV/NOPAT)	18.64	20.78	21.04	20.77	22.46	20.19	20.57	20.82	21.08	19.60	20.75
Enterprise Value to Operating Cash Flow (EV/OCF)	16.78	18.84	19.09	19.22	20.15	18.36	18.52	18.69	18.71	17.32	18.88
Enterprise Value to Free Cash Flow (EV/FCFF)	1,077.63	282.50	117.24	0.00	43.23	50.36	44.60	30.44	808.87	26.16	84.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	1.02	1.01	1.04	1.00	1.00	1.00	1.00	1.10	1.01	1.09
Long-Term Debt to Equity	1.02	1.02	1.01	1.04	1.00	1.00	1.00	1.00	1.10	1.01	1.09
Financial Leverage	0.96	0.96	0.97	0.97	0.98	1.01	1.01	1.02	1.01	1.01	1.04
Leverage Ratio	2.02	2.03	2.04	2.05	2.05	2.06	2.08	2.09	2.09	2.08	2.11
Compound Leverage Factor	1.46	1.40	1.39	1.43	1.40	1.40	1.39	1.40	1.38	1.34	1.35
Debt to Total Capital	50.41%	50.42%	50.33%	51.03%	50.02%	50.07%	50.11%	50.08%	52.42%	50.36%	52.07%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	50.41%	50.42%	50.33%	51.03%	50.02%	50.07%	50.11%	50.08%	52.42%	50.36%	52.07%
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%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.59%	49.58%	49.67%	48.97%	49.98%	49.93%	49.89%	49.92%	47.58%	49.64%	47.93%
Debt to EBITDA	5.36	5.26	5.19	5.26	5.26	5.22	5.16	5.14	5.67	5.14	5.44
Net Debt to EBITDA	5.26	5.26	5.19	5.25	5.05	5.21	5.15	5.13	5.48	5.14	5.43
Long-Term Debt to EBITDA	5.36	5.26	5.19	5.26	5.26	5.22	5.16	5.14	5.67	5.14	5.44
Debt to NOPAT	7.77	7.62	7.49	7.56	7.62	7.57	7.50	7.53	8.33	7.59	8.06
Net Debt to NOPAT	7.63	7.62	7.49	7.56	7.32	7.55	7.49	7.52	8.06	7.58	8.05
Long-Term Debt to NOPAT	7.77	7.62	7.49	7.56	7.62	7.57	7.50	7.53	8.33	7.59	8.06
Altman Z-Score	0.84	0.99	1.02	1.03	1.18	0.99	1.00	0.99	0.93	0.87	0.88
Noncontrolling Interest Sharing Ratio	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	0.14	0.06	0.15	2.33	0.39	0.57	0.28	2.00	0.21	0.12
Quick Ratio	1.30	0.14	0.06	0.15	2.33	0.39	0.57	0.28	2.00	0.21	0.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-387	-375	-325	-489	-132	-202	-170	-34	-422	0.77	-299
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-9.31	-8.63	-7.37	-10.50	-2.84	-4.32	-3.57	-0.69	-7.91	0.01	-5.68
Operating Cash Flow to Interest Expense	4.61	2.80	4.33	2.59	4.44	2.51	4.26	2.42	4.09	2.36	3.55
Operating Cash Flow Less CapEx to Interest Expense	5.79	3.42	4.76	4.03	4.89	2.51	4.59	3.46	4.87	3.90	4.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.08
Accounts Receivable Turnover	48.60	228.10	273.56	51.39	397.17	262.46	42.75	354.34	403.70	287.42	33.88
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.10	0.10	0.00	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.08
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	7.51	1.60	1.33	7.10	0.92	1.39	8.54	1.03	0.90	1.27	10.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	7.51	1.60	1.33	7.10	0.92	1.39	8.54	1.03	0.90	1.27	10.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,287	8,381	8,404	8,549	8,563	8,727	8,718	8,733	9,132	8,875	9,164
Invested Capital Turnover	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.08
Increase / (Decrease) in Invested Capital	534	514	463	641	276	346	314	184	569	148	446
Enterprise Value (EV)	10,134	11,536	11,877	12,002	12,887	11,669	12,001	12,095	12,324	11,555	12,291
Market Capitalization	5,984	7,309	7,648	7,633	8,688	7,304	7,631	7,724	7,611	7,088	7,522
Book Value per Share	$22.80	$22.94	$22.96	$22.88	$23.79	$23.26	$23.23	$23.21	$23.42	$23.21	$23.14
Tangible Book Value per Share	$22.80	$22.94	$22.96	$22.88	$23.79	$23.26	$23.23	$23.21	$23.42	$23.21	$23.14
Total Capital	8,385	8,386	8,405	8,566	8,741	8,736	8,732	8,739	9,291	8,881	9,169
Total Debt	4,227	4,229	4,230	4,371	4,372	4,374	4,375	4,377	4,870	4,472	4,774
Total Long-Term Debt	4,227	4,229	4,230	4,371	4,372	4,374	4,375	4,377	4,870	4,472	4,774
Net Debt	4,150	4,227	4,229	4,369	4,199	4,365	4,370	4,371	4,713	4,467	4,770
Capital Expenditures (CapEx)	-49	-27	-19	-67	-20	0.00	-16	-51	-41	-82	-36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-59	-31	-72	-28	-73	-27	-37	-28	-78	-37	-69
Debt-free Net Working Capital (DFNWC)	19	-30	-71	-26	100	-18	-32	-22	80	-32	-64
Net Working Capital (NWC)	19	-30	-71	-26	100	-18	-32	-22	80	-32	-64
Net Nonoperating Expense (NNE)	41	43	44	46	46	46	47	49	50	53	53
Net Nonoperating Obligations (NNO)	4,129	4,223	4,229	4,354	4,194	4,365	4,362	4,370	4,712	4,467	4,769
Total Depreciation and Amortization (D&A)	62	63	63	66	66	66	67	71	70	71	74
Debt-free, Cash-free Net Working Capital to Revenue	-7.23%	-3.71%	-8.57%	-3.32%	-8.44%	-3.07%	-4.17%	-3.15%	-8.57%	-4.00%	-9.72%
Debt-free Net Working Capital to Revenue	2.28%	-3.57%	-8.43%	-3.08%	11.57%	-2.07%	-3.59%	-2.48%	8.86%	-3.46%	-9.07%
Net Working Capital to Revenue	2.28%	-3.57%	-8.43%	-3.08%	11.57%	-2.07%	-3.59%	-2.48%	8.86%	-3.46%	-9.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.59	$0.53	$0.52	$0.58	$0.53	$0.53	$0.52	$0.54	$0.51	$0.50	$0.50
Adjusted Weighted Average Basic Shares Outstanding	181.40M	181.20M	181.79M	182.44M	184.01M	183.69M	186.86M	186.88M	187.84M	187.61M	189.03M
Adjusted Diluted Earnings per Share	$0.59	$0.53	$0.52	$0.58	$0.53	$0.52	$0.51	$0.54	$0.51	$0.51	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	181.72M	181.69M	182.21M	182.81M	184.56M	184.04M	187.08M	187.07M	188.33M	187.99M	189.46M
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	0.00	182.47M	183.35M	183.66M	187.53M	187.55M	187.95M	188.78M	189.92M	189.94M	190.25M
Normalized Net Operating Profit after Tax (NOPAT)	90	99	94	95	96	103	99	97	99	115	102
Normalized NOPAT Margin	43.91%	45.97%	43.77%	43.78%	43.73%	47.24%	42.92%	42.63%	43.16%	48.13%	42.26%
Pre Tax Income Margin	52.06%	44.71%	43.81%	49.20%	44.79%	44.81%	41.78%	44.32%	42.07%	40.23%	39.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.56	3.22	3.14	3.27	3.09	3.07	3.01	3.04	2.76	2.77	2.78
NOPAT to Interest Expense	3.56	3.22	3.14	3.27	3.09	3.07	3.01	3.04	2.76	2.77	2.78
EBIT Less CapEx to Interest Expense	4.74	3.84	3.57	4.71	3.53	3.07	3.35	4.08	3.54	4.31	3.47
NOPAT Less CapEx to Interest Expense	4.74	3.84	3.57	4.71	3.53	3.07	3.35	4.08	3.54	4.31	3.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	103.46%	103.09%	102.82%	101.64%	104.79%	105.90%	106.76%	109.80%	111.82%	113.71%	154.18%
Augmented Payout Ratio	104.15%	103.33%	103.04%	101.82%	105.65%	106.73%	107.57%	110.64%	112.24%	114.14%	154.76%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, four-year view of NNN REIT, INC. (NYSE: NNN) based on quarterly income statements, cash flow statements, and balance sheets. The bullets focus on key trends that retail investors may care about, with positive items listed first, then neutral, then negative.

Operating revenue rose to 238,398,000 in Q4 2025 from 218,482,000 in Q4 2024, a roughly 9% year-over-year increase, marking a clear top-line improvement over the four-year window.
Net cash from continuing operating activities increased to 125,759,000 in Q4 2025 versus 117,678,000 in Q4 2024, signaling stronger quarterly cash generation.
Cash dividends per share remained stable around 0.58–0.60 in 2025, providing consistent quarterly income to shareholders.
Net income from continuing operations stayed in the mid-90s millions per quarter in 2025 (example: Q4 2025 95,895,000; Q3 2025 96,839,000), indicating sustained profitability across the period.
Total assets remained robust around 9.48 billion in 2025 (Q3 2025 balance sheet shows Total Assets: 9,480,106,000), reflecting a sizable asset base to support operations.
Earnings per share (EPS) stayed near 0.50 in Q4 2025 (Basic 0.50; Diluted 0.51) with a modest rise in weighted average shares to about 187.6–188.0 million, suggesting modest dilution alongside steady earnings.
Cash and equivalents were about 157.9 million at 9/30/2025, down from 173.5 million at 9/30/2024, indicating a tighter near-term liquidity position.
Quarterly cash flow swings were notable: Q3 2025 showed positive net cash from financing activities (about 181.6 million), while Q4 2025 posted a negative net cash from financing activities (about -165.8 million), reflecting ongoing financing activity and quarterly variability.
Net change in cash and equivalents in Q4 2025 was -152,871,000, signaling a cash outflow for that quarter despite positive operating cash flow in several periods.
Interest expense rose to 53,572,000 in Q4 2025 from about 37,665,000 in Q4 2024, indicating higher borrowing costs affecting quarterly profitability.

05/14/26 06:39 AM ETAI Generated. May Contain Errors.

NNN REIT Financials - Frequently Asked Questions

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

NNN REIT's net income appears to be on an upward trend, with a most recent value of $389.78 million in 2025, rising from $197.96 million in 2015. The previous period was $396.84 million in 2024. Check out NNN REIT's forecast to explore projected trends and price targets.

NNN REIT's total operating income in 2025 was $589.49 million, based on the following breakdown:

Total Gross Profit: $926.21 million
Total Operating Expenses: $336.73 million

Over the last 10 years, NNN REIT's total revenue changed from $482.92 million in 2015 to $926.21 million in 2025, a change of 91.8%.

NNN REIT's total liabilities were at $4.97 billion at the end of 2025, a 10.2% increase from 2024, and a 134.7% increase since 2015.

In the past 10 years, NNN REIT's cash and equivalents has ranged from $1.11 million in 2019 to $294.54 million in 2016, and is currently $5.05 million as of their latest financial filing in 2025.

Over the last 10 years, NNN REIT's book value per share changed from 20.32 in 2015 to 23.21 in 2025, a change of 14.2%.

Related Companies

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

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NNN REIT (NNN) Financials

Financials Breakdown Chart

Key Financial Trends

NNN REIT Financials - Frequently Asked Questions

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NNN REIT (NNN) Financials

Annual Income Statements for NNN REIT

Quarterly Income Statements for NNN REIT

Annual Cash Flow Statements for NNN REIT

Quarterly Cash Flow Statements for NNN REIT

Annual Balance Sheets for NNN REIT

Quarterly Balance Sheets for NNN REIT

Annual Metrics And Ratios for NNN REIT

Quarterly Metrics And Ratios for NNN REIT

Financials Breakdown Chart

Key Financial Trends

NNN REIT Financials - Frequently Asked Questions

When does NNN REIT's financial year end?

How has NNN REIT's net income changed over the last 10 years?

What is NNN REIT's operating income?

How has NNN REIT's revenue changed over the last 10 years?

How much debt does NNN REIT have?

How much cash does NNN REIT have?

How has NNN REIT's book value per share changed over the last 10 years?

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