Realty Income (O) Financials

$56.84 -0.10 (-0.18%)

Closing price 03:59 PM Eastern

Extended Trading

$57.02 +0.18 (+0.33%)

As of 08:00 PM Eastern

Annual Income Statements for Realty Income

This table shows Realty Income'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
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
Net Income / (Loss) Attributable to Common Shareholders	257	288	302	364	436	395	359	869	872	848
Consolidated Net Income / (Loss)	285	316	319	365	437	397	361	872	877	867
Net Income / (Loss) Continuing Operations	285	294	319	365	437	397	361	872	877	867
Total Pre-Tax Income	288	298	325	370	444	411	392	918	929	934
Total Operating Income	499	518	574	345	408	336	422	804	890	782
Total Gross Profit	1,023	1,103	1,216	1,328	1,488	1,647	2,080	3,344	4,079	5,271
Total Revenue	1,023	1,103	1,216	1,328	1,488	1,647	2,080	3,344	4,079	5,271
Operating Revenue	1,019	1,103	1,212	1,322	1,485	1,647	2,065	3,344	4,079	5,271
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	524	585	641	983	1,080	1,311	1,658	2,540	3,189	4,489
Selling, General & Admin Expense	49	52	58	84	66	73	97	138	145	177
Depreciation Expense	409	450	499	540	594	677	898	1,670	1,895	2,396
Other Operating Expenses / (Income)	55	63	69	332	380	414	457	692	1,047	1,395
Impairment Charge	11	21	15	26	40	147	39	26	87	426
Restructuring Charge	-	-	-	-	0.00	0.00	167	14	14	96
Total Other Income / (Expense), net	-211	-220	-249	25	36	76	-30	114	39	152
Interest Expense	233	220	247	0.00	0.00	9.82	97	-0.37	0.00	0.00
Interest & Investment Income	-	-	-	-	0.00	0.00	1.11	-6.45	2.55	7.79
Other Income / (Expense), net	22	-	-1.53	25	36	85	66	120	36	144
Income Tax Expense	3.17	3.26	6.04	5.34	6.16	15	32	45	52	67
Preferred Stock Dividends Declared	27	27	17	-	-	-	-	0.00	0.00	13
Net Income / (Loss) Attributable to Noncontrolling Interest	1.09	0.91	0.52	0.98	1.00	1.02	1.29	3.01	4.61	6.57
Basic Earnings per Share	$1.09	$1.13	$1.10	$1.26	$1.38	$1.15	$0.87	$1.42	$1.26	$0.98
Weighted Average Basic Shares Outstanding	235.77M	255.07M	273.47M	289.43M	315.84M	345.28M	414.54M	611.77M	692.30M	862.96M
Diluted Earnings per Share	$1.09	$1.13	$1.10	$1.26	$1.38	$1.14	$0.87	$1.42	$1.26	$0.98
Weighted Average Diluted Shares Outstanding	236.21M	255.62M	273.94M	289.92M	316.16M	345.42M	414.77M	612.18M	693.02M	863.79M
Weighted Average Basic & Diluted Shares Outstanding	250.54M	260.12M	284.25M	289.43M	315.84M	373.39M	591.32M	660.52M	861.12M	891.52M
Cash Dividends to Common per Share	-	-	$2.53	$2.63	$2.71	$2.79	$2.83	$2.97	$3.05	$3.13

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	220	227	225	195	233	218	130	257	262	200
Consolidated Net Income / (Loss)	220	228	226	197	234	220	134	261	271	201
Net Income / (Loss) Continuing Operations	220	228	226	197	234	220	134	261	271	201
Total Pre-Tax Income	230	238	238	210	245	236	149	277	286	221
Total Operating Income	209	96	375	385	417	-287	366	490	489	-563
Total Gross Profit	837	889	944	1,019	1,039	1,076	1,260	1,339	1,331	1,340
Total Revenue	837	889	944	1,019	1,039	1,076	1,260	1,339	1,331	1,340
Operating Revenue	826	910	944	1,019	1,039	1,076	1,260	1,339	1,331	1,340
Total Operating Expenses	629	793	570	634	622	1,363	895	850	842	1,903
Selling, General & Admin Expense	34	38	34	37	36	38	41	45	42	49
Depreciation Expense	419	438	451	472	496	476	581	606	602	607
Other Operating Expenses / (Income)	170	307	69	95	71	812	89	100	92	1,113
Impairment Charge	1.65	9.48	13	30	17	27	89	96	97	143
Restructuring Charge	3.75	0.90	1.31	0.34	2.88	9.93	94	2.75	8.61	-9.18
Total Other Income / (Expense), net	22	142	-137	-175	-172	523	-216	-213	-203	784
Interest Expense	-0.24	-106	154	184	184	-522	241	247	261	-749
Interest & Investment Income	-0.66	-0.11	0.00	0.41	0.00	2.14	-1.68	2.03	5.09	2.35
Other Income / (Expense), net	22	36	17	8.29	12	-1.58	26	32	54	33
Income Tax Expense	10	9.38	12	13	11	16	16	16	15	20
Net Income / (Loss) Attributable to Noncontrolling Interest	0.72	1.07	1.11	1.74	0.40	1.36	1.62	1.58	1.64	1.74
Basic Earnings per Share	$0.36	$0.35	$0.34	$0.29	$0.33	$0.30	$0.16	$0.30	$0.30	$0.22
Weighted Average Basic Shares Outstanding	617.51M	611.77M	660.46M	674.11M	709.17M	692.30M	834.94M	870.32M	870.67M	862.96M
Diluted Earnings per Share	$0.36	$0.35	$0.34	$0.29	$0.33	$0.30	$0.16	$0.29	$0.30	$0.23
Weighted Average Diluted Shares Outstanding	617.96M	612.18M	661.24M	674.59M	709.54M	693.02M	835.24M	870.73M	872.05M	863.79M
Weighted Average Basic & Diluted Shares Outstanding	627.15M	660.52M	673.22M	708.79M	723.92M	861.12M	870.77M	870.87M	875.21M	891.52M

This table details how cash moves in and out of Realty Income'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
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
Net Change in Cash & Equivalents	4.15	-35	-3.54	8.93	50	780	-518	-105	65	203
Net Cash From Operating Activities	694	800	876	941	1,069	1,116	1,322	2,564	2,959	3,573
Net Cash From Continuing Operating Activities	694	800	876	941	1,069	1,116	1,322	2,564	2,959	3,573
Net Income / (Loss) Continuing Operations	285	316	319	365	437	397	361	872	877	867
Consolidated Net Income / (Loss)	285	316	319	365	437	397	361	872	877	867
Depreciation Expense	409	450	499	540	594	677	898	1,670	1,895	2,396
Amortization Expense	1.56	5.49	8.69	6.25	7.39	7.99	-1.51	-61	-47	21
Non-Cash Adjustments To Reconcile Net Income	-6.86	-1.10	26	21	12	79	125	117	59	255
Changes in Operating Assets and Liabilities, net	4.79	29	23	9.06	18	-45	-60	-35	174	34
Net Cash From Investing Activities	-1,213	-1,701	-1,255	-1,640	-3,502	-2,032	-6,438	-8,387	-9,355	-3,343
Net Cash From Continuing Investing Activities	-1,213	-1,701	-1,255	-1,640	-3,502	-2,032	-6,438	-8,387	-9,355	-3,343
Purchase of Property, Plant & Equipment	-12	-13	-15	-25	-24	-8.71	-19	-96	-69	-121
Acquisitions	0.00	-	-7.50	-0.20	0.00	0.00	-394	-5.67	-0.20	-0.23
Purchase of Investments	-1,267	-1,799	-1,413	-1,769	-	-2,283	-6,313	-8,886	-9,233	-3,333
Sale of Property, Plant & Equipment	66	99	167	142	109	259	251	436	117	589
Divestitures	-	-	-	-	-	0.00	0.00	108	0.00	0.00
Sale and/or Maturity of Investments	0.00	13	0.12	5.27	0.00	0.00	38	7.27	3.93	57
Other Investing Activities, net	0.00	0.00	14	7.65	-3,587	0.00	0.00	49	-174	-535
Net Cash From Financing Activities	523	866	375	708	2,493	1,692	4,577	5,738	6,437	-21
Net Cash From Continuing Financing Activities	523	866	375	708	2,493	1,692	4,577	5,738	6,437	-21
Repayment of Debt	-1,792	-3,509	-3,399	-2,148	-2,465	-4,884	-9,385	-27,781	-79,502	-38,430
Repurchase of Preferred Equity	-6.75	0.00	-409	-	-	-	-	0.00	0.00	-173
Payment of Dividends	-199	-650	-628	-754	-853	-957	-1,160	-1,806	-2,108	-2,698
Issuance of Debt	1,691	4,474	3,484	2,488	3,710	5,705	10,082	30,689	82,600	39,536
Issuance of Common Equity	794	384	705	0.00	845	1,824	4,443	4,556	5,439	1,743
Other Financing Activities, net	36	177	622	1,125	1,278	4.11	597	80	7.85	0.00
Effect of Exchange Rate Changes	-	-	0.00	0.00	-9.80	4.43	20	-21	24	-5.90

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	15	-62	17	71	116	-138	405	-222	-38	59
Net Cash From Operating Activities	677	630	731	735	732	761	779	981	841	972
Net Cash From Continuing Operating Activities	677	630	731	738	728	761	779	981	841	972
Net Income / (Loss) Continuing Operations	220	228	226	197	234	220	134	261	271	201
Consolidated Net Income / (Loss)	220	228	226	197	234	220	134	261	271	201
Depreciation Expense	419	438	451	472	496	476	581	606	602	607
Amortization Expense	-15	-15	-12	-12	-11	-11	1.55	5.95	6.29	6.87
Non-Cash Adjustments To Reconcile Net Income	-25	191	-15	19	8.70	46	65	68	-4.94	127
Changes in Operating Assets and Liabilities, net	77	-213	81	62	1.51	30	-3.28	40	-33	30
Net Cash From Investing Activities	-1,609	-3,858	-1,678	-2,969	-1,992	-2,716	-389	-645	-537	-1,772
Net Cash From Continuing Investing Activities	-1,609	-3,858	-1,678	-2,969	-1,992	-2,716	-389	-645	-537	-1,772
Purchase of Property, Plant & Equipment	-36	-29	-14	-16	-18	-22	-9.63	-42	-34	-36
Acquisitions	-15	23	0.00	-1.94	0.75	0.99	94	-94	-39	39
Purchase of Investments	-1,814	-3,906	0.00	-4,687	-2,015	-2,531	-574	-371	-724	-1,664
Sale of Property, Plant & Equipment	142	21	29	32	32	25	96	106	249	138
Sale and/or Maturity of Investments	6.52	-	0.00	3.93	-	-	5.47	37	8.99	5.74
Other Investing Activities, net	-	33	-1,692	1,700	7.98	-190	0.02	-282	0.55	-254
Net Cash From Financing Activities	1,004	3,104	950	2,298	1,395	1,795	17	-561	-342	865
Net Cash From Continuing Financing Activities	1,004	3,104	951	2,296	1,395	1,795	17	-561	-342	865
Repayment of Debt	-9,509	-8,295	-5,714	-23,231	-6,020	-44,537	-9,149	-3,172	-14,544	-11,565
Payment of Dividends	-456	-469	-497	-513	-543	-555	-638	-684	-692	-683
Issuance of Debt	10,278	9,644	6,370	23,865	7,073	45,292	9,260	3,290	14,798	12,188
Issuance of Common Equity	691	2,152	796	2,180	873	1,589	544	-0.26	267	933
Other Financing Activities, net	-	72	-3.74	-5.54	11	5.66	0.00	6.17	2.65	-8.81

This table presents Realty Income'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
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
Total Assets	11,845	13,153	14,058	15,260	18,555	20,740	43,138	49,673	57,779	68,835
Total Current Assets	132	141	133	172	333	1,129	685	744	975	1,418
Cash & Equivalents	40	9.42	6.90	10	54	824	259	171	233	445
Accounts Receivable	82	105	120	145	182	286	427	543	711	878
Inventories, net	9.77	27	6.67	17	97	19	-	30	31	95
Plant, Property, & Equipment, net	10,609	11,877	12,670	13,827	16,400	17,466	31,959	37,752	43,514	50,914
Plant, Property & Equipment, gross	12,297	13,864	15,016	16,541	19,518	21,016	35,909	42,657	49,586	58,295
Accumulated Depreciation	1,688	1,987	2,347	2,715	3,118	3,549	3,950	4,904	6,072	7,381
Total Noncurrent Assets	1,105	1,135	1,255	1,262	1,822	2,145	10,493	11,177	13,290	16,503
Long-Term Investments	-	-	-	-	-	0.00	141	0.00	1,172	1,230
Goodwill	15	15	15	-	-	14	3,677	3,731	3,731	4,932
Intangible Assets	1,034	1,082	1,195	1,200	1,493	1,711	5,275	5,168	5,018	6,323
Other Noncurrent Operating Assets	55	38	45	62	329	420	1,400	2,277	3,369	4,019
Total Liabilities & Shareholders' Equity	11,845	13,153	14,058	15,260	18,555	20,740	43,138	49,673	57,779	68,835
Total Liabilities	5,292	6,366	6,667	7,140	8,751	9,723	18,008	20,830	24,672	29,783
Total Current Liabilities	116	121	110	134	881	241	351	3,128	1,503	1,890
Short-Term Debt	-	-	-	-	704	0.00	-	2,729	764	1,130
Accounts Payable	116	121	110	134	177	241	351	399	739	759
Total Noncurrent Liabilities	5,176	6,245	6,558	7,006	7,869	9,481	17,657	17,702	23,169	27,894
Long-Term Debt	4,175	1,439	555	6,500	7,197	8,817	15,443	15,382	20,756	25,097
Other Noncurrent Operating Liabilities	1,001	4,806	6,003	506	672	664	2,214	2,320	2,414	2,797
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	6,553	6,787	7,391	8,121	9,804	11,018	25,129	28,843	33,107	39,052
Total Preferred & Common Equity	6,532	6,767	7,372	8,089	9,774	10,985	25,053	28,713	32,941	38,841
Total Common Equity	6,136	6,371	7,372	8,089	9,774	10,985	25,053	28,713	32,941	38,841
Common Stock	7,666	8,229	9,624	10,754	12,874	14,700	29,578	34,160	39,630	47,451
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-8.10	-17	-55	4.93	47	74	38
Other Equity Adjustments	-1,530	-1,857	-2,253	-2,658	-3,082	-3,660	-4,531	-5,493	-6,762	-8,649
Noncontrolling Interest	22	20	19	32	30	32	77	130	166	211

This table presents Realty Income'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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Total Assets	45,892	49,673	51,101	53,981	55,337	57,779	68,328	68,061	68,469	68,835
Total Current Assets	735	744	782	892	1,042	975	1,548	1,422	1,293	1,418
Cash & Equivalents	188	171	165	254	344	233	680	443	397	445
Accounts Receivable	529	543	617	621	678	711	789	789	835	878
Inventories, net	18	30	-	17	20	31	78	191	60	95
Plant, Property, & Equipment, net	34,209	37,752	38,940	41,178	42,234	43,514	50,070	49,962	50,683	50,914
Plant, Property & Equipment, gross	38,834	42,657	44,128	46,664	48,015	49,586	56,463	56,656	57,749	58,295
Accumulated Depreciation	4,624	4,904	5,188	5,486	5,781	6,072	6,392	6,694	7,066	7,381
Total Noncurrent Assets	10,948	11,177	11,379	11,911	12,060	13,290	16,711	16,677	16,493	16,503
Long-Term Investments	0.00	0.00	-	-	-	1,172	1,203	1,220	1,225	1,230
Goodwill	3,731	3,731	3,731	3,731	3,731	3,731	4,991	4,931	4,932	4,932
Intangible Assets	5,064	5,168	5,257	5,238	5,089	5,018	7,037	6,730	6,600	6,323
Other Noncurrent Operating Assets	2,152	2,277	2,391	2,941	3,239	3,369	3,479	3,796	3,736	4,019
Total Liabilities & Shareholders' Equity	45,892	49,673	51,101	53,981	55,337	57,779	68,328	68,061	68,469	68,835
Total Liabilities	19,028	20,830	21,714	22,670	23,514	24,672	29,010	29,146	29,799	29,783
Total Current Liabilities	2,329	3,128	422	1,550	1,519	1,503	1,825	2,033	1,308	1,890
Short-Term Debt	1,920	2,729	-	990	858	764	1,023	1,149	428	1,130
Accounts Payable	408	399	422	559	660	739	803	884	880	759
Total Noncurrent Liabilities	16,700	17,702	21,292	21,120	21,995	23,169	27,185	27,114	28,491	27,894
Long-Term Debt	14,422	15,382	18,883	18,642	19,595	20,756	24,319	24,311	25,718	25,097
Other Noncurrent Operating Liabilities	2,278	2,320	2,408	2,478	2,400	2,414	2,866	2,803	2,773	2,797
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	26,864	28,843	29,387	31,311	31,823	33,107	39,151	38,747	38,670	39,052
Total Preferred & Common Equity	26,737	28,713	29,259	31,143	31,657	32,941	38,986	38,582	38,458	38,841
Total Common Equity	26,737	28,713	29,259	31,143	31,657	32,941	38,986	38,582	38,458	38,841
Common Stock	32,003	34,160	34,959	37,149	38,032	39,630	46,221	46,231	46,506	47,451
Accumulated Other Comprehensive Income / (Loss)	-25	47	73	96	42	74	65	75	103	38
Other Equity Adjustments	-5,241	-5,493	-5,773	-6,102	-6,417	-6,762	-7,300	-7,724	-8,151	-8,649
Noncontrolling Interest	127	130	128	168	166	166	165	165	212	211

This table displays calculated financial ratios and metrics derived from Realty Income's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.62%	7.81%	10.21%	9.22%	12.07%	10.68%	26.31%	60.72%	21.99%	29.23%
EBITDA Growth	39.78%	-47.78%	11.00%	-15.21%	14.09%	5.84%	748.07%	-20.62%	9.54%	20.46%
EBIT Growth	316.15%	-0.65%	10.63%	-35.41%	19.92%	-5.10%	480.18%	-33.94%	0.29%	-0.03%
NOPAT Growth	108.21%	-48.11%	10.07%	-39.62%	18.21%	-19.54%	159.60%	96.91%	10.02%	-13.61%
Net Income Growth	4.75%	11.10%	0.90%	14.18%	19.99%	-9.37%	-9.02%	141.84%	0.52%	-1.09%
EPS Growth	4.81%	3.67%	-2.65%	14.55%	9.52%	-17.39%	-23.68%	63.22%	-11.27%	-22.22%
Operating Cash Flow Growth	10.49%	15.33%	9.50%	7.41%	13.63%	4.36%	18.52%	93.91%	15.40%	20.77%
Free Cash Flow Firm Growth	460.40%	-87.07%	-71.80%	-852.55%	58.32%	60.76%	-5,786.49%	156.32%	-116.31%	-72.47%
Invested Capital Growth	-45.00%	-23.12%	-3.38%	84.03%	20.81%	7.70%	111.31%	-41.77%	13.76%	19.51%
Revenue Q/Q Growth	1.60%	2.24%	1.91%	2.46%	3.59%	1.19%	15.01%	6.48%	4.82%	5.27%
EBITDA Q/Q Growth	656.52%	-58.92%	1.81%	-19.75%	12.50%	15.98%	145.58%	7.19%	-12.02%	-2.69%
EBIT Q/Q Growth	8.16%	-73.13%	1.44%	-38.82%	28.08%	46.62%	154.18%	8.25%	-31.20%	-20.65%
NOPAT Q/Q Growth	111.37%	-73.34%	0.73%	-42.55%	25.97%	56.46%	-15.21%	10.66%	-30.59%	-26.49%
Net Income Q/Q Growth	1.80%	3.13%	-9.05%	7.16%	11.25%	-2.80%	-23.96%	34.52%	-0.97%	-2.08%
EPS Q/Q Growth	-0.91%	2.73%	-10.57%	6.78%	6.98%	-5.00%	-30.40%	40.59%	-3.82%	-6.67%
Operating Cash Flow Q/Q Growth	5.00%	0.00%	1.58%	1.80%	3.92%	1.32%	3.64%	12.18%	4.60%	6.29%
Free Cash Flow Firm Q/Q Growth	3,807.40%	-78.20%	-90.10%	-4,549.83%	62.31%	45.06%	-1,626.86%	270.52%	27.32%	6.01%
Invested Capital Q/Q Growth	-49.60%	-49.54%	-4.90%	66.06%	9.51%	4.39%	261.95%	8.75%	2.48%	0.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	91.07%	88.22%	88.85%	68.98%	70.22%	67.15%	66.56%	75.76%	68.03%	63.41%
Operating Margin	48.75%	46.93%	47.24%	26.00%	27.41%	20.38%	20.28%	24.03%	21.83%	14.83%
EBIT Margin	50.92%	46.93%	47.11%	27.86%	29.81%	25.56%	23.48%	27.62%	22.71%	17.57%
Profit (Net Income) Margin	27.84%	28.69%	26.26%	27.46%	29.40%	24.07%	17.34%	26.09%	21.50%	16.45%
Tax Burden Percent	197.80%	106.29%	98.14%	98.56%	98.61%	0.00%	0.00%	95.08%	94.40%	92.87%
Interest Burden Percent	155.27%	57.51%	56.80%	100.00%	100.00%	195.34%	160.78%	99.34%	100.27%	100.84%
Effective Tax Rate	1.10%	1.10%	1.86%	1.44%	1.39%	3.57%	8.07%	4.92%	5.60%	7.13%
Return on Invested Capital (ROIC)	3.28%	5.42%	6.98%	3.02%	2.49%	1.77%	1.31%	1.20%	1.68%	1.24%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.12%	3.51%	-17.72%	3.71%	2.98%	2.69%	1.07%	1.65%	1.87%	1.88%
Return on Net Nonoperating Assets (RNNOA)	-0.12%	5.42%	-2.47%	1.68%	2.39%	2.04%	0.68%	1.47%	1.15%	1.16%
Return on Equity (ROE)	0.00%	10.83%	4.50%	4.70%	4.88%	7.62%	3.99%	2.67%	2.83%	2.40%
Cash Return on Invested Capital (CROIC)	64.61%	31.56%	10.41%	-56.15%	-16.36%	-5.65%	-205.96%	54.00%	-11.20%	-16.53%
Operating Return on Assets (OROA)	4.56%	4.14%	4.21%	2.52%	2.62%	2.14%	1.53%	1.99%	1.72%	1.46%
Return on Assets (ROA)	2.49%	2.53%	2.35%	2.49%	2.59%	2.02%	1.13%	1.88%	1.63%	1.37%
Return on Common Equity (ROCE)	0.00%	10.16%	4.37%	4.69%	4.86%	3.80%	1.99%	2.66%	2.82%	2.39%
Return on Equity Simple (ROE_SIMPLE)	8.72%	4.68%	4.33%	4.51%	4.48%	7.22%	2.88%	3.04%	2.66%	2.23%
Net Operating Profit after Tax (NOPAT)	987	512	564	340	402	324	388	764	840	726
NOPAT Margin	48.21%	46.42%	46.36%	25.63%	27.03%	19.65%	18.65%	22.85%	20.61%	13.77%
Net Nonoperating Expense Percent (NNEP)	3.40%	1.90%	24.70%	-0.69%	-0.49%	2.95%	3.83%	-0.45%	-0.19%	-0.63%
Return On Investment Capital (ROIC_SIMPLE)	4.60%	6.22%	7.09%	2.33%	2.27%	1.63%	0.96%	1.63%	1.54%	1.11%
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%
SG&A Expenses to Revenue	4.82%	4.71%	4.81%	6.34%	4.47%	4.45%	4.66%	4.14%	3.54%	3.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.25%	53.07%	52.76%	74.00%	72.59%	79.62%	79.72%	75.97%	78.17%	85.17%
Earnings before Interest and Taxes (EBIT)	521	518	573	370	444	421	1,398	924	926	926
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,864	973	1,080	916	1,045	1,106	3,191	2,533	2,775	3,342
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.79	1.55	1.51	1.67	1.85	3.33	2.13	1.23	1.18	1.19
Price to Tangible Book Value (P/TBV)	3.36	1.87	1.81	1.96	2.19	1.86	3.31	1.78	1.61	1.67
Price to Revenue (P/Rev)	8.04	8.94	9.17	10.19	12.18	10.48	11.82	10.57	9.54	8.74
Price to Earnings (P/E)	32.04	34.20	36.96	37.22	41.52	43.63	148.36	40.64	44.63	54.34
Dividend Yield	13.83%	6.30%	6.41%	5.76%	4.89%	5.70%	9.36%	5.27%	5.69%	5.94%
Earnings Yield	3.12%	2.92%	2.71%	2.69%	2.41%	4.58%	3.28%	2.46%	2.24%	1.84%
Enterprise Value to Invested Capital (EV/IC)	1.20	1.43	1.48	1.37	1.47	1.33	0.99	1.14	1.11	1.11
Enterprise Value to Revenue (EV/Rev)	12.48	10.62	9.63	15.10	17.47	15.35	19.08	15.97	14.52	13.44
Enterprise Value to EBITDA (EV/EBITDA)	13.71	12.03	10.84	21.89	24.88	85.01	60.46	21.08	21.34	21.19
Enterprise Value to EBIT (EV/EBIT)	24.52	22.62	20.45	54.21	58.61	125.05	171.50	57.81	63.91	76.48
Enterprise Value to NOPAT (EV/NOPAT)	25.89	22.87	20.78	58.93	64.63	78.10	102.34	69.90	70.45	97.56
Enterprise Value to Operating Cash Flow (EV/OCF)	18.42	14.64	13.37	21.32	24.32	22.66	63.31	20.83	20.01	19.82
Enterprise Value to Free Cash Flow (EV/FCFF)	1.31	3.93	13.92	0.00	0.00	0.00	0.00	1.56	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.21	0.08	0.80	0.81	0.80	0.61	0.63	0.65	0.67
Long-Term Debt to Equity	0.00	0.21	0.08	0.80	0.73	1.60	1.23	0.53	0.63	0.64
Financial Leverage	0.00	1.54	0.14	0.45	0.80	1.53	1.28	0.89	0.61	0.62
Leverage Ratio	0.00	1.87	1.92	1.89	1.89	3.77	3.53	1.72	1.73	1.75
Compound Leverage Factor	0.00	1.08	1.09	1.89	1.89	1.84	2.84	1.71	1.74	1.77
Debt to Total Capital	0.00%	17.49%	6.99%	44.46%	44.63%	44.45%	76.12%	38.57%	39.39%	40.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	3.98%	0.00%	3.82%	5.81%	1.40%	1.73%
Long-Term Debt to Total Capital	0.00%	17.49%	6.99%	44.46%	40.65%	44.45%	76.12%	32.76%	38.00%	38.45%
Preferred Equity to Total Capital	0.00%	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.25%	0.24%	0.22%	0.17%	0.16%	0.38%	0.28%	0.30%	0.32%
Common Equity to Total Capital	57.20%	77.45%	92.77%	55.32%	55.21%	55.38%	61.75%	61.15%	60.30%	59.50%
Debt to EBITDA	9.23	1.48	0.51	7.10	7.56	7.97	22.31	7.15	7.76	7.85
Net Debt to EBITDA	9.14	1.47	0.51	7.09	7.51	25.38	21.83	7.08	7.25	7.35
Long-Term Debt to EBITDA	9.23	1.48	0.51	7.10	6.89	7.97	22.30	6.07	7.48	7.51
Debt to NOPAT	17.43	2.81	0.99	19.10	19.64	55.85	79.61	23.71	25.60	36.12
Net Debt to NOPAT	17.27	2.79	0.97	19.07	19.51	24.69	77.91	23.48	23.93	33.81
Long-Term Debt to NOPAT	17.43	2.81	0.99	19.10	17.89	55.85	79.61	20.13	24.69	34.56
Altman Z-Score	0.00	1.15	1.23	1.31	1.37	2.65	0.91	1.09	1.06	1.04
Noncontrolling Interest Sharing Ratio	6.89%	6.24%	3.07%	0.33%	0.35%	0.30%	0.30%	0.38%	0.48%	0.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.27	1.16	1.22	1.29	0.38	9.36	3.90	0.24	0.65	0.75
Quick Ratio	1.05	0.94	1.15	1.16	0.27	9.20	3.90	0.23	0.63	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23,078	2,983	841	-6,331	-2,639	-1,035	-60,946	34,326	-5,599	-9,656
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%
Free Cash Flow to Firm to Interest Expense	41.75	13.56	3.40	0.00	0.00	-105.44	-627.16	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.98	3.64	3.54	0.00	0.00	113.61	13.61	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.21	4.03	4.15	0.00	0.00	139.15	15.99	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.08	0.07	0.07	0.08	0.08
Accounts Receivable Turnover	14.01	11.85	10.85	10.04	9.10	7.04	5.84	6.89	6.51	6.64
Inventory Turnover	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	0.10	0.10	0.10	0.10	0.08	0.10	0.10	0.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	26.05	30.81	33.64	36.36	40.10	51.82	62.50	52.94	56.10	54.99
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	26.05	30.81	33.64	36.36	40.10	51.82	62.50	52.94	56.10	54.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,688	8,217	7,939	14,611	17,652	19,011	80,345	46,783	53,222	63,604
Invested Capital Turnover	0.07	0.12	0.15	0.12	0.09	0.09	0.07	0.05	0.08	0.09
Increase / (Decrease) in Invested Capital	-8,743	-2,471	-278	6,671	3,041	1,359	122,669	-33,562	6,439	10,382
Enterprise Value (EV)	26,445	11,710	11,712	20,054	26,001	52,650	39,706	53,402	59,209	70,835
Market Capitalization	17,091	9,865	11,144	13,532	18,123	17,254	53,328	35,332	38,928	46,072
Book Value per Share	$50.75	$24.64	$26.16	$27.41	$29.99	$31.30	$61.98	$45.78	$45.50	$44.38
Tangible Book Value per Share	$46.55	$20.39	$21.87	$23.34	$25.41	$52.77	$39.83	$31.59	$33.42	$31.52
Total Capital	21,707	8,226	7,946	14,621	17,706	19,835	81,144	46,954	54,627	65,279
Total Debt	8,601	1,439	555	6,500	7,902	8,817	30,885	18,111	21,520	26,227
Total Long-Term Debt	8,601	1,439	555	6,500	7,197	8,817	30,885	15,382	20,756	25,097
Net Debt	8,520	1,430	548	6,490	7,848	7,993	15,043	17,940	20,115	24,552
Capital Expenditures (CapEx)	1,158	-86	-152	-117	-85	-251	-231	-341	-49	-468
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-49	10	17	28	102	63	182	174	3.48	213
Debt-free Net Working Capital (DFNWC)	32	19	24	38	156	888	699	345	236	658
Net Working Capital (NWC)	32	19	24	38	-549	888	668	-2,384	-528	-472
Net Nonoperating Expense (NNE)	417	196	244	-24	-35	-73	27	-108	-36	-141
Net Nonoperating Obligations (NNO)	19,129	1,430	548	6,490	7,848	7,993	30,086	17,940	20,115	24,552
Total Depreciation and Amortization (D&A)	411	455	507	546	601	685	896	1,609	1,848	2,416
Debt-free, Cash-free Net Working Capital to Revenue	-2.38%	0.91%	1.37%	2.09%	6.83%	3.85%	3.64%	5.19%	0.09%	4.05%
Debt-free Net Working Capital to Revenue	1.56%	1.76%	1.94%	2.88%	10.46%	53.90%	16.06%	10.31%	5.80%	12.49%
Net Working Capital to Revenue	1.56%	1.76%	1.94%	2.88%	-36.87%	53.90%	16.06%	-71.31%	-12.94%	-8.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.09	$1.13	$1.10	$0.00	$1.38	$1.15	$0.87	$1.42	$1.26	$0.98
Adjusted Weighted Average Basic Shares Outstanding	235.77M	255.07M	273.47M	0.00	315.84M	345.28M	414.54M	611.77M	692.30M	862.96M
Adjusted Diluted Earnings per Share	$1.09	$1.13	$1.10	$0.00	$1.38	$1.14	$0.87	$1.42	$1.26	$0.98
Adjusted Weighted Average Diluted Shares Outstanding	236.21M	255.62M	273.94M	0.00	316.16M	345.42M	414.77M	612.18M	693.02M	863.79M
Adjusted Basic & Diluted Earnings per Share	$1.09	$1.13	$1.10	$0.00	$1.38	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	250.54M	260.12M	284.25M	0.00	333.63M	373.39M	591.32M	660.52M	861.12M	891.52M
Normalized Net Operating Profit after Tax (NOPAT)	1,008	532	578	366	442	466	578	802	936	1,211
Normalized NOPAT Margin	49.24%	48.27%	47.55%	27.58%	29.70%	28.27%	27.77%	23.98%	22.96%	22.97%
Pre Tax Income Margin	28.15%	26.99%	26.76%	27.86%	29.81%	24.97%	18.86%	27.44%	22.77%	17.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.24	2.35	2.32	0.00	0.00	42.88	5.03	0.00	0.00	0.00
NOPAT to Interest Expense	2.12	2.33	2.28	0.00	0.00	32.96	3.99	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.47	2.74	2.93	0.00	0.00	68.42	7.41	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.35	2.72	2.89	0.00	0.00	58.50	6.37	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.85%	205.49%	196.54%	206.91%	195.09%	241.27%	321.42%	206.98%	240.39%	311.04%
Augmented Payout Ratio	69.85%	208.34%	196.54%	207.67%	199.92%	241.27%	321.42%	206.98%	240.39%	311.04%

This table displays calculated financial ratios and metrics derived from Realty Income's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	70.91%	29.73%	16.98%	25.76%	24.11%	21.11%	33.47%	31.42%	28.08%	24.53%
EBITDA Growth	82.87%	-52.23%	-40.98%	33.61%	43.92%	-68.27%	17.18%	32.74%	26.01%	-52.40%
EBIT Growth	58.43%	115.37%	-38.02%	-19.90%	85.96%	-319.65%	-0.13%	32.52%	26.39%	-83.49%
NOPAT Growth	55.94%	854.37%	23.16%	98.43%	99.59%	-391.12%	-7.97%	27.80%	16.27%	-90.96%
Net Income Growth	62.84%	5,011.62%	13.08%	-11.92%	6.17%	-3.76%	-40.78%	32.37%	15.93%	-8.38%
EPS Growth	5.88%	683.33%	0.00%	-21.62%	-8.33%	-14.29%	-52.94%	0.00%	-9.09%	-23.33%
Operating Cash Flow Growth	74.02%	79.05%	42.41%	-1.10%	8.15%	20.65%	6.49%	33.51%	14.96%	27.78%
Free Cash Flow Firm Growth	-434.36%	154.88%	172.19%	126.95%	58.70%	-119.93%	-120.06%	-133.88%	-26.79%	-62.42%
Invested Capital Growth	93.80%	-41.77%	-59.66%	-39.98%	20.72%	13.76%	30.49%	23.72%	21.68%	19.51%
Revenue Q/Q Growth	3.31%	6.14%	6.27%	7.92%	1.95%	3.58%	17.11%	6.26%	-0.64%	0.71%
EBITDA Q/Q Growth	-0.63%	-12.56%	49.78%	2.67%	7.04%	-80.72%	453.17%	16.29%	1.61%	-92.72%
EBIT Q/Q Growth	-53.01%	-43.07%	198.42%	0.34%	9.10%	-167.24%	235.68%	33.14%	4.05%	-197.61%
NOPAT Q/Q Growth	9.46%	-53.87%	287.00%	1.54%	10.10%	-167.29%	222.34%	41.00%	0.17%	-210.51%
Net Income Q/Q Growth	-1.58%	3.65%	-0.97%	-12.81%	18.63%	-6.04%	-39.07%	94.90%	3.89%	-25.74%
EPS Q/Q Growth	-2.70%	-2.78%	-2.86%	-14.71%	13.79%	-9.09%	-46.67%	81.25%	3.45%	-23.33%
Operating Cash Flow Q/Q Growth	-8.92%	-6.84%	15.98%	0.50%	-0.39%	3.92%	2.37%	26.01%	-14.24%	15.51%
Free Cash Flow Firm Q/Q Growth	83.71%	263.20%	112.43%	-52.27%	-124.96%	21.24%	-113.84%	19.40%	6.59%	-0.88%
Invested Capital Q/Q Growth	-49.06%	8.75%	2.83%	5.37%	2.45%	2.48%	17.95%	-0.10%	0.77%	0.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	75.82%	62.46%	88.04%	83.75%	87.93%	16.36%	77.30%	84.59%	86.50%	6.25%
Operating Margin	24.92%	10.78%	39.69%	37.80%	40.16%	-26.68%	29.01%	36.56%	36.74%	-41.97%
EBIT Margin	27.57%	14.79%	41.53%	38.61%	41.32%	-26.82%	31.07%	38.94%	40.77%	-39.52%
Profit (Net Income) Margin	26.31%	25.69%	23.94%	19.34%	22.51%	20.42%	10.62%	19.48%	20.37%	15.02%
Tax Burden Percent	95.59%	96.05%	94.98%	93.84%	95.38%	93.29%	89.62%	94.35%	94.64%	90.92%
Interest Burden Percent	99.82%	180.87%	60.70%	53.38%	57.11%	-81.60%	38.14%	53.04%	52.79%	-41.81%
Effective Tax Rate	4.41%	3.95%	5.02%	6.16%	4.62%	6.71%	10.38%	5.65%	5.36%	9.08%
Return on Invested Capital (ROIC)	2.29%	0.54%	1.57%	1.94%	3.14%	-2.03%	2.06%	2.87%	3.02%	-3.44%
ROIC Less NNEP Spread (ROIC-NNEP)	2.46%	1.11%	1.27%	1.00%	2.23%	0.53%	1.14%	1.94%	2.17%	-0.25%
Return on Net Nonoperating Assets (RNNOA)	1.53%	0.99%	2.00%	0.61%	1.38%	0.33%	0.70%	1.19%	1.37%	-0.16%
Return on Equity (ROE)	3.82%	1.53%	3.57%	2.55%	4.52%	-1.70%	2.76%	4.06%	4.40%	-3.60%
Cash Return on Invested Capital (CROIC)	-61.73%	54.00%	-7.24%	51.46%	-16.23%	-11.20%	-24.98%	-19.58%	-17.85%	-16.53%
Operating Return on Assets (OROA)	2.49%	1.07%	3.04%	2.88%	3.18%	-2.04%	2.29%	3.01%	3.30%	-3.29%
Return on Assets (ROA)	2.37%	1.85%	1.75%	1.44%	1.73%	1.55%	0.78%	1.51%	1.65%	1.25%
Return on Common Equity (ROCE)	3.81%	1.53%	3.56%	2.54%	4.50%	-1.69%	2.74%	4.03%	4.37%	-3.58%
Return on Equity Simple (ROE_SIMPLE)	2.43%	0.00%	3.07%	2.80%	2.80%	0.00%	2.01%	2.20%	2.30%	0.00%
Net Operating Profit after Tax (NOPAT)	199	92	356	362	398	-268	328	462	463	-511
NOPAT Margin	23.82%	10.35%	37.70%	35.47%	38.31%	-24.89%	26.00%	34.50%	34.77%	-38.16%
Net Nonoperating Expense Percent (NNEP)	-0.17%	-0.57%	0.30%	0.93%	0.91%	-2.56%	0.92%	0.93%	0.86%	-3.19%
Return On Investment Capital (ROIC_SIMPLE)	0.46%	0.20%	0.74%	0.71%	0.76%	-0.49%	0.51%	0.72%	0.71%	-0.78%
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%
SG&A Expenses to Revenue	4.07%	4.22%	3.62%	3.61%	3.42%	3.53%	3.24%	3.36%	3.15%	3.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.08%	89.22%	60.31%	62.20%	59.84%	126.68%	70.99%	63.44%	63.26%	141.97%
Earnings before Interest and Taxes (EBIT)	231	131	392	394	429	-289	392	522	543	-530
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	635	555	831	854	914	176	974	1,133	1,151	84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	1.23	1.28	1.18	1.03	1.18	0.95	1.14	1.40	1.19
Price to Tangible Book Value (P/TBV)	1.76	1.78	1.85	1.65	1.43	1.61	1.38	1.64	2.00	1.67
Price to Revenue (P/Rev)	10.05	10.57	10.80	9.93	8.39	9.54	8.47	9.36	10.73	8.74
Price to Earnings (P/E)	48.82	40.64	41.99	42.24	37.07	44.63	47.89	52.63	61.99	54.34
Dividend Yield	5.78%	5.27%	5.25%	5.53%	6.59%	5.69%	5.97%	6.08%	5.03%	5.94%
Earnings Yield	2.05%	2.46%	2.38%	2.37%	2.70%	2.24%	2.09%	1.90%	1.61%	1.84%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.14	1.17	1.11	1.02	1.11	0.97	1.09	1.24	1.11
Enterprise Value to Revenue (EV/Rev)	15.23	15.97	16.21	15.23	13.60	14.52	13.88	14.47	15.67	13.44
Enterprise Value to EBITDA (EV/EBITDA)	20.24	21.08	21.21	19.54	16.79	21.34	20.91	21.35	22.84	21.19
Enterprise Value to EBIT (EV/EBIT)	56.05	57.81	56.46	48.94	39.32	63.91	65.88	64.77	67.22	76.48
Enterprise Value to NOPAT (EV/NOPAT)	69.28	69.90	67.93	55.46	43.72	70.45	74.13	74.01	79.43	97.56
Enterprise Value to Operating Cash Flow (EV/OCF)	20.93	20.83	20.29	20.26	18.72	20.01	20.29	20.99	23.34	19.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.56	0.00	1.62	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.63	0.64	0.63	0.64	0.65	0.64	0.65	0.68	0.67
Long-Term Debt to Equity	0.54	0.53	0.64	0.60	0.62	0.63	0.62	0.62	0.67	0.64
Financial Leverage	0.62	0.89	1.58	0.61	0.62	0.61	0.61	0.61	0.63	0.62
Leverage Ratio	1.73	1.72	1.73	1.71	1.72	1.73	1.74	1.74	1.76	1.75
Compound Leverage Factor	1.73	3.11	1.05	0.92	0.99	-1.42	0.66	0.92	0.93	-0.73
Debt to Total Capital	37.82%	38.57%	39.12%	38.54%	39.12%	39.39%	39.19%	39.55%	40.34%	40.18%
Short-Term Debt to Total Capital	4.44%	5.81%	0.00%	1.94%	1.64%	1.40%	1.58%	1.78%	0.66%	1.73%
Long-Term Debt to Total Capital	33.38%	32.76%	39.12%	36.59%	37.48%	38.00%	37.61%	37.76%	39.68%	38.45%
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	0.29%	0.28%	0.27%	0.33%	0.32%	0.30%	0.51%	0.52%	0.33%	0.32%
Common Equity to Total Capital	61.88%	61.15%	60.61%	61.13%	60.56%	60.30%	60.29%	59.93%	59.33%	59.50%
Debt to EBITDA	6.91	7.15	7.10	6.83	6.49	7.76	8.69	7.96	7.61	7.85
Net Debt to EBITDA	6.84	7.08	7.04	6.74	6.38	7.25	8.04	7.44	7.14	7.35
Long-Term Debt to EBITDA	6.10	6.07	7.10	6.48	6.21	7.48	8.34	7.60	7.49	7.51
Debt to NOPAT	23.67	23.71	22.73	19.38	16.89	25.60	30.80	27.61	26.47	36.12
Net Debt to NOPAT	23.40	23.48	22.53	19.13	16.61	23.93	28.51	25.80	24.83	33.81
Long-Term Debt to NOPAT	20.89	20.13	22.73	18.40	16.18	24.69	29.55	26.36	26.04	34.56
Altman Z-Score	1.04	1.04	1.14	1.05	0.92	0.99	0.85	0.99	1.18	0.97
Noncontrolling Interest Sharing Ratio	0.40%	0.38%	0.37%	0.42%	0.50%	0.48%	0.67%	0.71%	0.54%	0.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.32	0.24	1.85	0.58	0.69	0.65	0.85	0.70	0.99	0.75
Quick Ratio	0.31	0.23	1.85	0.56	0.67	0.63	0.81	0.61	0.94	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20,621	33,654	71,492	34,122	-8,516	-6,707	-14,342	-11,560	-10,798	-10,893
Operating Cash Flow to CapEx	0.00%	7,841.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	463.83	185.59	-46.25	0.00	-59.61	-46.81	-41.33	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	4.74	4.00	3.98	0.00	3.24	3.97	3.22	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	4.84	4.09	4.06	0.00	3.59	4.23	4.05	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.07	0.07	0.07	0.08	0.08	0.07	0.08	0.08	0.08
Accounts Receivable Turnover	7.21	6.89	6.41	6.58	6.44	6.51	6.25	6.69	6.62	6.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.12	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	50.62	52.94	56.92	55.45	56.64	56.10	58.41	54.54	55.17	54.99
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	50.62	52.94	56.92	55.45	56.64	56.10	58.41	54.54	55.17	54.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	43,018	46,783	48,106	50,689	51,932	53,222	62,776	62,711	63,193	63,604
Invested Capital Turnover	0.10	0.05	0.04	0.05	0.08	0.08	0.08	0.08	0.09	0.09
Increase / (Decrease) in Invested Capital	20,820	-33,562	-71,136	-33,761	8,914	6,439	14,670	12,022	11,261	10,382
Enterprise Value (EV)	47,829	53,402	56,432	56,180	52,940	59,209	60,999	68,254	78,458	70,835
Market Capitalization	31,547	35,332	37,584	36,634	32,665	38,928	37,209	44,124	53,722	46,072
Book Value per Share	$43.29	$45.78	$44.30	$46.26	$44.66	$45.50	$46.69	$44.31	$44.16	$44.38
Tangible Book Value per Share	$29.05	$31.59	$30.69	$32.94	$32.22	$33.42	$32.29	$30.92	$30.92	$31.52
Total Capital	43,206	46,954	48,271	50,943	52,277	54,627	64,660	64,374	64,815	65,279
Total Debt	16,342	18,111	18,883	19,632	20,453	21,520	25,341	25,459	26,146	26,227
Total Long-Term Debt	14,422	15,382	18,883	18,642	19,595	20,756	24,319	24,311	25,718	25,097
Net Debt	16,154	17,940	18,719	19,378	20,109	20,115	23,458	23,797	24,524	24,552
Capital Expenditures (CapEx)	-106	8.04	-15	-16	-15	-3.00	-86	-64	-216	-102
Debt-free, Cash-free Net Working Capital (DFCFNWC)	139	174	195	79	38	3.48	65	95	16	213
Debt-free Net Working Capital (DFNWC)	327	345	360	332	382	236	745	538	413	658
Net Working Capital (NWC)	-1,593	-2,384	360	-658	-476	-528	-278	-611	-15	-472
Net Nonoperating Expense (NNE)	-21	-136	130	164	164	-488	194	201	192	-713
Net Nonoperating Obligations (NNO)	16,154	17,940	18,719	19,378	20,109	20,115	23,458	23,797	24,524	24,552
Total Depreciation and Amortization (D&A)	404	424	439	460	484	465	583	612	609	614
Debt-free, Cash-free Net Working Capital to Revenue	4.43%	5.19%	5.60%	2.13%	0.98%	0.09%	1.48%	2.02%	0.31%	4.05%
Debt-free Net Working Capital to Revenue	10.41%	10.31%	10.33%	9.00%	9.82%	5.80%	16.95%	11.41%	8.24%	12.49%
Net Working Capital to Revenue	-50.74%	-71.31%	10.33%	-17.83%	-12.24%	-12.94%	-6.31%	-12.95%	-0.30%	-8.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.35	$0.34	$0.29	$0.33	$0.30	$0.16	$0.30	$0.30	$0.22
Adjusted Weighted Average Basic Shares Outstanding	617.51M	611.77M	660.46M	674.11M	709.17M	692.30M	834.94M	870.32M	870.67M	862.96M
Adjusted Diluted Earnings per Share	$0.36	$0.35	$0.34	$0.29	$0.33	$0.30	$0.16	$0.29	$0.30	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	617.96M	612.18M	661.24M	674.59M	709.54M	693.02M	835.24M	870.73M	872.05M	863.79M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	627.15M	660.52M	673.22M	708.79M	723.92M	861.12M	870.77M	870.87M	875.21M	891.52M
Normalized Net Operating Profit after Tax (NOPAT)	205	102	370	390	417	-233	492	556	563	-390
Normalized NOPAT Margin	24.44%	11.48%	39.16%	38.25%	40.11%	-21.66%	39.05%	41.48%	42.28%	-29.09%
Pre Tax Income Margin	27.52%	26.75%	25.21%	20.61%	23.60%	21.89%	11.85%	20.65%	21.53%	16.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.54	2.14	2.33	0.00	1.63	2.11	2.08	0.00
NOPAT to Interest Expense	0.00	0.00	2.31	1.97	2.16	0.00	1.36	1.87	1.77	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	2.64	2.23	2.41	0.00	1.99	2.37	2.90	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.41	2.05	2.24	0.00	1.72	2.13	2.60	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	262.94%	206.98%	207.73%	221.99%	228.34%	240.39%	286.61%	285.28%	290.14%	311.04%
Augmented Payout Ratio	262.94%	206.98%	207.73%	221.99%	228.34%	240.39%	286.61%	285.28%	290.14%	311.04%

Frequently Asked Questions About Realty Income's Financials

When does Realty Income's fiscal year end?

According to the most recent income statement we have on file, Realty Income's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Realty Income's net income changed over the last 9 years?

Realty Income's net income appears to be on an upward trend, with a most recent value of $867.34 million in 2024, rising from $284.86 million in 2015. The previous period was $876.91 million in 2023. Check out Realty Income's forecast to explore projected trends and price targets.

What is Realty Income's operating income?

Realty Income's total operating income in 2024 was $781.85 million, based on the following breakdown:

Total Gross Profit: $5.27 billion
Total Operating Expenses: $4.49 billion

How has Realty Income revenue changed over the last 9 years?

Over the last 9 years, Realty Income's total revenue changed from $1.02 billion in 2015 to $5.27 billion in 2024, a change of 415.1%.

How much debt does Realty Income have?

Realty Income's total liabilities were at $29.78 billion at the end of 2024, a 20.7% increase from 2023, and a 462.8% increase since 2015.

How much cash does Realty Income have?

In the past 9 years, Realty Income's cash and equivalents has ranged from $6.90 million in 2017 to $824.48 million in 2020, and is currently $444.96 million as of their latest financial filing in 2024.

How has Realty Income's book value per share changed over the last 9 years?

Over the last 9 years, Realty Income's book value per share changed from 50.75 in 2015 to 44.38 in 2024, a change of -12.6%.

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This page (NYSE:O) was last updated on 5/6/2025 by MarketBeat.com Staff

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Realty Income (O) Financials

Frequently Asked Questions About Realty Income's Financials

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Realty Income (O) Financials

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