Realty Income (O) Financials

$56.34 +0.49 (+0.87%)

Closing price 03:59 PM Eastern

Extended Trading

$56.22 -0.11 (-0.20%)

As of 07:58 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	848	872	869	359	395	436	364	302	288	257
Consolidated Net Income / (Loss)	867	877	872	361	397	437	365	319	316	285
Net Income / (Loss) Continuing Operations	867	877	872	361	397	437	365	319	294	285
Total Pre-Tax Income	934	929	918	392	411	444	370	325	298	288
Total Operating Income	782	890	804	422	336	408	345	574	518	499
Total Gross Profit	5,271	4,079	3,344	2,080	1,647	1,488	1,328	1,216	1,103	1,023
Total Revenue	5,271	4,079	3,344	2,080	1,647	1,488	1,328	1,216	1,103	1,023
Operating Revenue	5,271	4,079	3,344	2,065	1,647	1,485	1,322	1,212	1,103	1,019
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	4,489	3,189	2,540	1,658	1,311	1,080	983	641	585	524
Selling, General & Admin Expense	177	145	138	97	73	66	84	58	52	49
Depreciation Expense	2,396	1,895	1,670	898	677	594	540	499	450	409
Other Operating Expenses / (Income)	1,395	1,047	692	457	414	380	332	69	63	55
Impairment Charge	426	87	26	39	147	40	26	15	21	11
Restructuring Charge	96	14	14	167	0.00	0.00	-	-	-	-
Total Other Income / (Expense), net	152	39	114	-30	76	36	25	-249	-220	-211
Interest Expense	0.00	0.00	-0.37	97	9.82	0.00	0.00	247	220	233
Interest & Investment Income	7.79	2.55	-6.45	1.11	0.00	0.00	-	-	-	-
Other Income / (Expense), net	144	36	120	66	85	36	25	-1.53	-	22
Income Tax Expense	67	52	45	32	15	6.16	5.34	6.04	3.26	3.17
Preferred Stock Dividends Declared	13	0.00	0.00	-	-	-	-	17	27	27
Net Income / (Loss) Attributable to Noncontrolling Interest	6.57	4.61	3.01	1.29	1.02	1.00	0.98	0.52	0.91	1.09
Basic Earnings per Share	$0.98	$1.26	$1.42	$0.87	$1.15	$1.38	$1.26	$1.10	$1.13	$1.09
Weighted Average Basic Shares Outstanding	862.96M	692.30M	611.77M	414.54M	345.28M	315.84M	289.43M	273.47M	255.07M	235.77M
Diluted Earnings per Share	$0.98	$1.26	$1.42	$0.87	$1.14	$1.38	$1.26	$1.10	$1.13	$1.09
Weighted Average Diluted Shares Outstanding	863.79M	693.02M	612.18M	414.77M	345.42M	316.16M	289.92M	273.94M	255.62M	236.21M
Weighted Average Basic & Diluted Shares Outstanding	891.52M	861.12M	660.52M	591.32M	373.39M	315.84M	289.43M	284.25M	260.12M	250.54M
Cash Dividends to Common per Share	$3.13	$3.05	$2.97	$2.83	$2.79	$2.71	$2.63	$2.53	-	-

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	250	200	262	257	130	218	233	195	225	227	220
Consolidated Net Income / (Loss)	251	201	271	261	134	220	234	197	226	228	220
Net Income / (Loss) Continuing Operations	251	201	271	261	134	220	234	197	226	228	220
Total Pre-Tax Income	267	221	286	277	149	236	245	210	238	238	230
Total Operating Income	236	-563	489	490	366	-287	417	385	375	96	209
Total Gross Profit	1,381	1,340	1,331	1,339	1,260	1,076	1,039	1,019	944	889	837
Total Revenue	1,381	1,340	1,331	1,339	1,260	1,076	1,039	1,019	944	889	837
Operating Revenue	1,381	1,340	1,331	1,339	1,260	1,076	1,039	1,019	944	910	826
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	1,145	1,903	842	850	895	1,363	622	634	570	793	629
Selling, General & Admin Expense	44	49	42	45	41	38	36	37	34	38	34
Depreciation Expense	609	607	602	606	581	476	496	472	451	438	419
Other Operating Expenses / (Income)	375	1,113	92	100	89	812	71	95	69	307	170
Impairment Charge	117	143	97	96	89	27	17	30	13	9.48	1.65
Restructuring Charge	0.28	-9.18	8.61	2.75	94	9.93	2.88	0.34	1.31	0.90	3.75
Total Other Income / (Expense), net	32	784	-203	-213	-216	523	-172	-175	-137	142	22
Interest & Investment Income	4.36	2.35	5.09	2.03	-1.68	2.14	0.00	0.41	0.00	-0.11	-0.66
Other Income / (Expense), net	27	33	54	32	26	-1.58	12	8.29	17	36	22
Income Tax Expense	16	20	15	16	16	16	11	13	12	9.38	10
Preferred Stock Dividends Declared	0.00	-	7.70	2.59	2.59	-	0.00	0.00	0.00	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	1.65	1.74	1.64	1.58	1.62	1.36	0.40	1.74	1.11	1.07	0.72
Basic Earnings per Share	$0.28	$0.22	$0.30	$0.30	$0.16	$0.30	$0.33	$0.29	$0.34	$0.35	$0.36
Weighted Average Basic Shares Outstanding	891.67M	862.96M	870.67M	870.32M	834.94M	692.30M	709.17M	674.11M	660.46M	611.77M	617.51M
Diluted Earnings per Share	$0.28	$0.23	$0.30	$0.29	$0.16	$0.30	$0.33	$0.29	$0.34	$0.35	$0.36
Weighted Average Diluted Shares Outstanding	892.35M	863.79M	872.05M	870.73M	835.24M	693.02M	709.54M	674.59M	661.24M	612.18M	617.96M
Weighted Average Basic & Diluted Shares Outstanding	903.08M	891.52M	875.21M	870.87M	870.77M	861.12M	723.92M	708.79M	673.22M	660.52M	627.15M
Cash Dividends to Common per Share	$0.80	-	-	-	$0.77	-	-	-	$0.75	-	-

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	203	65	-105	-518	780	50	8.93	-3.54	-35	4.15
Net Cash From Operating Activities	3,573	2,959	2,564	1,322	1,116	1,069	941	876	800	694
Net Cash From Continuing Operating Activities	3,573	2,959	2,564	1,322	1,116	1,069	941	876	800	694
Net Income / (Loss) Continuing Operations	867	877	872	361	397	437	365	319	316	285
Consolidated Net Income / (Loss)	867	877	872	361	397	437	365	319	316	285
Depreciation Expense	2,396	1,895	1,670	898	677	594	540	499	450	409
Amortization Expense	21	-47	-61	-1.51	7.99	7.39	6.25	8.69	5.49	1.56
Non-Cash Adjustments To Reconcile Net Income	255	59	117	125	79	12	21	26	-1.10	-6.86
Changes in Operating Assets and Liabilities, net	34	174	-35	-60	-45	18	9.06	23	29	4.79
Net Cash From Investing Activities	-3,343	-9,355	-8,387	-6,438	-2,032	-3,502	-1,640	-1,255	-1,701	-1,213
Net Cash From Continuing Investing Activities	-3,343	-9,355	-8,387	-6,438	-2,032	-3,502	-1,640	-1,255	-1,701	-1,213
Purchase of Property, Plant & Equipment	-121	-69	-96	-19	-8.71	-24	-25	-15	-13	-12
Acquisitions	-0.23	-0.20	-5.67	-394	0.00	0.00	-0.20	-7.50	-	0.00
Purchase of Investments	-3,333	-9,233	-8,886	-6,313	-2,283	-	-1,769	-1,413	-1,799	-1,267
Sale of Property, Plant & Equipment	589	117	436	251	259	109	142	167	99	66
Divestitures	0.00	0.00	108	0.00	0.00	-	-	-	-	-
Sale and/or Maturity of Investments	57	3.93	7.27	38	0.00	0.00	5.27	0.12	13	0.00
Other Investing Activities, net	-535	-174	49	0.00	0.00	-3,587	7.65	14	0.00	0.00
Net Cash From Financing Activities	-21	6,437	5,738	4,577	1,692	2,493	708	375	866	523
Net Cash From Continuing Financing Activities	-21	6,437	5,738	4,577	1,692	2,493	708	375	866	523
Repayment of Debt	-38,430	-79,502	-27,781	-9,385	-4,884	-2,465	-2,148	-3,399	-3,509	-1,792
Repurchase of Preferred Equity	-173	0.00	0.00	-	-	-	-	-409	0.00	-6.75
Payment of Dividends	-2,698	-2,108	-1,806	-1,160	-957	-853	-754	-628	-650	-199
Issuance of Debt	39,536	82,600	30,689	10,082	5,705	3,710	2,488	3,484	4,474	1,691
Issuance of Common Equity	1,743	5,439	4,556	4,443	1,824	845	0.00	705	384	794
Other Financing Activities, net	0.00	7.85	80	597	4.11	1,278	1,125	622	177	36
Effect of Exchange Rate Changes	-5.90	24	-21	20	4.43	-9.80	0.00	0.00	-	-

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-152	59	-38	-222	405	-138	116	71	17	-62	15
Net Cash From Operating Activities	788	972	841	981	779	761	732	735	731	630	677
Net Cash From Continuing Operating Activities	788	972	841	981	779	761	728	738	731	630	677
Net Income / (Loss) Continuing Operations	251	201	271	261	134	220	234	197	226	228	220
Consolidated Net Income / (Loss)	251	201	271	261	134	220	234	197	226	228	220
Depreciation Expense	609	607	602	606	581	476	496	472	451	438	419
Amortization Expense	6.64	6.87	6.29	5.95	1.55	-11	-11	-12	-12	-15	-15
Non-Cash Adjustments To Reconcile Net Income	74	127	-4.94	68	65	46	8.70	19	-15	191	-25
Changes in Operating Assets and Liabilities, net	-154	30	-33	40	-3.28	30	1.51	62	81	-213	77
Net Cash From Investing Activities	-1,314	-1,772	-537	-645	-389	-2,716	-1,992	-2,969	-1,678	-3,858	-1,609
Net Cash From Continuing Investing Activities	-1,314	-1,772	-537	-645	-389	-2,716	-1,992	-2,969	-1,678	-3,858	-1,609
Purchase of Property, Plant & Equipment	-23	-36	-34	-42	-9.63	-22	-18	-16	-14	-29	-36
Acquisitions	-0.10	39	-39	-94	94	0.99	0.75	-1.94	0.00	23	-15
Purchase of Investments	-1,189	-1,664	-724	-371	-574	-2,531	-2,015	-4,687	0.00	-3,906	-1,814
Sale of Property, Plant & Equipment	93	138	249	106	96	25	32	32	29	21	142
Sale and/or Maturity of Investments	7.02	5.74	8.99	37	5.47	-	-	3.93	0.00	-	6.52
Other Investing Activities, net	-201	-254	0.55	-282	0.02	-190	7.98	1,700	-1,692	33	-
Net Cash From Financing Activities	375	865	-342	-561	17	1,795	1,395	2,298	950	3,104	1,004
Net Cash From Continuing Financing Activities	375	865	-342	-561	17	1,795	1,395	2,296	951	3,104	1,004
Repayment of Debt	-5,124	-11,565	-14,544	-3,172	-9,149	-44,537	-6,020	-23,231	-5,714	-8,295	-9,509
Payment of Dividends	-715	-683	-692	-684	-638	-555	-543	-513	-497	-469	-456
Issuance of Debt	5,585	12,188	14,798	3,290	9,260	45,292	7,073	23,865	6,370	9,644	10,278
Issuance of Common Equity	625	933	267	-0.26	544	1,589	873	2,180	796	2,152	691
Other Financing Activities, net	3.11	-8.81	2.65	6.17	0.00	5.66	11	-5.54	-3.74	72	-

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	68,835	57,779	49,673	43,138	20,740	18,555	15,260	14,058	13,153	11,845
Total Current Assets	1,418	975	744	685	1,129	333	172	133	141	132
Cash & Equivalents	445	233	171	259	824	54	10	6.90	9.42	40
Accounts Receivable	878	711	543	427	286	182	145	120	105	82
Inventories, net	95	31	30	-	19	97	17	6.67	27	9.77
Plant, Property, & Equipment, net	50,914	43,514	37,752	31,959	17,466	16,400	13,827	12,670	11,877	10,609
Plant, Property & Equipment, gross	58,295	49,586	42,657	35,909	21,016	19,518	16,541	15,016	13,864	12,297
Accumulated Depreciation	7,381	6,072	4,904	3,950	3,549	3,118	2,715	2,347	1,987	1,688
Total Noncurrent Assets	16,503	13,290	11,177	10,493	2,145	1,822	1,262	1,255	1,135	1,105
Long-Term Investments	1,230	1,172	0.00	141	0.00	-	-	-	-	-
Goodwill	4,932	3,731	3,731	3,677	14	-	-	15	15	15
Intangible Assets	6,323	5,018	5,168	5,275	1,711	1,493	1,200	1,195	1,082	1,034
Other Noncurrent Operating Assets	4,019	3,369	2,277	1,400	420	329	62	45	38	55
Total Liabilities & Shareholders' Equity	68,835	57,779	49,673	43,138	20,740	18,555	15,260	14,058	13,153	11,845
Total Liabilities	29,783	24,672	20,830	18,008	9,723	8,751	7,140	6,667	6,366	5,292
Total Current Liabilities	1,890	1,503	3,128	351	241	881	134	110	121	116
Short-Term Debt	1,130	764	2,729	-	0.00	704	-	-	-	-
Accounts Payable	759	739	399	351	241	177	134	110	121	116
Total Noncurrent Liabilities	27,894	23,169	17,702	17,657	9,481	7,869	7,006	6,558	6,245	5,176
Long-Term Debt	25,097	20,756	15,382	15,443	8,817	7,197	6,500	555	1,439	4,175
Other Noncurrent Operating Liabilities	2,797	2,414	2,320	2,214	664	672	506	6,003	4,806	1,001
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	39,052	33,107	28,843	25,129	11,018	9,804	8,121	7,391	6,787	6,553
Total Preferred & Common Equity	38,841	32,941	28,713	25,053	10,985	9,774	8,089	7,372	6,767	6,532
Total Common Equity	38,841	32,941	28,713	25,053	10,985	9,774	8,089	7,372	6,371	6,136
Common Stock	47,451	39,630	34,160	29,578	14,700	12,874	10,754	9,624	8,229	7,666
Accumulated Other Comprehensive Income / (Loss)	38	74	47	4.93	-55	-17	-8.10	0.00	-	-
Other Equity Adjustments	-8,649	-6,762	-5,493	-4,531	-3,660	-3,082	-2,658	-2,253	-1,857	-1,530
Noncontrolling Interest	211	166	130	77	32	30	32	19	20	22

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	69,758	68,835	68,469	68,061	68,328	57,779	55,337	53,981	51,101	49,673	45,892
Total Current Assets	1,271	1,418	1,293	1,422	1,548	975	1,042	892	782	744	735
Cash & Equivalents	319	445	397	443	680	233	344	254	165	171	188
Accounts Receivable	952	878	835	789	789	711	678	621	617	543	529
Plant, Property, & Equipment, net	51,659	50,914	50,683	49,962	50,070	43,514	42,234	41,178	38,940	37,752	34,209
Plant, Property & Equipment, gross	59,418	58,295	57,749	56,656	56,463	49,586	48,015	46,664	44,128	42,657	38,834
Accumulated Depreciation	7,759	7,381	7,066	6,694	6,392	6,072	5,781	5,486	5,188	4,904	4,624
Total Noncurrent Assets	16,827	16,503	16,493	16,677	16,711	13,290	12,060	11,911	11,379	11,177	10,948
Long-Term Investments	1,234	1,230	1,225	1,220	1,203	1,172	-	-	-	0.00	0.00
Goodwill	4,932	4,932	4,932	4,931	4,991	3,731	3,731	3,731	3,731	3,731	3,731
Intangible Assets	6,216	6,323	6,600	6,730	7,037	5,018	5,089	5,238	5,257	5,168	5,064
Other Noncurrent Operating Assets	4,445	4,019	3,736	3,796	3,479	3,369	3,239	2,941	2,391	2,277	2,152
Total Liabilities & Shareholders' Equity	69,758	68,835	68,469	68,061	68,328	57,779	55,337	53,981	51,101	49,673	45,892
Total Liabilities	30,516	29,783	29,799	29,146	29,010	24,672	23,514	22,670	21,714	20,830	19,028
Total Current Liabilities	730	1,890	1,308	2,033	1,825	1,503	1,519	1,550	422	3,128	2,329
Accounts Payable	730	759	880	884	803	739	660	559	422	399	408
Total Noncurrent Liabilities	29,785	27,894	28,491	27,114	27,185	23,169	21,995	21,120	21,292	17,702	16,700
Long-Term Debt	25,314	25,097	25,718	24,311	24,319	20,756	19,595	18,642	18,883	15,382	14,422
Other Noncurrent Operating Liabilities	4,472	2,797	2,773	2,803	2,866	2,414	2,400	2,478	2,408	2,320	2,278
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	39,242	39,052	38,670	38,747	39,151	33,107	31,823	31,311	29,387	28,843	26,864
Total Preferred & Common Equity	39,031	38,841	38,458	38,582	38,986	32,941	31,657	31,143	29,259	28,713	26,737
Total Common Equity	39,031	38,841	38,458	38,582	38,986	32,941	31,657	31,143	29,259	28,713	26,737
Common Stock	48,076	47,451	46,506	46,231	46,221	39,630	38,032	37,149	34,959	34,160	32,003
Accumulated Other Comprehensive Income / (Loss)	73	38	103	75	65	74	42	96	73	47	-25
Other Equity Adjustments	-9,117	-8,649	-8,151	-7,724	-7,300	-6,762	-6,417	-6,102	-5,773	-5,493	-5,241
Noncontrolling Interest	211	211	212	165	165	166	166	168	128	130	127

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.23%	21.99%	60.72%	26.31%	10.68%	12.07%	9.22%	10.21%	7.81%	9.62%
EBITDA Growth	20.46%	9.54%	-20.62%	748.07%	5.84%	14.09%	-15.21%	11.00%	-47.78%	39.78%
EBIT Growth	-0.03%	0.29%	-33.94%	480.18%	-5.10%	19.92%	-35.41%	10.63%	-0.65%	316.15%
NOPAT Growth	-13.61%	10.02%	96.91%	159.60%	-19.54%	18.21%	-39.62%	10.07%	-48.11%	108.21%
Net Income Growth	-1.09%	0.52%	141.84%	-9.02%	-9.37%	19.99%	14.18%	0.90%	11.10%	4.75%
EPS Growth	-22.22%	-11.27%	63.22%	-23.68%	-17.39%	9.52%	14.55%	-2.65%	3.67%	4.81%
Operating Cash Flow Growth	20.77%	15.40%	93.91%	18.52%	4.36%	13.63%	7.41%	9.50%	15.33%	10.49%
Free Cash Flow Firm Growth	-72.47%	-116.31%	156.32%	-5,786.49%	60.76%	58.32%	-852.55%	-71.80%	-87.07%	460.40%
Invested Capital Growth	19.51%	13.76%	-41.77%	111.31%	7.70%	20.81%	84.03%	-3.38%	-23.12%	-45.00%
Revenue Q/Q Growth	5.27%	4.82%	6.48%	15.01%	1.19%	3.59%	2.46%	1.91%	2.24%	1.60%
EBITDA Q/Q Growth	-2.69%	-12.02%	7.19%	145.58%	15.98%	12.50%	-19.75%	1.81%	-58.92%	656.52%
EBIT Q/Q Growth	-20.65%	-31.20%	8.25%	154.18%	46.62%	28.08%	-38.82%	1.44%	-73.13%	8.16%
NOPAT Q/Q Growth	-26.49%	-30.59%	10.66%	-15.21%	56.46%	25.97%	-42.55%	0.73%	-73.34%	111.37%
Net Income Q/Q Growth	-2.08%	-0.97%	34.52%	-23.96%	-2.80%	11.25%	7.16%	-9.05%	3.13%	1.80%
EPS Q/Q Growth	-6.67%	-3.82%	40.59%	-30.40%	-5.00%	6.98%	6.78%	-10.57%	2.73%	-0.91%
Operating Cash Flow Q/Q Growth	6.29%	4.60%	12.18%	3.64%	1.32%	3.92%	1.80%	1.58%	0.00%	5.00%
Free Cash Flow Firm Q/Q Growth	6.01%	27.32%	270.52%	-1,626.86%	45.06%	62.31%	-4,549.83%	-90.10%	-78.20%	3,807.40%
Invested Capital Q/Q Growth	0.65%	2.48%	8.75%	261.95%	4.39%	9.51%	66.06%	-4.90%	-49.54%	-49.60%
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	63.41%	68.03%	75.76%	66.56%	67.15%	70.22%	68.98%	88.85%	88.22%	91.07%
Operating Margin	14.83%	21.83%	24.03%	20.28%	20.38%	27.41%	26.00%	47.24%	46.93%	48.75%
EBIT Margin	17.57%	22.71%	27.62%	23.48%	25.56%	29.81%	27.86%	47.11%	46.93%	50.92%
Profit (Net Income) Margin	16.45%	21.50%	26.09%	17.34%	24.07%	29.40%	27.46%	26.26%	28.69%	27.84%
Tax Burden Percent	92.87%	94.40%	95.08%	0.00%	0.00%	98.61%	98.56%	98.14%	106.29%	197.80%
Interest Burden Percent	100.84%	100.27%	99.34%	160.78%	195.34%	100.00%	100.00%	56.80%	57.51%	155.27%
Effective Tax Rate	7.13%	5.60%	4.92%	8.07%	3.57%	1.39%	1.44%	1.86%	1.10%	1.10%
Return on Invested Capital (ROIC)	1.24%	1.68%	1.20%	1.31%	1.77%	2.49%	3.02%	6.98%	5.42%	3.28%
ROIC Less NNEP Spread (ROIC-NNEP)	1.88%	1.87%	1.65%	1.07%	2.69%	2.98%	3.71%	-17.72%	3.51%	-0.12%
Return on Net Nonoperating Assets (RNNOA)	1.16%	1.15%	1.47%	0.68%	2.04%	2.39%	1.68%	-2.47%	5.42%	-0.12%
Return on Equity (ROE)	2.40%	2.83%	2.67%	3.99%	7.62%	4.88%	4.70%	4.50%	10.83%	0.00%
Cash Return on Invested Capital (CROIC)	-16.53%	-11.20%	54.00%	-205.96%	-5.65%	-16.36%	-56.15%	10.41%	31.56%	64.61%
Operating Return on Assets (OROA)	1.46%	1.72%	1.99%	1.53%	2.14%	2.62%	2.52%	4.21%	4.14%	4.56%
Return on Assets (ROA)	1.37%	1.63%	1.88%	1.13%	2.02%	2.59%	2.49%	2.35%	2.53%	2.49%
Return on Common Equity (ROCE)	2.39%	2.82%	2.66%	1.99%	3.80%	4.86%	4.69%	4.37%	10.16%	0.00%
Return on Equity Simple (ROE_SIMPLE)	2.23%	2.66%	3.04%	2.88%	7.22%	4.48%	4.51%	4.33%	4.68%	8.72%
Net Operating Profit after Tax (NOPAT)	726	840	764	388	324	402	340	564	512	987
NOPAT Margin	13.77%	20.61%	22.85%	18.65%	19.65%	27.03%	25.63%	46.36%	46.42%	48.21%
Net Nonoperating Expense Percent (NNEP)	-0.63%	-0.19%	-0.45%	3.83%	2.95%	-0.49%	-0.69%	24.70%	1.90%	3.40%
Return On Investment Capital (ROIC_SIMPLE)	1.11%	1.54%	1.63%	0.96%	1.63%	2.27%	2.33%	7.09%	6.22%	4.60%
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%
SG&A Expenses to Revenue	3.36%	3.54%	4.14%	4.66%	4.45%	4.47%	6.34%	4.81%	4.71%	4.82%
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	85.17%	78.17%	75.97%	79.72%	79.62%	72.59%	74.00%	52.76%	53.07%	51.25%
Earnings before Interest and Taxes (EBIT)	926	926	924	1,398	421	444	370	573	518	521
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,342	2,775	2,533	3,191	1,106	1,045	916	1,080	973	1,864
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.19	1.18	1.23	2.13	3.33	1.85	1.67	1.51	1.55	2.79
Price to Tangible Book Value (P/TBV)	1.67	1.61	1.78	3.31	1.86	2.19	1.96	1.81	1.87	3.36
Price to Revenue (P/Rev)	8.74	9.54	10.57	11.82	10.48	12.18	10.19	9.17	8.94	8.04
Price to Earnings (P/E)	54.34	44.63	40.64	148.36	43.63	41.52	37.22	36.96	34.20	32.04
Dividend Yield	5.94%	5.69%	5.27%	9.36%	5.70%	4.89%	5.76%	6.41%	6.30%	13.83%
Earnings Yield	1.84%	2.24%	2.46%	3.28%	4.58%	2.41%	2.69%	2.71%	2.92%	3.12%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.11	1.14	0.99	1.33	1.47	1.37	1.48	1.43	1.20
Enterprise Value to Revenue (EV/Rev)	13.44	14.52	15.97	19.08	15.35	17.47	15.10	9.63	10.62	12.48
Enterprise Value to EBITDA (EV/EBITDA)	21.19	21.34	21.08	60.46	85.01	24.88	21.89	10.84	12.03	13.71
Enterprise Value to EBIT (EV/EBIT)	76.48	63.91	57.81	171.50	125.05	58.61	54.21	20.45	22.62	24.52
Enterprise Value to NOPAT (EV/NOPAT)	97.56	70.45	69.90	102.34	78.10	64.63	58.93	20.78	22.87	25.89
Enterprise Value to Operating Cash Flow (EV/OCF)	19.82	20.01	20.83	63.31	22.66	24.32	21.32	13.37	14.64	18.42
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.56	0.00	0.00	0.00	0.00	13.92	3.93	1.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.65	0.63	0.61	0.80	0.81	0.80	0.08	0.21	0.64
Long-Term Debt to Equity	0.64	0.63	0.53	1.23	1.60	0.73	0.80	0.08	0.21	0.00
Financial Leverage	0.62	0.61	0.89	1.28	1.53	0.80	0.45	0.14	1.54	0.00
Leverage Ratio	1.75	1.73	1.72	3.53	3.77	1.89	1.89	1.92	1.87	0.00
Compound Leverage Factor	1.77	1.74	1.71	2.84	1.84	1.89	1.89	1.09	1.08	0.00
Debt to Total Capital	40.18%	39.39%	38.57%	76.12%	44.45%	44.63%	44.46%	6.99%	17.49%	0.00%
Short-Term Debt to Total Capital	1.73%	1.40%	5.81%	3.82%	0.00%	3.98%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.45%	38.00%	32.76%	76.12%	44.45%	40.65%	44.46%	6.99%	17.49%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.81%	0.00%
Noncontrolling Interests to Total Capital	0.32%	0.30%	0.28%	0.38%	0.16%	0.17%	0.22%	0.24%	0.25%	0.00%
Common Equity to Total Capital	59.50%	60.30%	61.15%	61.75%	55.38%	55.21%	55.32%	92.77%	77.45%	57.20%
Debt to EBITDA	7.85	7.76	7.15	22.31	7.97	7.56	7.10	0.51	1.48	9.23
Net Debt to EBITDA	7.35	7.25	7.08	21.83	25.38	7.51	7.09	0.51	1.47	9.14
Long-Term Debt to EBITDA	7.51	7.48	6.07	22.30	7.97	6.89	7.10	0.51	1.48	9.23
Debt to NOPAT	36.12	25.60	23.71	79.61	55.85	19.64	19.10	0.99	2.81	17.43
Net Debt to NOPAT	33.81	23.93	23.48	77.91	24.69	19.51	19.07	0.97	2.79	17.27
Long-Term Debt to NOPAT	34.56	24.69	20.13	79.61	55.85	17.89	19.10	0.99	2.81	17.43
Altman Z-Score	1.04	1.06	1.09	0.91	2.65	1.37	1.31	1.23	1.15	0.00
Noncontrolling Interest Sharing Ratio	0.52%	0.48%	0.38%	0.30%	0.30%	0.35%	0.33%	3.07%	6.24%	6.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.75	0.65	0.24	3.90	9.36	0.38	1.29	1.22	1.16	2.27
Quick Ratio	0.70	0.63	0.23	3.90	9.20	0.27	1.16	1.15	0.94	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9,656	-5,599	34,326	-60,946	-1,035	-2,639	-6,331	841	2,983	23,078
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	0.00	0.00	0.00	-627.16	-105.44	0.00	0.00	3.40	13.56	41.75
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	13.61	113.61	0.00	0.00	3.54	3.64	2.98
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	15.99	139.15	0.00	0.00	4.15	4.03	3.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.07	0.07	0.08	0.09	0.09	0.09	0.09	0.09
Accounts Receivable Turnover	6.64	6.51	6.89	5.84	7.04	9.10	10.04	10.85	11.85	14.01
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	0.11	0.10	0.10	0.08	0.10	0.10	0.10	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
Days Sales Outstanding (DSO)	54.99	56.10	52.94	62.50	51.82	40.10	36.36	33.64	30.81	26.05
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)	54.99	56.10	52.94	62.50	51.82	40.10	36.36	33.64	30.81	26.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	63,604	53,222	46,783	80,345	19,011	17,652	14,611	7,939	8,217	10,688
Invested Capital Turnover	0.09	0.08	0.05	0.07	0.09	0.09	0.12	0.15	0.12	0.07
Increase / (Decrease) in Invested Capital	10,382	6,439	-33,562	122,669	1,359	3,041	6,671	-278	-2,471	-8,743
Enterprise Value (EV)	70,835	59,209	53,402	39,706	52,650	26,001	20,054	11,712	11,710	26,445
Market Capitalization	46,072	38,928	35,332	53,328	17,254	18,123	13,532	11,144	9,865	17,091
Book Value per Share	$44.38	$45.50	$45.78	$61.98	$31.30	$29.99	$27.41	$26.16	$24.64	$50.75
Tangible Book Value per Share	$31.52	$33.42	$31.59	$39.83	$52.77	$25.41	$23.34	$21.87	$20.39	$46.55
Total Capital	65,279	54,627	46,954	81,144	19,835	17,706	14,621	7,946	8,226	21,707
Total Debt	26,227	21,520	18,111	30,885	8,817	7,902	6,500	555	1,439	8,601
Total Long-Term Debt	25,097	20,756	15,382	30,885	8,817	7,197	6,500	555	1,439	8,601
Net Debt	24,552	20,115	17,940	15,043	7,993	7,848	6,490	548	1,430	8,520
Capital Expenditures (CapEx)	-468	-49	-341	-231	-251	-85	-117	-152	-86	1,158
Debt-free, Cash-free Net Working Capital (DFCFNWC)	213	3.48	174	182	63	102	28	17	10	-49
Debt-free Net Working Capital (DFNWC)	658	236	345	699	888	156	38	24	19	32
Net Working Capital (NWC)	-472	-528	-2,384	668	888	-549	38	24	19	32
Net Nonoperating Expense (NNE)	-141	-36	-108	27	-73	-35	-24	244	196	417
Net Nonoperating Obligations (NNO)	24,552	20,115	17,940	30,086	7,993	7,848	6,490	548	1,430	19,129
Total Depreciation and Amortization (D&A)	2,416	1,848	1,609	896	685	601	546	507	455	411
Debt-free, Cash-free Net Working Capital to Revenue	4.05%	0.09%	5.19%	3.64%	3.85%	6.83%	2.09%	1.37%	0.91%	-2.38%
Debt-free Net Working Capital to Revenue	12.49%	5.80%	10.31%	16.06%	53.90%	10.46%	2.88%	1.94%	1.76%	1.56%
Net Working Capital to Revenue	-8.95%	-12.94%	-71.31%	16.06%	53.90%	-36.87%	2.88%	1.94%	1.76%	1.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.98	$1.26	$1.42	$0.87	$1.15	$1.38	$0.00	$1.10	$1.13	$1.09
Adjusted Weighted Average Basic Shares Outstanding	862.96M	692.30M	611.77M	414.54M	345.28M	315.84M	0.00	273.47M	255.07M	235.77M
Adjusted Diluted Earnings per Share	$0.98	$1.26	$1.42	$0.87	$1.14	$1.38	$0.00	$1.10	$1.13	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	863.79M	693.02M	612.18M	414.77M	345.42M	316.16M	0.00	273.94M	255.62M	236.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.38	$0.00	$1.10	$1.13	$1.09
Adjusted Weighted Average Basic & Diluted Shares Outstanding	891.52M	861.12M	660.52M	591.32M	373.39M	333.63M	0.00	284.25M	260.12M	250.54M
Normalized Net Operating Profit after Tax (NOPAT)	1,211	936	802	578	466	442	366	578	532	1,008
Normalized NOPAT Margin	22.97%	22.96%	23.98%	27.77%	28.27%	29.70%	27.58%	47.55%	48.27%	49.24%
Pre Tax Income Margin	17.72%	22.77%	27.44%	18.86%	24.97%	29.81%	27.86%	26.76%	26.99%	28.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	5.03	42.88	0.00	0.00	2.32	2.35	2.24
NOPAT to Interest Expense	0.00	0.00	0.00	3.99	32.96	0.00	0.00	2.28	2.33	2.12
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	7.41	68.42	0.00	0.00	2.93	2.74	2.47
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	6.37	58.50	0.00	0.00	2.89	2.72	2.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	311.04%	240.39%	206.98%	321.42%	241.27%	195.09%	206.91%	196.54%	205.49%	69.85%
Augmented Payout Ratio	311.04%	240.39%	206.98%	321.42%	241.27%	199.92%	207.67%	196.54%	208.34%	69.85%

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.52%	24.53%	28.08%	31.42%	33.47%	21.11%	24.11%	25.76%	16.98%	29.73%	70.91%
EBITDA Growth	19.71%	-52.40%	26.01%	32.74%	17.18%	-68.27%	43.92%	33.61%	-40.98%	-52.23%	82.87%
EBIT Growth	73.93%	-83.49%	26.39%	32.52%	-0.13%	-319.65%	85.96%	-19.90%	-38.02%	115.37%	58.43%
NOPAT Growth	97.96%	-90.96%	16.27%	27.80%	-7.97%	-391.12%	99.59%	98.43%	23.16%	854.37%	55.94%
Net Income Growth	87.80%	-8.38%	15.93%	32.37%	-40.78%	-3.76%	6.17%	-11.92%	13.08%	5,011.62%	62.84%
EPS Growth	75.00%	-23.33%	-9.09%	0.00%	-52.94%	-14.29%	-8.33%	-21.62%	0.00%	683.33%	5.88%
Operating Cash Flow Growth	1.14%	27.78%	14.96%	33.51%	6.49%	20.65%	8.15%	-1.10%	42.41%	79.05%	74.02%
Free Cash Flow Firm Growth	99.96%	-62.42%	-26.79%	-133.88%	-120.06%	-119.93%	58.70%	126.95%	172.19%	154.88%	-434.36%
Invested Capital Growth	0.36%	19.51%	21.68%	23.72%	30.49%	13.76%	20.72%	-39.98%	-59.66%	-41.77%	93.80%
Revenue Q/Q Growth	3.00%	0.71%	-0.64%	6.26%	17.11%	3.58%	1.95%	7.92%	6.27%	6.14%	3.31%
EBITDA Q/Q Growth	947.74%	-92.72%	1.61%	16.29%	453.17%	-80.72%	7.04%	2.67%	49.78%	-12.56%	-0.63%
EBIT Q/Q Growth	149.61%	-197.61%	4.05%	33.14%	235.68%	-167.24%	9.10%	0.34%	198.42%	-43.07%	-53.01%
NOPAT Q/Q Growth	143.36%	-210.51%	0.17%	41.00%	222.34%	-167.29%	10.10%	1.54%	287.00%	-53.87%	9.46%
Net Income Q/Q Growth	24.89%	-25.74%	3.89%	94.90%	-39.07%	-6.04%	18.63%	-12.81%	-0.97%	3.65%	-1.58%
EPS Q/Q Growth	21.74%	-23.33%	3.45%	81.25%	-46.67%	-9.09%	13.79%	-14.71%	-2.86%	-2.78%	-2.70%
Operating Cash Flow Q/Q Growth	-18.98%	15.51%	-14.24%	26.01%	2.37%	3.92%	-0.39%	0.50%	15.98%	-6.84%	-8.92%
Free Cash Flow Firm Q/Q Growth	99.95%	-0.88%	6.59%	19.40%	-113.84%	21.24%	-124.96%	-52.27%	112.43%	263.20%	83.71%
Invested Capital Q/Q Growth	-0.94%	0.65%	0.77%	-0.10%	17.95%	2.48%	2.45%	5.37%	2.83%	8.75%	-49.06%
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	63.62%	6.25%	86.50%	84.59%	77.30%	16.36%	87.93%	83.75%	88.04%	62.46%	75.82%
Operating Margin	17.07%	-41.97%	36.74%	36.56%	29.01%	-26.68%	40.16%	37.80%	39.69%	10.78%	24.92%
EBIT Margin	19.03%	-39.52%	40.77%	38.94%	31.07%	-26.82%	41.32%	38.61%	41.53%	14.79%	27.57%
Profit (Net Income) Margin	18.22%	15.02%	20.37%	19.48%	10.62%	20.42%	22.51%	19.34%	23.94%	25.69%	26.31%
Tax Burden Percent	94.14%	90.92%	94.64%	94.35%	89.62%	93.29%	95.38%	93.84%	94.98%	96.05%	95.59%
Interest Burden Percent	101.66%	-41.81%	52.79%	53.04%	38.14%	-81.60%	57.11%	53.38%	60.70%	180.87%	99.82%
Effective Tax Rate	5.86%	9.08%	5.36%	5.65%	10.38%	6.71%	4.62%	6.16%	5.02%	3.95%	4.41%
Return on Invested Capital (ROIC)	1.38%	-3.44%	3.02%	2.87%	2.06%	-2.03%	3.14%	1.94%	1.57%	0.54%	2.29%
ROIC Less NNEP Spread (ROIC-NNEP)	1.50%	-0.25%	2.17%	1.94%	1.14%	0.53%	2.23%	1.00%	1.27%	1.11%	2.46%
Return on Net Nonoperating Assets (RNNOA)	0.90%	-0.16%	1.37%	1.19%	0.70%	0.33%	1.38%	0.61%	2.00%	0.99%	1.53%
Return on Equity (ROE)	2.28%	-3.60%	4.40%	4.06%	2.76%	-1.70%	4.52%	2.55%	3.57%	1.53%	3.82%
Cash Return on Invested Capital (CROIC)	0.97%	-16.53%	-17.85%	-19.58%	-24.98%	-11.20%	-16.23%	51.46%	-7.24%	54.00%	-61.73%
Operating Return on Assets (OROA)	1.49%	-3.29%	3.30%	3.01%	2.29%	-2.04%	3.18%	2.88%	3.04%	1.07%	2.49%
Return on Assets (ROA)	1.42%	1.25%	1.65%	1.51%	0.78%	1.55%	1.73%	1.44%	1.75%	1.85%	2.37%
Return on Common Equity (ROCE)	2.26%	-3.58%	4.37%	4.03%	2.74%	-1.69%	4.50%	2.54%	3.56%	1.53%	3.81%
Return on Equity Simple (ROE_SIMPLE)	2.52%	0.00%	2.30%	2.20%	2.01%	0.00%	2.80%	2.80%	3.07%	0.00%	2.43%
Net Operating Profit after Tax (NOPAT)	222	-511	463	462	328	-268	398	362	356	92	199
NOPAT Margin	16.07%	-38.16%	34.77%	34.50%	26.00%	-24.89%	38.31%	35.47%	37.70%	10.35%	23.82%
Net Nonoperating Expense Percent (NNEP)	-0.13%	-3.19%	0.86%	0.93%	0.92%	-2.56%	0.91%	0.93%	0.30%	-0.57%	-0.17%
Return On Investment Capital (ROIC_SIMPLE)	0.34%	-0.78%	0.71%	0.72%	0.51%	-0.49%	0.76%	0.71%	0.74%	0.20%	0.46%
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	3.19%	3.66%	3.15%	3.36%	3.24%	3.53%	3.42%	3.61%	3.62%	4.22%	4.07%
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	82.93%	141.97%	63.26%	63.44%	70.99%	126.68%	59.84%	62.20%	60.31%	89.22%	75.08%
Earnings before Interest and Taxes (EBIT)	263	-530	543	522	392	-289	429	394	392	131	231
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	878	84	1,151	1,133	974	176	914	854	831	555	635
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	1.19	1.40	1.14	0.95	1.18	1.03	1.18	1.28	1.23	1.18
Price to Tangible Book Value (P/TBV)	1.84	1.67	2.00	1.64	1.38	1.61	1.43	1.65	1.85	1.78	1.76
Price to Revenue (P/Rev)	9.50	8.74	10.73	9.36	8.47	9.54	8.39	9.93	10.80	10.57	10.05
Price to Earnings (P/E)	52.93	54.34	61.99	52.63	47.89	44.63	37.07	42.24	41.99	40.64	48.82
Dividend Yield	5.48%	5.94%	5.03%	6.08%	5.97%	5.69%	6.59%	5.53%	5.25%	5.27%	5.78%
Earnings Yield	1.89%	1.84%	1.61%	1.90%	2.09%	2.24%	2.70%	2.37%	2.38%	2.46%	2.05%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.11	1.24	1.09	0.97	1.11	1.02	1.11	1.17	1.14	1.11
Enterprise Value to Revenue (EV/Rev)	13.95	13.44	15.67	14.47	13.88	14.52	13.60	15.23	16.21	15.97	15.23
Enterprise Value to EBITDA (EV/EBITDA)	21.57	21.19	22.84	21.35	20.91	21.34	16.79	19.54	21.21	21.08	20.24
Enterprise Value to EBIT (EV/EBIT)	72.47	76.48	67.22	64.77	65.88	63.91	39.32	48.94	56.46	57.81	56.05
Enterprise Value to NOPAT (EV/NOPAT)	89.99	97.56	79.43	74.01	74.13	70.45	43.72	55.46	67.93	69.90	69.28
Enterprise Value to Operating Cash Flow (EV/OCF)	21.00	19.82	23.34	20.99	20.29	20.01	18.72	20.26	20.29	20.83	20.93
Enterprise Value to Free Cash Flow (EV/FCFF)	123.60	0.00	0.00	0.00	0.00	0.00	0.00	1.62	0.00	1.56	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.67	0.68	0.65	0.64	0.65	0.64	0.63	0.64	0.63	0.61
Long-Term Debt to Equity	0.65	0.64	0.67	0.62	0.62	0.63	0.62	0.60	0.64	0.53	0.54
Financial Leverage	0.60	0.62	0.63	0.61	0.61	0.61	0.62	0.61	1.58	0.89	0.62
Leverage Ratio	1.76	1.75	1.76	1.74	1.74	1.73	1.72	1.71	1.73	1.72	1.73
Compound Leverage Factor	1.79	-0.73	0.93	0.92	0.66	-1.42	0.99	0.92	1.05	3.11	1.73
Debt to Total Capital	39.21%	40.18%	40.34%	39.55%	39.19%	39.39%	39.12%	38.54%	39.12%	38.57%	37.82%
Short-Term Debt to Total Capital	0.00%	1.73%	0.66%	1.78%	1.58%	1.40%	1.64%	1.94%	0.00%	5.81%	4.44%
Long-Term Debt to Total Capital	39.21%	38.45%	39.68%	37.76%	37.61%	38.00%	37.48%	36.59%	39.12%	32.76%	33.38%
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	0.33%	0.32%	0.33%	0.52%	0.51%	0.30%	0.32%	0.33%	0.27%	0.28%	0.29%
Common Equity to Total Capital	60.46%	59.50%	59.33%	59.93%	60.29%	60.30%	60.56%	61.13%	60.61%	61.15%	61.88%
Debt to EBITDA	7.26	7.85	7.61	7.96	8.69	7.76	6.49	6.83	7.10	7.15	6.91
Net Debt to EBITDA	6.81	7.35	7.14	7.44	8.04	7.25	6.38	6.74	7.04	7.08	6.84
Long-Term Debt to EBITDA	7.26	7.51	7.49	7.60	8.34	7.48	6.21	6.48	7.10	6.07	6.10
Debt to NOPAT	30.29	36.12	26.47	27.61	30.80	25.60	16.89	19.38	22.73	23.71	23.67
Net Debt to NOPAT	28.43	33.81	24.83	25.80	28.51	23.93	16.61	19.13	22.53	23.48	23.40
Long-Term Debt to NOPAT	30.29	34.56	26.04	26.36	29.55	24.69	16.18	18.40	22.73	20.13	20.89
Altman Z-Score	1.11	0.97	1.18	0.99	0.85	0.99	0.92	1.05	1.14	1.04	1.04
Noncontrolling Interest Sharing Ratio	0.69%	0.52%	0.54%	0.71%	0.67%	0.48%	0.50%	0.42%	0.37%	0.38%	0.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	0.75	0.99	0.70	0.85	0.65	0.69	0.58	1.85	0.24	0.32
Quick Ratio	1.74	0.70	0.94	0.61	0.81	0.63	0.67	0.56	1.85	0.23	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5.50	-10,893	-10,798	-11,560	-14,342	-6,707	-8,516	34,122	71,492	33,654	-20,621
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7,841.92%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-41.33	-46.81	-59.61	0.00	-46.25	185.59	463.83	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	3.22	3.97	3.24	0.00	3.98	4.00	4.74	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	4.05	4.23	3.59	0.00	4.06	4.09	4.84	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.08	0.08	0.07	0.08	0.08	0.07	0.07	0.07	0.09
Accounts Receivable Turnover	6.19	6.64	6.62	6.69	6.25	6.51	6.44	6.58	6.41	6.89	7.21
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	0.11	0.11	0.11	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.12
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)	58.96	54.99	55.17	54.54	58.41	56.10	56.64	55.45	56.92	52.94	50.62
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)	58.96	54.99	55.17	54.54	58.41	56.10	56.64	55.45	56.92	52.94	50.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	63,003	63,604	63,193	62,711	62,776	53,222	51,932	50,689	48,106	46,783	43,018
Invested Capital Turnover	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.05	0.04	0.05	0.10
Increase / (Decrease) in Invested Capital	227	10,382	11,261	12,022	14,670	6,439	8,914	-33,761	-71,136	-33,562	20,820
Enterprise Value (EV)	75,211	70,835	78,458	68,254	60,999	59,209	52,940	56,180	56,432	53,402	47,829
Market Capitalization	51,239	46,072	53,722	44,124	37,209	38,928	32,665	36,634	37,584	35,332	31,547
Book Value per Share	$43.78	$44.38	$44.16	$44.31	$46.69	$45.50	$44.66	$46.26	$44.30	$45.78	$43.29
Tangible Book Value per Share	$31.28	$31.52	$30.92	$30.92	$32.29	$33.42	$32.22	$32.94	$30.69	$31.59	$29.05
Total Capital	64,556	65,279	64,815	64,374	64,660	54,627	52,277	50,943	48,271	46,954	43,206
Total Debt	25,314	26,227	26,146	25,459	25,341	21,520	20,453	19,632	18,883	18,111	16,342
Total Long-Term Debt	25,314	25,097	25,718	24,311	24,319	20,756	19,595	18,642	18,883	15,382	14,422
Net Debt	23,761	24,552	24,524	23,797	23,458	20,115	20,109	19,378	18,719	17,940	16,154
Capital Expenditures (CapEx)	-70	-102	-216	-64	-86	-3.00	-15	-16	-15	8.04	-106
Debt-free, Cash-free Net Working Capital (DFCFNWC)	222	213	16	95	65	3.48	38	79	195	174	139
Debt-free Net Working Capital (DFNWC)	541	658	413	538	745	236	382	332	360	345	327
Net Working Capital (NWC)	541	-472	-15	-611	-278	-528	-476	-658	360	-2,384	-1,593
Net Nonoperating Expense (NNE)	-30	-713	192	201	194	-488	164	164	130	-136	-21
Net Nonoperating Obligations (NNO)	23,761	24,552	24,524	23,797	23,458	20,115	20,109	19,378	18,719	17,940	16,154
Total Depreciation and Amortization (D&A)	616	614	609	612	583	465	484	460	439	424	404
Debt-free, Cash-free Net Working Capital to Revenue	4.12%	4.05%	0.31%	2.02%	1.48%	0.09%	0.98%	2.13%	5.60%	5.19%	4.43%
Debt-free Net Working Capital to Revenue	10.04%	12.49%	8.24%	11.41%	16.95%	5.80%	9.82%	9.00%	10.33%	10.31%	10.41%
Net Working Capital to Revenue	10.04%	-8.95%	-0.30%	-12.95%	-6.31%	-12.94%	-12.24%	-17.83%	10.33%	-71.31%	-50.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.22	$0.30	$0.30	$0.16	$0.30	$0.33	$0.29	$0.34	$0.35	$0.36
Adjusted Weighted Average Basic Shares Outstanding	891.67M	862.96M	870.67M	870.32M	834.94M	692.30M	709.17M	674.11M	660.46M	611.77M	617.51M
Adjusted Diluted Earnings per Share	$0.28	$0.23	$0.30	$0.29	$0.16	$0.30	$0.33	$0.29	$0.34	$0.35	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	892.35M	863.79M	872.05M	870.73M	835.24M	693.02M	709.54M	674.59M	661.24M	612.18M	617.96M
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	903.08M	891.52M	875.21M	870.87M	870.77M	861.12M	723.92M	708.79M	673.22M	660.52M	627.15M
Normalized Net Operating Profit after Tax (NOPAT)	332	-390	563	556	492	-233	417	390	370	102	205
Normalized NOPAT Margin	24.04%	-29.09%	42.28%	41.48%	39.05%	-21.66%	40.11%	38.25%	39.16%	11.48%	24.44%
Pre Tax Income Margin	19.35%	16.52%	21.53%	20.65%	11.85%	21.89%	23.60%	20.61%	25.21%	26.75%	27.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.08	2.11	1.63	0.00	2.33	2.14	2.54	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	1.77	1.87	1.36	0.00	2.16	1.97	2.31	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	2.90	2.37	1.99	0.00	2.41	2.23	2.64	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.60	2.13	1.72	0.00	2.24	2.05	2.41	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	281.38%	311.04%	290.14%	285.28%	286.61%	240.39%	228.34%	221.99%	207.73%	206.98%	262.94%
Augmented Payout Ratio	281.38%	311.04%	290.14%	285.28%	286.61%	240.39%	228.34%	221.99%	207.73%	206.98%	262.94%

Frequently Asked Questions About Realty Income's Financials

When does Realty Income's financial year end?

According to the most recent income statement we have on file, Realty Income's fiscal year ends in December. Their fiscal 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. See where experts think Realty Income is headed by visiting Realty Income's forecast page.

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 5/29/2025 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

Annual Income Statements for Realty Income

Quarterly Income Statements for Realty Income

Annual Cash Flow Statements for Realty Income

Quarterly Cash Flow Statements for Realty Income

Annual Balance Sheets for Realty Income

Quarterly Balance Sheets for Realty Income

Annual Metrics And Ratios for Realty Income

Quarterly Metrics And Ratios for Realty Income

Frequently Asked Questions About Realty Income's Financials

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