Realty Income (O) Financials

$62.14 -0.09 (-0.15%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$62.05 -0.09 (-0.14%)

As of 05/22/2026 07:59 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	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	257	288	302	364	436	395	359	869	872	848	1,059
Consolidated Net Income / (Loss)	285	316	319	365	437	397	361	872	877	867	1,070
Net Income / (Loss) Continuing Operations	285	294	319	365	437	397	361	872	877	867	1,070
Total Pre-Tax Income	288	298	325	370	444	411	392	918	929	934	1,155
Total Operating Income	499	518	574	345	408	336	422	804	890	782	963
Total Gross Profit	1,023	1,103	1,216	1,328	1,488	1,647	2,080	3,344	4,079	5,271	5,749
Total Revenue	1,023	1,103	1,216	1,328	1,488	1,647	2,080	3,344	4,079	5,271	5,749
Operating Revenue	1,019	1,103	1,212	1,322	1,485	1,647	2,065	3,344	4,079	5,271	5,749
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	524	585	641	983	1,080	1,311	1,658	2,540	3,189	4,489	4,786
Selling, General & Admin Expense	49	52	58	84	66	73	97	138	145	177	203
Depreciation Expense	409	450	499	540	594	677	898	1,670	1,895	2,396	2,524
Other Operating Expenses / (Income)	55	63	69	332	380	414	457	692	1,047	1,395	1,564
Impairment Charge	11	21	15	26	40	147	39	26	87	426	471
Restructuring Charge	-	-	-	-	0.00	0.00	167	14	14	96	24
Total Other Income / (Expense), net	-211	-220	-249	25	36	76	-30	114	39	152	192
Interest & Investment Income	-	-	-	-	0.00	0.00	1.11	-6.45	2.55	7.79	13
Other Income / (Expense), net	22	-	-1.53	25	36	85	66	120	36	144	178
Income Tax Expense	3.17	3.26	6.04	5.34	6.16	15	32	45	52	67	85
Preferred Stock Dividends Declared	27	27	17	-	-	-	-	0.00	0.00	13	0.00
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	11
Basic Earnings per Share	$1.09	$1.13	$1.10	$1.26	$1.38	$1.15	$0.87	$1.42	$1.26	$0.98	$1.17
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	907.17M
Diluted Earnings per Share	$1.09	$1.13	$1.10	$1.26	$1.38	$1.14	$0.87	$1.42	$1.26	$0.98	$1.17
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	908.33M
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	932.44M
Cash Dividends to Common per Share	-	-	$2.53	$2.63	$2.71	$2.79	$2.83	$2.97	$3.05	$3.13	$3.22

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 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	233	218	130	257	262	200	250	197	316	296	312
Consolidated Net Income / (Loss)	234	220	134	261	271	201	251	199	318	302	321
Net Income / (Loss) Continuing Operations	234	220	134	261	271	201	251	199	318	302	321
Total Pre-Tax Income	245	236	149	277	286	221	267	223	341	323	347
Total Operating Income	417	-287	125	243	228	-563	201	178	282	267	241
Total Gross Profit	1,039	1,076	1,260	1,339	1,331	1,340	1,346	1,410	1,471	1,488	1,479
Total Revenue	1,039	1,076	1,260	1,339	1,331	1,340	1,346	1,410	1,471	1,488	1,479
Operating Revenue	1,039	1,076	1,260	1,339	1,331	1,340	1,346	1,410	1,471	1,488	1,479
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	622	1,363	1,135	1,097	1,103	1,903	1,145	1,232	1,188	1,221	1,238
Selling, General & Admin Expense	36	38	41	45	42	49	44	49	55	54	59
Depreciation Expense	496	476	581	606	602	607	609	648	632	635	630
Other Operating Expenses / (Income)	71	812	330	347	353	1,113	375	391	401	396	409
Impairment Charge	17	27	89	96	97	143	117	143	87	124	129
Restructuring Charge	2.88	9.93	94	2.75	8.61	-9.18	0.28	0.33	13	10	11
Total Other Income / (Expense), net	-172	523	24	34	59	784	66	45	59	56	107
Interest & Investment Income	0.00	2.14	-1.68	2.03	5.09	2.35	39	3.27	3.08	2.62	73
Other Income / (Expense), net	12	-1.58	26	32	54	33	27	42	56	53	34
Income Tax Expense	11	16	16	16	15	20	16	24	24	22	26
Net Income / (Loss) Attributable to Noncontrolling Interest	0.40	1.36	1.62	1.58	1.64	1.74	1.65	2.09	1.90	5.55	9.17
Basic Earnings per Share	$0.33	$0.30	$0.16	$0.30	$0.30	$0.22	$0.28	$0.22	$0.35	$0.32	$0.33
Weighted Average Basic Shares Outstanding	709.17M	692.30M	834.94M	870.32M	870.67M	862.96M	891.67M	902.97M	913.95M	907.17M	931.98M
Diluted Earnings per Share	$0.33	$0.30	$0.16	$0.29	$0.30	$0.23	$0.28	$0.22	$0.35	$0.32	$0.33
Weighted Average Diluted Shares Outstanding	709.54M	693.02M	835.24M	870.73M	872.05M	863.79M	892.35M	903.72M	915.19M	908.33M	934.45M
Weighted Average Basic & Diluted Shares Outstanding	723.92M	861.12M	870.77M	870.87M	875.21M	891.52M	903.08M	914.31M	919.91M	932.44M	932.49M
Cash Dividends to Common per Share	-	-	$0.77	-	-	-	$0.80	-	-	-	$0.81

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	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	4.15	-35	-3.54	8.93	50	780	-518	-105	65	203	25
Net Cash From Operating Activities	694	800	876	941	1,069	1,116	1,322	2,564	2,959	3,573	3,995
Net Cash From Continuing Operating Activities	694	800	876	941	1,069	1,116	1,322	2,564	2,959	3,573	3,995
Net Income / (Loss) Continuing Operations	285	316	319	365	437	397	361	872	877	867	1,070
Consolidated Net Income / (Loss)	285	316	319	365	437	397	361	872	877	867	1,070
Depreciation Expense	409	450	499	540	594	677	898	1,670	1,895	2,396	2,524
Amortization Expense	1.56	5.49	8.69	6.25	7.39	7.99	-1.51	-61	-47	21	37
Non-Cash Adjustments To Reconcile Net Income	-6.86	-1.10	26	21	12	79	125	117	59	255	286
Changes in Operating Assets and Liabilities, net	4.79	29	23	9.06	18	-45	-60	-35	174	34	78
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	-5,663
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	-5,666
Purchase of Property, Plant & Equipment	-12	-13	-15	-25	-24	-8.71	-19	-96	-69	-121	-132
Acquisitions	0.00	-	-7.50	-0.20	0.00	0.00	-394	-5.67	-0.20	-0.23	0.00
Purchase of Investments	-1,267	-1,799	-1,413	-1,769	-	-2,283	-6,313	-8,886	-9,233	-3,333	-4,700
Sale of Property, Plant & Equipment	66	99	167	142	109	259	251	436	117	589	744
Sale and/or Maturity of Investments	0.00	13	0.12	5.27	0.00	0.00	38	7.27	3.93	57	31
Other Investing Activities, net	0.00	0.00	14	7.65	-3,587	0.00	0.00	49	-174	-535	-1,610
Net Cash From Financing Activities	523	866	375	708	2,493	1,692	4,577	5,738	6,437	-21	1,678
Net Cash From Continuing Financing Activities	523	866	375	708	2,493	1,692	4,577	5,738	6,437	-21	1,678
Repayment of Debt	-1,792	-3,509	-3,399	-2,148	-2,465	-4,884	-9,385	-27,781	-79,502	-38,430	-21,880
Repurchase of Preferred Equity	-6.75	0.00	-409	-	-	-	-	0.00	0.00	-173	0.00
Payment of Dividends	-199	-650	-628	-754	-853	-957	-1,160	-1,806	-2,108	-2,698	-2,921
Issuance of Debt	1,691	4,474	3,484	2,488	3,710	5,705	10,082	30,689	82,600	39,536	23,626
Issuance of Common Equity	794	384	705	0.00	845	1,824	4,443	4,556	5,439	1,743	2,853
Other Financing Activities, net	36	177	622	1,125	1,278	4.11	597	80	7.85	0.00	0.00
Effect of Exchange Rate Changes	-	-	0.00	0.00	-9.80	4.43	20	-21	24	-5.90	16

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 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	116	-138	405	-222	-38	59	-145	498	-399	78	3.29
Net Cash From Operating Activities	732	761	779	981	841	972	788	1,061	943	1,203	875
Net Cash From Continuing Operating Activities	728	761	779	981	841	972	786	1,061	943	1,203	875
Net Income / (Loss) Continuing Operations	234	220	134	261	271	201	251	199	318	302	321
Consolidated Net Income / (Loss)	234	220	134	261	271	201	251	199	318	302	321
Depreciation Expense	496	476	581	606	602	607	609	648	632	635	630
Amortization Expense	-11	-11	1.55	5.95	6.29	6.87	6.64	8.14	9.27	13	15
Non-Cash Adjustments To Reconcile Net Income	8.70	46	69	68	-4.94	127	73	56	38	117	62
Changes in Operating Assets and Liabilities, net	1.51	30	-6.72	40	-33	30	-154	150	-54	137	-153
Net Cash From Investing Activities	-1,992	-2,716	-389	-645	-537	-1,772	-1,314	-1,157	-1,079	-2,114	-2,579
Net Cash From Continuing Investing Activities	-1,992	-2,716	-389	-645	-537	-1,772	-1,314	-1,157	-1,079	-2,117	-2,579
Purchase of Property, Plant & Equipment	-18	-22	-9.63	-42	-34	-36	-23	-26	-33	-49	-26
Acquisitions	0.75	0.99	-	-94	-39	39	-0.10	-	-	-	-2.19
Purchase of Investments	-2,015	-2,531	-38	-371	-724	-1,664	-1,189	-1,035	-886	-1,590	-1,716
Sale of Property, Plant & Equipment	32	25	96	106	249	138	93	117	215	320	188
Sale and/or Maturity of Investments	-	-	5.47	37	8.99	5.74	7.02	7.78	8.11	8.48	8.71
Other Investing Activities, net	7.98	-190	-442	-282	0.55	-254	-201	-220	-383	-805	-1,031
Net Cash From Financing Activities	1,395	1,795	17	-561	-342	865	375	571	-256	989	1,712
Net Cash From Continuing Financing Activities	1,395	1,795	17	-561	-342	865	375	571	-256	989	1,712
Repayment of Debt	-6,020	-44,537	-1,130	-3,172	-14,544	-11,565	-5,124	4,179	167	-21,103	-20,331
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-102
Payment of Dividends	-543	-555	-641	-684	-692	-683	-712	-725	-738	-744	-766
Issuance of Debt	7,073	45,292	1,242	3,290	14,798	12,188	5,585	-3,503	-0.17	21,544	21,341
Issuance of Common Equity	873	1,589	544	-0.26	267	933	625	622	315	1,291	1,570
Effect of Exchange Rate Changes	-19	22	-2.28	-	-	-	6.74	-	-6.40	-0.70	-3.93

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	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	11,845	13,153	14,058	15,260	18,555	20,740	43,138	49,673	57,779	68,835	72,796
Total Current Assets	132	141	133	172	333	1,129	685	744	975	1,418	1,580
Cash & Equivalents	40	9.42	6.90	10	54	824	259	171	233	445	435
Accounts Receivable	82	105	120	145	182	286	427	543	711	878	1,053
Inventories, net	9.77	27	6.67	17	97	19	-	30	31	95	92
Plant, Property, & Equipment, net	10,609	11,877	12,670	13,827	16,400	17,466	31,959	37,752	43,514	50,914	53,414
Plant, Property & Equipment, gross	12,297	13,864	15,016	16,541	19,518	21,016	35,909	42,657	49,586	58,295	62,192
Accumulated Depreciation	1,688	1,987	2,347	2,715	3,118	3,549	3,950	4,904	6,072	7,381	8,779
Total Noncurrent Assets	1,105	1,135	1,255	1,262	1,822	2,145	10,493	11,177	13,290	16,503	17,802
Long-Term Investments	-	-	-	-	-	0.00	141	0.00	1,172	1,230	1,256
Goodwill	15	15	15	-	-	14	3,677	3,731	3,731	4,932	4,932
Intangible Assets	1,034	1,082	1,195	1,200	1,493	1,711	5,275	5,168	5,018	6,323	5,717
Other Noncurrent Operating Assets	55	38	45	62	329	420	1,400	2,277	3,369	4,019	5,896
Total Liabilities & Shareholders' Equity	11,845	13,153	14,058	15,260	18,555	20,740	43,138	49,673	57,779	68,835	72,796
Total Liabilities	5,292	6,366	6,667	7,140	8,751	9,723	18,008	20,830	24,672	29,783	32,672
Total Current Liabilities	116	121	110	134	881	241	351	3,128	1,503	759	1,061
Accounts Payable	116	121	110	134	177	241	351	399	739	759	1,061
Total Noncurrent Liabilities	5,176	6,245	6,558	7,006	7,869	9,481	17,657	17,702	23,169	29,024	31,611
Long-Term Debt	4,175	1,439	555	6,500	7,197	8,817	15,443	15,382	20,756	25,097	26,771
Other Noncurrent Operating Liabilities	1,001	4,806	6,003	506	672	664	2,214	2,320	2,414	3,927	4,839
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	6,553	6,787	7,391	8,121	9,804	11,018	25,129	28,843	33,107	39,052	40,124
Total Preferred & Common Equity	6,532	6,767	7,372	8,089	9,774	10,985	25,053	28,713	32,941	38,841	39,439
Total Common Equity	6,136	6,371	7,372	8,089	9,774	10,985	25,053	28,713	32,941	38,841	39,439
Common Stock	7,666	8,229	9,624	10,754	12,874	14,700	29,578	34,160	39,630	47,451	49,862
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-8.10	-17	-55	4.93	47	74	38	105
Other Equity Adjustments	-1,530	-1,857	-2,253	-2,658	-3,082	-3,660	-4,531	-5,493	-6,762	-8,649	-10,528
Noncontrolling Interest	22	20	19	32	30	32	77	130	166	211	685

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	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	3/31/2026
Total Assets	53,981	55,337	57,779	68,328	68,061	68,469	68,835	69,758	71,424	71,279	74,555
Total Current Assets	892	1,042	975	1,548	1,422	1,293	1,418	1,271	1,880	1,599	1,631
Cash & Equivalents	254	344	233	680	443	397	445	319	800	417	374
Accounts Receivable	621	678	711	789	789	835	878	952	962	1,007	1,117
Inventories, net	17	20	31	78	191	60	95	-	117	175	140
Plant, Property, & Equipment, net	41,178	42,234	43,514	50,070	49,962	50,683	50,914	51,659	52,598	52,588	54,001
Plant, Property & Equipment, gross	46,664	48,015	49,586	56,463	56,656	57,749	58,295	59,418	60,742	61,048	63,094
Accumulated Depreciation	5,486	5,781	6,072	6,392	6,694	7,066	7,381	7,759	8,144	8,460	9,092
Total Noncurrent Assets	11,911	12,060	13,290	16,711	16,677	16,493	16,503	16,827	16,946	17,092	18,923
Long-Term Investments	-	-	1,172	1,203	1,220	1,225	1,230	1,234	1,226	1,234	1,321
Goodwill	3,731	3,731	3,731	4,991	4,931	4,932	4,932	4,932	4,932	4,932	4,932
Intangible Assets	5,238	5,089	5,018	7,037	6,730	6,600	6,323	6,216	6,034	5,859	5,649
Other Noncurrent Operating Assets	2,941	3,239	3,369	3,479	3,796	3,736	4,019	4,445	4,754	5,067	7,021
Total Liabilities & Shareholders' Equity	53,981	55,337	57,779	68,328	68,061	68,469	68,835	69,758	71,424	71,279	74,555
Total Liabilities	22,670	23,514	24,672	29,010	29,146	29,799	29,783	30,516	32,061	32,019	33,319
Total Current Liabilities	1,550	1,519	1,503	1,825	2,033	1,308	1,890	730	954	930	953
Accounts Payable	559	660	739	803	884	880	759	730	954	930	953
Total Noncurrent Liabilities	21,120	21,995	23,169	27,185	27,114	28,491	27,894	29,785	31,107	31,089	32,366
Long-Term Debt	18,642	19,595	20,756	24,319	24,311	25,718	25,097	25,314	26,880	26,456	27,320
Other Noncurrent Operating Liabilities	2,478	2,400	2,414	2,866	2,803	2,773	2,797	4,472	4,227	4,632	5,046
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	31,311	31,823	33,107	39,151	38,747	38,670	39,052	39,242	39,363	39,260	41,236
Total Preferred & Common Equity	31,143	31,657	32,941	38,986	38,582	38,458	38,841	39,031	39,153	39,051	39,147
Total Common Equity	31,143	31,657	32,941	38,986	38,582	38,458	38,841	39,031	39,153	39,051	39,147
Common Stock	37,149	38,032	39,630	46,221	46,231	46,506	47,451	48,076	48,709	49,034	49,984
Accumulated Other Comprehensive Income / (Loss)	96	42	74	65	75	103	38	73	96	92	137
Other Equity Adjustments	-6,102	-6,417	-6,762	-7,300	-7,724	-8,151	-8,649	-9,117	-9,651	-10,076	-10,974
Noncontrolling Interest	168	166	166	165	165	212	211	211	210	210	2,088

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	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	9.62%	7.81%	10.21%	9.22%	12.07%	10.68%	26.31%	60.72%	21.99%	29.23%	9.07%
EBITDA Growth	39.78%	-47.78%	11.00%	-15.21%	14.09%	5.84%	748.07%	-20.62%	9.54%	20.46%	10.78%
EBIT Growth	316.15%	-0.65%	10.63%	-35.41%	19.92%	-5.10%	480.18%	-33.94%	0.29%	-0.03%	23.28%
NOPAT Growth	108.21%	-48.11%	10.07%	-39.62%	18.21%	-19.54%	159.60%	96.91%	10.02%	-13.61%	22.88%
Net Income Growth	4.75%	11.10%	0.90%	14.18%	19.99%	-9.37%	-9.02%	141.84%	0.52%	-1.09%	23.34%
EPS Growth	4.81%	3.67%	-2.65%	14.55%	9.52%	-17.39%	-23.68%	63.22%	-11.27%	-22.22%	19.39%
Operating Cash Flow Growth	10.49%	15.33%	9.50%	7.41%	13.63%	4.36%	18.52%	93.91%	15.40%	20.77%	11.80%
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%	78.44%
Invested Capital Growth	-45.00%	-23.12%	-3.38%	84.03%	20.81%	7.70%	111.31%	-41.77%	13.76%	19.51%	4.37%
Revenue Q/Q Growth	1.60%	2.24%	1.91%	2.46%	3.59%	1.19%	15.01%	6.48%	4.82%	5.27%	2.64%
EBITDA Q/Q Growth	656.52%	-58.92%	1.81%	-19.75%	12.50%	15.98%	145.58%	7.19%	-12.02%	-2.69%	3.82%
EBIT Q/Q Growth	8.16%	-73.13%	1.44%	-38.82%	28.08%	46.62%	154.18%	8.25%	-31.20%	-20.65%	9.78%
NOPAT Q/Q Growth	111.37%	-73.34%	0.73%	-42.55%	25.97%	56.46%	-15.21%	10.66%	-30.59%	-26.49%	9.86%
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%	10.34%
EPS Q/Q Growth	-0.91%	2.73%	-10.57%	6.78%	6.98%	-5.00%	-30.40%	40.59%	-3.82%	-6.67%	8.33%
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%	6.15%
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%	-2,978.21%
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%	1.78%
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	91.07%	88.22%	88.85%	68.98%	70.22%	67.15%	66.56%	75.76%	68.03%	63.41%	64.40%
Operating Margin	48.75%	46.93%	47.24%	26.00%	27.41%	20.38%	20.28%	24.03%	21.83%	14.83%	16.76%
EBIT Margin	50.92%	46.93%	47.11%	27.86%	29.81%	25.56%	23.48%	27.62%	22.71%	17.57%	19.86%
Profit (Net Income) Margin	27.84%	28.69%	26.26%	27.46%	29.40%	24.07%	17.34%	26.09%	21.50%	16.45%	18.61%
Tax Burden Percent	197.80%	106.29%	98.14%	98.56%	98.61%	0.00%	0.00%	95.08%	94.40%	92.87%	92.61%
Interest Burden Percent	155.27%	57.51%	56.80%	100.00%	100.00%	195.34%	160.78%	99.34%	100.27%	100.84%	101.17%
Effective Tax Rate	1.10%	1.10%	1.86%	1.44%	1.39%	3.57%	8.07%	4.92%	5.60%	7.13%	7.39%
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%	1.40%
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%	2.13%
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%	1.30%
Return on Equity (ROE)	0.00%	10.83%	4.50%	4.70%	4.88%	7.62%	3.99%	2.67%	2.83%	2.40%	2.70%
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%	-2.88%
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%	1.61%
Return on Assets (ROA)	2.49%	2.53%	2.35%	2.49%	2.59%	2.02%	1.13%	1.88%	1.63%	1.37%	1.51%
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%	2.67%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	987	512	564	340	402	324	388	764	840	726	892
NOPAT Margin	48.21%	46.42%	46.36%	25.63%	27.03%	19.65%	18.65%	22.85%	20.61%	13.77%	15.52%
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%	-0.73%
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%	1.33%
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	4.82%	4.71%	4.81%	6.34%	4.47%	4.45%	4.66%	4.14%	3.54%	3.36%	3.52%
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	51.25%	53.07%	52.76%	74.00%	72.59%	79.62%	79.72%	75.97%	78.17%	85.17%	83.24%
Earnings before Interest and Taxes (EBIT)	521	518	573	370	444	421	1,398	924	926	926	1,142
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	3,703
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	1.31
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	1.79
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	8.98
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	48.77
Dividend Yield	13.83%	6.30%	6.41%	5.76%	4.89%	5.70%	9.36%	5.27%	5.69%	5.94%	5.74%
Earnings Yield	3.12%	2.92%	2.71%	2.69%	2.41%	4.58%	3.28%	2.46%	2.24%	1.84%	2.05%
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	1.19
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	13.46
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	20.90
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	67.78
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	86.74
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	19.37
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	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	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	0.67
Financial Leverage	0.00	1.54	0.14	0.45	0.80	1.53	1.28	0.89	0.61	0.62	0.61
Leverage Ratio	0.00	1.87	1.92	1.89	1.89	3.77	3.53	1.72	1.73	1.75	1.79
Compound Leverage Factor	0.00	1.08	1.09	1.89	1.89	1.84	2.84	1.71	1.74	1.77	1.81
Debt to Total Capital	0.00%	17.49%	6.99%	44.46%	44.63%	44.45%	76.12%	38.57%	39.39%	40.18%	40.02%
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%	0.00%
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%	40.02%
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%	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%	1.02%
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%	58.96%
Debt to EBITDA	9.23	1.48	0.51	7.10	7.56	7.97	22.31	7.15	7.76	7.85	7.23
Net Debt to EBITDA	9.14	1.47	0.51	7.09	7.51	25.38	21.83	7.08	7.25	7.35	6.77
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	7.23
Debt to NOPAT	17.43	2.81	0.99	19.10	19.64	55.85	79.61	23.71	25.60	36.12	30.01
Net Debt to NOPAT	17.27	2.79	0.97	19.07	19.51	24.69	77.91	23.48	23.93	33.81	28.11
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	30.01
Altman Z-Score	0.00	1.15	1.23	1.31	1.37	2.65	0.91	1.09	1.06	1.04	1.09
Noncontrolling Interest Sharing Ratio	6.89%	6.24%	3.07%	0.33%	0.35%	0.30%	0.30%	0.38%	0.48%	0.52%	1.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.27	1.16	1.22	1.29	0.38	9.36	3.90	0.24	0.65	0.75	1.49
Quick Ratio	1.05	0.94	1.15	1.16	0.27	9.20	3.90	0.23	0.63	0.70	1.40
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	-1,838
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	41.75	13.56	3.40	0.00	0.00	-105.44	-627.16	0.00	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	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	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	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	5.95
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	0.10	0.10	0.10	0.10	0.08	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	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	61.30
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)	26.05	30.81	33.64	36.36	40.10	51.82	62.50	52.94	56.10	54.99	61.30
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	65,204
Invested Capital Turnover	0.07	0.12	0.15	0.12	0.09	0.09	0.07	0.05	0.08	0.09	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	2,730
Enterprise Value (EV)	26,445	11,710	11,712	20,054	26,001	52,650	39,706	53,402	59,209	70,835	77,390
Market Capitalization	17,091	9,865	11,144	13,532	18,123	17,254	53,328	35,332	38,928	46,072	51,625
Book Value per Share	$50.75	$24.64	$26.16	$27.41	$29.99	$31.30	$61.98	$45.78	$45.50	$44.38	$42.87
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	$31.30
Total Capital	21,707	8,226	7,946	14,621	17,706	19,835	81,144	46,954	54,627	65,279	66,895
Total Debt	8,601	1,439	555	6,500	7,902	8,817	30,885	18,111	21,520	26,227	26,771
Total Long-Term Debt	8,601	1,439	555	6,500	7,197	8,817	30,885	15,382	20,756	25,097	26,771
Net Debt	8,520	1,430	548	6,490	7,848	7,993	15,043	17,940	20,115	24,552	25,080
Capital Expenditures (CapEx)	1,158	-86	-152	-117	-85	-251	-231	-341	-49	-468	-612
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-49	10	17	28	102	63	182	174	3.48	213	84
Debt-free Net Working Capital (DFNWC)	32	19	24	38	156	888	699	345	236	658	519
Net Working Capital (NWC)	32	19	24	38	-549	888	668	-2,384	-528	-472	519
Net Nonoperating Expense (NNE)	417	196	244	-24	-35	-73	27	-108	-36	-141	-178
Net Nonoperating Obligations (NNO)	19,129	1,430	548	6,490	7,848	7,993	30,086	17,940	20,115	24,552	25,080
Total Depreciation and Amortization (D&A)	411	455	507	546	601	685	896	1,609	1,848	2,416	2,561
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%	1.47%
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%	9.03%
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%	9.03%
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	$1.17
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	907.17M
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	$1.17
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	908.33M
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	$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	932.44M
Normalized Net Operating Profit after Tax (NOPAT)	1,008	532	578	366	442	466	578	802	936	1,211	1,351
Normalized NOPAT Margin	49.24%	48.27%	47.55%	27.58%	29.70%	28.27%	27.77%	23.98%	22.96%	22.97%	23.50%
Pre Tax Income Margin	28.15%	26.99%	26.76%	27.86%	29.81%	24.97%	18.86%	27.44%	22.77%	17.72%	20.09%
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	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	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	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	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%	273.04%
Augmented Payout Ratio	69.85%	208.34%	196.54%	207.67%	199.92%	241.27%	321.42%	206.98%	240.39%	311.04%	273.04%

This table displays calculated financial ratios and metrics derived from Realty Income'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	-	-	-	-	-	-	-	-	-	-	932,440,218.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	932,440,218.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.33
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.11%	21.11%	33.47%	31.42%	28.08%	24.53%	9.52%	5.30%	10.49%	11.02%	9.87%
EBITDA Growth	43.92%	-68.27%	17.18%	32.74%	26.01%	-52.40%	19.71%	-1.16%	10.07%	16.37%	9.03%
EBIT Growth	85.96%	-319.65%	-0.13%	32.52%	26.39%	-83.49%	73.93%	-19.95%	20.27%	46.42%	20.32%
NOPAT Growth	99.59%	-391.12%	-7.97%	27.80%	16.27%	-90.96%	97.96%	-30.58%	21.75%	47.26%	17.65%
Net Income Growth	6.17%	-3.76%	-40.78%	32.37%	15.93%	-8.38%	87.80%	-23.74%	17.17%	49.81%	27.63%
EPS Growth	-8.33%	-14.29%	-52.94%	0.00%	-9.09%	-23.33%	75.00%	-24.14%	16.67%	39.13%	17.86%
Operating Cash Flow Growth	8.15%	20.65%	6.49%	33.51%	14.96%	27.78%	1.14%	8.10%	12.08%	23.81%	11.05%
Free Cash Flow Firm Growth	58.70%	-119.93%	-120.06%	-133.88%	-26.79%	-62.42%	99.96%	88.58%	94.48%	72.69%	-9,415.35%
Invested Capital Growth	20.72%	13.76%	30.49%	23.72%	21.68%	19.51%	0.36%	2.40%	1.38%	4.37%	6.12%
Revenue Q/Q Growth	1.95%	3.58%	17.11%	6.26%	-0.64%	0.71%	3.00%	2.16%	4.27%	1.18%	-0.63%
EBITDA Q/Q Growth	7.04%	-80.72%	453.17%	16.29%	1.61%	-92.72%	947.74%	-0.29%	11.86%	-1.10%	-5.07%
EBIT Q/Q Growth	9.10%	-167.24%	235.68%	33.14%	4.05%	-197.61%	149.61%	-16.35%	53.96%	-5.20%	-14.48%
NOPAT Q/Q Growth	10.10%	-167.29%	222.34%	41.00%	0.17%	-210.51%	143.36%	-28.30%	65.02%	-4.97%	-10.80%
Net Income Q/Q Growth	18.63%	-6.04%	-39.07%	94.90%	3.89%	-25.74%	24.89%	-20.86%	59.63%	-5.05%	6.40%
EPS Q/Q Growth	13.79%	-9.09%	-46.67%	81.25%	3.45%	-23.33%	21.74%	-21.43%	59.09%	-8.57%	3.13%
Operating Cash Flow Q/Q Growth	-0.39%	3.92%	2.37%	26.01%	-14.24%	15.51%	-18.98%	34.69%	-11.08%	27.60%	-27.33%
Free Cash Flow Firm Q/Q Growth	-124.96%	21.24%	-113.84%	19.40%	6.59%	-0.88%	99.95%	-24,362.69%	54.74%	-307.06%	-46.54%
Invested Capital Q/Q Growth	2.45%	2.48%	17.95%	-0.10%	0.77%	0.65%	-0.94%	1.93%	-0.24%	1.78%	2.54%
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	87.93%	16.36%	77.30%	84.59%	86.50%	6.25%	63.62%	62.10%	66.62%	65.12%	62.20%
Operating Margin	40.16%	-26.68%	29.01%	36.56%	36.74%	-41.97%	17.07%	12.64%	19.18%	17.97%	16.27%
EBIT Margin	41.32%	-26.82%	31.07%	38.94%	40.77%	-39.52%	19.03%	15.59%	23.01%	21.56%	18.55%
Profit (Net Income) Margin	22.51%	20.42%	10.62%	19.48%	20.37%	15.02%	18.22%	14.11%	21.60%	20.27%	21.71%
Tax Burden Percent	95.38%	93.29%	89.62%	94.35%	94.64%	90.92%	94.14%	89.21%	93.02%	93.26%	92.45%
Interest Burden Percent	57.11%	-81.60%	38.14%	53.04%	52.79%	-41.81%	101.66%	101.49%	100.91%	100.82%	126.53%
Effective Tax Rate	4.62%	6.71%	10.38%	5.65%	5.36%	9.08%	5.86%	10.79%	6.98%	6.74%	7.55%
Return on Invested Capital (ROIC)	3.14%	-2.03%	2.06%	2.87%	3.02%	-3.44%	1.38%	0.97%	1.57%	1.51%	1.36%
ROIC Less NNEP Spread (ROIC-NNEP)	2.23%	0.53%	1.14%	1.94%	2.17%	-0.25%	1.50%	1.13%	1.80%	1.72%	1.76%
Return on Net Nonoperating Assets (RNNOA)	1.38%	0.33%	0.70%	1.19%	1.37%	-0.16%	0.90%	0.71%	1.14%	1.06%	1.08%
Return on Equity (ROE)	4.52%	-1.70%	2.76%	4.06%	4.40%	-3.60%	2.28%	1.68%	2.71%	2.57%	2.44%
Cash Return on Invested Capital (CROIC)	-16.23%	-11.20%	-24.98%	-19.58%	-17.85%	-16.53%	0.97%	-1.17%	-0.09%	-2.88%	-4.52%
Operating Return on Assets (OROA)	3.18%	-2.04%	2.29%	3.01%	3.30%	-3.29%	1.49%	1.22%	1.84%	1.75%	1.51%
Return on Assets (ROA)	1.73%	1.55%	0.78%	1.51%	1.65%	1.25%	1.42%	1.11%	1.73%	1.65%	1.77%
Return on Common Equity (ROCE)	4.50%	-1.69%	2.74%	4.03%	4.37%	-3.58%	2.26%	1.66%	2.69%	2.54%	2.37%
Return on Equity Simple (ROE_SIMPLE)	2.80%	0.00%	2.01%	2.20%	2.30%	0.00%	2.52%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	398	-268	328	462	463	-511	222	159	262	249	222
NOPAT Margin	38.31%	-24.89%	26.00%	34.50%	34.77%	-38.16%	16.07%	11.28%	17.85%	16.76%	15.05%
Net Nonoperating Expense Percent (NNEP)	0.91%	-2.56%	0.92%	0.93%	0.86%	-3.19%	-0.13%	-0.16%	-0.22%	-0.22%	-0.40%
Return On Investment Capital (ROIC_SIMPLE)	0.76%	-0.49%	0.51%	0.72%	0.71%	-0.78%	0.34%	0.24%	0.40%	0.37%	0.32%
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	3.42%	3.53%	3.24%	3.36%	3.15%	3.66%	3.19%	3.50%	3.74%	3.64%	3.98%
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	59.84%	126.68%	70.99%	63.44%	63.26%	141.97%	82.93%	87.36%	80.82%	82.03%	83.73%
Earnings before Interest and Taxes (EBIT)	429	-289	392	522	543	-530	263	220	338	321	274
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	914	176	974	1,133	1,151	84	878	876	980	969	920
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.18	0.95	1.14	1.40	1.19	1.31	1.32	1.41	1.31	1.45
Price to Tangible Book Value (P/TBV)	1.43	1.61	1.38	1.64	2.00	1.67	1.84	1.83	1.95	1.79	1.99
Price to Revenue (P/Rev)	8.39	9.54	8.47	9.36	10.73	8.74	9.50	9.44	9.83	8.98	9.66
Price to Earnings (P/E)	37.07	44.63	47.89	52.63	61.99	54.34	52.93	56.75	57.25	48.77	50.69
Dividend Yield	6.59%	5.69%	5.97%	6.08%	5.03%	5.94%	5.48%	5.57%	5.31%	5.74%	5.31%
Earnings Yield	2.70%	2.24%	2.09%	1.90%	1.61%	1.84%	1.89%	1.76%	1.75%	2.05%	1.97%
Enterprise Value to Invested Capital (EV/IC)	1.02	1.11	0.97	1.09	1.24	1.11	1.19	1.19	1.25	1.19	1.26
Enterprise Value to Revenue (EV/Rev)	13.60	14.52	13.88	14.47	15.67	13.44	13.95	14.02	14.30	13.46	14.37
Enterprise Value to EBITDA (EV/EBITDA)	16.79	21.34	20.91	21.35	22.84	21.19	21.57	22.03	22.46	20.90	22.37
Enterprise Value to EBIT (EV/EBIT)	39.32	63.91	65.88	64.77	67.22	76.48	72.47	77.92	77.00	67.78	71.13
Enterprise Value to NOPAT (EV/NOPAT)	43.72	70.45	74.13	74.01	79.43	97.56	89.99	100.06	98.61	86.74	91.34
Enterprise Value to Operating Cash Flow (EV/OCF)	18.72	20.01	20.29	20.99	23.34	19.82	21.00	20.92	21.28	19.37	20.71
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	123.60	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.65	0.64	0.65	0.68	0.67	0.65	0.68	0.67	0.67	0.66
Long-Term Debt to Equity	0.62	0.63	0.62	0.62	0.67	0.64	0.65	0.68	0.67	0.67	0.66
Financial Leverage	0.62	0.61	0.61	0.61	0.63	0.62	0.60	0.62	0.63	0.61	0.61
Leverage Ratio	1.72	1.73	1.74	1.74	1.76	1.75	1.76	1.78	1.79	1.79	1.79
Compound Leverage Factor	0.99	-1.42	0.66	0.92	0.93	-0.73	1.79	1.81	1.81	1.80	2.27
Debt to Total Capital	39.12%	39.39%	39.19%	39.55%	40.34%	40.18%	39.21%	40.58%	40.26%	40.02%	39.85%
Short-Term Debt to Total Capital	1.64%	1.40%	1.58%	1.78%	0.66%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	37.48%	38.00%	37.61%	37.76%	39.68%	38.45%	39.21%	40.58%	40.26%	40.02%	39.85%
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	0.32%	0.30%	0.51%	0.52%	0.33%	0.32%	0.33%	0.32%	0.32%	1.02%	3.05%
Common Equity to Total Capital	60.56%	60.30%	60.29%	59.93%	59.33%	59.50%	60.46%	59.11%	59.42%	58.96%	57.10%
Debt to EBITDA	6.49	7.76	8.69	7.96	7.61	7.85	7.26	7.73	7.42	7.23	7.23
Net Debt to EBITDA	6.38	7.25	8.04	7.44	7.14	7.35	6.81	7.15	6.96	6.77	6.78
Long-Term Debt to EBITDA	6.21	7.48	8.34	7.60	7.49	7.51	7.26	7.73	7.42	7.23	7.23
Debt to NOPAT	16.89	25.60	30.80	27.61	26.47	36.12	30.29	35.11	32.57	30.01	29.53
Net Debt to NOPAT	16.61	23.93	28.51	25.80	24.83	33.81	28.43	32.47	30.54	28.11	27.70
Long-Term Debt to NOPAT	16.18	24.69	29.55	26.36	26.04	34.56	30.29	35.11	32.57	30.01	29.53
Altman Z-Score	0.92	0.99	0.85	0.99	1.18	0.97	1.11	1.07	1.14	1.05	1.12
Noncontrolling Interest Sharing Ratio	0.50%	0.48%	0.67%	0.71%	0.54%	0.52%	0.69%	0.69%	0.54%	1.13%	2.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.65	0.85	0.70	0.99	0.75	1.74	1.97	1.72	1.49	1.71
Quick Ratio	0.67	0.63	0.81	0.61	0.94	0.70	1.74	1.85	1.53	1.40	1.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,516	-6,707	-14,342	-11,560	-10,798	-10,893	-5.50	-1,347	-609	-2,481	-3,635
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	-46.25	0.00	-59.61	-46.81	-41.33	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.98	0.00	3.24	3.97	3.22	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	4.06	0.00	3.59	4.23	4.05	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.07	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
Accounts Receivable Turnover	6.44	6.51	6.25	6.69	6.62	6.64	6.19	6.24	6.08	5.95	5.68
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	0.10	0.10	0.11	0.11	0.11	0.11	0.11	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	0.00
Days Sales Outstanding (DSO)	56.64	56.10	58.41	54.54	55.17	54.99	58.96	58.49	60.01	61.30	64.21
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)	56.64	56.10	58.41	54.54	55.17	54.99	58.96	58.49	60.01	61.30	64.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	51,932	53,222	62,776	62,711	63,193	63,604	63,003	64,217	64,065	65,204	66,861
Invested Capital Turnover	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	8,914	6,439	14,670	12,022	11,261	10,382	227	1,506	872	2,730	3,858
Enterprise Value (EV)	52,940	59,209	60,999	68,254	78,458	70,835	75,211	76,599	80,091	77,390	84,517
Market Capitalization	32,665	38,928	37,209	44,124	53,722	46,072	51,239	51,535	55,077	51,625	56,803
Book Value per Share	$44.66	$45.50	$46.69	$44.31	$44.16	$44.38	$43.78	$43.36	$42.71	$42.87	$41.98
Tangible Book Value per Share	$32.22	$33.42	$32.29	$30.92	$30.92	$31.52	$31.28	$31.21	$30.91	$31.30	$30.64
Total Capital	52,277	54,627	64,660	64,374	64,815	65,279	64,556	66,243	65,716	66,895	68,556
Total Debt	20,453	21,520	25,341	25,459	26,146	26,227	25,314	26,880	26,456	26,771	27,320
Total Long-Term Debt	19,595	20,756	24,319	24,311	25,718	25,097	25,314	26,880	26,456	26,771	27,320
Net Debt	20,109	20,115	23,458	23,797	24,524	24,552	23,761	24,854	24,805	25,080	25,626
Capital Expenditures (CapEx)	-15	-3.00	-86	-64	-216	-102	-70	-91	-182	-270	-162
Debt-free, Cash-free Net Working Capital (DFCFNWC)	38	3.48	65	95	16	213	222	125	251	84	304
Debt-free Net Working Capital (DFNWC)	382	236	745	538	413	658	541	926	669	519	677
Net Working Capital (NWC)	-476	-528	-278	-611	-15	-472	541	926	669	519	677
Net Nonoperating Expense (NNE)	164	-488	194	201	192	-713	-30	-40	-55	-52	-98
Net Nonoperating Obligations (NNO)	20,109	20,115	23,458	23,797	24,524	24,552	23,761	24,854	24,805	25,080	25,626
Total Depreciation and Amortization (D&A)	484	465	583	612	609	614	616	656	641	648	645
Debt-free, Cash-free Net Working Capital to Revenue	0.98%	0.09%	1.48%	2.02%	0.31%	4.05%	4.12%	2.29%	4.49%	1.47%	5.17%
Debt-free Net Working Capital to Revenue	9.82%	5.80%	16.95%	11.41%	8.24%	12.49%	10.04%	16.95%	11.94%	9.03%	11.52%
Net Working Capital to Revenue	-12.24%	-12.94%	-6.31%	-12.95%	-0.30%	-8.95%	10.04%	16.95%	11.94%	9.03%	11.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.30	$0.16	$0.30	$0.30	$0.22	$0.28	$0.22	$0.35	$0.32	$0.33
Adjusted Weighted Average Basic Shares Outstanding	709.17M	692.30M	834.94M	870.32M	870.67M	862.96M	891.67M	902.97M	913.95M	907.17M	931.98M
Adjusted Diluted Earnings per Share	$0.33	$0.30	$0.16	$0.29	$0.30	$0.23	$0.28	$0.22	$0.35	$0.32	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	709.54M	693.02M	835.24M	870.73M	872.05M	863.79M	892.35M	903.72M	915.19M	908.33M	934.45M
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	723.92M	861.12M	870.77M	870.87M	875.21M	891.52M	903.08M	914.31M	919.91M	932.44M	932.49M
Normalized Net Operating Profit after Tax (NOPAT)	417	-233	492	556	563	-390	332	287	356	375	352
Normalized NOPAT Margin	40.11%	-21.66%	39.05%	41.48%	42.28%	-29.09%	24.04%	20.36%	24.19%	25.20%	23.80%
Pre Tax Income Margin	23.60%	21.89%	11.85%	20.65%	21.53%	16.52%	19.35%	15.82%	23.22%	21.74%	23.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.33	0.00	1.63	2.11	2.08	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.16	0.00	1.36	1.87	1.77	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.41	0.00	1.99	2.37	2.90	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.24	0.00	1.72	2.13	2.60	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	228.34%	240.39%	286.61%	285.28%	290.14%	311.04%	281.38%	305.62%	295.94%	273.04%	261.14%
Augmented Payout Ratio	228.34%	240.39%	286.61%	285.28%	290.14%	311.04%	281.38%	305.62%	295.94%	273.04%	261.14%

Financials Breakdown Chart

Key Financial Trends

Here are key trends from Realty Income (NYSE: O) using the last four years of quarterly statements. The focus is on revenue, profitability, cash flow, and balance-sheet evolution to help readers gauge the company’s trajectory and potential risk points.

Revenue growth and scale: Operating revenue rose meaningfully over the period, from about $0.91B in 2022 Q4 to about $1.49B in 2025 Q4. Notably, 2024 Q4 was ~$1.34B and 2025 Q4 was ~$1.488B, reflecting steady top-line expansion.
Earnings per share and net income improving: Net income attributable to common shareholders climbed to roughly $296.1M in 2025 Q4, with basic/diluted EPS at about $0.32—up from around $0.22 in 2024 Q4. This indicates improved profitability per share despite ongoing capital investments.
Cash flow from operations strengthening: Net cash from continuing operating activities was about $1.203B in 2025 Q4, up from roughly $0.972B in 2024 Q4, signaling stronger cash generation from core operations.
Liquidity from financing activities: Net cash from financing activities in 2025 Q4 was roughly $988.5M, highlighting continued access to capital markets to fund growth and liquidity needs.

Balance-sheet growth and equity base: Total assets rose to around $71.3B by 2025 Q3, and total equity hovered near $39B, implying a larger asset base and stronger equity cushion as the company scales its portfolio.
Depreciation, SGA and cost structure: Depreciation expense remained elevated (about $0.63B in 2025 Q4) consistent with a large property portfolio, while selling, general, and admin expenses were in the mid-to-high tens of millions per quarter. This reflects ongoing asset wear and administrative costs tied to growth.
Dividend per share pattern: The data shows a quarterly dividend per share around the 0.75–0.80 range in early 2025 (e.g., Q1 2025 cash dividends per share of about $0.7695), consistent with Realty Income’s dividend approach, though actual quarterly amounts vary slightly.

Heavy investing cash outflows: Net cash from investing activities remained negative in most quarters, with 2025 Q4 posting about -$2.11B (driven by acquisitions, investments, and capex). This underscores ongoing capital deployment that pressures near-term free cash flow unless offset by financing or cash flow from operations.
Rising leverage: Long-term debt levels stayed substantial and trend-adjusted higher over the period (e.g., around $26–27B mid-2025) with total liabilities around $32B+ by mid-year. This indicates elevated leverage typical for a REIT but warrants monitoring for interest coverage and refinancing risk as maturities approach.

05/23/26 03:20 PM ETAI Generated. May Contain Errors.

Realty Income Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Realty Income's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Realty Income's net income appears to be on an upward trend, with a most recent value of $1.07 billion in 2025, rising from $284.86 million in 2015. The previous period was $867.34 million in 2024. Find out what analysts predict for Realty Income in the coming months.

Realty Income's total operating income in 2025 was $963.40 million, based on the following breakdown:

Total Gross Profit: $5.75 billion
Total Operating Expenses: $4.79 billion

Over the last 10 years, Realty Income's total revenue changed from $1.02 billion in 2015 to $5.75 billion in 2025, a change of 461.9%.

Realty Income's total liabilities were at $32.67 billion at the end of 2025, a 9.7% increase from 2024, and a 517.4% increase since 2015.

In the past 10 years, Realty Income's cash and equivalents has ranged from $6.90 million in 2017 to $824.48 million in 2020, and is currently $434.84 million as of their latest financial filing in 2025.

Over the last 10 years, Realty Income's book value per share changed from 50.75 in 2015 to 42.87 in 2025, a change of -15.5%.

Related Companies

Financial statements for NYSE:O last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Realty Income (O) Financials

Financials Breakdown Chart

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Realty Income Financials - Frequently Asked Questions

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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

Financials Breakdown Chart

Key Financial Trends

Realty Income Financials - Frequently Asked Questions

When does Realty Income's fiscal year end?

How has Realty Income's net income changed over the last 10 years?

What is Realty Income's operating income?

How has Realty Income's revenue changed over the last 10 years?

How much debt does Realty Income have?

How much cash does Realty Income have?

How has Realty Income's book value per share changed over the last 10 years?

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