Broadstone Net Lease Inc (BNL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.19	$0.19	0.0%	—	$122.3M	—
Q1 26	$0.18	$0.24	+33.3%	—	$121.4M	—
Q4 25	$0.17	$0.2	+17.6%	—	$118.3M	—
Q2 25	$0.18	$0.12	-33.3%	—	$113M	—
Q1 25	$0.17	$0.1	-41.2%	—	$108.7M	—
Q4 24	$0.18	$0.11	-38.9%	—	$112.1M	—
Q3 24	$0.18	$0.2	+11.1%	—	$108.4M	—
Q2 24	$0.17	$0.18	+5.9%	—	$105.9M	—
Q1 24	$0.18	$0.31	+72.2%	—	$105.4M	—
Q4 23	$0.19	$0.06	-68.4%	—	$105M	—
Q3 23	$0.17	$0.26	+52.9%	—	$109.5M	—
Q2 23	$0.16	$0.32	+100.0%	—	$109.4M	—
Q1 23	$0.15	$0.21	+40.0%	—	$119M	—
Q4 22	$0.17	$0.2	+17.6%	—	$112.1M	—
Q3 22	$0.17	$0.16	-5.9%	—	$103.5M	—
Q2 22	$0.16	$0.2	+25.0%	—	$98M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.51	—	—	$454.1M	—
FY24	—	$0.86	—	—	$431.8M	—
FY23	—	$0.83	—	—	$442.9M	—
FY22	—	$0.72	—	—	$407.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$142.9M	$181.6M	$237.5M	$298.8M	$321.6M	$382.9M	$407.5M	$442.9M	$431.8M	$454.1M
YoY change	+45.7%	+27.1%	+30.8%	+25.8%	+7.64%	+19%	+6.43%	+8.68%	-2.5%	+5.17%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	142.9M	181.6M	237.5M	298.8M	321.6M	382.9M	407.5M	442.9M	431.8M	454.1M
Cost of revenue	3.9M	6.5M	11.2M	16M	17.5M	18.5M	21.8M	22.6M	24.7M	23M
Gross profit	139M	175.1M	226.3M	282.8M	304.2M	364.4M	385.7M	420.3M	407.1M	431.2M
Gross margin	97.3%	96.4%	95.3%	94.6%	94.6%	95.2%	94.7%	94.9%	94.3%	94.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17.7M	24.7M	30.9M	35.6M	31.7M	36.4M	37.4M	39.4M	38M	38.9M
Operating expenses	17.7M	38.8M	50.6M	63.3M	31.7M	36.4M	37.4M	39.4M	38M	38.9M
Operating income	74.5M	88.1M	111.5M	138.4M	139.8M	196M	193.6M	222.3M	212.9M	228.2M
Operating margin	52.2%	48.5%	46.9%	46.3%	43.4%	51.2%	47.5%	50.2%	49.3%	50.2%
Non-operating income, net	-4.4M	6.3M	17.2M	21.6M	-6.4M	-20.7M	15.8M	21.4M	30.4M	-33.5M
Pretax income	40.3M	60.2M	76M	87.5M	57.2M	111.2M	130.8M	164.1M	170.2M	100.6M
Income tax	—	624K	857K	2.4M	939K	1.6M	1.3M	763K	1.2M	1.2M
Net income	40.3M	59.6M	75.1M	85.1M	56.3M	109.5M	129.5M	163.3M	169M	99.4M
Net margin	28.2%	32.8%	31.6%	28.5%	17.5%	28.6%	31.8%	36.9%	39.1%	21.9%
EBITDA	120.9M	151.7M	195.5M	247.3M	272.5M	327.6M	353.8M	379.7M	376.3M	386.3M
EPS	0.26	0.41	0.49	0.56	0.44	0.67	0.72	0.83	0.86	0.51
Diluted EPS	0.26	0.37	0.45	0.56	0.44	0.67	0.72	0.83	0.86	0.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	109.5M	105M	105.4M	105.9M	108.4M	112.1M	108.7M	113M	114.2M	118.3M	121.4M	122.3M
Cost of revenue	5.7M	6M	5.7M	5.3M	7M	6.8M	5.5M	5M	6.2M	6.3M	6.2M	5.8M
Gross profit	103.8M	99M	99.7M	100.6M	101.4M	105.4M	103.2M	108M	108M	112M	115.2M	116.5M
Gross margin	94.8%	94.3%	94.6%	95%	93.5%	94%	95%	95.6%	94.6%	94.7%	94.9%	95.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.1M	9.4M	9.4M	9.9M	8.7M	9.9M	9.7M	9.6M	10M	9.7M	10.3M	11.9M
Operating expenses	10.1M	9.4M	9.4M	9.9M	8.7M	9.9M	9.7M	9.6M	10M	9.7M	10.3M	11.9M
Operating income	55.2M	50.3M	52.5M	53.3M	54.6M	52.5M	54M	55.8M	57.7M	60.6M	63.3M	55.5M
Operating margin	50.4%	47.9%	49.8%	50.3%	50.4%	46.8%	49.7%	49.4%	50.6%	51.2%	52.2%	45.4%
Non-operating income, net	16.6M	-25M	34.4M	280K	440K	-4.8M	-16.2M	-14.8M	-2.4M	-93K	8.6M	10.8M
Pretax income	52.2M	6.5M	68.6M	36.5M	37M	28.1M	17.8M	20M	27.3M	35.4M	46.7M	40.6M
Income tax	104K	-267K	408K	531K	-291K	526K	355K	199K	208K	391K	311K	346K
Net income	52.1M	6.8M	68.2M	35.9M	37.3M	27.6M	17.5M	19.8M	27.1M	35M	46.4M	40.3M
Net margin	47.6%	6.47%	64.7%	33.9%	34.4%	24.6%	16.1%	17.6%	23.7%	29.6%	38.2%	32.9%
EBITDA	95.3M	88.3M	92.2M	92.1M	91.8M	100.2M	93.1M	95.1M	99.5M	98.5M	106.4M	106M
EPS	0.27	0.03	0.35	0.19	0.19	0.14	0.09	0.11	0.14	0.17	0.24	0.21
Diluted EPS	0.26	0.03	0.35	0.19	0.19	0.14	0.09	0.1	0.14	0.17	0.24	0.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	3.2B	3B	3.3B	4B
Enterprise value	—	—	—	—	—	—	—	5.1B	4.9B	5.7B	6.4B
Shares outstanding	140.9M	133.9M	140.9M	140.9M	117.2M	153.1M	169.8M	186.6M	187.5M	188.1M	188.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	19.7	17.6	32.9	24.7
P/S	—	—	—	—	—	—	—	7.26	6.89	7.2	8.38
P/B	—	—	—	—	—	—	—	1.01	0.95	1.08	1.25
EV/EBITDA	—	—	—	—	—	—	—	13.4	12.9	14.9	15.8
EV/Sales	—	—	—	—	—	—	—	11.5	11.3	12.6	13.5
Earnings yield	—	—	—	—	—	—	—	5.08%	5.68%	3.04%	4.06%
FCF yield	—	—	—	—	—	—	—	7%	8.73%	8.26%	5.75%
PEG	—	—	—	—	—	—	—	—	—	—	0.27

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	97.3%	96.4%	95.3%	94.6%	94.6%	95.2%	94.7%	94.9%	94.3%	94.9%	95.2%
Operating margin	52.2%	48.5%	46.9%	46.3%	43.4%	51.2%	47.5%	50.2%	49.3%	50.2%	46.2%
Net margin	28.2%	32.8%	31.6%	28.5%	17.5%	28.6%	31.8%	36.9%	39.1%	21.9%	30.6%
ROE	4.03%	4.64%	4.91%	4.78%	2.27%	4%	3.97%	5.11%	5.38%	3.28%	4.92%
ROA	2.06%	2.31%	2.43%	2.17%	1.32%	2.37%	2.37%	3.1%	3.24%	1.74%	2.66%
ROIC	—	3.56%	3.73%	3.59%	3.51%	4.38%	3.64%	4.35%	4.2%	4.09%	4.15%
Return on tangible assets	2.49%	2.84%	2.98%	2.62%	1.88%	3.29%	3.14%	4.07%	4.22%	2.21%	3.18%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.55	0.23	0.51	0.41	2.59	1.55	1.46	1.58	1.6	1.61	2.02
Quick ratio	0.55	0.23	0.51	0.41	2.59	1.55	1.46	1.58	1.6	1.61	0.35
Debt / equity	0.87	0.92	0.95	1.11	0.62	0.62	0.62	0.6	0.61	0.83	0.89
Debt / assets	0.44	0.46	0.47	0.51	0.36	0.37	0.37	0.36	0.37	0.44	0.46
Net debt / EBITDA	6.99	7.7	7.3	7.96	5.29	5.09	5.66	4.98	5.05	6.41	6.49
Interest coverage	2.34	2.73	2.44	2.21	1.75	2.73	2.66	3.05	3.3	2.06	2.44
Effective tax rate	—	1.04%	1.13%	2.76%	1.64%	1.48%	0.98%	0.47%	0.69%	1.15%	0.84%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.01	1.36	1.69	2.12	2.75	2.5	2.4	2.37	2.3	2.41	2.51
EPS (basic)	0.26	0.41	0.49	0.56	0.44	0.67	0.72	0.83	0.86	0.51	0.51
EPS (diluted)	0.26	0.37	0.45	0.56	0.44	0.67	0.72	0.83	0.86	0.5	0.76
Book value per share	7.09	9.59	10.9	12.6	21.2	17.9	19.2	17.1	16.8	16.1	15
FCF per share	0.46	0.68	0.87	1.01	1.44	1.59	1.32	1.2	1.38	1.43	1.28
Cash per share	0.15	0.07	0.13	0.09	0.86	0.14	0.13	0.1	0.08	0.16	0.18
Capex per share	—	—	—	—	—	—	—	—	—	0.16	0.13

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	6.54%	5.44%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	9.92%	9.16%
Payout ratio	88.7%	74.8%	69%	72.8%	127.1%	141%	140%	127.1%	128.3%	220.1%	153.3%
Dividend yield	—	—	—	—	—	—	—	6.46%	7.29%	6.7%	6.22%

Yield

6.22%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.293

ex-dividend Jun 30, 2026

Payout ratio

153%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.293
Mar 31, 2026	$0.293
Dec 31, 2025	$0.29
Sep 30, 2025	$0.29
Jun 30, 2025	$0.29
Mar 31, 2025	$0.29
Dec 31, 2024	$0.29
Sep 30, 2024	$0.29

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$109.5M	$105M	$105.4M	$105.9M	$108.4M	$112.1M	$108.7M	$113M	$114.2M	$118.3M	$121.4M	$122.3M
YoY change	+5.81%	-6.36%	-11.5%	-3.15%	-1.05%	+6.79%	+3.15%	+6.68%	+5.32%	+5.5%	+11.7%	+8.25%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	21.6M	9.4M	18.6M	12.5M	100.5M	21.7M	21.8M	19.5M	14.8M	30.5M
Receivables	355K	897K	1M	934K	1.6M	1.3M	1.3M	1.5M	3.3M	4.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	66.6M	69.5M	88.9M	97.9M	204.2M	139.9M	158.8M	173.7M	180.8M	213.8M
Property, plant & equipment	11.3M	13.6M	675.9M	848.7M	10.7M	9.6M	8.5M	—	—	—
Goodwill & intangibles	336.2M	485.3M	572.5M	663.8M	1.3B	1.3B	1.3B	1.3B	1.2B	1.2B
Total assets	2B	2.6B	3.1B	3.9B	4.3B	4.6B	5.5B	5.3B	5.2B	5.7B
Accounts payable	17.4M	20.3M	24.4M	37.4M	35.7M	38M	47.5M	47.5M	49M	60.1M
Short-term debt	102M	273M	141.1M	197.3M	—	—	—	—	—	—
Total current liabilities	121.4M	297.4M	175.4M	238.3M	79M	90.4M	109.1M	110.1M	113.1M	133.1M
Long-term debt	764.6M	904.7M	1.3B	1.8B	1.5B	1.7B	2B	1.9B	1.9B	2.5B
Total liabilities	953.5M	1.3B	1.6B	2.1B	1.8B	1.9B	2.2B	2.1B	2.1B	2.7B
Shareholders' equity	998.5M	1.3B	1.5B	1.8B	2.5B	2.7B	3.3B	3.2B	3.1B	3B
Total debt	866.6M	1.2B	1.4B	2B	1.5B	1.7B	2B	1.9B	1.9B	2.5B
Net debt	844.9M	1.2B	1.4B	2B	1.4B	1.7B	2B	1.9B	1.9B	2.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	35.1M	19.5M	221.7M	18.3M	9M	14.8M	9.6M	20.8M	82M	30.5M	20.3M	11.1M
Receivables	1.4M	1.5M	836K	2.6M	2.1M	3.3M	2.6M	3.6M	3.6M	4.4M	3.6M	6.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	188.7M	173.7M	371.8M	174.4M	169.5M	180.8M	178.6M	196.7M	260.4M	213.8M	208.6M	204.6M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	1.3B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B
Total assets	5.3B	5.3B	5.3B	5.3B	5.3B	5.2B	5.2B	5.3B	5.5B	5.7B	5.8B	5.9B
Accounts payable	44.9M	47.5M	40.7M	42.6M	47.7M	49M	48.4M	57.4M	55.7M	60.1M	61.7M	72.5M
Short-term debt	74.1M	—	73.8M	79.1M	125.5M	—	174.1M	197.9M	95.8M	—	397.6M	447.4M
Total current liabilities	183.9M	110.1M	180.7M	193.8M	240.9M	113.1M	290.2M	322.3M	219.6M	133.1M	541M	591.3M
Long-term debt	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	2B	2.3B	2.5B	2.2B	2.2B
Total liabilities	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.2B	2.3B	2.5B	2.7B	2.8B	2.9B
Shareholders' equity	3.3B	3.2B	3.2B	3.2B	3.1B	3.1B	3.1B	3B	3B	3B	3B	3B
Total debt	1.9B	1.9B	1.9B	2B	2B	1.9B	2B	2.2B	2.4B	2.5B	2.6B	2.7B
Net debt	1.9B	1.9B	1.7B	1.9B	2B	1.9B	2B	2.1B	2.3B	2.5B	2.6B	2.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	40.3M	59.6M	75.1M	85.1M	56.3M	109.5M	129.5M	163.3M	169M	99.4M
Depreciation & amortization	45.8M	62.8M	83.7M	105.4M	131.6M	128.9M	150M	152.8M	151.8M	159.6M
Stock-based compensation	—	—	0	0	2M	4.7M	5.3M	6.4M	7.4M	9.6M
Change in working capital	1.3M	959K	-1.7M	8.4M	6M	3.7M	-490K	-7.4M	-2.6M	3.3M
Operating cash flow	72.7M	108.6M	138.7M	180.1M	178.5M	233M	265.5M	295.8M	299.8M	299.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	-29.7M
Investing cash flow	-2.9M	548K	18.3M	0	-30.9M	0	0	—	—	-29.7M
Dividends paid	-35.7M	-44.5M	-51.8M	-62M	-71.5M	-154.5M	-181.2M	-207.5M	-216.8M	-218.8M
Share repurchases	-8.2M	-9.4M	-10.2M	-54.6M	-126K	0	0	-180K	-996K	—
Financing cash flow	501.4M	671.9M	259.4M	741.9M	-225.7M	356.4M	736.3M	-443.3M	-221.2M	393.4M
Net change in cash	571.1M	781M	416.4M	922M	-78M	589.4M	1B	-147.5M	78.6M	663.2M
Free cash flow	65.3M	91.2M	122.9M	142.3M	168.2M	243.3M	224.5M	224.8M	259.5M	269.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	52.1M	6.8M	68.2M	35.9M	37.3M	27.6M	17.5M	19.8M	27.1M	35M	46.4M	40.3M
Depreciation & amortization	37.5M	38.3M	36.8M	36.3M	36.7M	42M	38.4M	41.4M	39M	40.8M	40.5M	48.1M
Stock-based compensation	1.5M	1.4M	1.5M	2.1M	1.8M	2M	2.1M	2.5M	2.5M	2.5M	2.6M	2.9M
Change in working capital	1.2M	-4.7M	-6.4M	848K	3.7M	-870K	-3.9M	7.5M	-2.6M	2.3M	-3.4M	-5.9M
Operating cash flow	85.6M	40.8M	97.1M	70.4M	74.5M	57.8M	52.2M	79.3M	64.2M	84.6M	76.1M	58.2M
Capital expenditure	—	—	—	—	—	—	—	-2.6M	-6.2M	-6.6M	-1.4M	-11.8M
Investing cash flow	—	—	—	—	—	—	—	-2.6M	-6.2M	-6.6M	-1.4M	-11.8M
Dividends paid	-51.5M	-52.5M	-54.4M	-53.9M	-53.5M	-54.8M	-56.2M	-55.2M	-52.5M	-54.9M	-55.7M	-56.1M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-149.7M	-25.9M	-88M	-51.3M	-10.4M	-85.5M	8.9M	62.9M	171.2M	112.5M	74.4M	-23.4M
Net change in cash	-64.1M	14.9M	9.1M	19M	64.2M	-27.7M	61.1M	139.6M	229.2M	190.4M	149.1M	23M
Free cash flow	68M	43.8M	67.7M	74M	60.3M	57.5M	57.1M	76.7M	58M	78M	74.7M	46.4M

Broadstone Net Lease Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement