Global Net Lease, Inc. (GNL) 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	-$0.05	-$0.03	+40.0%	—	$112.5M	—
Q1 26	-$0.06	-$0.09	-50.0%	—	$109.3M	—
Q4 25	-$0.05	-$0.05	0.0%	—	$117M	—
Q3 25	-$0.07	-$0.05	+28.6%	—	$121M	—
Q2 25	-$0.11	-$0.03	+72.7%	—	$124.9M	—
Q1 25	-$0.09	-$0.14	-55.6%	—	$132.4M	—
Q4 24	-$0.11	-$0.09	+18.2%	—	$199.1M	—
Q3 24	-$0.16	-$0.33	-106.3%	—	$196.6M	—
Q2 24	-$0.15	-$0.2	-33.3%	—	$203.3M	—
Q1 24	-$0.19	-$0.15	+21.1%	—	$206M	—
Q4 23	—	-$0.26	—	—	$206.7M	—
Q3 23	—	-$1.11	—	—	$118.2M	—
Q1 23	-$0.02	-$0.05	-150.0%	—	$94.3M	—
Q4 22	—	$0.24	—	—	$93.9M	—
Q3 22	—	$0.09	—	—	$92.6M	—
Q2 22	$0.01	-$0.06	-700.0%	—	$95.2M	—

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	—	-$1.21	—	—	$495.3M	—
FY24	—	-$0.76	—	—	$805M	—
FY23	—	-$1.71	—	—	$515.1M	—
FY22	—	-$0.09	—	—	$378.9M

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	$214.2M	$259.3M	$282.2M	$306.2M	$330.1M	$391.2M	$378.9M	$515.1M	$805M	$495.3M
YoY change	+4.31%	+21.1%	+8.84%	+8.51%	+7.8%	+18.5%	-3.16%	+36%	+56.3%	-38.5%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	214.2M	259.3M	282.2M	306.2M	330.1M	391.2M	378.9M	515.1M	805M	495.3M
Cost of revenue	19M	28.9M	28.7M	28.3M	32.4M	32.7M	32.9M	67.8M	142.5M	51.2M
Gross profit	195.1M	230.4M	253.5M	277.9M	297.7M	358.5M	346M	447.2M	662.5M	444.1M
Gross margin	91.1%	88.9%	89.8%	90.8%	90.2%	91.6%	91.3%	86.8%	82.3%	89.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.9M	4.9M	13.1M	52.9M	59.1M	67.3M	69.9M	85.8M	66.7M	65.3M
Operating expenses	30.6M	29.3M	41.3M	86.2M	94.9M	67.3M	69.9M	85.8M	66.7M	65.3M
Operating income	70.1M	88.1M	92.6M	99M	100.1M	128.1M	122M	139.2M	245.9M	187.6M
Operating margin	32.7%	34%	32.8%	32.3%	30.3%	32.7%	32.2%	27%	30.5%	37.9%
Non-operating income, net	21M	-12.9M	-21.3M	16M	-12.5M	-10.2M	-1.5M	-157.2M	-46.1M	-106.9M
Pretax income	52M	26.7M	13.3M	50.8M	15.7M	23.5M	23.1M	-197.4M	-127.1M	-113.9M
Income tax	4.4M	3.1M	2.4M	4.3M	5M	12.2M	11M	14.5M	4.4M	21.8M
Net income	47.6M	23.6M	10.9M	46.5M	10.8M	11.4M	12M	-211.9M	-131.6M	-225.5M
Net margin	22.2%	9.1%	3.86%	15.2%	3.27%	2.91%	3.17%	-41.1%	-16.3%	-45.5%
EBITDA	167.1M	206.4M	217.7M	230.4M	243.1M	295.9M	281.9M	375.2M	616.7M	422.7M
EPS	0.81	0.3	0.01	0.4	-0.09	-0.2	-0.09	-1.71	-0.76	-1.21
Diluted EPS	0.81	0.3	0.01	0.39	-0.09	-0.2	-0.09	-1.71	-0.76	-1.21

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	118.2M	206.7M	206M	203.3M	196.6M	199.1M	132.4M	124.9M	121M	117M	109.3M	112.5M
Cost of revenue	13.6M	37M	37.8M	35.5M	33.5M	35.6M	14M	12M	12.7M	12.6M	12.9M	13.4M
Gross profit	104.5M	169.7M	168.2M	167.8M	163M	163.5M	118.5M	112.9M	108.3M	104.4M	96.4M	99.1M
Gross margin	88.5%	82.1%	81.6%	82.5%	82.9%	82.1%	89.5%	90.4%	89.5%	89.3%	88.2%	88.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	26.1M	17.3M	18.1M	17.5M	14.9M	16.1M	19.3M	14.7M	14.9M	16.4M	16.2M	15.8M
Operating expenses	26.1M	17.3M	18.1M	17.5M	14.9M	16.1M	19.3M	14.7M	14.9M	16.4M	16.2M	15.8M
Operating income	29.2M	53.6M	58.1M	60.7M	62.7M	64.4M	42.8M	52.6M	48.7M	43.5M	38.6M	41.7M
Operating margin	24.7%	25.9%	28.2%	29.9%	31.9%	32.3%	32.3%	42.1%	40.2%	37.2%	35.3%	37.1%
Non-operating income, net	-121.5M	-13.2M	3.3M	-6.8M	-49.9M	7.3M	-81.3M	-28.1M	-62.9M	65.4M	-6.1M	2.9M
Pretax income	-133.4M	-43.1M	-21.4M	-35.9M	-64.3M	-5.6M	-91.9M	-28.9M	-59.5M	66.3M	-6.7M	5.8M
Income tax	2.8M	5.5M	2.4M	-250K	1.3M	962K	3.3M	3M	3.1M	12.4M	1.6M	4.8M
Net income	-136.2M	-48.6M	-23.8M	-35.7M	-65.6M	-6.5M	-189.4M	-24.1M	-60.1M	48.2M	-5.1M	3.5M
Net margin	-115.2%	-23.5%	-11.5%	-17.5%	-33.4%	-3.28%	-143%	-19.3%	-49.7%	41.2%	-4.65%	3.1%
EBITDA	81.3M	157.6M	155.2M	155.5M	152.7M	153.3M	133.1M	101.9M	97.1M	90.5M	82.1M	85.2M
EPS	-1.11	—	-0.15	-0.2	-0.33	-0.08	-0.87	-0.16	-0.32	0.16	-0.08	-0.04
Diluted EPS	-1.11	—	-0.15	-0.2	-0.33	-0.08	-0.87	-0.16	-0.32	0.16	-0.08	-0.04

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	1.3B	—	1.2B	—	1.5B	1.5B	1.3B	—	—	1.9B	2B
Enterprise value	2.7B	—	2.9B	—	3.7B	3.9B	3.6B	—	—	4.3B	4.1B
Shares outstanding	56.7M	66.9M	69.4M	85M	89.5M	98.3M	103.7M	142.6M	230.4M	223.3M	223.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	28	—	112.2	—	142.3	132.1	108.4	—	—	—	-7.01
P/S	6.22	—	4.33	—	4.65	3.84	3.44	—	—	3.88	4.27
P/B	0.98	—	0.86	—	0.99	0.92	0.9	—	—	1.15	1.19
EV/EBITDA	16.3	—	13.5	—	15.4	13.2	12.9	—	—	10.2	12.2
EV/Sales	12.7	—	10.4	—	11.3	9.95	9.61	—	—	8.71	8.87
Earnings yield	3.57%	—	0.89%	—	0.7%	0.76%	0.92%	—	—	—	-14.3%
FCF yield	8.57%	—	11.7%	—	11.1%	12.3%	11.7%	—	—	9.86%	18.6%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	91.1%	88.9%	89.8%	90.8%	90.2%	91.6%	91.3%	86.8%	82.3%	89.7%	88.1%
Operating margin	32.7%	34%	32.8%	32.3%	30.3%	32.7%	32.2%	27%	30.5%	37.9%	31.3%
Net margin	22.2%	9.1%	3.86%	15.2%	3.27%	2.91%	3.17%	-41.1%	-16.3%	-45.5%	-2.94%
ROE	3.51%	1.67%	0.76%	2.72%	0.69%	0.7%	0.83%	-8.03%	-6.02%	-13.6%	-0.96%
ROA	1.65%	0.78%	0.33%	1.26%	0.27%	0.27%	0.3%	-2.62%	-1.89%	-5.19%	2.19%
ROIC	2.34%	2.72%	2.41%	2.69%	1.82%	1.54%	1.68%	1.78%	3.69%	4.62%	0%
Return on tangible assets	2.09%	1%	0.42%	1.55%	0.34%	0.32%	0.33%	-2.98%	-1.92%	-5.3%	-0.34%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.16	0.43	0.63	1.33	1.11	0.58	0.24	0.13	0.23	0.84	5.63
Quick ratio	0.16	0.43	0.63	1.33	1.11	0.58	0.24	0.13	0.23	0.84	0.5
Debt / equity	1.07	1.09	1.27	1.12	1.5	1.52	1.68	2.01	2.12	1.55	1.62
Debt / assets	0.5	0.51	0.55	0.52	0.59	0.59	0.62	0.65	0.67	0.59	0.6
Net debt / EBITDA	8.28	6.99	7.84	7.18	9.05	8.07	8.3	13.8	7.27	5.67	6.49
Interest coverage	2.33	1.55	1.23	1.79	1.22	1.25	1.24	-0.1	0.61	0.41	1.04
Effective tax rate	8.5%	11.7%	18.3%	8.53%	31.6%	51.7%	47.9%	0%	0%	0%	100%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.78	3.88	4.07	3.6	3.69	3.98	3.65	3.61	3.49	2.22	2.13
EPS (basic)	0.81	0.3	0.01	0.4	-0.09	-0.2	-0.09	-1.71	-0.76	-1.21	-1.21
EPS (diluted)	0.81	0.3	0.01	0.39	-0.09	-0.2	-0.09	-1.71	-0.76	-1.21	-0.29
Book value per share	23.9	21.1	20.6	20.1	17.4	16.6	14	18.5	9.49	7.45	7.16
FCF per share	2.01	1.91	2.06	1.51	1.91	1.88	1.46	0.68	1.1	0.85	0.95
Cash per share	1.23	1.53	1.45	3.18	1.39	0.91	1	0.85	0.69	0.81	0.73
Capex per share	—	—	—	—	—	—	—	—	—	0.15	0.08

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	6.74%	3.74%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	15%	7.88%
Payout ratio	253%	606.8%	1.4K%	347.5%	1.6K%	1.5K%	1.6K%	-110.1%	-240.3%	-104.6%	1.2K%
Dividend yield	9.04%	—	12.9%	—	11.2%	11.7%	14.4%	—	—	12.3%	8.96%

Yield

8.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.19

ex-dividend Jul 13, 2026

Payout ratio

1243%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 13, 2026	$0.19
Apr 13, 2026	$0.19
Jan 12, 2026	$0.19

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	$118.2M	$206.7M	$206M	$203.3M	$196.6M	$199.1M	$132.4M	$124.9M	$121M	$117M	$109.3M	$112.5M
YoY change	+27.6%	+120%	+118.4%	+112.1%	+66.3%	-3.68%	-35.7%	-38.6%	-38.4%	-41.3%	-17.5%	-9.95%

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	69.8M	102.4M	100.3M	270.3M	124.2M	89.7M	103.3M	121.6M	159.7M	180.1M
Receivables	—	—	—	—	—	—	—	—	—	27.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	112.9M	150.5M	263.8M	326.4M	187.1M	167.5M	177.9M	249.8M	341.1M	344.9M
Property, plant & equipment	—	—	—	50.2M	58.4M	52.9M	49.2M	77M	74.3M	63.4M
Goodwill & intangibles	614.9M	675.2M	719.9M	695.6M	758.2M	663.2M	342.5M	985M	102.7M	91.8M
Total assets	2.9B	3B	3.3B	3.7B	4B	4.2B	4B	8.1B	7B	4.3B
Accounts payable	22.9M	23.2M	31.5M	22.9M	28.3M	25.9M	22.9M	99M	75.7M	43.8M
Short-term debt	672M	298.9M	363.9M	199.1M	111.1M	225.6M	670M	1.7B	1.4B	324.2M
Total current liabilities	724.5M	346.5M	417.3M	244.6M	168.1M	290.5M	727.7M	1.9B	1.5B	408.9M
Long-term debt	780.4M	1.2B	1.4B	1.7B	2.2B	2.3B	1.8B	3.5B	3.3B	2.3B
Total liabilities	1.5B	1.6B	1.9B	2B	2.4B	2.6B	2.5B	5.5B	4.8B	2.7B
Shareholders' equity	1.4B	1.4B	1.4B	1.7B	1.6B	1.6B	1.5B	2.6B	2.2B	1.7B
Total debt	1.5B	1.5B	1.8B	1.9B	2.3B	2.5B	2.4B	5.3B	4.6B	2.6B
Net debt	1.4B	1.4B	1.7B	1.7B	2.2B	2.4B	2.3B	5.2B	4.5B	2.4B

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	133.4M	121.6M	131.9M	122.2M	127.2M	159.7M	147M	144.8M	165.1M	180.1M	125.5M	153.6M
Receivables	—	—	—	—	—	—	108.7M	90.2M	55.9M	27.9M	22M	2.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	256M	249.8M	284.7M	269.2M	289.1M	341.1M	1.2B	400.6M	376.9M	344.9M	252.4M	276.3M
Property, plant & equipment	75.7M	77M	75.5M	76.7M	78.3M	74.3M	67.5M	70.8M	69.9M	63.4M	61.9M	61M
Goodwill & intangibles	1.5B	985M	97.1M	100M	104.5M	102.7M	89.7M	92M	92M	91.8M	91.3M	91M
Total assets	8.2B	8.1B	8B	7.6B	7.3B	7B	5.8B	5B	4.8B	4.3B	4.2B	4.1B
Accounts payable	118M	99M	101M	85.8M	90.7M	75.7M	47.8M	45.9M	44.4M	43.8M	29.2M	42.8M
Short-term debt	1.6B	1.7B	1.8B	1.7B	1.6B	1.4B	547.4M	740.7M	663.8M	324.2M	290M	472.9M
Total current liabilities	1.8B	1.9B	1.9B	1.9B	1.7B	1.5B	1.1B	843M	762.3M	408.9M	358.2M	555.1M
Long-term debt	3.6B	3.5B	3.5B	3.3B	3.3B	3.3B	2.7B	2.3B	2.3B	2.3B	2.2B	2B
Total liabilities	5.4B	5.5B	5.4B	5.2B	5.1B	4.8B	3.9B	3.2B	3.1B	2.7B	2.6B	2.6B
Shareholders' equity	2.8B	2.6B	2.5B	2.4B	2.3B	2.2B	1.9B	1.8B	1.7B	1.7B	1.6B	1.5B
Total debt	5.2B	5.3B	5.3B	5B	4.9B	4.6B	3.3B	3B	3B	2.6B	2.5B	2.5B
Net debt	5.1B	5.2B	5.1B	4.9B	4.8B	4.5B	3.1B	2.9B	2.8B	2.4B	2.4B	2.3B

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	47.6M	23.6M	10.9M	46.5M	10.8M	11.4M	12M	-211.9M	-131.6M	-225.5M
Depreciation & amortization	97M	118.3M	125.2M	131.2M	142.8M	167.7M	158.9M	233.7M	369.1M	230.7M
Stock-based compensation	3.7M	-3.8M	2.6M	9.5M	10.1M	11M	12.1M	39.2M	8.9M	12.5M
Change in working capital	-3.8M	1.9M	3.1M	-10.1M	11.9M	4.7M	-9.8M	-3.5M	-14.9M	10.1M
Operating cash flow	137.6M	129.8M	136.5M	171.8M	167.6M	177.9M	174M	66.9M	272.8M	222.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	-33.4M
Investing cash flow	26.6M	10.6M	0	—	—	—	0	-451.4M	2.1M	47.8M
Dividends paid	-120.4M	-143.1M	-157.3M	-161.5M	-172.5M	-176M	-187.1M	-233.2M	-316.2M	-235.8M
Share repurchases	0	0	-227K	0	-470K	-156K	-686K	-1.3M	-1M	-122.1M
Financing cash flow	-350.6M	-1B	134.8M	-75.6M	-288M	139.9M	-149.7M	469M	-1.8B	-4.5B
Net change in cash	-186.4M	-897.2M	271.3M	96.2M	-120.4M	317.7M	24.3M	84.5M	-1.5B	-4.2B
Free cash flow	114.2M	127.8M	143.1M	128.7M	170.5M	184.6M	151.9M	96.4M	253.8M	189.4M

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	-136.2M	-48.6M	-23.8M	-35.7M	-65.6M	-6.5M	-189.4M	-24.1M	-60.1M	48.2M	-5.1M	3.5M
Depreciation & amortization	51.9M	103.6M	97.1M	94.5M	90M	87.5M	90.2M	47.7M	46.7M	46.2M	43.4M	43.2M
Stock-based compensation	4.2M	22.9M	2M	2.3M	2.3M	2.3M	3.1M	3.3M	3.1M	3M	4M	3.9M
Change in working capital	-213K	-3.6M	1.3M	-1.8M	-901K	-13.5M	-4.6M	12.7M	2.1M	-91K	-1.5M	244K
Operating cash flow	-54.2M	59.8M	86.8M	77.7M	34.3M	74M	-94.9M	52M	56M	55.6M	39.7M	67.1M
Capital expenditure	—	—	—	—	—	—	—	-9.8M	-6.6M	-7.2M	-1.6M	-1.8M
Investing cash flow	—	-608K	—	—	—	1.6M	—	-9.8M	29.5M	15.3M	6.9M	18.8M
Dividends paid	-47.1M	-92.6M	-92.7M	-74.4M	-74.4M	-74.7M	-74.9M	-54.4M	-53.3M	-53.2M	-52.2M	-51.5M
Share repurchases	-770K	-235K	-55K	-369K	-128K	-486K	-19.4M	-57.2M	-7.1M	-38.4M	-39.9M	-11.5M
Financing cash flow	532.8M	-68M	-160.6M	-696.2M	-512.2M	-435M	-1.9B	-730M	304.8M	-1.7B	-204.8M	-164.8M
Net change in cash	478.7M	-8.9M	-73.8M	-618.5M	-477.9M	-359.3M	-2B	-687.8M	390.3M	-1.7B	-158.3M	-78.9M
Free cash flow	-14.8M	38.1M	84.2M	59.9M	47.8M	62M	49.4M	42.2M	49.4M	48.4M	38.1M	65.3M

Global 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

Split history