NNN REIT, Inc. (NNN) 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 %
Q1 26	$0.51	$0.49	-3.9%	—	$240.4M	—
Q4 25	$0.5	$0.51	+2.0%	—	$238.4M	—
Q3 25	$0.48	$0.49	+2.1%	—	$230.2M	—
Q2 25	$0.49	$0.48	-2.0%	—	$226.8M	—
Q1 25	$0.48	$0.52	+8.3%	—	$230.9M	—
Q4 24	$0.49	$0.48	-2.0%	—	$218.5M	—
Q3 24	$0.49	$0.49	0.0%	—	$218.6M	—
Q2 24	$0.49	$0.49	0.0%	—	$216.8M	—
Q1 24	$0.48	$0.5	+4.2%	—	$215.4M	—
Q4 23	$0.48	$0.52	+8.3%	—	$216.2M	—
Q3 23	$0.48	$0.48	0.0%	—	$205.1M	—
Q2 23	$0.48	$0.62	+29.2%	—	$202.6M	—
Q1 23	$0.48	$0.48	0.0%	—	$204.1M	—
Q4 22	$0.48	$0.48	0.0%	—	$198.5M	—
Q3 22	$0.47	$0.47	0.0%	—	$193.5M	—
Q2 22	$0.47	$0.46	-2.1%	—	$190.8M	—

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	—	$2.07	—	—	$926.2M	—
FY24	—	$2.16	—	—	$869.3M	—
FY23	—	$2.16	—	—	$828.1M	—
FY22	—	$1.89	—	—	$773.1M

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	$533.6M	$584.9M	$622.7M	$670.5M	$660.7M	$726.4M	$773.1M	$828.1M	$869.3M	$926.2M
YoY change	+10.5%	+9.61%	+6.45%	+7.68%	-1.46%	+9.95%	+6.42%	+7.12%	+4.97%	+6.55%

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	533.6M	584.9M	622.7M	670.5M	660.7M	726.4M	773.1M	828.1M	869.3M	926.2M
Cost of revenue	20.9M	23.1M	25.1M	27.7M	28.4M	28.4M	26.3M	28.4M	32.3M	37.4M
Gross profit	512.8M	561.8M	597.6M	642.8M	632.3M	698M	746.8M	799.7M	836.9M	888.8M
Gross margin	96.1%	96%	96%	95.9%	95.7%	96.1%	96.6%	96.6%	96.3%	96%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	36.5M	33.8M	34.2M	37.9M	38.2M	44.8M	49.5M	47.5M	45.1M	50.5M
Operating expenses	36.5M	33.8M	34.2M	37.9M	38.2M	44.8M	49.5M	47.5M	45.1M	50.5M
Operating income	327.2M	354.3M	388.9M	416M	397.5M	448M	473.4M	513.6M	542.2M	569.9M
Operating margin	61.3%	60.6%	62.5%	62.1%	60.2%	61.7%	61.2%	62%	62.4%	61.5%
Non-operating income, net	8.5M	19.9M	17.6M	471K	-39.6M	-20.2M	9.1M	41.5M	35.7M	19.6M
Pretax income	239.5M	265.4M	292.5M	299.6M	228.8M	290.1M	334.6M	392.3M	396.8M	389.8M
Income tax	0	0	—	—	—	—	—	—	—	—
Net income	239.5M	265.4M	292.5M	299.6M	228.8M	290.1M	334.6M	392.3M	396.8M	389.8M
Net margin	44.9%	45.4%	47%	44.7%	34.6%	39.9%	43.3%	47.4%	45.7%	42.1%
EBITDA	476.5M	528.3M	565.1M	608M	594.5M	653.4M	697.4M	753.4M	794.9M	842.6M
EPS	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07
Diluted EPS	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15	2.07

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	205.1M	216.2M	215.4M	216.8M	218.6M	218.5M	230.9M	226.8M	230.2M	238.4M	240.4M	244.3M
Cost of revenue	6.5M	8.2M	7.2M	6.8M	7.3M	11.1M	9.4M	8.8M	9.1M	10M	9.8M	8.3M
Gross profit	198.7M	208M	208.3M	210.1M	211.3M	207.3M	221.5M	218M	221M	228.4M	230.6M	236M
Gross margin	96.9%	96.2%	96.7%	96.9%	96.7%	94.9%	95.9%	96.1%	96%	95.8%	95.9%	96.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.5M	13.2M	12.9M	12M	11.4M	8.8M	15.3M	11.3M	11.2M	14.9M	14.7M	14.3M
Operating expenses	10.5M	13.2M	12.9M	12M	11.4M	8.8M	15.3M	11.3M	11.2M	14.9M	14.7M	14.3M
Operating income	128.7M	134.7M	134.7M	135.6M	136.5M	135.4M	141.6M	138.3M	142.6M	145.2M	145.1M	150.7M
Operating margin	62.7%	62.3%	62.5%	62.5%	62.5%	62%	61.3%	61%	62%	60.9%	60.4%	61.7%
Non-operating income, net	19M	4.9M	3.6M	16.7M	7M	8.4M	2.3M	11.5M	4.7M	3.3M	1.5M	670K
Pretax income	106.8M	96.7M	94.4M	106.7M	97.9M	97.9M	96.5M	100.5M	96.8M	96M	94M	97.9M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	106.8M	96.7M	94.4M	106.7M	97.9M	97.9M	96.5M	100.5M	96.8M	96M	94M	97.9M
Net margin	52.1%	44.7%	43.8%	49.2%	44.8%	44.8%	41.8%	44.3%	42.1%	40.2%	39.1%	40.1%
EBITDA	188.8M	195.2M	195.4M	199.1M	200.8M	199.6M	206.5M	206.7M	212.8M	214.4M	216M	221.8M
EPS	0.59	—	0.52	0.58	0.53	0.52	0.52	0.54	0.51	0.51	0.5	0.52
Diluted EPS	0.59	—	0.52	0.58	0.53	0.52	0.51	0.54	0.51	0.51	0.5	0.52

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	6.4B	6.4B	7.6B	8.8B	7B	8.4B	8.1B	7.8B	7.5B	7.4B	7.9B
Enterprise value	8.4B	9B	10.3B	11.8B	10B	12B	12B	12.2B	11.9B	12.3B	12.9B
Shares outstanding	144.2M	149.1M	155.7M	164.7M	172.1M	174.7M	176.4M	181.2M	183.7M	187.6M	187.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26.6	24.2	25.8	29.5	30.8	28.9	24.1	19.9	18.9	19.1	20.2
P/S	11.9	11	12.1	13.2	10.7	11.6	10.4	9.43	8.63	8.03	8.27
P/B	1.63	1.67	1.82	2.04	1.63	2.15	1.96	1.88	1.72	1.69	1.77
EV/EBITDA	17.6	17.1	18.2	19.4	16.8	18.3	17.2	16.2	14.9	14.5	15
EV/Sales	15.7	15.4	16.5	17.6	15.1	16.5	15.5	14.7	13.7	13.2	13.6
Earnings yield	3.76%	4.13%	3.87%	3.39%	3.25%	3.45%	4.15%	5.02%	5.29%	5.24%	4.94%
FCF yield	6.52%	6.55%	6.25%	5.68%	6.39%	6.77%	7.16%	7.84%	8.47%	8.97%	-17.3%
PEG	—	—	—	—	—	—	—	—	—	—	-5.46

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	96.1%	96%	96%	95.9%	95.7%	96.1%	96.6%	96.6%	96.3%	96%	96.6%
Operating margin	61.3%	60.6%	62.5%	62.1%	60.2%	61.7%	61.2%	62%	62.4%	61.5%	61.7%
Net margin	44.9%	45.4%	47%	44.7%	34.6%	39.9%	43.3%	47.4%	45.7%	42.1%	40.4%
ROE	6.11%	6.91%	7.04%	6.92%	5.3%	7.44%	8.11%	9.44%	9.1%	8.84%	8.72%
ROA	3.78%	4.04%	4.12%	4.03%	3%	3.74%	4.11%	4.53%	4.47%	4.16%	3.91%
ROIC	5.51%	5.52%	—	—	—	—	—	—	—	—	—
Return on tangible assets	3.86%	4.11%	4.2%	4.11%	3.05%	3.81%	4.17%	4.59%	4.52%	4.2%	4.04%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	17.9	0.47	8.68	0.3	17.2	9.17	0.23	0.31	1.86	0.19	0.18
Quick ratio	17.9	0.47	8.68	0.3	17.2	9.17	0.23	0.31	1.86	0.19	1.1
Debt / equity	0.59	0.67	0.69	0.69	0.75	0.96	0.95	1.05	1	1.09	1.12
Debt / assets	0.36	0.39	0.4	0.4	0.42	0.48	0.48	0.5	0.49	0.51	0.52
Net debt / EBITDA	4.23	4.88	4.84	4.91	4.97	5.47	5.61	5.79	5.49	5.72	5.78
Interest coverage	3.49	3.43	3.52	3.5	2.77	3.1	3.26	3.39	3.16	2.91	2.8
Effective tax rate	0%	0%	—	—	—	—	—	—	—	—	—

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.7	3.92	4	4.07	3.84	4.16	4.38	4.57	4.73	4.94	5.05
EPS (basic)	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07	2.07
EPS (diluted)	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15	2.07	2.03
Book value per share	27.2	25.8	26.7	26.3	25.1	22.3	23.4	22.9	23.7	23.5	23.2
FCF per share	2.88	2.83	3.03	3.05	2.62	3.25	3.28	3.38	3.46	3.56	3.55
Cash per share	2.04	0.01	0.73	0.01	1.55	0.98	0.01	0.01	0.05	0.03	0.02

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	123.4%	118.7%	115.4%	121.8%	163.6%	131.8%	113.7%	103.1%	105.9%	113.7%	118.2%
Dividend yield	4.64%	4.9%	4.47%	4.13%	5.32%	4.55%	4.71%	5.18%	5.6%	5.96%	5.99%

Yield

5.99%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.62

ex-dividend Jul 31, 2026

Payout ratio

118%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.62
Apr 30, 2026	$0.60
Jan 30, 2026	$0.60

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	$205.1M	$216.2M	$215.4M	$216.8M	$218.6M	$218.5M	$230.9M	$226.8M	$230.2M	$238.4M	$240.4M	$244.3M
YoY change	+6.03%	+8.92%	+5.54%	+6.99%	+6.55%	+1.04%	+7.17%	+4.61%	+5.31%	+9.12%	+4.15%	+7.7%

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	294.6M	1.4M	114.3M	1.1M	267.2M	171.3M	2.5M	1.2M	8.7M	5M
Receivables	3.4M	4.3M	3.8M	2.9M	4.3M	3.2M	3.6M	3.6M	3M	3.5M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	351.9M	66.3M	169.4M	45.6M	333.1M	219.4M	44.3M	51.2M	55.3M	74M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	129.8M	101.7M	132.6M	152.8M	139.1M	135M	123.3M	105.6M	88.7M	95.6M
Total assets	6.3B	6.6B	7.1B	7.4B	7.6B	7.8B	8.1B	8.7B	8.9B	9.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	120.5M	—	133.6M	—	—	166.2M	132M	—	348.1M
Total current liabilities	19.7M	140.8M	19.5M	151.8M	19.4M	23.9M	190M	166.4M	29.7M	388.7M
Long-term debt	2.3B	2.5B	2.9B	2.9B	3.2B	3.7B	3.7B	4.2B	4.4B	4.5B
Total liabilities	2.4B	2.7B	2.9B	3.1B	3.3B	3.8B	4B	4.5B	4.5B	5B
Shareholders' equity	3.9B	3.8B	4.2B	4.3B	4.3B	3.9B	4.1B	4.2B	4.4B	4.4B
Total debt	2.3B	2.6B	2.9B	3B	3.2B	3.7B	3.9B	4.4B	4.4B	4.8B
Net debt	2B	2.6B	2.7B	3B	3B	3.6B	3.9B	4.4B	4.4B	4.8B

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	77.1M	1.2M	1.1M	2.1M	173.5M	8.7M	5.1M	6M	157.9M	5M	4.6M	4.2M
Receivables	2.1M	3.6M	3.6M	2.6M	2.2M	3M	3.6M	2.5M	2.3M	3.5M	3.8M	2.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	129.2M	51.2M	61.3M	62.8M	218.1M	55.3M	52.6M	59.7M	224.7M	74M	72.4M	73.4M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	109.6M	105.6M	101.5M	96.7M	93M	88.7M	—	90.1M	93.2M	95.6M	93.4M	94.8M
Total assets	8.6B	8.7B	8.7B	8.7B	8.9B	8.9B	9B	9.1B	9.5B	9.4B	9.4B	9.6B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	132M	116.2M	—	—	—	116.3M	267.7M	—	348.1M	80M	28.5M
Total current liabilities	60.8M	166.4M	191.7M	30.9M	75.4M	29.7M	191M	298.4M	79.9M	388.7M	152.3M	66.5M
Long-term debt	4.2B	4.2B	4.2B	4.4B	4.4B	4.4B	4.4B	4.4B	4.9B	4.5B	4.8B	5B
Total liabilities	4.4B	4.5B	4.5B	4.5B	4.6B	4.5B	4.7B	4.8B	5.1B	5B	5B	5.1B
Shareholders' equity	4.2B	4.2B	4.2B	4.2B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	4.5B
Total debt	4.2B	4.4B	4.3B	4.4B	4.4B	4.4B	4.5B	4.6B	4.9B	4.8B	4.9B	5B
Net debt	4.2B	4.4B	4.3B	4.4B	4.2B	4.4B	4.5B	4.6B	4.7B	4.8B	4.8B	5B

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	239.5M	265.4M	292.5M	299.6M	228.8M	290.1M	334.6M	392.3M	396.8M	389.8M
Depreciation & amortization	149.1M	173.7M	174.4M	188.9M	196.6M	205.2M	223.8M	238.6M	249.7M	268.4M
Stock-based compensation	11.4M	14.2M	10.4M	11.5M	14.5M	14.5M	17.3M	—	—	—
Change in working capital	4.9M	712K	-1.1M	-2.5M	-25M	25.9M	3.2M	-9.5M	6.7M	-6.7M
Operating cash flow	424.8M	452.6M	491.3M	503.5M	411.2M	543.7M	587.6M	630M	663M	667.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	1.9M	-909K	-876K	4.1M	-126K	-1.9M	-1.7M	-1.2M	-1.3M	-2.1M
Dividends paid	-295.6M	-315M	-337.5M	-364.8M	-374.3M	-382.3M	-380.5M	-404.5M	-420.2M	-443.2M
Share repurchases	0	-287.5M	0	-287.5M	0	-345M	0	0	—	—
Financing cash flow	-685.3M	-1.5B	-1.5B	-691.1M	-485.9M	-232.2M	-487.1M	-840.1M	-207.3M	77.7M
Net change in cash	-258.6M	-1B	-979.2M	-183.5M	-74.8M	309.6M	98.8M	-211.3M	454.4M	742.7M
Free cash flow	415.3M	421.6M	471.9M	501.7M	450.2M	568.4M	578.4M	612.4M	635.5M	667.1M

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	106.8M	96.7M	94.4M	106.7M	97.9M	97.9M	96.5M	100.5M	96.8M	96M	94M	97.9M
Depreciation & amortization	59.5M	60.1M	60.6M	62.5M	63.4M	63.2M	64.6M	68.3M	67.3M	68.2M	70.8M	71M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	3.1M	-10.8M	-7M	6.5M	2.1M	5.1M	-7.1M	823K	3.7M	-4.1M	-14.6M	1.2M
Operating cash flow	171.8M	148.6M	149.3M	178.8M	166M	168.9M	154.9M	119.4M	218.3M	126.2M	187M	141.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-274K	-109K	-266K	-364K	1K	-667K	271K	-529K	-836K	-1.1M	-347K	-867K
Dividends paid	-102.6M	-102.7M	-102.7M	-103.2M	-106.1M	-108.3M	-108.3M	-108.6M	-112.8M	-113.5M	-113.5M	-113.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-282.8M	-64.8M	-264.8M	-813M	60.7M	-107.8M	-124.7M	53.5M	181.6M	-165.8M	-81.1M	107.6M
Net change in cash	-111.3M	83.6M	-115.8M	-634.6M	226.8M	60.4M	30.5M	172.4M	399M	-40.7M	105.6M	248.3M
Free cash flow	191.5M	121.6M	190.7M	120.5M	206.6M	117.7M	203.3M	119.4M	218.3M	126.2M	187M	141.5M

NNN REIT, 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