Realty Income Corp. (O) 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	$0.42	$0.37	-11.9%	—	$1.4B	—
Q1 26	$0.42	$0.34	-19.0%	—	$1.4B	—
Q4 25	$0.41	$0.33	-19.5%	—	$1.7B	—
Q3 25	$0.4	$0.36	-10.0%	—	$1.4B	—
Q2 25	$0.4	$0.22	-45.0%	—	—	—
Q1 25	$0.33	$0.28	-15.2%	—	—	—
Q4 24	$0.39	$0.22	-43.6%	—	—	—
Q3 24	$0.34	$0.31	-8.8%	—	—	—
Q2 24	$0.38	$0.3	-21.1%	—	—	—
Q1 24	$0.43	$0.26	-39.5%	—	—	—
Q4 23	$0.33	$0.31	-6.1%	—	—	—
Q3 23	$0.32	$0.33	+3.1%	—	—	—
Q2 23	$0.34	$0.29	-14.7%	—	$1B	—
Q1 23	$0.34	$0.34	0.0%	—	$944.4M	—
Q4 22	$0.32	$0.36	+12.5%	—	$888.6M	—
Q3 22	$0.33	$0.36	+9.1%	—	$837.3M	—

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	—	$1.17	—	—	$5.7B	—
FY24	—	$0.98	—	—	$5.3B	—
FY23	—	$1.26	—	—	$4.1B	—
FY22	—	$1.42	—	—	$3.3B

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	$1.1B	$1.2B	$1.3B	$1.5B	$1.6B	$2.1B	$3.3B	$4.1B	$5.3B	$5.7B
YoY change	+7.81%	+10.2%	+9.22%	+12.1%	+10.7%	+26.3%	+60.7%	+22%	+29.2%	+9.07%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.2B	1.3B	1.5B	1.6B	2.1B	3.3B	4.1B	5.3B	5.7B
Cost of revenue	62.9M	69.5M	66.3M	88.6M	104.6M	133.6M	226.3M	317M	377.7M	428.8M
Gross profit	1B	1.1B	1.3B	1.4B	1.5B	1.9B	3.1B	3.8B	4.9B	5.3B
Gross margin	94.3%	94.3%	95%	94%	93.6%	93.6%	93.2%	92.2%	92.8%	92.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	52M	58.4M	84.1M	66.5M	73.2M	97M	138.5M	144.5M	176.9M	202.6M
Operating expenses	52M	58.4M	84.1M	66.5M	73.2M	97M	138.5M	144.5M	176.9M	202.6M
Operating income	538.4M	589.1M	637.6M	739.1M	792.2M	952M	1.3B	1.7B	2.3B	2.6B
Operating margin	48.8%	48.5%	48%	49.7%	48.1%	45.8%	39.1%	42.2%	44%	45.1%
Non-operating income, net	3M	-16.3M	1.1M	-7.3M	-75.8M	-236M	73.6M	-55.8M	-362.9M	-296.5M
Pretax income	319.7M	325.4M	369.9M	443.6M	411.2M	392.4M	917.6M	928.9M	933.9M	1.2B
Income tax	3.3M	6M	5.3M	6.2M	14.7M	31.7M	45.2M	52M	66.6M	85.3M
Net income	316.5M	319.3M	364.6M	437.5M	396.5M	360.7M	872.4M	876.9M	867.3M	1.1B
Net margin	28.7%	26.3%	27.5%	29.4%	24.1%	17.3%	26.1%	21.5%	16.5%	18.6%
EBITDA	978.2M	1.1B	1.2B	1.3B	1.5B	2.1B	3.1B	3.7B	4.7B	5.1B
EPS	1.13	1.1	1.26	1.38	1.15	0.87	1.42	1.26	0.98	1.17
Diluted EPS	1.13	1.1	1.26	1.38	1.14	0.87	1.42	1.26	0.98	1.17

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	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	—	—	—	—	—	—	—	—	1.4B	1.7B	1.4B	1.4B
Cost of revenue	—	—	—	—	—	—	—	—	106.6M	108.1M	116.8M	112.4M
Gross profit	—	—	—	—	—	—	—	—	1.3B	1.6B	1.3B	1.3B
Gross margin	—	—	—	—	—	—	—	—	92.3%	93.7%	91.9%	92.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	55M	54.1M	58.9M	57.6M
Operating expenses	—	—	—	—	—	—	—	—	55M	54.1M	58.9M	57.6M
Operating income	437M	480.5M	549.2M	525.8M	471.8M	588.2M	534.3M	532.8M	582.4M	943M	601.4M	605.2M
Operating margin	—	—	—	—	—	—	—	—	42%	55.2%	41.6%	42.4%
Non-operating income, net	—	—	—	—	—	—	—	—	-27.5M	-108.8M	-62.7M	-15.5M
Pretax income	—	—	—	—	—	—	—	—	341.5M	323.4M	347.1M	396.3M
Income tax	—	—	—	—	—	—	—	—	23.8M	21.8M	26.2M	25.8M
Net income	—	—	—	—	—	—	—	—	317.7M	301.6M	320.9M	370.5M
Net margin	—	—	—	—	—	—	—	—	22.9%	17.7%	22.2%	26%
EBITDA	—	—	—	—	—	—	—	—	1.3B	1.4B	1.3B	1.4B
EPS	0.33	0.3	0.16	0.3	0.3	0.23	0.28	0.22	0.35	0.32	0.33	0.37
Diluted EPS	0.33	0.3	0.16	0.29	0.3	0.23	0.28	0.22	0.35	0.32	0.33	0.37

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	14.2B	15.1B	17.6B	22.5B	20.7B	—	38.8B	—	37B	—	52.4B
Enterprise value	20.1B	21.3B	24.1B	30.5B	28.8B	—	57.2B	—	63.3B	—	85.7B
Shares outstanding	255.3M	274.1M	288.6M	315.8M	343.9M	591.3M	611.8M	692.3M	692.3M	907.2M	907.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	44.9	47.4	48.3	51.5	52.2	—	44.5	—	42.6	—	40.3
P/S	12.9	12.5	13.3	15.1	12.6	—	11.6	—	7.01	—	8.61
P/B	2.1	2.05	2.17	2.3	1.88	—	1.35	—	0.95	—	1.32
EV/EBITDA	20.5	19.3	20.7	23	19.7	—	18.7	—	13.4	—	16
EV/Sales	18.2	17.5	18.2	20.5	17.5	—	17.1	—	12	—	14.1
Earnings yield	2.23%	2.11%	2.07%	1.94%	1.91%	—	2.25%	—	2.35%	—	2.48%
FCF yield	5.63%	5.78%	5.34%	4.74%	5.38%	—	6.61%	—	9.66%	—	3.02%
PEG	—	—	—	—	—	—	—	—	—	—	0.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	94.3%	94.3%	95%	94%	93.6%	93.6%	93.2%	92.2%	92.8%	92.5%	92.1%
Operating margin	48.8%	48.5%	48%	49.7%	48.1%	45.8%	39.1%	42.2%	44%	45.1%	47%
Net margin	28.7%	26.3%	27.5%	29.4%	24.1%	17.3%	26.1%	21.5%	16.5%	18.6%	20.9%
ROE	4.66%	4.32%	4.49%	4.46%	3.6%	1.44%	3.02%	2.65%	2.22%	2.67%	3.23%
ROA	2.41%	2.27%	2.39%	2.36%	1.91%	0.84%	1.76%	1.52%	1.26%	1.47%	2.36%
ROIC	4.22%	4.28%	4.3%	4.1%	3.99%	2.14%	2.63%	2.96%	3.3%	3.48%	3.5%
Return on tangible assets	2.89%	2.74%	2.84%	2.82%	2.29%	1.43%	2.74%	2.18%	1.87%	2.08%	2.37%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.12	0.42	0.33	0.43	3.37	0.52	0.51	1.53	1.68	1.42	1.53
Quick ratio	0.12	0.42	0.33	0.43	3.37	0.52	0.5	1.52	1.68	1.42	0.49
Debt / equity	0.86	0.83	0.8	0.82	0.81	0.63	0.64	0.66	0.69	0.73	0.75
Debt / assets	0.44	0.44	0.43	0.43	0.43	0.37	0.37	0.38	0.39	0.4	0.41
Net debt / EBITDA	5.97	5.53	5.57	6.02	5.55	7.48	6.02	5.9	5.57	5.64	5.71
Interest coverage	2.51	2.49	2.44	2.6	2.4	2.98	2.76	2.19	1.94	2.04	2.22
Effective tax rate	1.02%	1.86%	1.44%	1.39%	3.57%	8.07%	4.92%	5.6%	7.13%	7.39%	6.93%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.32	4.44	4.6	4.71	4.79	3.52	5.47	5.89	7.61	6.34	6.56
EPS (basic)	1.13	1.1	1.26	1.38	1.15	0.87	1.42	1.26	0.98	1.17	1.17
EPS (diluted)	1.13	1.1	1.26	1.38	1.14	0.87	1.42	1.26	0.98	1.17	1.37
Book value per share	26.6	27	28.1	31	32	42.5	47.1	47.8	56.4	44.2	41.8
FCF per share	3.13	3.2	3.26	3.38	3.24	2.24	4.19	4.27	5.16	4.4	4.44
Cash per share	0.04	0.03	0.04	0.17	2.4	0.44	0.28	0.34	0.64	0.48	0.6

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	201.5%	217.8%	208.9%	194.8%	243.2%	324.1%	207.9%	240.8%	311.2%	273%	236.4%
Dividend yield	4.48%	4.59%	4.32%	3.78%	4.65%	—	4.67%	—	7.3%	—	5.87%

Yield

5.87%

trailing twelve months

Frequency

Monthly

Last dividend

$0.271

ex-dividend Aug 31, 2026

Payout ratio

236%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.271
Jul 31, 2026	$0.271
Jun 30, 2026	$0.271

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	—	—	—	—	—	—	—	—	$1.4B	$1.7B	$1.4B	$1.4B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

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	9.4M	6.9M	10.4M	54M	824.5M	258.6M	171.1M	232.9M	445M	434.8M
Receivables	104.6M	119.5M	145M	182M	285.7M	426.8M	543.2M	710.5M	877.7M	1.1B
Inventory	—	—	—	—	—	—	29.5M	31.5M	—	—
Total current assets	164.6M	163.3M	184.9M	455.5M	1.3B	1.2B	1.8B	2.9B	4B	5.1B
Property, plant & equipment	—	—	—	157.4M	230.6M	849.8M	1.1B	1.3B	1.3B	1.4B
Goodwill & intangibles	2.2B	2.4B	2.4B	3B	3.4B	17.9B	17.8B	17.5B	22.5B	21.3B
Total assets	13.2B	14.1B	15.3B	18.6B	20.7B	43.1B	49.7B	57.8B	68.8B	72.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	1.1B	110M	252M	704.3M	—	1.6B	2.7B	764.4M	1.1B	2B
Total current liabilities	1.4B	385.6M	561.9M	1.1B	383.9M	2.2B	3.5B	1.9B	2.4B	3.6B
Long-term debt	4.7B	6B	6.3B	7.3B	8.9B	14.4B	15.9B	21.2B	25.6B	27.3B
Total liabilities	6.4B	6.7B	7.1B	8.8B	9.7B	18B	20.8B	24.7B	29.8B	32.7B
Shareholders' equity	6.8B	7.4B	8.1B	9.8B	11B	25.1B	28.8B	33.1B	39.1B	40.1B
Total debt	5.8B	6.1B	6.5B	8B	8.9B	15.9B	18.6B	22B	26.8B	29.3B
Net debt	5.8B	6.1B	6.5B	8B	8.1B	15.7B	18.4B	21.8B	26.3B	28.9B

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	344.1M	232.9M	680.2M	442.8M	397M	445M	319M	800.4M	417.2M	434.8M	373.5M	552.6M
Receivables	678.4M	710.5M	789.2M	788.6M	835.3M	877.7M	952.4M	962.1M	1B	1.1B	1.1B	1.1B
Inventory	19.9M	31.5M	78.3M	—	—	—	—	—	—	—	—	—
Total current assets	2.9B	2.9B	3.5B	3.7B	3.6B	4B	4.2B	5.1B	5.1B	5.1B	6.2B	2.2B
Property, plant & equipment	1.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B
Goodwill & intangibles	17.6B	17.5B	24.1B	23.3B	23.1B	22.5B	22.3B	21.9B	21.6B	21.3B	21.2B	21.1B
Total assets	55.3B	57.8B	68.3B	68.1B	68.5B	68.8B	69.8B	71.4B	71.3B	72.8B	74.6B	76.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	858.3M	764.4M	1B	1.1B	427.5M	1.1B	1.7B	1.5B	1.9B	2B	2.3B	2.8B
Total current liabilities	1.9B	1.9B	2.3B	2.5B	1.7B	2.4B	2.9B	2.8B	3.3B	3.6B	3.8B	4.4B
Long-term debt	20.1B	21.2B	24.9B	24.8B	26.2B	25.6B	25.8B	27.4B	27B	27.3B	27.9B	28.4B
Total liabilities	23.5B	24.7B	29B	29.1B	29.8B	29.8B	30.5B	32.1B	32B	32.7B	33.3B	34.5B
Shareholders' equity	31.8B	33.1B	39.3B	38.9B	38.7B	39.1B	39.2B	39.4B	39.3B	40.1B	41.2B	41.9B
Total debt	20.9B	22B	25.9B	26B	26.7B	26.8B	27.5B	28.9B	28.9B	29.3B	30.2B	31.2B
Net debt	20.6B	21.8B	25.2B	25.5B	26.3B	26.3B	27.2B	28.1B	28.5B	28.9B	29.8B	30.6B

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	316.5M	319.3M	364.6M	437.5M	396.5M	360.7M	872.4M	876.9M	867.3M	1.1B
Depreciation & amortization	449.9M	498.8M	539.8M	594M	677M	897.8M	1.7B	1.9B	2.4B	2.5B
Stock-based compensation	12M	13.9M	27.3M	13.7M	16.5M	41.8M	21.6M	26.2M	57.5M	30.8M
Change in working capital	29.1M	26M	11.8M	15.1M	-59.5M	-63M	-34.8M	174M	30.7M	77.8M
Operating cash flow	802.8M	862.8M	941.8M	1.1B	1B	1.2B	2.4B	2.9B	3.3B	4B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	12.5M	-466K	12.5M	-14.6M	0	-356.1M	158.8M	-1.3B	-548.5M	-1.6B
Dividends paid	-637.6M	-695.5M	-761.6M	-852.1M	-964.2M	-1.2B	-1.8B	-2.1B	-2.7B	-2.9B
Share repurchases	-9M	-408.8M	-2.8M	-21.1M	0	0	—	—	-172.5M	0
Financing cash flow	-2.1B	-2.1B	-924.1M	127.2M	-2.6B	-2.9B	-21.7B	-73B	-36.5B	-17.9B
Net change in cash	-1.3B	-1.2B	30.2M	1.2B	-1.5B	-2.1B	-19.1B	-71.4B	-33.8B	-15.5B
Free cash flow	799.9M	875.9M	940.7M	1.1B	1.1B	1.3B	2.6B	3B	3.6B	4B

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	233.9M	219.8M	133.9M	261M	271.1M	201.3M	251.5M	199M	317.7M	301.6M	320.9M	370.5M
Depreciation & amortization	495.6M	475.9M	581.1M	605.6M	602.3M	606.7M	608.9M	647.8M	632M	635.4M	630.3M	644.7M
Stock-based compensation	6.2M	6.1M	34M	7.3M	6.4M	9.8M	5.9M	8.1M	7.7M	9M	11.4M	9.3M
Change in working capital	1.5M	30M	-6.7M	43.9M	-33.4M	26.8M	-153.8M	149.6M	-58M	140.1M	-154.3M	120.8M
Operating cash flow	706.3M	709.9M	713.2M	897.3M	823.6M	821.7M	690.5M	1.1B	943.1M	1.2B	874.5M	1.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	8.7M	-1.4B	61.1M	-352.3M	-34.4M	-222.9M	-199.2M	-216.9M	-388.8M	-822.7M	-1.1B	-651.3M
Dividends paid	-543.3M	-556.1M	-639.1M	-678.8M	-689.7M	-691.9M	-711.8M	-727.5M	-737.9M	-743.8M	-758M	-756.8M
Share repurchases	—	—	—	—	—	0	—	—	0	0	-102.1M	212K
Financing cash flow	-4.6B	-42.7B	-7.7B	-3.7B	-14.3B	-10.6B	-4.7B	-4.8B	-2.7B	-5.7B	-17.8B	-22.6B
Net change in cash	-3.9B	-43.4B	-7B	-3.2B	-13.5B	-10B	-4.2B	-4B	-2.1B	-5.3B	-18B	-22.1B
Free cash flow	732M	760.7M	778.7M	981.2M	841.5M	972M	787.5M	1.1B	943.1M	1.2B	874.5M	1.1B

Date	Ratio
Nov 15, 2021	1032:1000
Jan 3, 2005	2:1

Realty Income Corp. 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