Detailed financial statements for Realty Income Corporation (O): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Known as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts.
Analysis Summary
Realty Income Corporation reported revenue of $5.75B in the most recent fiscal year, growing at a 5-year CAGR of 28.4%. Net income reached $1.06B, with a 21.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 68.6%, operating margin 29.2%, net margin 22.3%. Free cash flow grew at 29.3% CAGR over 5 years.
At the current price of $53.77, O trades at a P/E of 39.51 and an ROE of 2.68%. Market capitalisation stands at $50.1B, placing it among large-cap names.
Balance sheet quality for O: current ratio of 0.5, net debt of $32.42B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.99B represents 377% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.22B | $1.33B | $1.49B | $1.65B | $2.08B | $3.34B | $4.08B | $5.27B | $5.75B |
| Cost of Revenue | $62.9M | $69.5M | $66.3M | $88.6M | $104.6M | $133.6M | $226.3M | $317.0M | $377.7M | $586.4M |
| Gross Profit | $1.04B | $1.15B | $1.26B | $1.40B | $1.54B | $1.95B | $3.12B | $3.76B | $4.89B | $5.16B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $52.0M | $58.4M | $84.1M | $66.5M | $73.2M | $97.0M | $138.5M | $144.5M | $176.9M | $253.0M |
| Operating Expenses | $501.9M | $557.2M | $623.9M | $660.4M | $750.3M | $994.8M | $1.81B | $2.04B | $2.57B | $3.54B |
| Operating Income | $538.4M | $589.1M | $637.6M | $739.1M | $792.2M | $952.0M | $1.31B | $1.72B | $2.32B | $1.63B |
| EBITDA | $981.1M | $1.09B | $1.17B | $1.31B | $1.38B | $1.29B | $2.59B | $3.60B | $4.33B | $3.55B |
| Interest Expense | 0 | 0 | 0 | 0 | $305.2M | $320.7M | $464.5M | $737.6M | $1.02B | $1.14B |
| Pre-tax Income | $319.7M | $325.4M | $369.9M | $443.6M | $411.2M | $392.4M | $917.6M | $928.9M | $933.9M | $1.08B |
| Income Tax | $3.3M | $6.0M | $5.3M | $6.2M | $14.7M | $31.7M | $45.2M | $52.0M | $66.6M | $20.0M |
| Net Income | $315.6M | $318.8M | $363.6M | $436.5M | $395.5M | $359.5M | $869.4M | $872.3M | $860.8M | $1.06B |
| EPS | $1.13 | $1.10 | $1.26 | $1.38 | $1.15 | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| EPS (Diluted) | $1.13 | $1.10 | $1.26 | $1.38 | $1.14 | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| Shares Outstanding (Diluted) | $255.6M | $273.9M | $289.9M | $316.2M | $345.4M | $414.8M | $612.2M | $693.0M | $876.8M | $904.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.47B | $1.49B | $1.55B | $1.43B |
| Gross Profit | $1.36B | $1.22B | $171.3M | $1.31B |
| Operating Income | $674.1M | -$272.5M | $725.7M | $605.2M |
| EBITDA | $973.5M | $830.4M | $1.27B | $1.34B |
| Net Income | $315.8M | $296.1M | $311.8M | $397.1M |
| EPS | $0.35 | $0.32 | $0.33 | $0.37 |
| EPS (Diluted) | $0.35 | $0.32 | $0.33 | $0.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.4M | $6.9M | $10.4M | $54.0M | $824.5M | $258.6M | $171.1M | $232.9M | $445.0M | $434.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $110.0M | $128.7M | $145.0M | $273.5M | $417.0M | $755.1M | $1.50B | $2.59B | $3.38B | $1.05B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $29.5M | $31.5M | 0 | 0 |
| Total Current Assets | $164.6M | $163.3M | $184.9M | $455.5M | $1.29B | $1.16B | $1.77B | $2.90B | $4.02B | $1.49B |
| Property, Plant & Equipment | $11.88B | $12.68B | $13.83B | $16.56B | $230.6M | $849.8M | $1.07B | $1.30B | $1.27B | 0 |
| Goodwill | $15.1M | $15.0M | $14.6M | $14.4M | $14.2M | $3.68B | $3.73B | $3.73B | $4.93B | $4.93B |
| Intangible Assets | $1.08B | $1.19B | $1.20B | $1.49B | $1.71B | $5.28B | $5.17B | $5.02B | $6.32B | $91.8M |
| Total Assets | $13.15B | $14.06B | $15.26B | $18.55B | $20.74B | $43.14B | $49.67B | $57.78B | $68.84B | $72.80B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $1.12B | $110.0M | $252.0M | $704.3M | 0 | $1.55B | $2.73B | $764.4M | $1.13B | $2.92B |
| Total Current Liabilities | $1.37B | $385.6M | $561.9M | $1.06B | $383.9M | $2.22B | $3.50B | $1.89B | $2.40B | $2.92B |
| Long-term Debt | $4.72B | $6.00B | $6.25B | $7.20B | $8.82B | $13.89B | $15.38B | $20.76B | $25.10B | $27.80B |
| Total Liabilities | $6.37B | $6.67B | $7.14B | $8.75B | $9.72B | $18.01B | $20.83B | $24.67B | $29.78B | $32.67B |
| Retained Earnings | -$1.86B | -$2.25B | -$2.66B | -$3.08B | -$3.66B | -$4.53B | -$5.49B | -$6.76B | -$8.65B | -$10.53B |
| Total Equity | $6.77B | $7.37B | $8.09B | $9.77B | $10.99B | $25.05B | $28.71B | $32.94B | $38.84B | $39.44B |
| Total Debt | $5.84B | $6.12B | $6.51B | $8.03B | $8.94B | $15.95B | $18.60B | $21.99B | $26.76B | $32.85B |
| Net Debt | $5.84B | $6.11B | $6.50B | $7.98B | $8.11B | $15.69B | $18.43B | $21.76B | $26.31B | $32.42B |
| Working Capital | -$1.21B | -$222.3M | -$377.0M | -$603.9M | $910.6M | -$1.06B | -$1.73B | $1.01B | $1.62B | -$1.43B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $417.2M | $434.8M | $373.5M | $552.6M |
| Total Assets | $71.28B | $72.80B | $74.55B | $76.44B |
| Total Liabilities | $32.02B | $32.67B | $33.32B | $34.51B |
| Total Equity | $39.05B | $39.44B | $39.15B | $39.55B |
| Total Debt | $28.90B | $32.85B | $30.17B | $2.76B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $316.5M | $319.3M | $364.6M | $437.5M | $396.5M | $360.7M | $872.4M | $872.3M | $867.3M | $1.07B |
| Depreciation & Amortization | $449.9M | $498.8M | $539.8M | $594.0M | $677.0M | $897.8M | $1.67B | $1.90B | $2.40B | $2.52B |
| Stock-based Compensation | $12.0M | $13.9M | $27.3M | $13.7M | $16.5M | $41.8M | $21.6M | $26.2M | $57.5M | $30.8M |
| Change in Working Capital | $33.2M | $26.0M | $11.8M | $15.1M | -$59.5M | -$35.1M | -$34.8M | $174.0M | $30.7M | $77.8M |
| Operating Cash Flow | $804.0M | $875.9M | $940.7M | $1.07B | $1.12B | $1.32B | $2.56B | $2.96B | $3.57B | $3.99B |
| Capital Expenditure | -$13.4M | -$15.2M | -$25.4M | -$23.5M | -$8.7M | -$19.1M | -$95.5M | -$68.7M | -$121.4M | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $93.7M | -$52.3M |
| Stock Repurchased | -$9.0M | -$408.8M | -$2.8M | -$21.1M | 0 | 0 | 0 | 0 | -$172.5M | 0 |
| Dividends Paid | -$637.6M | -$695.5M | -$761.6M | -$852.1M | -$964.2M | -$1.17B | -$1.81B | -$2.11B | -$2.70B | -$2.92B |
| Free Cash Flow | $790.6M | $860.6M | $915.4M | $1.05B | $1.11B | $1.30B | $2.47B | $2.89B | $3.45B | $3.99B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $943.1M | $1.20B | $874.5M | $1.15B |
| Capital Expenditure | 0 | 0 | -$26.3M | -$1.96B |
| Free Cash Flow | $943.1M | $1.20B | $848.2M | -$812.8M |
| Dividends Paid | -$737.9M | -$743.8M | -$758.0M | -$756.8M |
| Stock-based Compensation | $7.7M | $9.0M | $11.4M | $9.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.2% | +9.2% | +12.1% | +10.7% | +26.3% | +60.7% | +22.0% | +29.2% | +9.1% | |
| Net Income Growth (YoY) | +1.0% | +14.1% | +20.0% | -9.4% | -9.1% | +141.9% | +0.3% | -1.3% | +23.0% | |
| EPS Growth (YoY) | -2.7% | +14.5% | +9.5% | -16.7% | -24.3% | +63.2% | -11.3% | -22.2% | +19.4% | |
| Shares Change (YoY) | +7.2% | +5.8% | +9.0% | +9.3% | +20.1% | +47.6% | +13.2% | +26.5% | +3.2% | |
| FCF Growth (YoY) | +8.9% | +6.4% | +14.2% | +5.9% | +17.7% | +89.4% | +17.1% | +19.4% | +15.7% | |
| Gross Margin | 94.3% | 94.3% | 95.0% | 94.0% | 93.6% | 93.6% | 93.2% | 92.2% | 92.8% | 89.8% |
| Operating Margin | 48.8% | 48.5% | 48.0% | 49.7% | 48.1% | 45.8% | 39.1% | 42.2% | 44.0% | 28.3% |
| EBITDA Margin | 88.9% | 89.5% | 87.9% | 88.4% | 83.9% | 62.0% | 77.4% | 88.3% | 82.1% | 61.8% |
| Net Margin | 28.6% | 26.2% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
| FCF Margin | 71.7% | 70.8% | 68.9% | 70.2% | 67.2% | 62.6% | 73.8% | 70.9% | 65.5% | 69.5% |
| Effective Tax Rate | 1.0% | 1.9% | 1.4% | 1.4% | 3.6% | 8.1% | 4.9% | 5.6% | 7.1% | 1.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.09 | $3.14 | $3.16 | $3.31 | $3.20 | $3.14 | $4.03 | $4.17 | $3.94 | $4.42 |
| Dividends Per Share | $2.49 | $2.54 | $2.63 | $2.70 | $2.79 | $2.82 | $2.96 | $3.05 | $3.08 | $3.23 |
| Shares Outstanding (Basic) | $255.1M | $273.5M | $289.4M | $315.8M | $343.9M | $414.5M | $611.8M | $692.3M | $873.2M | $904.8M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 2.68% |
| Return on Invested Capital | 24.52% |
| Return on Assets | 1.45% |
| Gross Margin | 68.62% |
| Operating Margin | 29.19% |
| Net Margin | 22.25% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 1.66 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 49.26 | 50.20 | 48.45 | 51.67 | 52.35 | 82.29 | 44.67 | 45.57 | 54.50 | 48.18 |
| P/B | 2.10 | 2.05 | 2.18 | 2.30 | 1.88 | 1.18 | 1.35 | 1.21 | 1.20 | 1.29 |
| P/S | 12.87 | 12.42 | 13.31 | 15.13 | 12.57 | 14.26 | 11.61 | 9.75 | 8.85 | 8.87 |
| Gross Margin | 94.3% | 94.3% | 95.0% | 94.0% | 93.6% | 93.6% | 93.2% | 92.2% | 92.8% | 89.8% |
| Operating Margin | 48.8% | 48.5% | 48.0% | 49.7% | 48.1% | 45.8% | 39.1% | 42.2% | 44.0% | 28.3% |
| Net Margin | 28.6% | 26.2% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
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