NYSE : O
Realty Income Corporation — Financial statements
Real Estate · REIT - Retail · United States
Last price 56.93 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 53.85B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 5.65B | 5.44B | 5.04B | 3.96B | 3.30B | 2.06B |
| Other Revenue | 20.43M | 17.21M | 10.93M | 123.39M | 37.58M | 16.61M |
| Total Revenue | 6.07B | 5.76B | 5.28B | 4.08B | 3.34B | 2.08B |
| Property Expenses | 443.98M | 428.80M | 377.68M | 316.96M | 226.33M | 133.60M |
| Selling, General & Administrative | 225.67M | 202.55M | 176.90M | 144.54M | 138.46M | 96.98M |
| Depreciation & Amortization | 2.54B | 2.52B | 2.40B | 1.90B | 1.67B | 897.84M |
| Other Operating Expenses | 4.49M | |||||
| Total Operating Expenses | 3.27B | 3.19B | 3.06B | 2.36B | 2.04B | 1.13B |
| Operating Income | 2.79B | 2.57B | 2.22B | 1.72B | 1.30B | 953.15M |
| Interest Expense | -1.19B | -1.13B | -1.02B | -730.42M | -465.22M | -323.64M |
| Currency Exchange Gain (Loss) | -47.56M | -28.65M | 3.42M | -13.41M | -13.31M | 710.00K |
| Other Non-Operating Income | 37.27M | 29.42M | 23.61M | 23.79M | 30.51M | 9.95M |
| EBT Excluding Unusual Items | 1.59B | 1.44B | 1.23B | 1.00B | 854.03M | 640.16M |
| Merger & Restructuring Charges | -36.45M | -24.21M | -86.70M | -14.46M | -13.90M | -167.41M |
| Gain (Loss) on Sale of Assets | 190.44M | 177.64M | 117.28M | 25.67M | 102.96M | 55.80M |
| Asset Writedown | -339.17M | -434.50M | -319.03M | -87.08M | -25.86M | -38.97M |
| Other Unusual Items | -5.10M | 367.00K | -97.18M | |||
| Pretax Income | 1.41B | 1.16B | 933.94M | 928.93M | 917.60M | 392.40M |
| Income Tax Expense | 97.63M | 85.35M | 66.60M | 52.02M | 45.18M | 31.66M |
| Earnings From Continuing Operations | 1.31B | 1.07B | 867.34M | 876.91M | 872.42M | 360.75M |
| Minority Interest in Earnings | -43.18M | -11.19M | -6.57M | -4.61M | -3.01M | -1.29M |
| Net Income | 1.27B | 1.06B | 860.77M | 872.31M | 869.41M | 359.46M |
| Preferred Dividends & Other Adjustments | 12.88M | |||||
| Net Income to Common | 1.27B | 1.06B | 847.89M | 872.31M | 869.41M | 359.46M |
| Basic Shares Outstanding | 924.57M | 907.17M | 862.96M | 692.30M | 611.77M | 414.54M |
| Diluted Shares Outstanding | 926.49M | 908.33M | 863.79M | 693.02M | 612.18M | 414.77M |
| EPS (Basic) | 1.37 | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 |
| EPS (Diluted) | 1.37 | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 |
| Dividend Per Share | 3.23 | 3.22 | 3.13 | 3.06 | 2.97 | 2.85 |
| Operating Margin | 46.01% | 44.60% | 42.00% | 42.26% | 39.02% | 45.79% |
| Profit Margin | 20.90% | 18.37% | 16.06% | 21.37% | 26.05% | 17.27% |
| EBITDA | 5.36B | 5.11B | 4.65B | 3.68B | 3.03B | 1.85B |
| EBITDA Margin | 88.33% | 88.73% | 88.04% | 90.20% | 90.73% | 88.92% |
| D&A For Ebitda | 2.57B | 2.54B | 2.43B | 1.96B | 1.73B | 897.84M |
| EBIT | 2.79B | 2.57B | 2.22B | 1.72B | 1.30B | 953.15M |
| EBIT Margin | 46.01% | 44.60% | 42.00% | 42.26% | 39.02% | 45.79% |
| Funds From Operations (FFO) | 3.96B | 3.86B | 3.47B | 2.82B | 2.47B | 1.24B |
| FFO Per Share | 4.27 | 4.25 | 4.01 | 4.07 | 4.04 | 2.99 |
| Adjusted Funds From Operations (AFFO) | 4.07B | 3.89B | 3.62B | 2.77B | 2.40B | 1.49B |
| AFFO Per Share | 4.39 | 4.28 | 4.19 | 4.00 | 3.92 | 3.59 |
| FFO Payout Ratio | 75.72% | 75.66% | 77.62% | 74.83% | 73.36% | 94.23% |
| Effective Tax Rate | 6.93% | 7.39% | 7.13% | 5.60% | 4.92% | 8.07% |
| Revenue as Reported | 6.05B | 5.75B | 5.27B | 4.08B | 3.34B | 2.08B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 56.49B | 54.85B | 52.20B | 44.83B | 38.84B | 32.82B |
| Cash & Equivalents | 552.65M | 434.84M | 444.96M | 232.92M | 171.10M | 258.58M |
| Accounts Receivable | 2.73B | 2.63B | 2.49B | 716.59M | 549.19M | 434.26M |
| Other Receivables | 162.47M | 111.73M | 65.91M | 1.70B | 1.02B | 345.91M |
| Investment In Debt and Equity Securities | 807.53M | 800.47M | ||||
| Goodwill | 4.93B | 4.93B | 4.93B | 3.73B | 3.73B | 3.68B |
| Other Intangible Assets | 5.62B | 5.72B | 6.32B | 5.02B | 5.17B | 5.28B |
| Loans Receivable Current | 3.30B | 1.68B | 828.50M | 205.34M | 4.46M | |
| Other Current Assets | 377.08M | 257.06M | 230.35M | 126.87M | 135.21M | 158.48M |
| Trading Asset Securities | 17.30M | 5.10M | 24.30M | |||
| Deferred Long-Term Charges | 19.55M | 25.25M | 7.33M | 12.26M | 17.20M | 4.35M |
| Other Long-Term Assets | 1.44B | 1.35B | 1.29B | 1.21B | 39.94M | 159.56M |
| Total Assets | 76.44B | 72.80B | 68.84B | 57.78B | 49.67B | 43.14B |
| Current Portion of Long-Term Debt | 2.00B | 2.39B | 1.55B | 850.00M | ||
| Current Portion of Leases | 52.10M | |||||
| Long-Term Debt | 27.36B | 26.04B | 24.69B | 20.02B | 17.38B | 15.51B |
| Long-Term Leases | 528.54M | 499.01M | 530.15M | 469.56M | 489.56M | 505.74M |
| Accounts Payable | 176.79M | 155.21M | 86.83M | 62.02M | 55.92M | 44.08M |
| Accrued Expenses | 632.96M | 543.77M | 446.58M | 425.29M | 229.31M | 186.91M |
| Current Income Taxes Payable | 95.52M | 120.23M | 84.88M | 61.07M | 22.63M | 19.15M |
| Other Current Liabilities | 319.52M | 341.13M | 299.37M | 272.36M | 290.29M | 177.28M |
| Long-Term Unearned Revenue | 416.23M | 460.97M | 352.33M | 312.19M | 269.64M | 242.12M |
| Other Long-Term Liabilities | 1.53B | 1.56B | 1.68B | 1.44B | 1.40B | 1.32B |
| Total Liabilities | 34.51B | 32.67B | 29.78B | 24.67B | 20.83B | 18.01B |
| Common Stock | 50.85B | 49.86B | 47.45B | 39.63B | 34.16B | 29.58B |
| Distributions in Excess of Earnings | -11.39B | -10.53B | -8.65B | -6.76B | -5.49B | -4.53B |
| Comprehensive Income & Other | 94.80M | 105.02M | 38.23M | 73.89M | 46.83M | 4.93M |
| Total Common Equity | 39.55B | 39.44B | 38.84B | 32.94B | 28.71B | 25.05B |
| Minority Interest | 2.38B | 685.27M | 210.95M | 165.50M | 130.14M | 76.83M |
| Shareholders' Equity | 41.93B | 40.12B | 39.05B | 33.11B | 28.84B | 25.13B |
| Total Liabilities & Equity | 76.44B | 72.80B | 68.84B | 57.78B | 49.67B | 43.14B |
| Total Debt | 31.33B | 29.49B | 26.84B | 22.10B | 18.57B | 16.02B |
| Net Cash (Debt) | -30.76B | -29.05B | -26.37B | -21.87B | -18.40B | -15.76B |
| Net Cash Per Share | -33.20 | -31.98 | -30.53 | -31.56 | -30.05 | -38.00 |
| Filing Date Shares Outstanding | 946.22M | 932.44M | 891.52M | 861.12M | 660.52M | 591.32M |
| Total Common Shares Outstanding | 946.20M | 933.98M | 891.51M | 752.46M | 660.30M | 591.26M |
| Book Value Per Share | 41.80 | 42.23 | 43.57 | 43.78 | 43.48 | 42.37 |
| Tangible Book Value | 29.00B | 28.79B | 27.59B | 24.19B | 19.81B | 16.10B |
| Tangible Book Value Per Share | 30.65 | 30.82 | 30.94 | 32.15 | 30.01 | 27.23 |
| Land | 18.91B | 18.37B | 17.32B | 14.93B | 12.95B | 10.75B |
| Buildings | 45.67B | 43.82B | 40.97B | 34.66B | 29.71B | 25.16B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.27B | 1.06B | 860.77M | 872.31M | 869.41M | 359.46M |
| Depreciation & Amortization | 2.57B | 2.54B | 2.43B | 1.96B | 1.73B | 897.84M |
| Other Amortization | 34.52M | 29.65M | 23.94M | 26.67M | 15.61M | 12.33M |
| Gain (Loss) on Sale of Assets | -190.44M | -177.64M | -117.28M | -25.67M | -102.96M | -55.80M |
| Gain (Loss) on Sale of Investments | 2.90M | |||||
| Asset Writedown | 339.17M | 434.50M | 319.03M | 87.08M | 25.86M | 38.97M |
| Stock-Based Compensation | 37.41M | 30.77M | 57.49M | 26.23M | 21.62M | 41.77M |
| Income (Loss) on Equity Investments | 19.43M | 26.53M | 13.24M | 3.26M | 8.05M | -741.00K |
| Change in Accounts Receivable | -182.96M | -115.79M | 28.08M | -111.29M | -29.52M | -38.29M |
| Change in Accounts Payable | 231.49M | 193.64M | 2.61M | 285.29M | -5.29M | -24.71M |
| Other Operating Activities | -20.03M | -65.53M | -151.76M | -161.80M | 35.09M | 88.47M |
| Operating Cash Flow | 4.17B | 3.99B | 3.57B | 2.96B | 2.56B | 1.32B |
| Acquisition of Real Estate Assets | -6.15B | -4.78B | -3.38B | -8.12B | -8.98B | -6.33B |
| Sale of Real Estate Assets | 883.23M | 744.01M | 589.45M | 117.35M | 436.12M | 250.54M |
| Net Sale / Acq. of Real Estate Assets | -5.27B | -4.04B | -2.79B | -8.00B | -8.55B | -6.08B |
| Cash Acquisition | 93.68M | -366.03M | ||||
| Investment in Marketable & Equity Securities | -139.81M | -52.27M | -70.38M | -1.18B | 109.49M | 38.34M |
| Other Investing Activities | 36.03M | 38.03M | 59.86M | 27.08M | 49.27M | -28.39M |
| Investing Cash Flow | -8.22B | -5.66B | -3.34B | -9.35B | -8.39B | -6.44B |
| Long-Term Debt Issued | 23.58B | 39.54B | 82.61B | 30.69B | 10.12B | |
| Long-Term Debt Repaid | -21.79B | -38.37B | -79.42B | -27.75B | -9.27B | |
| Net Debt Issued (Repaid) | 2.65B | 1.79B | 1.18B | 3.19B | 2.95B | 840.69M |
| Issuance of Common Stock | 1.95B | 2.38B | 1.75B | 5.45B | 4.57B | 4.45B |
| Repurchase of Common Stock | -101.92M | |||||
| Preferred Share Repurchases | -172.51M | |||||
| Common Dividends Paid | -3.00B | -2.92B | -2.69B | -2.11B | -1.81B | -1.17B |
| Preferred Dividends Paid | -7.76M | |||||
| Total Dividends Paid | -3.00B | -2.92B | -2.70B | -2.11B | -1.81B | -1.17B |
| Other Financing Activities | 2.33B | 434.92M | -79.61M | -88.79M | 36.88M | 451.50M |
| Foreign Exchange Rate Adjustments | -12.66M | 15.87M | -5.90M | 24.02M | -20.51M | 20.08M |
| Net Cash Flow | -226.37M | 25.25M | 203.33M | 65.29M | -105.49M | -518.31M |
| Levered Free Cash Flow | 1.58B | 2.68B | 2.49B | 1.82B | 1.69B | 1.05B |
| Unlevered Free Cash Flow | 2.29B | 3.36B | 3.10B | 2.25B | 1.97B | 1.24B |
| Cash Interest Paid | 1.11B | 1.07B | 970.01M | 692.00M | 501.72M | 355.48M |
| Cash Income Tax Paid | 48.08M | 49.78M | 32.28M | 12.28M | 45.03M | 19.68M |
| Change in Working Capital | 48.53M | 77.85M | 30.69M | 174.01M | -34.81M | -63.01M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 54.46B | 51.86B | 46.75B | 41.57B | 39.78B | 40.51B |
| Enterprise Value | 85.23B | 80.68B | 73.32B | 62.29B | 56.61B | 49.54B |
| Last Close Price | 56.93 | 53.93 | 48.07 | 49.10 | 51.44 | 55.54 |
| Price/FFO Ratio | 14.25 | 12.69 | 11.99 | 12.06 | 12.73 | 18.57 |
| Price/AFFO Ratio | 13.86 | 12.60 | 11.47 | 12.28 | 13.12 | 15.47 |
| PE Ratio | 42.08 | 48.98 | 55.13 | 47.65 | 45.76 | 112.69 |
| PS Ratio | 8.98 | 9.00 | 8.86 | 10.19 | 11.92 | 19.46 |
| PB Ratio | 1.36 | 1.29 | 1.20 | 1.26 | 1.38 | 1.61 |
| P/OCF Ratio | 13.08 | 12.98 | 13.08 | 14.05 | 15.52 | 30.64 |
| EV/Sales Ratio | 14.05 | 14.00 | 13.89 | 15.26 | 16.96 | 23.80 |
| EV/EBITDA Ratio | 15.91 | 15.78 | 15.78 | 16.92 | 18.70 | 26.77 |
| EV/EBIT Ratio | 30.55 | 31.39 | 33.06 | 36.11 | 43.48 | 51.98 |
| Debt / Equity Ratio | 0.75 | 0.73 | 0.69 | 0.67 | 0.64 | 0.64 |
| Debt / EBITDA Ratio | 5.85 | 5.77 | 5.77 | 6.00 | 6.13 | 8.65 |
| Net Debt / Equity Ratio | 0.73 | 0.72 | 0.68 | 0.66 | 0.64 | 0.63 |
| Net Debt / EBITDA Ratio | 5.74 | 5.68 | 5.67 | 5.94 | 6.08 | 8.52 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 |
| Quick Ratio | 0.74 | 0.77 | 1.20 | 1.09 | 1.34 | 2.43 |
| Current Ratio | 1.53 | 1.25 | 1.61 | 1.22 | 1.45 | 2.81 |
| Return on Equity (ROE) | 3.22% | 2.70% | 2.40% | 2.83% | 3.23% | 2.00% |
| Return on Assets (ROA) | 2.36% | 2.27% | 2.19% | 2.01% | 1.75% | 1.86% |
| Return on Invested Capital (ROIC) | 3.59% | 3.51% | 3.40% | 3.17% | 2.80% | 2.86% |
| Earnings Yield | 2.38% | 2.04% | 1.84% | 2.10% | 2.19% | 0.89% |
| Dividend Yield | 5.66% | 5.80% | 5.97% | 5.54% | 4.93% | 4.15% |
| Payout Ratio | 238.09% | 275.92% | 313.61% | 242.09% | 208.58% | 325.22% |
| Buyback Yield / Dilution | -4.53% | -5.16% | -24.64% | -13.21% | -47.59% | -20.08% |
| Total Shareholder Return | 1.13% | 0.64% | -18.67% | -7.67% | -42.67% | -15.93% |