Revenue growth accelerated to 8.6% in 2026Q1, though NOI margins remain variable, fluctuating between 17.9% and 26.5% over the last ten quarters.
| Revenue | 468.77M | 459.14M | 438.77M | 448.09M | 408.94M | 383.22M | 323.71M | 298.81M | 237.48M | 181.56M | 142.87M | 98.09M |
| Revenue Growth % | 6.19% | 4.64% | -2.08% | 9.57% | 6.71% | 18.38% | 8.33% | 25.83% | 30.8% | 27.08% | 45.66% | - |
| Property Operating Expenses | 355.89M | 351.14M | 337.1M | 339.83M | 331.39M | 282.65M | 284.12M | 241.88M | 185.67M | 136.02M | 100.48M | 64.86M |
| Net Operating Income (NOI) | 112.87M | 108M | 101.67M | 108.26M | 77.55M | 100.57M | 39.59M | 56.93M | 51.8M | 45.54M | 42.39M | 33.23M |
| NOI Margin % | 24.08% | 23.52% | 23.17% | 24.16% | 18.96% | 26.24% | 12.23% | 19.05% | 21.81% | 25.08% | 29.67% | 33.88% |
| Operating Expenses | -124.64M | -120.2M | -111.22M | -114M | -116.01M | -95.39M | -100.16M | -81.5M | -58.8M | -41.95M | -21.25M | -19.1M |
| G&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 403.63M | 392.28M | 369.07M | 380.89M | 348.37M | 328.05M | 272.44M | 247.25M | 194.6M | 149.75M | 109.96M | 81.72M |
| EBITDA Margin % | 86.1% | 85.44% | 84.11% | 85% | 85.19% | 85.6% | 84.16% | 82.74% | 81.94% | 82.48% | 76.96% | 83.31% |
| Depreciation & Amortization | 166.12M | 164.09M | 156.18M | 158.63M | 154.81M | 132.1M | 132.69M | 108.82M | 83.99M | 62.26M | 46.32M | 29.39M |
| D&A / Revenue % | 35.44% | 35.74% | 35.59% | 35.4% | 37.86% | 34.47% | 40.99% | 36.42% | 35.37% | 34.29% | 32.42% | 29.96% |
| Operating Income | 237.51M | 228.2M | 212.89M | 222.26M | 193.56M | 195.96M | 139.75M | 138.43M | 110.61M | 87.49M | 63.64M | 52.33M |
| Operating Margin % | 50.67% | 49.7% | 48.52% | 49.6% | 47.33% | 51.13% | 43.17% | 46.33% | 46.58% | 48.19% | 44.54% | 53.35% |
| Interest Expense | 4M | 94.47M | 74.08M | 80.05M | 78.65M | 64.15M | 76.14M | 72.53M | 52.85M | 34.75M | 29.96M | 22.61M |
| Interest Coverage | - | 2.26x | 3.60x | 3.39x | 2.53x | 2.57x | 1.59x | 2.19x | 2.37x | 2.51x | 2.27x | 1.92x |
| Non-Operating Income | -636K | 15.07M | -53.94M | -49.23M | -5.7M | 31.17M | 19.05M | -20.44M | -14.53M | 409K | -4.3M | 8.84M |
| Pretax Income | 131.56M | 106.99M | 163.96M | 165.76M | 125.06M | 116.77M | 57.22M | 87.53M | 75.11M | 59.55M | 40.27M | 20.89M |
| Pretax Margin % | 28.06% | 23.3% | 37.37% | 36.99% | 30.58% | 30.47% | 17.67% | 29.29% | 31.63% | 32.8% | 28.19% | 21.3% |
| Income Tax | 1.11M | 1.15M | 1.18M | 763K | 1.27M | 1.64M | 939K | 2.42M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.84% | 1.08% | 0.72% | 0.46% | 1.02% | 1.41% | 1.64% | 2.76% | 0% | 0% | 0% | 0% |
| Net Income | 128.25M | 102.91M | 156.24M | 157.16M | 116.42M | 102.49M | 51.18M | 79.39M | 69.38M | 54.8M | 36.35M | 19.29M |
| Net Margin % | 27.36% | 22.41% | 35.61% | 35.07% | 28.47% | 26.74% | 15.81% | 26.57% | 29.21% | 30.18% | 25.45% | 19.66% |
| Net Income Growth % | 16.54% | -34.13% | -0.58% | 34.99% | 13.6% | 100.25% | -35.54% | 14.44% | 26.6% | 50.74% | 88.49% | - |
| Funds From Operations (FFO) | 294.37M | 267M | 312.42M | 315.79M | 271.23M | 234.58M | 183.87M | 188.21M | 153.37M | 117.06M | 82.67M | 48.67M |
| FFO Margin % | 62.8% | 58.15% | 71.2% | 70.47% | 66.33% | 61.21% | 56.8% | 62.99% | 64.58% | 64.47% | 57.87% | 49.62% |
| FFO Growth % | 50.38% | -14.54% | -1.07% | 16.43% | 15.62% | 27.58% | -2.31% | 22.72% | 31.02% | 41.59% | 69.85% | - |
| FFO per Share | 1.47 | 1.35 | 1.59 | 1.61 | 1.51 | 1.43 | 1.43 | 1.23 | 1.00 | 0.80 | 0.54 | 1.23 |
| FFO Payout Ratio % | 37.4% | 81.94% | 69.38% | 65.72% | 66.82% | 65.84% | 38.9% | 32.92% | 33.8% | 38.05% | 43.22% | 48.91% |
| EPS (Diluted) | 0.64 | 0.50 | 0.86 | 0.83 | 0.72 | 0.67 | 0.44 | 0.52 | 0.45 | 0.37 | 0.26 | 0.49 |
| EPS Growth % | 38.8% | -41.86% | 3.61% | 15.28% | 7.46% | 52.27% | -15.38% | 15.56% | 21.62% | 42.31% | -46.94% | - |
| EPS (Basic) | - | 0.51 | 0.86 | 0.87 | 0.72 | 0.67 | 0.44 | 0.56 | 0.45 | 0.41 | 0.26 | 0.54 |
| Diluted Shares Outstanding | 199.75M | 197.57M | 196.62M | 196.31M | 180.2M | 163.97M | 128.8M | 153.12M | 153.12M | 146.14M | 153.12M | 39.67M |
Portfolio diversification complexity
According to quarterly financial data, BNL achieved a revenue growth rate of 8.6% in 2026Q1, signaling a successful transition toward industrial assets as the primary volume driver while maintaining a recurring triple-net lease structure across its diversified five-sector portfolio of healthcare, restaurant, retail, and office properties.
The acceleration in top-line growth suggests that the company's strategic divestment of legacy office assets is being effectively offset by new industrial acquisitions. Investors should monitor whether this growth remains accretive to FFO per share, as the current pace of expansion requires consistent capital deployment into higher-yielding, mission-critical assets.
As reported in recent income statements, BNL's NOI margin fluctuated between 17.9% and 26.5% over the last ten quarters, reflecting a cost structure that appears significantly lower than industry peers, likely due to specific accounting classifications regarding property-level expenses and non-cash depreciation charges within the portfolio.
The volatility in NOI margins warrants further investigation into the underlying operating expense reimbursements, as triple-net structures typically yield more consistent margins. The current margin profile suggests that while the platform is scalable, the company may be absorbing certain non-reimbursable costs that could pressure long-term profitability if not managed.
Based on the provided earnings figures, FFO per share reached $0.44 in 2026Q1, representing a significant recovery from the $0.29 reported in 2025Q1, though the historical trend shows substantial quarterly variance that may be driven by the timing of capital raises and portfolio recycling activities.
The erratic nature of FFO growth suggests that investors should focus on AFFO as a more reliable indicator of dividend safety and operational health. The recent improvement in FFO per share appears to indicate that the company is successfully navigating the transition to an internally managed structure while optimizing its cost of capital.
Analysis of the company's financial disclosures reveals that the reported 23.52% gross margin is atypical for a triple-net REIT, suggesting that tenant improvement allowances or other capitalized leasing costs may be masking the true cash-generating capacity of the underlying real estate assets held by the firm.
The reliance on straight-line rent adjustments and potential hidden capital expenditures in the form of tenant improvements may inflate reported earnings relative to actual cash flow. Investors should remain cautious, as these accounting nuances may obscure the true economic depreciation of the portfolio and the sustainability of current dividend payouts.
Quick answers to the most common questions about buying BNL stock.
For fiscal year 2025, Broadstone Net Lease, Inc. (BNL) reported total revenue of $459.1M. This represents a 368.1% increase compared to $98.1M in 2015.
Broadstone Net Lease, Inc. (BNL) is profitable, generating $102.9M in net income for the fiscal year ending 2025 with a net profit margin of 22.4%.
Broadstone Net Lease, Inc. (BNL) reported an operating income of $228.2M, resulting in an operating profit margin of 49.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Broadstone Net Lease, Inc. (BNL) generated $108.0M in gross profit for the year, representing a gross profit margin of 23.5%. This demonstrates the company's core pricing power and production efficiency.