Broadstone Net Lease, Inc. (BNL) Revenue History
Annual and quarterly revenue from 2015 to present
BNL Revenue Over Time (2015–2025)
BNL Revenue Growth History
9 of 10 years with positive growth- FY2015 revenue growth
- N/A
- FY2016 revenue growth
- +45.7%
- FY2017 revenue growth
- +27.1%
- FY2018 revenue growth
- +30.8%
- FY2019 revenue growth
- +25.8%
- FY2020 revenue growth
- +8.3%
- FY2021 revenue growth
- +18.4%
- FY2022 revenue growth
- +6.7%
- FY2023 revenue growth
- +9.6%
- FY2024 revenue growth
- -2.1%
- FY2025 revenue growth
- +4.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $121.4M | +8.6% |
| Q4 2025 | $119.4M | +5.8% |
| Q3 2025 | $114.9M | +4.6% |
| Q2 2025 | $113.0M | +5.7% |
| Q1 2025 | $111.8M | +2.4% |
| Q4 2024 | $112.9M | +2.7% |
| Q3 2024 | $109.8M | +0.2% |
| Q2 2024 | $106.9M | -2.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2018)
BNL's revenue distribution by segment and geography for fiscal year 2018
By Product/Segment
BNL Revenue Analysis (2015–2025)
Current Revenue & Growth
As of June 29, 2026, Broadstone Net Lease, Inc. (BNL) generated trailing twelve-month (TTM) revenue of $468.8 million, reflecting solid growth of +8.6% year-over-year. The most recent quarter (Q1 2026) recorded $121.4 million in revenue, up 1.7% sequentially.
Historical Growth Trajectory
BNL's 5-year compound annual growth rate (CAGR) stands at +7.2%, indicating steady revenue expansion. The 3-year CAGR of +3.9% is below the 5-year average, signalling a growth deceleration in recent years. Broadstone Net Lease, Inc.'s highest annual revenue of $459.1 million was recorded in 2025, an all-time high.
Revenue by Segment
BNL's revenue is primarily driven by Tenant Reimbursements (99%), and Real Estate Other (1%). With over half of revenue concentrated in Tenant Reimbursements, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Real Estate sector peers — including ADC (+17.8% YoY), NNN (+5.8% YoY), and EPRT (+24.7% YoY) — BNL has underperformed the peer group in revenue growth. Compare BNL vs ADC →
BNL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BNLCurrent | $469M | +8.6% | +7.2% | 49.7% | |
 ADC | $718M | +17.8% | +23.6% | 47.4% | |
 NNN | $926M | +5.8% | +7.0% | 61.5% | |
 EPRT | $562M | +24.7% | +27.9% | 64.5% | |
 O | $5.7B | +9.8% | +28.4% | 28.3% | |
 WPC | $1.7B | +24.5% | +8.0% | 44.4% |
BNL Historical Revenue Data (2015–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $459.1M | +4.6% | $108.0M | 23.5% | $228.2M | 49.7% |
| 2024 | $438.8M | -2.1% | $101.7M | 23.2% | $212.9M | 48.5% |
| 2023 | $448.1M | +9.6% | $108.3M | 24.2% | $222.3M | 49.6% |
| 2022 | $408.9M | +6.7% | $77.6M | 19.0% | $193.6M | 47.3% |
| 2021 | $383.2M | +18.4% | $100.6M | 26.2% | $196.0M | 51.1% |
| 2020 | $323.7M | +8.3% | $39.6M | 12.2% | $139.8M | 43.2% |
| 2019 | $298.8M | +25.8% | $56.9M | 19.1% | $138.4M | 46.3% |
| 2018 | $237.5M | +30.8% | $51.8M | 21.8% | $110.6M | 46.6% |
| 2017 | $181.6M | +27.1% | $45.5M | 25.1% | $87.5M | 48.2% |
| 2016 | $142.9M | +45.7% | $42.4M | 29.7% | $63.6M | 44.5% |
| 2015 | $98.1M | - | $33.2M | 33.9% | $52.3M | 53.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
11+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
BNL — Frequently Asked Questions
Quick answers to the most common questions about buying BNL stock.
Is BNL's revenue growth accelerating or slowing?
BNL revenue growth is holding steady at +8.6% year-over-year. TTM revenue is $469M. The current growth rate closely tracks the 5-year CAGR of +7.2%, signalling consistent execution.
What is BNL's revenue history from 2015 to 2026?
Broadstone Net Lease, Inc. (BNL) revenue history spans 2015 to 2026. TTM revenue as of 2026 is $469M, growing at +8.6% YoY. The 5-year CAGR is +7.2%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is BNL's long-term revenue growth rate (CAGR)?
Broadstone Net Lease, Inc.'s 5-year revenue CAGR of +7.2% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +8.6% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for BNL.
Why does BNL's quarterly revenue fluctuate?
BNL quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Broadstone Net Lease, Inc.'s revenue data from 2015 to 2026 shows full historical quarterly detail on this page.
How is BNL's revenue distributed by segment?
BNL reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does BNL's revenue compare to industry peers?
Broadstone Net Lease, Inc. (BNL) with TTM revenue of $469M and +8.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.