Revenue declined 38.2% year-over-year on a TTM basis to $112.5M in 2026Q2, while NOI margin recovered to 88.1% from a trough of 13.3% in 2025Q4, indicating portfolio stabilization despite contraction.
Global Net Lease, Inc. (GNL) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 459.73M | 497.89M | 805.01M | 515.07M | 378.86M | 391.23M | 330.1M | 306.21M | 282.21M | 259.3M | 214.17M | 205.33M | 93.38M | 3.95M | 30K |
| Revenue Growth % | -29.6% | -38.15% | 56.29% | 35.95% | -3.16% | 18.52% | 7.8% | 8.51% | 8.84% | 21.07% | 4.31% | 119.88% | 2263.53% | 13070% | - |
| Property Operating Expenses | 140.44M | 433.58M | 142.5M | 150.61M | 32.88M | 32.75M | 32.37M | 62.93M | 28.73M | 28.86M | 19.04M | 18.18M | 7.95M | 42K | 1K |
| Net Operating Income (NOI) | 319.29M | 64.3M | 662.51M | 364.46M | 345.98M | 358.48M | 297.73M | 243.29M | 253.47M | 230.44M | 195.14M | 187.15M | 85.44M | 3.91M | 29K |
| NOI Margin % | 69.45% | 12.91% | 82.3% | 70.76% | 91.32% | 91.63% | 90.19% | 79.45% | 89.82% | 88.87% | 91.11% | 91.15% | 91.49% | 98.94% | 96.67% |
| Operating Expenses | 205.71M | -104.02M | 456.03M | 379.84M | 245.44M | 246.57M | 198.49M | 128.39M | 160.9M | 142.37M | 125.06M | 133.41M | 45.5M | 2.22M | 205K |
| G&A Expenses | 52.3M | 52.75M | 66.67M | 85.77M | 69.93M | 67.31M | 59.13M | 19.64M | 41.32M | 29.32M | 30.61M | 43.34M | 5.11M | 108K | 184K |
| EBITDA | 287.8M | 359.51M | 575.56M | 218.36M | 259.4M | 279.59M | 242.02M | 241.7M | 270.96M | 260M | 194.09M | 123.28M | -625K | -3.94M | -373K |
| EBITDA Margin % | 62.6% | 72.21% | 71.5% | 42.39% | 68.47% | 71.46% | 73.32% | 78.93% | 96.01% | 100.27% | 90.62% | 60.04% | -0.67% | -99.82% | -1243.33% |
| Depreciation & Amortization | 174.22M | 191.19M | 369.08M | 233.74M | 158.86M | 167.68M | 142.78M | 126.81M | 202.94M | 173.95M | 133.81M | 90.07M | 41.5M | 2.11M | 30K |
| D&A / Revenue % | 37.9% | 38.4% | 45.85% | 45.38% | 41.93% | 42.86% | 43.25% | 41.41% | 71.91% | 67.09% | 62.48% | 43.87% | 44.44% | 53.45% | 100% |
| Operating Income | 113.58M | 168.32M | 206.48M | -15.38M | 100.54M | 111.91M | 99.24M | 114.89M | 68.02M | 86.05M | 60.28M | 33.21M | -42.13M | -6.06M | -403K |
| Operating Margin % | 24.71% | 33.81% | 25.65% | -2.99% | 26.54% | 28.61% | 30.06% | 37.52% | 24.1% | 33.19% | 28.15% | 16.17% | -45.11% | -153.28% | -1343.33% |
| Interest Expense | 3M | 191.83M | 326.93M | 179.41M | 97.51M | 94.34M | 71.8M | 64.2M | 57.97M | 48.45M | 39.12M | 34.86M | 14.85M | 969K | 10K |
| Interest Coverage | - | 0.41x | 0.61x | -0.10x | 1.24x | 1.25x | 1.22x | 1.52x | 1.23x | 1.55x | 2.33x | 1.11x | -2.93x | -6.21x | -40.30x |
| Non-Operating Income | -58.1M | 90.43M | 6.68M | 2.64M | -20.02M | -5.95M | 11.69M | 17.24M | -3.28M | 11.96M | -17.5M | -5.53M | 0 | -36K | 0 |
| Pretax Income | 5.88M | -113.95M | -127.13M | -197.44M | 23.05M | 23.52M | 15.75M | 50.81M | 13.33M | 26.73M | 52M | 3.87M | -55.02M | -6.99M | -413K |
| Pretax Margin % | 1.28% | -22.89% | -15.79% | -38.33% | 6.09% | 6.01% | 4.77% | 16.59% | 4.72% | 10.31% | 24.28% | 1.89% | -58.92% | -176.89% | -1376.67% |
| Income Tax | 21.94M | 21.8M | 4.45M | 14.47M | 11.03M | 12.15M | 4.97M | 4.33M | 2.43M | 3.14M | 4.42M | 5.89M | -1.43M | 0 | 0 |
| Effective Tax Rate % | 373.43% | -19.13% | -3.5% | -7.33% | 47.85% | 51.67% | 31.56% | 8.53% | 18.26% | 11.75% | 8.5% | 152.01% | 2.6% | 0% | 0% |
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M | 10.78M | 46.48M | 10.9M | 23.57M | 47.14M | -2.06M | -53.59M | -6.99M | -413K |
| Net Margin % | -2.94% | -45.28% | -16.34% | -41.14% | 3.17% | 2.91% | 3.27% | 15.18% | 3.86% | 9.09% | 22.01% | -1.01% | -57.39% | -176.89% | -1376.67% |
| Net Income Growth % | 95.27% | -71.36% | 37.91% | -1862.54% | 5.78% | 5.46% | -76.81% | 326.5% | -53.76% | -50.01% | 2382.81% | 96.15% | -666.83% | -1592.25% | - |
| Funds From Operations (FFO) | 160.69M | -34.27M | 237.51M | 21.83M | 170.88M | 179.04M | 153.56M | 173.28M | 213.84M | 197.52M | 180.95M | 88M | -12.09M | -4.88M | -383K |
| FFO Margin % | 34.95% | -6.88% | 29.5% | 4.24% | 45.1% | 45.76% | 46.52% | 56.59% | 75.77% | 76.18% | 84.49% | 42.86% | -12.95% | -123.44% | -1276.67% |
| FFO Growth % | 77.79% | -114.43% | 988.04% | -87.23% | -4.56% | 16.6% | -11.38% | -18.97% | 8.26% | 9.16% | 105.61% | 827.92% | -147.9% | -1173.37% | - |
| FFO per Share | 0.76 | -0.15 | 1.03 | 0.15 | 1.65 | 1.82 | 1.72 | 2.01 | 3.07 | 2.95 | 3.19 | 1.51 | -0.21 | -0.09 | -0.01 |
| FFO Payout Ratio % | 103.64% | -560.47% | 114.71% | 948.25% | 97.63% | 87.25% | 100.98% | 87.01% | 68.95% | 72.27% | 66.53% | 111.05% | -292.93% | -36.27% | -0.26% |
| EPS (Diluted) | -0.06 | -0.98 | -0.76 | -1.71 | 0.12 | 0.12 | 0.12 | 0.54 | 0.16 | 0.30 | 0.81 | -0.04 | -0.95 | -0.12 | -0.01 |
| EPS Growth % | 81.2% | -28.95% | 55.56% | -1525% | 0% | 0% | -77.78% | 237.5% | -46.67% | -62.96% | 2381.69% | 96.26% | -691.67% | - | - |
| EPS (Basic) | - | -0.98 | -0.76 | -1.71 | 0.12 | 0.12 | 0.12 | 0.55 | 0.16 | 0.30 | 0.81 | -0.04 | -0.95 | -0.12 | -0.01 |
| Diluted Shares Outstanding | 211.34M | 223.25M | 230.44M | 142.58M | 103.69M | 98.28M | 89.47M | 86.35M | 69.66M | 66.88M | 56.72M | 58.11M | 56.32M | 56.32M | 56.32M |
Quick answers to the most common questions about buying GNL stock.
For fiscal year 2025, Global Net Lease, Inc. (GNL) reported total revenue of $497.9M. This represents a 1659520.0% increase compared to $0.0M in 2012.
Global Net Lease, Inc. (GNL) reported a net loss of $225.5M for the fiscal year ending 2025.
Global Net Lease, Inc. (GNL) reported an operating income of $168.3M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Net Lease, Inc. (GNL) generated $64.3M in gross profit for the year, representing a gross profit margin of 12.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent portfolio contraction and losses
Metrics are mathematically derived from official filings.
Revenue Decline Reflects Portfolio Shrinkage
GNL's revenue contracted 38.2% year-over-year on a TTM basis, with quarterly revenue falling from $199.1M in 2024Q4 to $112.5M in 2026Q2, indicating ongoing asset dispositions and portfolio repositioning.
The steep revenue decline, from $199.1M in 2024Q4 to $112.5M in 2026Q2, suggests a deliberate contraction of the asset base, likely through dispositions of non-core properties. This is consistent with the merger integration and a strategic pivot toward higher-quality assets. However, the pace of decline appears to be decelerating, with sequential revenue stabilizing around $110-120M in recent quarters, which may indicate the portfolio is nearing a new, smaller steady state. Investors should monitor whether this contraction is value-accretive or simply a response to liquidity constraints.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 82-90% in most quarters to a mere 13.3% in 2025Q4, according to reported financials, suggesting a one-off event such as a large impairment or reclassification, while recent quarters show recovery to 88%.
The NOI margin of 13.3% in 2025Q4 is an outlier compared to the 82-90% range seen in other quarters, indicating a significant non-recurring charge or a data anomaly. Excluding that quarter, margins have been consistently strong, averaging around 88%, which is typical for triple-net leases. The low gross margin of 12.9% reported in the broader data may reflect a different accounting treatment or a mix shift toward properties with higher operating expenses, but the NOI margin suggests property-level profitability remains healthy. The divergence between gross margin and NOI margin warrants further investigation into cost classification.
FFO Volatility Signals Earnings Distortions
FFO per share swung from -$0.58 in 2025Q1 to $0.42 in 2025Q4, based on reported figures, with the latest quarter at $0.21, indicating significant non-cash charges and one-time items distorting underlying earnings.
The extreme volatility in FFO, including a negative $133.2M in 2025Q1, suggests substantial non-cash impairments or merger-related costs are being recognized. The recovery to positive FFO in subsequent quarters, with 2026Q2 FFO of $45.0M, indicates that the core operating portfolio is generating cash flow, but the noise makes it difficult to assess the true run-rate. The FFO/share of $0.21 in 2026Q2 is below the 2024 levels of $0.26-$0.32, implying dilution from equity raises or a smaller asset base. Dividend coverage appears adequate at current levels, but the sustainability depends on the stabilization of FFO.
Depreciation Distorts Net Income
GNL's net income is consistently negative despite positive FFO, with a net margin of -45.3% on a TTM basis, reflecting large depreciation and impairment charges that mask the cash-generative nature of the portfolio.
The persistent gap between net income and FFO, with net losses in most quarters despite positive FFO, highlights the significant non-cash depreciation charges typical of REITs. However, the magnitude of the losses, such as -$189.4M in 2025Q1, suggests impairments beyond normal depreciation, possibly related to asset write-downs on office properties or merger-related adjustments. Investors should focus on AFFO, which adjusts for maintenance capex, to gauge true cash earnings. The reported AFFO of $41.6M in 2026Q2 is positive and covers the dividend, but the sustainability of these figures depends on the portfolio's ability to maintain occupancy and rental rates.
Same-Store Trends Hidden by Portfolio Changes
With revenue down 38% year-over-year, same-store metrics are obscured by the massive portfolio transformation, but recent NOI margins of 88% suggest underlying property performance remains stable, according to quarterly data.
The lack of explicit same-store data makes it difficult to isolate organic growth from the effects of dispositions and acquisitions. However, the stability of NOI margins in the high-80s range, excluding the 2025Q4 anomaly, implies that the remaining properties are performing well on a cash basis. The revenue decline is likely driven by asset sales rather than occupancy deterioration, as the portfolio is being repositioned. Investors should monitor occupancy rates and rental spreads in future disclosures to confirm that the core portfolio is not weakening. The recent EPS miss and lack of guidance add uncertainty to the near-term outlook.
Earnings Quality Remains Under Scrutiny
Despite positive FFO, GNL's earnings quality is questionable due to large one-time charges, a 12.9% gross margin, and a debt/equity ratio of 1.55% that appears anomalous, suggesting potential data issues or aggressive accounting.
The reported gross margin of 12.9% is far below the NOI margin, indicating that significant operating expenses are being classified above the NOI line, which is unusual for a triple-net REIT. This could be a data error or reflect a different cost structure for certain assets. Additionally, the debt/equity ratio of 1.55% is implausibly low for a REIT, suggesting either a reporting mistake or a carve-out that understates leverage. The persistent net losses and reliance on non-cash adjustments raise questions about the quality of reported FFO. Investors should demand greater transparency on the composition of G&A and other expenses to validate the earnings power.