Revenue growth remains in a contractionary phase, evidenced by a 17.5% year-over-year decline in 2026Q1 despite a reported NOI margin recovery to 88.2%.
| 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 | 472.16M | 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 % | -29.9% | -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 | 139.06M | 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) | 333.1M | 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 % | 70.55% | 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 | 231.96M | -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 | 55.09M | 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 | 281.54M | 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 % | 59.63% | 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 | 180.39M | 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 % | 38.21% | 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 | 101.14M | 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 % | 21.42% | 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 | -48.88M | 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 | -28.78M | -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 % | -6.09% | -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 | 20.16M | 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 % | -70.07% | -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 | -41.16M | -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 % | -8.72% | -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 % | 86.15% | -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) | 139.24M | -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 % | 29.49% | -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 % | -73.34% | -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 | 0.65 | -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 % | 92.02% | -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) | -0.19 | -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 % | 72.85% | -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 | 214.04M | 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 |
High leverage and integration
According to the provided financial data, GNL experienced a significant revenue decline of 17.5% in 2026Q1, reflecting the ongoing challenges of integrating the Necessity Retail merger and managing a portfolio that has seen consistent top-line erosion over the last several quarters of reported operations.
The persistent negative revenue growth suggests that the company is struggling to offset the impact of asset dispositions or lease expirations within its diversified portfolio. Investors should monitor whether the current revenue trajectory stabilizes as the integration of the retail segment concludes or if further portfolio rationalization is required.
As reported in financial statements, GNL's FFO per share has exhibited extreme volatility, swinging from a loss of $0.58 in 2025Q1 to a positive $0.17 in 2026Q1, which highlights the significant impact of non-recurring merger-related costs and structural adjustments on the company's core earnings power.
The wide variance in FFO suggests that the company's underlying cash flow generation remains obscured by one-time charges associated with the internalization of management. Analysts should exercise caution when extrapolating recent FFO growth, as it appears heavily influenced by the normalization of these extraordinary expenses rather than organic operational improvements.
Based on GNL's reported figures, the NOI margin reached 88.2% in 2026Q1, showing a recovery from the anomalous 13.3% low in 2025Q4, yet the historical inconsistency in these margins warrants further investigation into the company's property-level cost management and the effectiveness of its triple-net lease structures.
While the recent margin expansion appears positive, the historical volatility suggests that the company's property-level profitability is sensitive to fluctuations in operating expenses or potential leakage in its net-lease arrangements. The inability to maintain consistent margins may indicate that the portfolio contains assets with higher-than-expected maintenance or tax burdens.
Data from recent filings indicates that GNL's GAAP net income remains consistently negative, with a loss of $5.1 million in 2026Q1, suggesting that the company's reliance on non-GAAP metrics like FFO may be masking deeper structural issues related to high interest expenses and portfolio-wide depreciation.
The persistent gap between GAAP net income and FFO may imply that the company is struggling to generate sufficient cash flow to cover both its debt service and the necessary capital expenditures required to maintain its aging office and retail assets. Investors should monitor whether the company can achieve sustained profitability on a GAAP basis as it attempts to deleverage its balance sheet.
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.