Revenue growth accelerated to 37.2% year over year ($66.3M in 2026Q3) with NOI margin expanding to 91.0% and FFO up 70.2% to $37.0M, though the trajectory appears driven by acquisitions rather than organic gains and AFFO has printed deeply negative (-$231.2M) for three consecutive quarters.
NETSTREIT Corp. (NTST) annual income statement — 8-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 |
|---|
| Revenue | 234.16M | 195.01M | 162.78M | 131.91M | 96.28M | 59.14M | 33.73M | 20.32M | 23.83M |
| Revenue Growth % | 25.49% | 19.79% | 23.41% | 37% | 62.8% | 75.35% | 66% | -14.73% | - |
| Property Operating Expenses | 22.61M | 19.43M | 17.78M | 16.87M | 12.53M | 6.5M | 5.74M | 1.7M | 1.73M |
| Net Operating Income (NOI) | 211.55M | 175.58M | 145M | 115.04M | 83.75M | 52.64M | 27.99M | 18.62M | 22.1M |
| NOI Margin % | 90.35% | 90.04% | 89.08% | 87.21% | 86.98% | 89% | 82.99% | 91.62% | 92.74% |
| Operating Expenses | 131.57M | 108.1M | 96.59M | 83.85M | 69.13M | 45.62M | 31.16M | 18.74M | 22.1M |
| G&A Expenses | 24.09M | 21.72M | 19.72M | 20.18M | 19.05M | 14.81M | 11.34M | 3.6M | 3.79M |
| EBITDA | 181.38M | 153.85M | 125.28M | 94.86M | 64.69M | 37.83M | 12.29M | 10.3M | 18.3M |
| EBITDA Margin % | 77.46% | 78.9% | 76.96% | 71.92% | 67.19% | 63.96% | 36.44% | 50.68% | 76.82% |
| Depreciation & Amortization | 101.4M | 86.38M | 76.87M | 63.68M | 50.08M | 30.81M | 15.46M | 10.42M | 12.88M |
| D&A / Revenue % | 43.3% | 44.29% | 47.22% | 48.27% | 52.01% | 52.09% | 45.84% | 51.29% | 54.05% |
| Operating Income | 79.98M | 67.48M | 48.41M | 31.18M | 14.62M | 7.02M | -3.17M | -125K | 0 |
| Operating Margin % | 34.16% | 34.6% | 29.74% | 23.64% | 15.18% | 11.87% | -9.4% | -0.62% | 0% |
| Interest Expense | 4M | 57.33M | 48.46M | 35.61M | 12.32M | 3.52M | 4.71M | 10.88M | 11M |
| Interest Coverage | - | 1.12x | 0.75x | 1.19x | 1.70x | 1.91x | 0.25x | 0.40x | 0.49x |
| Non-Operating Income | -4.47M | 3.16M | 11.9M | -11.27M | -6.3M | 295K | -4.36M | -4.52M | -5.42M |
| Pretax Income | 22.04M | 6.99M | -11.95M | 6.84M | 8.6M | 3.21M | 212K | -8.03M | -20.3M |
| Pretax Margin % | 9.41% | 3.59% | -7.34% | 5.19% | 8.93% | 5.43% | 0.63% | -39.52% | -85.18% |
| Income Tax | 187K | 54K | 49K | -49K | 396K | 59K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.85% | 0.77% | -0.41% | -0.72% | 4.6% | 1.84% | 0% | 0% | 0% |
| Net Income | 21.77M | 6.9M | -11.94M | 6.84M | 8.12M | 3.05M | 730K | -8.04M | -20.3M |
| Net Margin % | 9.3% | 3.54% | -7.33% | 5.18% | 8.43% | 5.15% | 2.16% | -39.59% | -85.18% |
| Net Income Growth % | 11667.03% | 157.81% | -274.59% | -15.77% | 166.48% | 317.26% | 109.08% | 60.37% | - |
| Funds From Operations (FFO) | 123.17M | 93.28M | 64.93M | 70.51M | 58.19M | 33.85M | 16.19M | 2.38M | -7.42M |
| FFO Margin % | 52.6% | 47.83% | 39.89% | 53.46% | 60.44% | 57.24% | 48% | 11.7% | -31.13% |
| FFO Growth % | 190.87% | 43.65% | -7.91% | 21.17% | 71.9% | 109.11% | 580.78% | 132.06% | - |
| FFO per Share | 1.14 | 1.11 | 0.85 | 1.09 | 1.15 | 0.88 | 0.77 | 0.10 | -0.31 |
| FFO Payout Ratio % | 68.1% | 75.68% | 98.29% | 73.49% | 68.66% | 89.29% | 54.62% | 236.5% | -134.91% |
| EPS (Diluted) | 0.20 | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 | 0.01 | -0.84 | -0.84 |
| EPS Growth % | 7186.67% | 151.25% | -245.45% | -31.25% | 100% | - | 100.95% | 0% | - |
| EPS (Basic) | - | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 | 0.04 | -0.84 | -0.84 |
| Diluted Shares Outstanding | 108.17M | 84.2M | 76.52M | 64.67M | 50.43M | 38.67M | 21.16M | 24.3M | 24.3M |
Quick answers to the most common questions about buying NTST stock.
For fiscal year 2025, NETSTREIT Corp. (NTST) reported total revenue of $195.0M. This represents a 718.4% increase compared to $23.8M in 2018.
NETSTREIT Corp. (NTST) is profitable, generating $6.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
NETSTREIT Corp. (NTST) reported an operating income of $67.5M, resulting in an operating profit margin of 34.6%. This margin reflects the operational efficiency of the business before interest and taxes.
NETSTREIT Corp. (NTST) generated $175.6M in gross profit for the year, representing a gross profit margin of 90.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative AFFO versus positive FFO
Metrics are mathematically derived from official filings.
Acquisition-Led Revenue Compounds Sharply
According to NETSTREIT's quarterly income statements, revenue climbed to $66.3M in 2026Q3 with growth accelerating to 37.2% from 16.6% a year earlier, while NOI reached $60.3M, indicating that portfolio expansion rather than organic gains appears to be driving the top line.
Revenue growth has more than doubled over four quarters, a trajectory that appears more consistent with an intensified acquisition program than with rent spreads alone, since the triple-net structure caps organic upside at contractual escalators. The fact that FFO growth (70.2%) is running well ahead of revenue growth (37.2%) suggests newly deployed capital is being acquired at cap rates above the company's blended cost of capital, though investors should monitor whether this spread persists as deal volume scales.
NOI Margin Reaches 91 Percent
As reported in NETSTREIT's financial statements, the NOI margin expanded from 88.7% in 2024Q4 to 91.0% in 2026Q3, with NOI of $60.3M on $66.3M of revenue, suggesting that the triple-net structure is containing property-level costs as the portfolio scales.
Roughly 230 basis points of margin expansion over ten quarters implies either a shift in portfolio mix toward leases with fuller expense pass-throughs or successful negotiation of tenant reimbursements, both of which would improve the durability of property cash flow. Because the NNN structure shifts taxes, insurance and maintenance to tenants, this margin is largely insensitive to input-cost inflation, but it also means the 91% figure reveals nothing about corporate overhead efficiency, which remains the variable that determines whether NOI growth translates into operating-margin leverage.
FFO Growth Outruns Share Count
Based on NETSTREIT's reported results, FFO rose 70.2% year over year to $37.0M in 2026Q3 and per-share FFO advanced to $0.34 from $0.19 in 2024Q3, implying that acquisition accretion has so far outrun any dilution from equity funding.
A 79% increase in FFO per share across eight quarters suggests management has been successful at issuing equity below the cap rates of the assets it acquires, which is the central test of a growth REIT's capital allocation. The simultaneous decline in dividend yield from 1.6% to 1.2% appears consistent with the market repricing the equity rather than a payout increase, and the gap between rising FFO per share and a modest yield suggests the dividend is covered with headroom, giving the company flexibility to fund growth without straining distributions.
GAAP Profit Understates Portfolio Earnings
NTST's latest income statement shows net income of $8.5M against FFO of $37.0M in 2026Q3, a gap that reflects roughly $28.5M of depreciation and amortization, underscoring how GAAP profit understates the cash-earnings power of the net-lease portfolio.
GAAP net income swung from losses of roughly $5.3M per quarter in 2024 to positive territory through 2026, which appears to reflect revenue scale finally outgrowing the depreciation burden on an expanding asset base rather than any change in underlying property economics. Because acquired real estate is depreciated on a fixed schedule while well-located retail assets may hold value, the implied maintenance capital needs under a triple-net lease should be modest, making FFO the more faithful measure of sustainable earning power here; still, investors should treat the small GAAP margin as a signal that accounting profit will remain volatile quarter to quarter.
Negative AFFO Challenges Payout Quality
For three consecutive 2026 quarters, NETSTREIT reported AFFO of -$209.3M, -$210.0M and -$231.2M even as FFO stayed positive, a divergence that warrants investigation because it may signal heavy capitalized leasing costs or other adjustments eroding distributable cash flow.
The reported AFFO figures sit in stark contrast to quarterly FFO of $30-37M and to a raised full-year guidance narrative, so the most conservative interpretation is that recurring cash adjustments—potentially capitalized leasing commissions, tenant improvements, or straight-line rent reversals—are absorbing far more than headline FFO implies, though the data as presented could also reflect a reporting inconsistency that should be verified against filed statements. Compounding this, quarterly GAAP EPS of $0.08 against $0.34 of FFO per share shows how much of the reported earnings story depends on which metric an investor chooses to anchor to, and the persistence of sub-4% net margins suggests per-share earnings power may still be lagging the pace of portfolio expansion.