Revenue growth accelerated to 26.5% in 2026Q1, supported by consistent NOI margins that have remained near 90% throughout the recent expansion phase.
| Revenue | 192.67M | 181.38M | 150M | 123.12M | 92.5M | 58.35M | 33.22M | 20.37M | 24.68M |
| Revenue Growth % | 22.2% | 20.91% | 21.84% | 33.09% | 58.52% | 75.65% | 63.11% | -17.45% | - |
| Property Operating Expenses | 18.91M | 18.2M | 16.2M | 15.01M | 10.27M | 5.02M | 2.06M | 1.68M | 2.58M |
| Net Operating Income (NOI) | 173.76M | 163.17M | 133.8M | 108.1M | 82.24M | 53.34M | 31.16M | 18.69M | 22.1M |
| NOI Margin % | 90.19% | 89.96% | 89.2% | 87.81% | 88.9% | 91.4% | 93.78% | 91.77% | 89.55% |
| Operating Expenses | 112.22M | 108.1M | 96.59M | 83.85M | 69.13M | 45.62M | 31.16M | 18.69M | 22.1M |
| G&A Expenses | 22.31M | 21.72M | 19.72M | 20.18M | 19.05M | 14.81M | 11.34M | 3.56M | 3.79M |
| EBITDA | 151.45M | 141.45M | 114.08M | 87.93M | 63.19M | 38.53M | 20.41M | 15.14M | 18.3M |
| EBITDA Margin % | 78.61% | 77.99% | 76.05% | 71.42% | 68.31% | 66.02% | 61.44% | 74.31% | 74.18% |
| Depreciation & Amortization | 89.92M | 86.38M | 76.87M | 63.68M | 50.08M | 30.81M | 15.46M | 10.42M | 12.88M |
| D&A / Revenue % | 46.67% | 47.62% | 51.25% | 51.72% | 54.13% | 52.79% | 46.53% | 51.17% | 52.2% |
| Operating Income | 61.54M | 55.07M | 37.21M | 24.25M | 13.11M | 7.72M | 0 | 4.71M | 5.42M |
| Operating Margin % | 31.94% | 30.36% | 24.8% | 19.7% | 14.17% | 13.23% | 0% | 23.15% | 21.99% |
| Interest Expense | 4M | 47.21M | 33.32M | 20.28M | 8.64M | 3.3M | 4.74M | 10.71M | 0 |
| Interest Coverage | - | 1.15x | 0.64x | 1.34x | 2.00x | 1.97x | 1.04x | 0.25x | - |
| Non-Operating Income | 617K | 867K | 15.84M | -2.87M | -4.13M | 1.21M | -4.95M | 2.08M | 0 |
| Pretax Income | 11M | 6.99M | -11.95M | 6.84M | 8.6M | 3.21M | 212K | -8.07M | -20.3M |
| Pretax Margin % | 5.71% | 3.85% | -7.97% | 5.56% | 9.3% | 5.5% | 0.64% | -39.63% | -82.26% |
| Income Tax | 52K | 54K | 49K | -49K | 396K | 59K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.47% | 0.77% | -0.41% | -0.72% | 4.6% | 1.84% | 0% | 0% | 0% |
| Net Income | 10.9M | 6.9M | -11.94M | 6.84M | 8.12M | 3.05M | 730K | -8.07M | -20.3M |
| Net Margin % | 5.66% | 3.8% | -7.96% | 5.55% | 8.77% | 5.22% | 2.2% | -39.63% | -82.26% |
| Net Income Growth % | 196.51% | 157.81% | -274.59% | -15.77% | 166.48% | 317.26% | 109.04% | 60.23% | - |
| Funds From Operations (FFO) | 100.81M | 93.28M | 64.93M | 70.51M | 58.19M | 33.85M | 16.19M | 2.35M | -7.42M |
| FFO Margin % | 52.32% | 51.43% | 43.29% | 57.27% | 62.91% | 58.01% | 48.73% | 11.54% | -30.06% |
| FFO Growth % | 190.79% | 43.65% | -7.91% | 21.17% | 71.9% | 109.11% | 588.89% | 131.68% | - |
| FFO per Share | 1.02 | 1.11 | 0.85 | 1.09 | 1.15 | 0.88 | 0.77 | 0.10 | -0.31 |
| FFO Payout Ratio % | 74.14% | 75.68% | 98.29% | 73.49% | 68.66% | 89.29% | 54.62% | 239.32% | -134.91% |
| EPS (Diluted) | 0.11 | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 | 0.01 | -0.84 | -0.84 |
| EPS Growth % | 181.94% | 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 | 99.11M | 84.2M | 76.52M | 64.67M | 50.43M | 38.67M | 21.16M | 24.3M | 24.3M |
Aggressive equity-funded acquisition pace
As reported in the latest financial filings, NETSTREIT achieved a 26.5% year-over-year revenue growth in 2026Q1, signaling that the company's strategy of rapid, acquisition-led expansion is successfully scaling the top line despite the inherent challenges of maintaining a high-quality, investment-grade retail tenant portfolio in competitive markets.
The consistent double-digit revenue growth suggests that management is effectively deploying capital into new assets to outpace the limitations of organic rent escalations. Investors should monitor whether this pace of acquisition can be sustained without compromising the credit quality of the underlying tenant base or diluting per-share earnings.
Based on the provided income statement data, NETSTREIT maintains a robust NOI margin consistently hovering around 90%, which confirms that the triple-net lease structure effectively insulates the company from property-level operating expense volatility while allowing for predictable cash flow generation across its diverse retail footprint.
The stability of these margins indicates that the company has successfully shifted the burden of taxes, insurance, and maintenance to its tenants. However, the gap between these high property-level margins and bottom-line profitability suggests that corporate-level G&A remains a significant drag that requires further scale to optimize.
According to the quarterly earnings data, FFO per share reached $0.30 in 2026Q1, representing a 33.3% growth rate, though the historical trend shows significant quarterly fluctuations that warrant caution regarding the consistency of cash flow generation relative to the company's aggressive equity-based financing strategy.
While the recent FFO growth is encouraging, the erratic nature of these figures suggests that the timing of acquisitions and capital raises significantly impacts short-term performance. Analysts should investigate whether the current FFO trajectory is truly reflective of operational efficiency or merely a byproduct of periodic, lumpy capital deployment.
As indicated by the 2026Q1 reported AFFO of -$209.3M, there appears to be a significant accounting discrepancy or non-recurring adjustment that deviates sharply from previous quarters, suggesting that investors must exercise extreme caution when evaluating the company's true recurring cash flow generation capacity at this stage.
This extreme negative value in the most recent period stands in stark contrast to the positive FFO reported, implying that either massive maintenance CAPEX or other non-cash adjustments are severely impacting the adjusted figures. This warrants immediate investigation into the specific components of the AFFO reconciliation to determine if this is a structural issue or a one-time accounting event.
Quick answers to the most common questions about buying NTST stock.
For fiscal year 2025, NETSTREIT Corp. (NTST) reported total revenue of $181.4M. This represents a 635.1% increase compared to $24.7M 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 3.8%.
NETSTREIT Corp. (NTST) reported an operating income of $55.1M, resulting in an operating profit margin of 30.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NETSTREIT Corp. (NTST) generated $163.2M 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.