Realty Income Corporation(O)Earnings, Financials & Key Ratios

O•NYSE•REIT / Real Estate

$63.57

$59.37B mkt cap·54.3× P/E·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryNet Lease Retail REITs

AboutRealty Income, The Monthly Dividend Company, is an S&P 500 company dedicated to providing stockholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,500 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 608 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 109 times since Realty Income's public listing in 1994 (NYSE: O). The company is a member of the S&P 500 Dividend Aristocrats index. Additional information about the company can be obtained from the corporate website at www.realtyincome.com.Show more

Revenue$5.75B+9.1%
FFO$3.53B+8.4%
FFO/Share3.90+5.1%
FFO Payout0%-100.0%
FFO per Share3.90+5.1%
NOI Margin89.8%-3.3%
FFO Margin61.41%-0.6%
ROE2.67%+12.1%
ROA1.49%+9.9%
Net Debt/EBITDA-0.11-101.9%
Book Value/Share44.35-0.4%

Analysis→Technical→

O Key Insights

Realty Income Corporation (O) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Dividend Aristocrat: 27 years of consecutive increases
✓Strong 5Y profit CAGR of 21.8%
✓FFO growing 8.4% TTM
✓High NOI margin of 89.8%
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

O Price & Volume

Realty Income Corporation (O) stock price & volume — 10-year historical chart

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O Growth Metrics

Realty Income Corporation (O) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years18.84%

5 Years28.4%

3 Years19.8%

TTM9.07%

Profit CAGR

10 Years14.07%

5 Years21.76%

3 Years6.78%

TTM22.98%

EPS CAGR

10 Years0.71%

5 Years0.52%

3 Years-6.25%

TTM19.39%

Return on Capital

10 Years3.81%

5 Years3.12%

3 Years3.16%

Last Year2.3%

O Recent Earnings

Realty Income Corporation (O) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 1/12 qtrs (8%)●Beat Revenue 12/12 qtrs (100%)

Q1 2026Latest

Feb 24, 2026

EPS

$0.32

Est $0.38

-16.6%

Revenue

$1.4B

Est $1.4B

+2.8%

Q4 2025

Nov 3, 2025

EPS

$0.34

Est $0.40

-14.7%

Revenue

$1.5B

Est $1.4B

+5.5%

Q3 2025

Aug 4, 2025

EPS

$0.22

Est $0.40

-45.3%

Revenue

$1.4B

Est $1.3B

+5.4%

Q2 2025

May 5, 2025

EPS

$0.28

Est $0.36

-22.2%

Revenue

$1.4B

Est $1.3B

+4.9%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 24, 2026	$0.32vs $0.38-16.6%	$1.4Bvs $1.4B+2.8%
Q4 2025	Nov 3, 2025	$0.34vs $0.40-14.7%	$1.5Bvs $1.4B+5.5%
Q3 2025	Aug 4, 2025	$0.22vs $0.40-45.3%	$1.4Bvs $1.3B+5.4%
Q2 2025	May 5, 2025	$0.28vs $0.36-22.2%	$1.4Bvs $1.3B+4.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
NNNNNN REIT, Inc.Direct Competitor	8.45B	44.41	21.45	6.55%	41.38%	8.81%	7.9%	1.09
ADCAgree Realty CorporationDirect Competitor	9.12B	75.95	42.91	16.42%	29.28%	3.65%	5.53%	0.53
EPRTEssential Properties Realty Trust, Inc.Direct Competitor	6.74B	31.18	24.36	24.97%	43.28%	6.3%	5.65%	0.60
GTYGetty Realty Corp.Direct Competitor	1.99B	32.97	24.42	9.02%	40.06%	8.76%	6.37%	0.98
NTSTNETSTREIT Corp.Direct Competitor	1.7B	20.32	254	30%	0.1%	0.01%	6.46%
SPGSimon Property Group, Inc.Product Competitor	65.79B	202.31	14.31	6.72%	72.51%	68.82%		4.47
KIMKimco Realty CorporationProduct Competitor	15.88B	23.54	28.36	5.06%	28.51%	5.81%	4.87%	0.82
REGRegency Centers CorporationProduct Competitor	14.44B	78.89	27.98	3.39%	37.4%	9%	2.73%	0.83

Compare O vs Peers

Realty Income Corporation (O) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NNN

Most directly comparable listed peer for O.

Scale Benchmark

vs WMT

Larger-name benchmark to compare O against a more recognizable public peer.

Peer Set

Compare Top 5

vs NNN, ADC, EPRT, GTY

O Income Statement

Realty Income Corporation (O) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	1.22B	1.33B	1.49B	1.65B	2.08B	3.34B	4.08B	5.27B	5.75B
Revenue Growth %	10.21%	9.22%	12.07%	10.68%	26.31%	60.72%	21.99%	29.23%	9.07%
Property Operating Expenses	69.48M	66.33M	88.58M	104.6M	133.6M	226.33M	316.96M	377.68M	586.44M
Net Operating Income (NOI)	1.15B▲ 0%	1.26B▲ 10.1%	1.4B▲ 10.9%	1.54B▲ 10.2%	1.95B▲ 26.2%	3.12B▲ 60.1%	3.76B▲ 20.7%	4.89B▲ 30.1%	5.16B▲ 5.5%
NOI Margin %	94.29%	95%	94.05%	93.65%	93.58%	93.23%	92.23%	92.84%	89.8%
Operating Expenses	557.23M	623.93M	660.44M	750.25M	994.82M	1.81B	2.04B	2.57B	3.54B
G&A Expenses	58.45M	84.15M	66.48M	73.22M	96.98M	138.46M	144.54M	176.9M	252.97M
EBITDA	1.09B	1.18B	1.33B	1.47B	1.85B	2.98B	3.62B	4.72B	4.1B
EBITDA Margin %	89.48%	88.67%	89.58%	89.2%	88.92%	89.09%	88.69%	89.48%	71.3%
Depreciation & Amortization	498.79M	539.78M	593.96M	677.04M	897.84M	1.67B	1.9B	2.4B	2.47B
D&A / Revenue %	41.03%	40.65%	39.91%	41.11%	43.16%	49.96%	46.46%	45.45%	43%
Operating Income	589.05M▲ 0%	637.58M▲ 8.2%	739.13M▲ 15.9%	792.23M▲ 7.2%	952.04M▲ 20.2%	1.31B▲ 37.4%	1.72B▲ 31.6%	2.32B▲ 34.8%	1.63B▼ 29.9%
Operating Margin %	48.45%	48.02%	49.67%	48.1%	45.76%	39.13%	42.22%	44.03%	28.3%
Interest Expense	0	0	0	0	0	0	0	0	0
Interest Coverage	-	-	-	-	-	-	-	-	-
Non-Operating Income	0	10.38M	18.14M	87.32M	0	0	14.34M	388.88M	548.48M
Pretax Income	325.36M▲ 0%	369.94M▲ 13.7%	443.64M▲ 19.9%	411.2M▼ 7.3%	392.4M▼ 4.6%	917.6M▲ 133.8%	928.93M▲ 1.2%	933.94M▲ 0.5%	1.08B▲ 15.5%
Pretax Margin %	26.76%	27.86%	29.81%	24.97%	18.86%	27.44%	22.77%	17.72%	18.76%
Income Tax	6.04M	5.34M	6.16M	14.69M	31.66M	45.18M	52.02M	66.6M	20M
Effective Tax Rate %	1.86%	1.44%	1.39%	3.57%	8.07%	4.92%	5.6%	7.13%	1.85%
Net Income	318.8M▲ 0%	363.61M▲ 14.1%	436.48M▲ 20.0%	395.49M▼ 9.4%	359.46M▼ 9.1%	869.41M▲ 141.9%	872.31M▲ 0.3%	860.77M▼ 1.3%	1.06B▲ 23.0%
Net Margin %	26.22%	27.38%	29.33%	24.01%	17.28%	26%	21.39%	16.33%	18.41%
Net Income Growth %	1.02%	14.06%	20.04%	-9.39%	-9.11%	141.87%	0.33%	-1.32%	22.98%
Funds From Operations (FFO)	817.59M▲ 0%	903.39M▲ 10.5%	1.03B▲ 14.1%	1.07B▲ 4.1%	1.26B▲ 17.2%	2.54B▲ 102.0%	2.77B▲ 9.0%	3.26B▲ 17.7%	3.53B▲ 8.4%
FFO Margin %	67.25%	68.03%	69.24%	65.12%	60.43%	75.96%	67.85%	61.78%	61.41%
FFO Growth %	6.8%	10.5%	14.06%	4.08%	17.23%	102.01%	8.96%	17.67%	8.43%
FFO per Share	2.98	3.12	3.26	3.11	3.03	4.15	3.99	3.71	3.90
FFO Payout Ratio %	84.31%	84.3%	82.7%	89.9%	92.98%	71.4%	76.31%	82.66%	0%
EPS (Diluted)	1.10▲ 0%	1.26▲ 14.5%	1.38▲ 9.5%	1.14▼ 17.4%	0.87▼ 23.7%	1.42▲ 63.2%	1.26▼ 11.3%	0.98▼ 22.2%	1.17▲ 19.4%
EPS Growth %	-2.65%	14.55%	9.52%	-17.39%	-23.68%	63.22%	-11.27%	-22.22%	19.39%
EPS (Basic)	1.10	1.26	1.38	1.15	0.87	1.42	1.26	0.98	1.17
Diluted Shares Outstanding	273.94M	289.92M	316.16M	345.42M	414.77M	612.18M	693.02M	876.81M	904.79M

O Balance Sheet

Realty Income Corporation (O) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	14.06B	15.26B	18.55B	20.74B	43.14B	49.67B	57.78B	68.84B	72.8B
Asset Growth %	6.88%	8.55%	21.59%	11.78%	107.99%	15.15%	16.32%	19.13%	5.75%
Real Estate & Other Assets	12.68B	13.86B	16.43B	17.49B	32.03B	37.92B	43.65B	51.05B	0
PP&E (Net)	12.68B	13.83B	16.56B	230.63M	849.85M	1.07B	1.3B	1.27B	0
Investment Securities	0	0	0	0	1000K	1000K	1000K	1000K	0
Total Current Assets	163.32M	184.89M	455.5M	1.29B	1.16B	1.77B	2.9B	4.02B	1.49B
Cash & Equivalents	6.9M	10.39M	54.01M	824.48M	258.58M	171.1M	232.92M	444.96M	434.84M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	14.85M	17.91M	116.11M	41.22M	127.57M	43.29M	6.45M	131.53M	0
Intangible Assets	1.19B	1.2B	1.49B	1.71B	5.28B	5.17B	5.02B	6.32B	91.78M
Total Liabilities	6.67B	7.14B	8.75B	9.72B	18.01B	20.83B	24.67B	29.78B	32.67B
Total Debt	6.12B	6.51B	8.03B	8.94B	15.95B	18.6B	21.99B	26.76B	0
Net Debt	6.11B	6.5B	7.98B	8.11B	15.69B	18.43B	21.76B	26.31B	-434.84M
Long-Term Debt	6B	6.25B	7.2B	8.82B	13.89B	15.38B	20.76B	25.1B	0
Short-Term Borrowings	110M	252M	704.34M	0	1.55B	2.73B	764.39M	1.13B	0
Capital Lease Obligations	5.33M	0	128.23M	120.81M	505.74M	489.56M	469.56M	530.15M	0
Total Current Liabilities	385.61M	561.93M	1.06B	383.9M	2.22B	3.5B	1.89B	2.4B	0
Accounts Payable	0	0	0	0	0	0	0	0	0
Deferred Revenue	105.28M	115.38M	127.69M	130.23M	242.12M	269.64M	312.19M	352.33M	0
Other Liabilities	169.77M	208.58M	238.08M	400.37M	1.39B	1.46B	1.56B	1.76B	32.67B
Total Equity	7.39B▲ 0%	8.12B▲ 9.9%	9.8B▲ 20.7%	11.02B▲ 12.4%	25.13B▲ 128.1%	28.84B▲ 14.8%	33.11B▲ 14.8%	39.05B▲ 18.0%	40.12B▲ 2.7%
Equity Growth %	8.89%	9.88%	20.73%	12.38%	128.08%	14.78%	14.78%	17.96%	2.75%
Shareholders Equity	7.37B	8.09B	9.77B	10.99B	25.05B	28.71B	32.94B	38.84B	39.44B
Minority Interest	19.21M	32.24M	29.7M	32.25M	76.83M	130.14M	165.5M	210.95M	685.27M
Common Stock	9.62B	10.75B	12.87B	14.7B	29.58B	34.16B	39.63B	47.45B	49.86B
Additional Paid-in Capital	-2.25B	-2.66B	-3.08B	0	0	0	0	0	0
Retained Earnings	-2.25B	-2.66B	-3.08B	-3.66B	-4.53B	-5.49B	-6.76B	-8.65B	0
Preferred Stock	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	2.34%	2.48%	2.58%	2.01%	1.13%	1.87%	1.62%	1.36%	1.49%
Return on Equity (ROE)	4.5%	4.69%	4.87%	3.8%	1.99%	3.22%	2.82%	2.39%	2.67%
Debt / Assets	43.51%	42.63%	43.28%	43.1%	36.97%	37.45%	38.06%	38.87%	-
Debt / Equity	0.83x	0.80x	0.82x	0.81x	0.63x	0.64x	0.66x	0.69x	-
Net Debt / EBITDA	5.62x	5.52x	5.98x	5.52x	8.48x	6.19x	6.01x	5.58x	-0.11x
Book Value per Share	26.98	28.01	31.01	31.90	60.59	47.12	47.77	44.54	44.35

O Cash Flow Statement

Realty Income Corporation (O) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	875.85M	940.74M	1.07B	1.12B	1.32B	2.56B	2.96B	3.57B	3.99B
Operating CF Growth %	8.93%	7.41%	13.63%	4.36%	18.52%	93.91%	15.4%	20.77%	11.8%
Operating CF / Revenue %	72.04%	70.85%	71.83%	67.73%	63.55%	76.68%	72.54%	67.79%	69.48%
Net Income	319.32M	364.6M	437.48M	396.51M	360.75M	872.42M	872.31M	867.34M	1.07B
Depreciation & Amortization	498.79M	539.78M	593.96M	677.04M	897.84M	1.67B	1.9B	2.4B	2.52B
Stock-Based Compensation	13.95M	27.27M	13.66M	16.5M	41.77M	21.62M	26.23M	57.49M	0
Other Non-Cash Items	4.76M	-1.59M	-1.95M	4.43M	-24.89M	34.25M	-13.56M	218.56M	400.77M
Working Capital Changes	26M	11.79M	15.1M	-59.52M	-35.07M	-34.81M	174.01M	30.69M	0
Cash from Investing	-1.25B	-1.64B	-3.5B	-2.03B	-6.44B	-8.39B	-9.35B	-3.34B	-5.66B
Acquisitions (Net)	0	-200K	3.5B	2.03B	38.34M	0	-1.18B	23.3M	0
Purchase of Investments	-1.42B	-1.77B	-3.59B	-2.28B	-6.34B	-8.89B	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Investing	-836K	7.85M	-3.5B	-2.03B	-404.38M	-46.44M	-8.18B	-3.37B	-5.66B
Cash from Financing	375.12M	707.87M	2.49B	1.69B	4.58B	5.74B	6.44B	-21.16M	1.68B
Dividends Paid	-695.46M	-761.58M	-852.13M	-964.17M	-1.17B	-1.81B	-2.11B	-2.7B	0
Common Dividends	-689.29M	-761.58M	-852.13M	-964.17M	-1.17B	-1.81B	-2.11B	-2.69B	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Share Repurchases	-408.75M	-2.75M	-21.12M	0	0	0	0	0	0
Other Financing	-75.55M	1.08B	1.26B	1.05B	462.74M	48.54M	-77.27M	-67.8M	1.68B
Net Change in Cash	-3.54M▲ 0%	8.93M▲ 352.3%	49.93M▲ 459.2%	779.67M▲ 1461.4%	-518.31M▼ 166.5%	-105.49M▲ 79.6%	65.29M▲ 161.9%	203.33M▲ 211.4%	25.25M▼ 87.6%
Exchange Rate Effect	0	0	-1000K	1000K	1000K	-1000K	1000K	-1000K	1000K
Cash at Beginning	15.68M	12.14M	21.07M	71M	850.68M	332.37M	226.88M	292.18M	495.51M
Cash at End	12.14M	21.07M	71M	850.68M	332.37M	226.88M	292.18M	495.51M	520.76M
Free Cash Flow	860.6M▲ 0%	915.39M▲ 6.4%	1.05B▲ 14.2%	1.11B▲ 5.9%	1.3B▲ 17.7%	2.56B▲ 96.7%	2.96B▲ 15.4%	3.57B▲ 20.8%	3.99B▲ 11.8%
FCF Growth %	8.85%	6.37%	14.2%	5.88%	17.73%	96.75%	15.4%	20.77%	11.8%
FCF / Revenue %	70.79%	68.94%	70.25%	67.2%	62.64%	76.68%	72.54%	67.79%	69.48%

O Key Ratios

Realty Income Corporation (O) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.99	2.98	3.12	3.26	3.11	3.03	4.15	3.99	3.71	3.9
FFO Payout Ratio	79.75%	84.31%	84.3%	82.7%	89.9%	92.98%	71.4%	76.31%	82.66%	0%
NOI Margin	94.3%	94.29%	95%	94.05%	93.65%	93.58%	93.23%	92.23%	92.84%	89.8%
Net Debt / EBITDA	5.90x	5.62x	5.52x	5.98x	5.52x	8.48x	6.19x	6.01x	5.58x	-0.11x
Debt / Assets	44.44%	43.51%	42.63%	43.28%	43.1%	36.97%	37.45%	38.06%	38.87%	-
Book Value / Share	26.55	26.98	28.01	31.01	31.9	60.59	47.12	47.77	44.54	44.35
Revenue Growth	7.81%	10.21%	9.22%	12.07%	10.68%	26.31%	60.72%	21.99%	29.23%	9.07%

O SEC Filings & Documents

Realty Income Corporation (O) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 7, 2026·SEC

Material company update

Mar 31, 2026·SEC

Material company update

Mar 30, 2026·SEC

10-K Annual Reports

FY 2026

Feb 25, 2026·SEC

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 13, 2025·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 7, 2025·SEC

O Frequently Asked Questions

Realty Income Corporation (O) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Realty Income Corporation (O) reported $5.75B in revenue for fiscal year 2025. This represents a 9994% increase from $57.0M in 1996.

Realty Income Corporation (O) grew revenue by 9.1% over the past year. This is steady growth.

Yes, Realty Income Corporation (O) is profitable, generating $1.06B in net income for fiscal year 2025 (18.4% net margin).

Dividend & Returns

Realty Income Corporation (O) has a return on equity (ROE) of 2.7%. This is below average, suggesting room for improvement.

Industry Metrics

Realty Income Corporation (O) generated Funds From Operations (FFO) of $3.53B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More O

Realty Income Corporation (O) financial analysis — history, returns, DCA and operating performance tools

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Dividend History

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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Realty Income Corporation(O)Earnings, Financials & Key Ratios

O Key Insights

✓Strengths

✗Weaknesses

O Price & Volume

O Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

O Recent Earnings

O Peer Comparison

Compare O vs Peers

vs NNN

vs WMT

Compare Top 5

O Income Statement

O Balance Sheet

O Cash Flow Statement

O Key Ratios

O SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

O Frequently Asked Questions

Explore More O

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