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ORealty Income Corporation
$60.24$56.2B
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O logoRealty Income Corporation(O)Earnings, Financials & Key Ratios

O•NYSE•REIT / Real Estate
51.5× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryRetail REITsSub-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 Payout82.73%-0.2%
  • FFO per Share3.90+5.1%
  • NOI Margin89.8%-3.3%
  • FFO Margin61.41%-0.6%
  • ROE2.67%+12.1%
  • ROA1.49%+9.9%

O Key Insights

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

✓Strengths

  • ✓Dividend Aristocrat: 32 years of consecutive increases
  • ✓Strong 5Y profit CAGR of 21.8%
  • ✓FFO growing 6.2% TTM
  • ✓High NOI margin of 89.8%
  • ✓Healthy dividend yield of 5.4%
  • ✓Trading at only 1.4x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.6%
  • ✗Dividend payout exceeds 100% of earnings

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

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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%
TTM9.77%

Profit CAGR

10 Years14.07%
5 Years21.76%
3 Years6.78%
TTM14.54%

EPS CAGR

10 Years0.71%
5 Years0.52%
3 Years-6.25%
TTM10.91%

Return on Capital

10 Years3.82%
5 Years3.13%
3 Years3.19%
Last Year2.39%

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%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.33-18.0%
$0.40
Rev
$1.4B+3.3%
$1.4B
Q1 2026
Feb 24, 2026
Metric
Actual
Est
EPS
$0.32-16.6%
$0.38
Rev
$1.4B+2.8%
$1.4B
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$0.34-14.7%
$0.40
Rev
$1.5B+5.5%
$1.4B
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$0.22-45.3%
$0.40
Rev
$1.4B+5.4%
$1.3B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.33vs $0.40-18.0%
$1.4Bvs $1.4B+3.3%
Q1 2026Feb 24, 2026
$0.32vs $0.38-16.6%
$1.4Bvs $1.4B+2.8%
Q4 2025Nov 3, 2025
$0.34vs $0.40-14.7%
$1.5Bvs $1.4B+5.5%
Q3 2025Aug 4, 2025
$0.22vs $0.40-45.3%
$1.4Bvs $1.3B+5.4%
Based on last 12 quarters of dataView full earnings history →

O Peer Comparison

Realty Income Corporation (O) competitors in Net Lease Retail REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NNN logoNNNNNN REIT, Inc.Direct Competitor8.56B45.0021.746.55%41.38%8.81%1.09
ADC logoADCAgree Realty CorporationDirect Competitor8.8B73.2541.3816.42%29.28%3.65%0.53
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.35B29.3622.9424.97%43.28%6.3%0.60
GTY logoGTYGetty Realty Corp.Direct Competitor1.98B32.6824.219.02%40.06%8.76%0.98
NTST logoNTSTNETSTREIT Corp.Direct Competitor1.9B19.20234.1520.91%5.66%0.78%0.77
SPG logoSPGSimon Property Group, Inc.Product Competitor68.65B211.3314.956.72%70.4%97.99%4.35
KIM logoKIMKimco Realty CorporationProduct Competitor16.44B24.3829.375.06%28.51%5.81%0.82
REG logoREGRegency Centers CorporationProduct Competitor14.08B76.8827.263.39%37.4%9%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
1.22B1.33B1.49B1.65B2.08B3.34B4.08B5.27B5.75B5.92B
Revenue Growth %
10.21%9.22%12.07%10.68%26.31%60.72%21.99%29.23%9.07%9.77%
Property Operating Expenses
69.48M66.33M88.58M104.6M133.6M226.33M316.96M377.68M586.44M1.86B
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%
4.06B▲ 0%
NOI Margin %
94.29%95%94.05%93.65%93.58%93.23%92.23%92.84%89.8%68.62%
Operating Expenses
557.23M623.93M660.44M750.25M994.82M1.81B2.04B2.57B3.54B2.33B
G&A Expenses
58.45M84.15M66.48M73.22M96.98M138.46M144.54M176.9M252.97M267.81M
EBITDA
1.09B1.18B1.33B1.47B1.85B2.98B3.62B4.72B4.1B4.23B
EBITDA Margin %
89.48%88.67%89.58%89.2%88.92%89.09%88.69%89.48%71.3%71.41%
Depreciation & Amortization
498.79M539.78M593.96M677.04M897.84M1.67B1.9B2.4B2.47B2.49B
D&A / Revenue %
41.03%40.65%39.91%41.11%43.16%49.96%46.46%45.45%43%42.14%
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%
1.73B▲ 0%
Operating Margin %
48.45%48.02%49.67%48.1%45.76%39.13%42.22%44.03%28.3%29.27%
Interest Expense
0000000001000K
Interest Coverage
----------
Non-Operating Income
010.38M18.14M87.32M0014.34M388.88M548.48M4.36M
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%
1.16B▲ 0%
Pretax Margin %
26.76%27.86%29.81%24.97%18.86%27.44%22.77%17.72%18.76%19.58%
Income Tax
6.04M5.34M6.16M14.69M31.66M45.18M52.02M66.6M20M30.54M
Effective Tax Rate %
1.86%1.44%1.39%3.57%8.07%4.92%5.6%7.13%1.85%2.64%
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%
1.12B▲ 0%
Net Margin %
26.22%27.38%29.33%24.01%17.28%26%21.39%16.33%18.41%18.94%
Net Income Growth %
1.02%14.06%20.04%-9.39%-9.11%141.87%0.33%-1.32%22.98%14.54%
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%
3.61B▲ 0%
FFO Margin %
67.25%68.03%69.24%65.12%60.43%75.96%67.85%61.78%61.41%61.07%
FFO Growth %
6.8%10.5%14.06%4.08%17.23%102.01%8.96%17.67%8.43%25.16%
FFO per Share
2.983.123.263.113.034.153.993.713.903.99
FFO Payout Ratio %
85.06%84.3%82.7%89.9%92.98%71.4%76.31%82.9%82.73%61.12%
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%
1.24▲ 0%
EPS Growth %
-2.65%14.55%9.52%-17.39%-23.68%63.22%-11.27%-22.22%19.39%10.91%
EPS (Basic)
1.101.261.381.150.871.421.260.981.17-
Diluted Shares Outstanding
273.94M289.92M316.16M345.42M414.77M612.18M693.02M876.81M904.79M904.79M

O Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
14.06B15.26B18.55B20.74B43.14B49.67B57.78B68.84B72.8B74.55B
Asset Growth %
6.88%8.55%21.59%11.78%107.99%15.15%16.32%19.13%5.75%21.68%
Real Estate & Other Assets
12.68B13.86B16.43B17.49B32.03B37.92B43.65B51.05B-54.77B-55.32B
PP&E (Net)
12.68B13.83B16.56B230.63M849.85M1.07B1.3B1.27B00
Investment Securities
00001000K1000K1000K1000K1000K1000K
Total Current Assets
163.32M184.89M455.5M1.29B1.16B1.77B2.9B4.02B1.49B1.49B
Cash & Equivalents
6.9M10.39M54.01M824.48M258.58M171.1M232.92M444.96M434.84M373.54M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
14.85M17.91M116.11M41.22M127.57M43.29M6.45M131.53M00
Intangible Assets
1.19B1.2B1.49B1.71B5.28B5.17B5.02B6.32B91.78M139.94M
Total Liabilities
6.67B7.14B8.75B9.72B18.01B20.83B24.67B29.78B32.67B33.32B
Total Debt
6.12B6.51B8.03B8.94B15.95B18.6B21.99B26.76B32.85B31.11B
Net Debt
6.11B6.5B7.98B8.11B15.69B18.43B21.76B26.31B32.42B30.73B
Long-Term Debt
6B6.25B7.2B8.82B13.89B15.38B20.76B25.1B27.8B29.63B
Short-Term Borrowings
110M252M704.34M01.55B2.73B764.39M1.13B2.92B0
Capital Lease Obligations
5.33M0128.23M120.81M505.74M489.56M469.56M530.15M2.14B4.67B
Total Current Liabilities
385.61M561.93M1.06B383.9M2.22B3.5B1.89B2.4B2.92B0
Accounts Payable
0000000000
Deferred Revenue
105.28M115.38M127.69M130.23M242.12M269.64M312.19M352.33M460.97M0
Other Liabilities
169.77M208.58M238.08M400.37M1.39B1.46B1.56B1.76B-642.6M2.21B
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%
41.24B▲ 0%
Equity Growth %
8.89%9.88%20.73%12.38%128.08%14.78%14.78%17.96%2.75%10.51%
Shareholders Equity
7.37B8.09B9.77B10.99B25.05B28.71B32.94B38.84B39.44B39.15B
Minority Interest
19.21M32.24M29.7M32.25M76.83M130.14M165.5M210.95M685.27M2.09B
Common Stock
9.62B10.75B12.87B14.7B29.58B34.16B39.63B47.45B49.86B49.98B
Additional Paid-in Capital
-2.25B-2.66B-3.08B0000000
Retained Earnings
-2.25B-2.66B-3.08B-3.66B-4.53B-5.49B-6.76B-8.65B-10.53B-10.97B
Preferred Stock
0000000000
Return on Assets (ROA)
2.34%2.48%2.58%2.01%1.13%1.87%1.62%1.36%1.49%1.55%
Return on Equity (ROE)
4.5%4.69%4.87%3.8%1.99%3.22%2.82%2.39%2.67%2.8%
Debt / Assets
43.51%42.63%43.28%43.1%36.97%37.45%38.06%38.87%45.13%41.72%
Debt / Equity
0.83x0.80x0.82x0.81x0.63x0.64x0.66x0.69x0.82x0.75x
Net Debt / EBITDA
5.62x5.52x5.98x5.52x8.48x6.19x6.01x5.58x7.91x7.27x
Book Value per Share
26.9828.0131.0131.9060.5947.1247.7744.5444.3545.58

O Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
875.85M940.74M1.07B1.12B1.32B2.56B2.96B3.57B3.99B4.08B
Operating CF Growth %
8.93%7.41%13.63%4.36%18.52%93.91%15.4%20.77%11.8%55.04%
Operating CF / Revenue %
72.04%70.85%71.83%67.73%63.55%76.68%72.54%67.79%69.48%68.98%
Net Income
319.32M364.6M437.48M396.51M360.75M872.42M872.31M867.34M1.07B1.12B
Depreciation & Amortization
498.79M539.78M593.96M677.04M897.84M1.67B1.9B2.4B2.52B2.55B
Stock-Based Compensation
13.95M27.27M13.66M16.5M41.77M21.62M26.23M57.49M30.77M24.87M
Other Non-Cash Items
4.76M-1.59M-1.95M4.43M-24.89M34.25M-13.56M218.56M291.55M294.01M
Working Capital Changes
26M11.79M15.1M-59.52M-35.07M-34.81M174.01M30.69M77.85M77.36M
Cash from Investing
-1.25B-1.64B-3.5B-2.03B-6.44B-8.39B-9.35B-3.34B-5.66B-6.93B
Acquisitions (Net)
000000093.68M-52.27M-46.98M
Purchase of Investments
-1.42B-1.77B-3.59B-2.28B-6.34B-8.89B-9.43B-3.96B00
Sale of Investments
167.1M147.55M108.91M259.46M288.88M551.47M121.28M646.75M00
Other Investing
14.41M7.65M00-366.03M49.07M27.28M2.79M-5.61B-6.88B
Cash from Financing
375.12M707.87M2.49B1.69B4.58B5.74B6.44B-21.16M1.68B3.01B
Dividends Paid
-695.46M-761.58M-852.13M-964.17M-1.17B-1.81B-2.11B-2.7B-2.92B-2.21B
Common Dividends
00000000-2.92B-2.21B
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Share Repurchases
-408.75M-2.75M-21.12M0000-172.51M0-101.91M
Other Financing
-58.04M-35.32M-1.23M-30.21M464.91M71.04M-6.89M-19M446.92M1.25B
Net Change in Cash
-2.52M▲ 0%
3.49M▲ 238.3%
43.62M▲ 1150.3%
770.47M▲ 1666.1%
-565.9M▼ 173.4%
-87.48M▲ 84.5%
61.82M▲ 170.7%
212.04M▲ 243.0%
25.25M▼ 88.1%
173.36M▲ 0%
Exchange Rate Effect
1.02M-5.44M-16.11M-4.78M-27.51M-2.5M20.55M2.8M15.87M5.21M
Cash at Beginning
9.42M6.9M10.39M54.01M824.48M258.58M171.1M232.92M495.51M520.76M
Cash at End
6.9M10.39M54.01M824.48M258.58M171.1M232.92M444.96M520.76M524.04M
Free Cash Flow
860.6M▲ 0%
915.39M▲ 6.4%
1.05B▲ 14.2%
1.11B▲ 5.9%
1.3B▲ 17.7%
2.47B▲ 89.4%
2.89B▲ 17.1%
3.45B▲ 19.4%
3.99B▲ 15.7%
4.06B▲ 0%
FCF Growth %
8.85%6.37%14.2%5.88%17.73%89.42%17.09%19.44%15.73%16.86%
FCF / Revenue %
70.79%68.94%70.25%67.2%62.64%73.82%70.85%65.49%69.48%68.53%

O Key Ratios

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

Metric201720182019202020212022202320242025TTM
FFO per Share
2.983.123.263.113.034.153.993.713.93.99
FFO Payout Ratio
85.06%84.3%82.7%89.9%92.98%71.4%76.31%82.9%82.73%61.12%
NOI Margin
94.29%95%94.05%93.65%93.58%93.23%92.23%92.84%89.8%68.62%
Net Debt / EBITDA
5.62x5.52x5.98x5.52x8.48x6.19x6.01x5.58x7.91x7.27x
Debt / Assets
43.51%42.63%43.28%43.1%36.97%37.45%38.06%38.87%45.13%41.72%
Book Value / Share
26.9828.0131.0131.960.5947.1247.7744.5444.3545.58
Revenue Growth
10.21%9.22%12.07%10.68%26.31%60.72%21.99%29.23%9.07%9.77%
Related:O Dividend History·O Revenue History·O Price History·O P/E History·O Financial Ratios·O Institutional Holders

O SEC Filings & Documents

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

8-K Announcements

6
Material company update

May 8, 2026·SEC

Material company update

May 6, 2026·SEC

Material company update

Apr 7, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

May 7, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Nov 4, 2025·SEC

O Frequently Asked Questions

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

Growth & Financials

Realty Income Corporation (O) reported $5.92B in revenue for fiscal year 2025. This represents a 10290% 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 $1.12B in net income for fiscal year 2025 (18.4% net margin).

Dividend & Returns

Yes, Realty Income Corporation (O) pays a dividend with a yield of 5.36%. This makes it attractive for income-focused investors.

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 $3.61B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Realty Income Corporation (O) offers a 5.36% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in O back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in O be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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