Revenue growth of 12.2% in 2026Q1 highlights the firm's aggressive acquisition strategy, while NOI margins consistently above 92% demonstrate the structural efficiency of the triple-net lease model.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 5.92B | 5.75B | 5.27B | 4.08B | 3.34B | 2.08B | 1.65B | 1.49B | 1.33B | 1.22B | 1.1B | 1.02B | 933.5M | 780.21M | 484.58M | 412.36M | 333.44M | 322.55M | 325.04M | 294.32M | 237.42M | 193.28M | 170.47M | 142.3M | 127.34M | 109.81M | 106.33M | 97.86M | 82.73M | 69M | 56.96M |
| Revenue Growth % | 9.77% | 9.07% | 29.23% | 21.99% | 60.72% | 26.31% | 10.68% | 12.07% | 9.22% | 10.21% | 7.81% | 9.62% | 19.65% | 61.01% | 17.51% | 23.67% | 3.38% | -0.77% | 10.44% | 23.97% | 22.83% | 13.38% | 19.8% | 11.75% | 15.96% | 3.27% | 8.65% | 18.3% | 19.89% | 21.14% | 10.48% |
| Property Operating Expenses | 1.86B | 586.44M | 377.68M | 316.96M | 226.33M | 133.6M | 104.6M | 88.58M | 66.33M | 69.48M | 62.87M | 55.35M | 53.87M | 38.85M | 21.31M | 15.46M | 5.8M | 6.44M | 5.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 4.06B | 5.16B | 4.89B | 3.76B | 3.12B | 1.95B | 1.54B | 1.4B | 1.26B | 1.15B | 1.04B | 967.93M | 879.63M | 741.36M | 463.27M | 396.9M | 327.63M | 316.11M | 319.58M | 294.32M | 237.42M | 193.28M | 170.47M | 142.3M | 127.34M | 109.81M | 106.33M | 97.86M | 82.73M | 69M | 56.96M |
| NOI Margin % | 68.62% | 89.8% | 92.84% | 92.23% | 93.23% | 93.58% | 93.65% | 94.05% | 95% | 94.29% | 94.3% | 94.59% | 94.23% | 95.02% | 95.6% | 96.25% | 98.26% | 98% | 98.32% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 2.33B | 3.54B | 2.57B | 2.04B | 1.81B | 994.82M | 750.25M | 660.44M | 623.93M | 557.23M | 501.91M | 458.51M | 425.75M | 363.65M | 185.64M | 147.5M | 116.95M | 110.85M | 110.72M | 104.24M | 81.92M | 453K | 0 | -35.14M | -31.52M | -34M | -31.13M | 57.85M | 43.48M | -20.5M | 23.82M |
| G&A Expenses | 267.81M | 252.97M | 176.9M | 144.54M | 138.46M | 96.98M | 73.22M | 66.48M | 84.15M | 58.45M | 51.97M | 49.3M | 51.09M | 56.83M | 38M | 30.95M | 25.31M | 20.95M | 21.62M | 22.69M | 17.54M | 15.42M | 13.12M | 11.18M | 9.45M | 7.84M | 6.84M | 6.97M | 6.68M | 5.44M | 5.18M |
| EBITDA | 4.23B | 4.1B | 4.72B | 3.62B | 2.98B | 1.85B | 1.47B | 1.33B | 1.18B | 1.09B | 988.34M | 918.63M | 828.55M | 684.28M | 425.15M | 365.95M | 302.32M | 295.16M | 297.96M | 270.62M | 217.23M | 176.87M | 210.35M | 211.85M | 190.29M | 173.23M | 166.46M | 65.96M | 61.18M | 108.1M | 49.56M |
| EBITDA Margin % | 71.41% | 71.3% | 89.48% | 88.69% | 89.09% | 88.92% | 89.2% | 89.58% | 88.67% | 89.48% | 89.59% | 89.77% | 88.76% | 87.71% | 87.74% | 88.75% | 90.67% | 91.51% | 91.67% | 91.95% | 91.5% | 91.51% | 123.39% | 148.88% | 149.44% | 157.76% | 156.56% | 67.4% | 73.96% | 156.66% | 87.01% |
| Depreciation & Amortization | 2.49B | 2.47B | 2.4B | 1.9B | 1.67B | 897.84M | 677.04M | 593.96M | 539.78M | 498.79M | 449.94M | 409.21M | 374.66M | 306.58M | 147.51M | 116.55M | 91.64M | 89.9M | 89.1M | 80.54M | 61.73M | 46.21M | 39.87M | 34.42M | 31.43M | 29.43M | 29M | 25.95M | 21.93M | 18.6M | 16.42M |
| D&A / Revenue % | 42.14% | 43% | 45.45% | 46.46% | 49.96% | 43.16% | 41.11% | 39.91% | 40.65% | 41.03% | 40.79% | 39.99% | 40.13% | 39.29% | 30.44% | 28.26% | 27.48% | 27.87% | 27.41% | 27.37% | 26% | 23.91% | 23.39% | 24.19% | 24.68% | 26.8% | 27.28% | 26.52% | 26.51% | 26.95% | 28.83% |
| Operating Income | 1.73B | 1.63B | 2.32B | 1.72B | 1.31B | 952.04M | 792.23M | 739.13M | 637.58M | 589.05M | 538.4M | 509.42M | 453.89M | 377.71M | 277.64M | 249.4M | 210.68M | 205.26M | 208.86M | 190.07M | 155.49M | 130.66M | 170.47M | 177.43M | 158.86M | 143.81M | 137.46M | 40.01M | 39.25M | 89.5M | 33.13M |
| Operating Margin % | 29.27% | 28.3% | 44.03% | 42.22% | 39.13% | 45.76% | 48.1% | 49.67% | 48.02% | 48.45% | 48.8% | 49.78% | 48.62% | 48.41% | 57.29% | 60.48% | 63.18% | 63.64% | 64.26% | 64.58% | 65.49% | 67.6% | 100% | 124.69% | 124.75% | 130.96% | 129.28% | 40.88% | 47.44% | 129.71% | 58.18% |
| Interest Expense | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.97M | 23.54M | 26.47M | 31.55M | 24.47M | 0 | 8.23M | 2.37M |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.58x | 6.75x | 5.43x | 4.36x | 1.63x | - | 10.88x | 14.00x |
| Non-Operating Income | 4.36M | 548.48M | 388.88M | 14.34M | 0 | 0 | 87.32M | 18.14M | 10.38M | 0 | 7.22M | 2.96M | -21.32M | 21.79M | 18.44M | 5.27M | 4.74M | 199K | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 1.16B | 1.08B | 933.94M | 928.93M | 917.6M | 392.4M | 411.2M | 443.64M | 369.94M | 325.36M | 319.74M | 288.02M | 272.6M | 182.96M | 147.4M | 152.61M | 122.81M | 0 | 0 | 128.78M | 106.81M | 0 | 84.8M | 0 | 0 | 0 | 0 | 0 | 41.5M | 0 | 32.27M |
| Pretax Margin % | 19.58% | 18.76% | 17.72% | 22.77% | 27.44% | 18.86% | 24.97% | 29.81% | 27.86% | 26.76% | 28.98% | 28.15% | 29.2% | 23.45% | 30.42% | 37.01% | 36.83% | 0% | 0% | 43.75% | 44.99% | 0% | 49.74% | 0% | 0% | 0% | 0% | 0% | 50.17% | 0% | 56.65% |
| Income Tax | 30.54M | 20M | 66.6M | 52.02M | 45.18M | 31.66M | 14.69M | 6.16M | 5.34M | 6.04M | 3.26M | 3.17M | 3.46M | 2.35M | 1.06M | 1.47M | 1.39M | 677K | 1.23M | 1.39M | 747K | 0 | 699K | 501K | 496K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.64% | 1.85% | 7.13% | 5.6% | 4.92% | 8.07% | 3.57% | 1.39% | 1.44% | 1.86% | 1.02% | 1.1% | 1.27% | 1.28% | 0.72% | 0.96% | 1.13% | - | - | 1.08% | 0.7% | - | 0.82% | - | - | - | - | - | 0% | - | 0% |
| Net Income | 1.12B | 1.06B | 860.77M | 872.31M | 869.41M | 359.46M | 395.49M | 436.48M | 363.61M | 318.8M | 315.57M | 283.77M | 270.63M | 245.56M | 145.97M | 157.03M | 130.78M | 131.13M | 131.84M | 140.41M | 110.78M | 99.12M | 82.85M | 86.44M | 78.67M | 67.56M | 54.79M | 46.24M | 41.3M | 34.77M | 32.22M |
| Net Margin % | 18.94% | 18.41% | 16.33% | 21.39% | 26% | 17.28% | 24.01% | 29.33% | 27.38% | 26.22% | 28.61% | 27.73% | 28.99% | 31.47% | 30.12% | 38.08% | 39.22% | 40.65% | 40.56% | 47.71% | 46.66% | 51.28% | 48.6% | 60.74% | 61.78% | 61.52% | 51.53% | 47.25% | 49.93% | 50.39% | 56.57% |
| Net Income Growth % | 14.54% | 22.98% | -1.32% | 0.33% | 141.87% | -9.11% | -9.39% | 20.04% | 14.06% | 1.02% | 11.21% | 4.85% | 10.21% | 68.23% | -7.04% | 20.07% | -0.26% | -0.54% | -6.1% | 26.74% | 11.77% | 19.63% | -4.14% | 9.87% | 16.44% | 23.31% | 18.48% | 11.95% | 18.79% | 7.9% | 25.87% |
| Funds From Operations (FFO) | 3.61B | 3.53B | 3.26B | 2.77B | 2.54B | 1.26B | 1.07B | 1.03B | 903.39M | 817.59M | 765.51M | 692.98M | 645.3M | 552.14M | 293.49M | 273.58M | 222.43M | 221.03M | 220.94M | 220.95M | 172.51M | 145.32M | 122.73M | 120.85M | 110.09M | 96.98M | 83.79M | 72.19M | 63.24M | 53.37M | 48.65M |
| FFO Margin % | 61.07% | 61.41% | 61.78% | 67.85% | 75.96% | 60.43% | 65.12% | 69.24% | 68.03% | 67.25% | 69.39% | 67.72% | 69.13% | 70.77% | 60.56% | 66.34% | 66.71% | 68.53% | 67.97% | 75.07% | 72.66% | 75.19% | 71.99% | 84.93% | 86.46% | 88.32% | 78.81% | 73.77% | 76.44% | 77.34% | 85.41% |
| FFO Growth % | 25.16% | 8.43% | 17.67% | 8.96% | 102.01% | 17.23% | 4.08% | 14.06% | 10.5% | 6.8% | 10.47% | 7.39% | 16.87% | 88.13% | 7.28% | 23% | 0.63% | 0.04% | -0% | 28.08% | 18.71% | 18.41% | 1.55% | 9.77% | 13.52% | 15.75% | 16.07% | 14.16% | 18.5% | 9.71% | 20.26% |
| FFO per Share | 3.99 | 3.90 | 3.71 | 3.99 | 4.15 | 3.03 | 3.11 | 3.26 | 3.12 | 2.98 | 2.99 | 2.93 | 2.95 | 2.88 | 2.21 | 2.17 | 2.10 | 2.13 | 2.18 | 2.20 | 1.92 | 1.81 | 1.56 | 1.70 | 1.62 | 1.71 | 1.56 | 1.34 | 1.19 | 1.13 | 1.06 |
| FFO Payout Ratio % | 61.12% | 82.73% | 82.9% | 76.31% | 71.4% | 92.98% | 89.9% | 82.7% | 84.3% | 85.06% | 83.29% | 80.86% | 80.2% | 81.71% | 93.97% | 89.02% | 92.95% | 91.51% | 87.76% | 82.48% | 80.61% | 81.18% | 86.76% | 69.38% | 70.89% | 66.89% | 69.53% | 77.47% | 82.7% | 83.2% | 98.88% |
| EPS (Diluted) | 1.24 | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 | 1.14 | 1.38 | 1.26 | 1.10 | 1.13 | 1.09 | 1.03 | 1.06 | 1.20 | 1.05 | 1.01 | 1.03 | 1.06 | 1.16 | 1.11 | 1.12 | 1.15 | 1.08 | 1.01 | 0.88 | 0.85 | 0.76 | 0.78 | 0.74 | 0.70 |
| EPS Growth % | 10.91% | 19.39% | -22.22% | -11.27% | 63.22% | -23.68% | -17.39% | 9.52% | 14.55% | -2.65% | 3.67% | 5.83% | -2.83% | -11.67% | 14.29% | 3.96% | -1.94% | -2.83% | -8.62% | 4.5% | -0.89% | -2.61% | 6.48% | 6.93% | 14.77% | 3.53% | 11.84% | -2.56% | 5.41% | 5.71% | 25% |
| EPS (Basic) | - | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 | 1.15 | 1.38 | 1.26 | 1.10 | 1.13 | 1.09 | 1.03 | 1.06 | 0.79 | 1.05 | 1.01 | 1.03 | 1.06 | 1.16 | 1.11 | 1.12 | 1.15 | 1.08 | 1.02 | 0.88 | 0.85 | 0.76 | 0.78 | 0.74 | 0.70 |
| Diluted Shares Outstanding | 904.79M | 904.79M | 876.81M | 693.02M | 612.18M | 414.77M | 345.42M | 316.16M | 289.92M | 273.94M | 255.62M | 236.21M | 218.77M | 191.78M | 132.88M | 126.19M | 105.94M | 103.58M | 101.21M | 100.33M | 89.92M | 80.21M | 78.6M | 71.22M | 67.98M | 56.56M | 53.64M | 53.86M | 53.28M | 47.03M | 45.96M |
Scale-driven dilution risk
As reported in recent financial statements, Realty Income achieved a 12.2% year-over-year revenue growth in 2026Q1, reflecting the ongoing integration of large-scale portfolio acquisitions that have pushed the company's top-line performance significantly higher than the more modest growth rates observed in smaller, retail-focused net-lease peers.
The consistent revenue growth suggests that management is successfully deploying capital into new assets, though the deceleration from 2024 peak growth levels warrants scrutiny regarding the availability of accretive investment opportunities. Investors should monitor whether this expansion is driven by high-quality, long-term leases or if the company is forced to accept lower cap rates to maintain its acquisition volume.
According to the provided quarterly data, Realty Income maintained NOI margins consistently above 92% throughout most of the observed period, demonstrating the structural efficiency of its triple-net lease model where property-level operating expenses are largely shifted to tenants, thereby insulating the firm from inflationary cost pressures.
The sharp, anomalous dip in 2026Q1 NOI margin to 11.1% appears to be a significant outlier that requires further investigation into potential accounting reclassifications or one-time charges. Excluding this recent anomaly, the historical stability of these margins suggests a highly predictable cash flow profile that supports the company's defensive market positioning.
Based on the company's reported figures, FFO per share reached $1.04 in 2026Q1, indicating a 9.7% growth rate that underscores the firm's ability to scale earnings despite the massive increase in share count resulting from recent merger activity and ongoing capital market financing requirements.
The volatility in FFO growth, particularly the negative 2.3% print in 2025Q2, suggests that the timing of equity raises and asset integration can create temporary earnings headwinds. Analysts should focus on the consistency of AFFO, which provides a clearer picture of dividend safety by accounting for recurring maintenance capital expenditures.
As evidenced by the stark delta between 2026Q1 Net Income of $311.8M and FFO of $942.0M, GAAP accounting significantly understates the company's true economic earnings due to the heavy non-cash depreciation charges inherent in a massive, multi-billion dollar real estate portfolio.
The persistent gap between these metrics confirms that GAAP net income is a poor proxy for operational health, as it treats the natural aging of real estate as a cash expense. Investors should prioritize FFO and AFFO metrics to evaluate the company's actual capacity to fund dividends and reinvest in the portfolio.
Financial data suggests that Realty Income's rapid expansion, highlighted by the Spirit Realty merger, may be introducing complexity that threatens to dilute the quality of the portfolio, as evidenced by the recent fluctuations in quarterly earnings growth and the potential for diminishing returns on new capital deployments.
The shift toward gaming and international assets may indicate that the company is moving beyond its core retail competency to find sufficient volume, which could increase the risk profile of the cash flows. Market participants should remain cautious about whether the current acquisition strategy can continue to generate positive spreads without compromising the long-term credit quality of the tenant base.
Quick answers to the most common questions about buying O stock.
For fiscal year 2025, Realty Income Corporation (O) reported total revenue of $5.75B. This represents a 9994.3% increase compared to $57.0M in 1996.
Realty Income Corporation (O) is profitable, generating $1.06B in net income for the fiscal year ending 2025 with a net profit margin of 18.4%.
Realty Income Corporation (O) reported an operating income of $1.63B, resulting in an operating profit margin of 28.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Realty Income Corporation (O) generated $5.16B in gross profit for the year, representing a gross profit margin of 89.8%. This demonstrates the company's core pricing power and production efficiency.