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Global Net Lease, Inc.

GNL NYSE Real Estate Investment Trusts Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$495M
13.1% vs prior year
Operating margin Operating income as a share of revenue.
22.4%
10.6 pts
Net income Profit after all expenses, interest and tax.
−$225M
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
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P/E Last close divided by diluted earnings per share over the last four quarters.
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On −$0.30 EPS (TTM)

What Global Net Lease, Inc. does

No business description yet.

Legal name
Global Net Lease, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0001628280-26-011696
0001526113

Revenue and margins

Global Net Lease, Inc. had $495M of revenue in fiscal 2025, down 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Global Net Lease, Inc. returned $312M to shareholders in fiscal 2025. The diluted share count fell 3.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Global Net Lease, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $89.7M$103M$122M$160M$180M
Interest coverage 1.2x1.0x−0.1x0.7x0.6x
Total assets $4.2B$4.0B$8.1B$7.0B$4.3B
Total liabilities $2.6B$2.5B$5.5B$4.8B$2.7B
Shareholders' equity $1.6B$1.4B$2.6B$2.2B$1.7B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✕ ✓ ✕ ✓ ✓ ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✓ — — — — — — — —
Current ratio rose — — — — — — — — — —
Share count didn't rise — ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✓
Gross margin rose — ✕ ✕ — — — — — — —
Revenue rose relative to assets — ✓ ✕ ✕ ✓ ✓ ✓ ✕ ✓ ✓
F-score — / 35 / 83 / 7— / 6— / 6— / 6— / 6— / 6— / 6— / 6
Accruals ratio −2.3%−3.6%−4.2%−2.8%−4.3%−4.4%−4.2%−5.9%−5.7%−7.9%
Altman Z'' ——————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $214M $259M $282M $306M $330M $391M $379M $446M $570M $495M
Gross profit $194M $235M $254M — — — — — — —
Operating income $73.6M $87.1M $68.0M $115M $99.2M $112M $101M −$15.3M $188M $111M
Interest expense $39.1M $48.5M $58.0M $64.2M $71.8M $94.3M $97.5M $179M $256M $195M
Pretax income $52.0M $26.7M $13.3M $50.8M $15.7M $23.5M $23.1M −$177M −$74.9M −$114M
Income tax $4.4M $3.1M $2.4M $4.3M $5.0M $12.2M $11.0M $14.5M $4.4M $21.8M
Net income $47.1M $23.6M $10.9M $46.5M $10.8M $11.4M $12.0M −$212M −$132M −$225M
Net income to common $47.1M $20.7M $1.1M $34.5M −$7.8M −$8.7M −$8.4M −$239M −$175M −$269M
Diluted EPS $0.82 $0.30 $0.01 $0.39 −$0.09 −$0.20 −$0.09 −$1.71 −$0.76 −$1.21
Diluted shares 0.06B 0.07B 0.07B 0.09B 0.09B 0.10B 0.10B 0.14B 0.23B 0.22B
Cash flow
Cash from operations $114M $131M $145M $146M $177M $192M $182M $144M $299M $223M
Capital expenditure $0.2M $3.1M $1.5M $17.3M — — — — — —
Free cash flow $114M $128M $143M $129M — — — — — —
Depreciation and amortization $94.5M $113M $120M $126M $139M $163M $154M $179M $217M $191M
Stock-based compensation $3.7M −$3.8M $2.6M $9.5M $10.1M $11.0M $12.1M $17.3M $8.9M $12.5M
Acquisitions — — — — — $0.0M $0.0M $451M $0.0M $0.0M
Share buybacks $0.0M $0.0M — $0.0M $0.0M $0.2M $0.7M $0.0M $0.0M $120M
Dividends paid $120M $143M $147M $151M $155M $156M $167M $207M $272M $192M
Dividends and buybacks $120M $143M $147M $151M $155M $156M $168M $207M $272M $312M
Balance sheet
Cash and short-term investments $77.3M $102M $100M $270M $124M $89.7M $103M $122M $160M $180M
Total debt $55.4M $0.0M — — — — — — — —
Goodwill — — — — — $22.1M $21.4M $47.0M $51.4M $45.9M
Intangible assets $482M $464M $458M $401M $393M $370M $300M $891M $378M $258M
Total assets $2.9B $3.0B $3.3B $3.7B $4.0B $4.2B $4.0B $8.1B $7.0B $4.3B
Total liabilities $1.5B $1.6B $1.9B $2.0B $2.4B $2.6B $2.5B $5.5B $4.8B $2.7B
Preferred stock $0.0M $0.1M $0.1M — — — — — — —
Shareholders' equity $1.3B $1.4B $1.4B $1.7B $1.5B $1.6B $1.4B $2.6B $2.2B $1.7B
Margins
Gross margin 90.8% 90.6% 90.0% — — — — — — —
Operating margin 34.4% 33.6% 24.1% 37.5% 30.1% 28.6% 26.5% −3.4% 33.0% 22.4%
EBITDA margin 78.5% 77.2% 66.5% 78.7% 72.0% 70.3% 67.2% 36.8% 71.1% 61.0%
Net margin 22.0% 9.1% 3.9% 15.2% 3.3% 2.9% 3.2% −47.5% −23.1% −45.5%
FCF margin 53.3% 49.3% 50.7% 42.0% — — — — — —
Returns
Return on capital 5.1% 5.9% — — — — — — — —
Return on equity 3.5% 1.7% 0.8% 3.0% 0.7% 0.7% 0.8% −10.4% −5.5% −11.7%
Return on assets 1.6% 0.8% 0.3% 1.3% 0.3% 0.3% 0.3% −3.5% −1.7% −4.0%
Return on tangible equity 5.4% 2.2% 0.1% 2.7% −0.7% −0.7% −0.7% −14.1% −10.0% −19.8%
Growth
Revenue growth — 21.1% 8.8% 8.5% 7.8% 18.5% −3.2% 17.7% 27.8% −13.1%
Net income growth — −50.0% −53.8% 326.5% −76.8% 5.5% 5.8% −1,862.5% — —
EPS growth — −63.4% −96.7% 3,800.0% −123.1% — — — — —
FCF growth — 11.9% 12.0% −10.1% — — — — — —
Share count change — 17.9% 4.2% 24.0% 3.6% 9.8% 5.5% 37.5% 61.6% −3.1%
Financial health
Net debt / EBITDA −0.1x −0.5x — — — — — — — —
Debt / equity 0.0x 0.0x — — — — — — — —
Interest coverage 1.9x 1.8x 1.2x 1.8x 1.4x 1.2x 1.0x −0.1x 0.7x 0.6x
Capital allocation
Capex / revenue 0.1% 1.2% 0.5% 5.7% — — — — — —
Stock comp / revenue 1.8% −1.5% 0.9% 3.1% 3.0% 2.8% 3.2% 3.9% 1.6% 2.5%
Payouts / FCF 105.4% 111.7% 103.0% 117.2% — — — — — —
Quality scores
Piotroski F-score — 5.0 3.0 — — — — — — —
Accruals ratio −2.3% −3.6% −4.2% −2.8% −4.3% −4.4% −4.2% −5.9% −5.7% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0001526113). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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