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Realty Income

O NYSE Retail REITs Financials FY2016–FY2025

Realty Income's revenue rose 9.1% to $5.7 billion in fiscal 2025. Its net margin was 18.4%, up from 16.3% a year earlier. Free cash flow was $3.9 billion, up 11.9%. It paid out $2.9 billion in dividends and buybacks, 76% of free cash flow. The diluted share count rose 5.2%.

Last close · Oct 23, 2026

$56.89

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$5.7B
9.1% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.1B
23.0%
Free cash flow Cash from operations minus capital spending.
$3.9B
11.9%
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.
$53.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
41.2x
On $1.38 EPS (TTM)

About these figures. Realty Income's filings tag its notes, term loans, mortgages and credit lines separately with no total, so debt and the ratios built on it are left blank.

What Realty Income does

No business description yet.

Legal name
REALTY INCOME CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000726728-26-000011
0000726728

Revenue and margins

Realty Income had $5.7B of revenue in fiscal 2025, up 9.1% 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

From fiscal 2016 to 2025, diluted EPS grew 0.4% a year. 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 $3.9B in fiscal 2025, 67.2% of revenue. Cash from operations minus capital spending.

Free cash flow
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

Realty Income returned $2.9B to shareholders in fiscal 2025, 76% of free cash flow. The diluted share count rose 5.2%.

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

Value Realty Income yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 908.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 41.2x · peers 22.8x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Realty Income can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $259M$171M$233M$445M$435M
Interest coverage 2.2x3.0x2.3x2.0x2.1x
Total assets $43.1B$49.7B$57.8B$68.8B$72.8B
Total liabilities $18.0B$20.8B$24.7B$29.8B$32.7B
Shareholders' equity $25.1B$28.7B$32.9B$38.8B$39.4B
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

$0.9M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Gregory McLaughlinDirector Sold 3,475 $60.15 $0.2M Form 4
Apr 2, 2026 Michelle BushoreSee Remarks Sold 7,400 $62.42 $0.5M Form 4
Apr 1, 2026 Gregory McLaughlinDirector Sold 3,275 $61.87 $0.2M Form 4

Piotroski F-score

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

TestFY23FY24FY25
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 — / 9— / 9— / 9
Accruals ratio −3.9%−4.3%−4.2%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Realty Income O $53.2B 9.1% — 67.2% — 41.2x —
Simon Property Group SPG $68.6B 6.7% 49.9% 50.3% 10.5% 14.9x — Compare →
Kimco Realty KIM $15.9B 5.1% 36.0% — 4.3% 27.5x — Compare →
Regency Centers REG — 6.9% 72.3% 25.3% 7.7% 25.4x — Compare →
Brixmor Property Group BRX $8.7B 6.7% — — — 20.1x — Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.2B $1.3B $1.5B $1.6B $2.1B $3.3B $4.1B $5.3B $5.7B
Interest expense $220M $247M $266M $291M $309M $324M $465M $730M $970M $1.1B
Pretax income $319M $325M $369M $444M $411M $392M $918M $929M $934M $1.2B
Income tax $3.3M $6.0M $5.3M $6.2M $14.7M $31.7M $45.2M $52.0M $66.6M $85.3M
Net income $316M $319M $364M $437M $396M $360M $869M $872M $861M $1.1B
Diluted EPS $1.13 $1.10 $1.26 $1.38 $1.14 $0.87 $1.42 $1.26 $0.98 $1.17
Diluted shares 0.26B 0.27B 0.29B 0.32B 0.35B 0.41B 0.61B 0.69B 0.86B 0.91B
Cash flow
Cash from operations $800M $876M $941M $1.1B $1.1B $1.3B $2.6B $3.0B $3.6B $4.0B
Capital expenditure $13.4M $15.2M $25.3M $23.5M $8.7M $19.1M $95.5M $68.7M $121M $132M
Free cash flow $786M $861M $915M $1.0B $1.1B $1.3B $2.5B $2.9B $3.5B $3.9B
Depreciation and amortization $450M $499M $540M $594M $677M $898M $1.7B $1.9B $2.4B $2.5B
Stock-based compensation $12.0M $13.9M $27.3M $13.7M $16.5M $41.8M $21.6M $26.2M $57.5M $30.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $366M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $611M $689M $762M $852M $964M $1.2B $1.8B $2.1B $2.7B $2.9B
Dividends and buybacks $611M $689M $762M $852M $964M $1.2B $1.8B $2.1B $2.7B $2.9B
Balance sheet
Cash and short-term investments $9.4M $6.9M $10.4M $54.0M $825M $259M $171M $233M $445M $435M
Finance lease liabilities $0.0M $0.0M $0.0M $5.9M $6.3M $44.0M $49.5M $44.3M $77.2M $121M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $13.2B $14.1B $15.3B $18.6B $20.7B $43.1B $49.7B $57.8B $68.8B $72.8B
Total liabilities $6.4B $6.7B $7.1B $8.8B $9.7B $18.0B $20.8B $24.7B $29.8B $32.7B
Shareholders' equity $6.8B $7.4B $8.1B $9.8B $11.0B $25.1B $28.7B $32.9B $38.8B $39.4B
Margins
EBITDA margin 89.6% 88.1% 88.5% 89.3% 84.9% 77.6% 91.3% 87.1% 81.6% 82.7%
Net margin 28.6% 26.2% 27.4% 29.3% 24.0% 17.3% 26.0% 21.4% 16.3% 18.4%
FCF margin 71.3% 70.8% 68.9% 70.3% 67.2% 62.6% 73.8% 70.9% 65.5% 67.2%
Returns
Return on equity 4.8% 4.5% 4.7% 4.9% 3.8% 2.0% 3.2% 2.8% 2.4% 2.7%
Return on assets 2.5% 2.3% 2.5% 2.6% 2.0% 1.1% 1.9% 1.6% 1.4% 1.5%
Growth
Revenue growth — 10.2% 9.2% 12.1% 10.7% 26.3% 60.7% 22.0% 29.2% 9.1%
Net income growth 11.2% 1.0% 14.1% 20.0% −9.4% −9.1% 141.9% 0.3% −1.3% 23.0%
EPS growth 3.7% −2.7% 14.6% 9.5% −17.4% −23.7% 63.2% −11.3% −22.2% 19.4%
FCF growth 15.3% 9.4% 6.4% 14.2% 5.9% 17.7% 89.4% 17.1% 19.4% 11.9%
Share count change 8.2% 7.2% 5.8% 9.1% 9.3% 20.1% 47.6% 13.2% 24.6% 5.2%
Financial health
Interest coverage 2.5x 2.3x 2.4x 2.5x 2.3x 2.2x 3.0x 2.3x 2.0x 2.1x
Capital allocation
Capex / revenue 1.2% 1.3% 1.9% 1.6% 0.5% 0.9% 2.9% 1.7% 2.3% 2.3%
Stock comp / revenue 1.1% 1.2% 2.1% 0.9% 1.0% 2.0% 0.7% 0.6% 1.1% 0.5%
Payouts / FCF 77.6% 80.1% 83.2% 81.5% 87.1% 89.7% 73.5% 73.1% 78.0% 75.6%
Quality scores
Accruals ratio −3.9% −4.1% −3.9% −3.7% −3.7% −3.0% −3.7% −3.9% −4.3% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0000726728). Data updated October 9, 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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