Saturday 17 October 2026 Export NNN’s income statement to Excel — free account

NNN REIT, Inc.

NNN REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $926.2 million, up 6.55% from fiscal 2024. In the quarter to June 2026, revenue grew 7.70%, EPS fell 3.70%, free cash flow fell 108.7% and total debt rose 7.68%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five, operating cash flow growth for five.

41.54 0.39 +0.95%

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Market cap: $7.9B
P/E: 20.4×
Fwd P/E: 21.9×
Dividend yield: 5.83%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.94

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	2	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 7,900.00

Revenue 953.25

Net Income 384.67

Free Cash Flow (41.69)

Net Debt 4,997.05

Current Ratio 1.15

Debt/Equity 1.12

P/E ratio 20.36

Fwd P/E 21.90

P/S ratio 8.24

P/B ratio 1.76

Past 5Y EPS Growth 11.15%

This Y EPS Growth (0.91%)

Next Y EPS Growth 2.11%

Next Y revenue growth 5.66%

Next 5Y EPS Growth 1.48%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 20.97%

10-year low 10-year high

P/S against its own 10 years 4.20%

10-year low 10-year high

P/B against its own 10 years 17.47%

10-year low 10-year high

EV/Sales against its own 10 years 8.04%

10-year low 10-year high

Dividends

Payout Ratio 1.19

Annual Dividend Rate 2.42

Annual Dividend Yield 5.83%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.44	0.60 0.60 0.62
2025	2.36	0.58 0.58 0.60 0.60
2024	2.29	0.57 0.57 0.58 0.58
2023	2.23	0.55 0.55 0.57 0.57
2022	2.16	0.53 0.53 0.55 0.55
2021	2.10	0.52 0.52 0.53 0.53
2020	2.07	0.52 0.52 0.52 0.52
2019	2.03	0.50 0.50 0.52 0.52
2018	1.95	0.48 0.48 0.50 0.50
2017	1.86	0.46 0.46 0.48 0.48
2016	1.78	0.44 0.44 0.46 0.46

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5	9	6	4
Receivables	38	37	38	40
Inventory	—	—	—	—
Other	—	—	—	—
	43	46	44	44

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	—	—	—	—
Other	—	—	—	—
	34	30	41	38

Compound Annual Growth %

	10y	5y	3y
Sales	6.73%	6.99%	6.21%
Cash Flow	6.94%	8.18%	4.88%
Earnings	9.15%	13.07%	5.22%
Book Value	2.81%	0.41%	2.25%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	240	244	—	—	—
’25	231	227	230	238	926
’24	215	217	219	218	869
’23	204	203	205	216	828
’22	190	191	193	199	773
’21	180	179	180	187	726
’20	175	164	159	163	661

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	187	142	—	—	—
’25	203	119	218	126	667
’24	191	120	207	118	636
’23	181	118	192	122	612
’22	164	111	190	113	578
’21	161	120	172	115	568
’20	128	60	161	101	450

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	81	(108)	—	—	—
’25	(12)	(52)	(29)	14	(79)
’24	93	79	101	(61)	212
’23	39	(27)	44	(123)	(67)
’22	(25)	(28)	(7)	(138)	(198)
’21	73	41	(44)	68	138
’20	97	49	154	7	308

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.50	0.52	—	—	—
’25	0.51	0.54	0.51	0.51	2.07
’24	0.52	0.58	0.53	0.52	2.15
’23	0.50	0.54	0.59	0.53	2.16
’22	0.46	0.42	0.50	0.50	1.89
’21	0.30	0.39	0.45	0.37	1.51
’20	0.35	0.24	0.30	0.33	1.22

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	38.29	36.45	36.25	46.99	24.04	38.25	38.05	34.38	38.88	35.80	Analyst estimates 2026–2028 Powerpack
	High	53.60	46.34	51.48	59.26	58.87	50.33	48.90	48.21	49.57	44.23
People
People	Employees	65	66	68	70	69	72	77	82	83	85
	Revenue/emp, $m	8.21	8.86	9.16	9.58	9.58	10.09	10.04	10.10	10.47	10.90
Income, $m
Income, $m	Revenue	534	585	623	670	661	726	773	828	869	926
	Gross margin, %	96.09	96.05	95.97	95.88	95.71	96.09	96.60	96.57	96.28	95.96
	EBT	240	265	292	300	229	290	335	392	397	390
	EBT margin, %	44.88	45.37	46.97	44.69	34.63	39.94	43.29	47.38	45.65	42.08
	Net income	240	265	292	300	229	290	335	392	397	390
	Depreciation	156	181	186	196	207	216	233	248	261	280
Per share, $
Per share, $	Revenue	3.70	3.92	4.00	4.07	3.84	4.16	4.38	4.57	4.73	4.94
	Earnings	1.39	1.45	1.66	1.56	1.22	1.51	1.89	2.16	2.16	2.07
	Cash flow	2.88	2.83	3.03	3.05	2.62	3.25	3.28	3.38	3.46	3.56
	Capex	(5.42)	(4.19)	(3.91)	(4.54)	(0.83)	(2.46)	(4.40)	(3.75)	(2.30)	(3.98)
	Free cash flow	(2.54)	(1.36)	(0.88)	(1.49)	1.79	0.79	(1.12)	(0.37)	1.16	(0.42)
	Book value	27.17	25.76	26.68	26.30	25.10	22.33	23.38	22.94	23.75	23.50
	Shares, m	144	149	156	165	172	175	176	181	184	188
Valuation, ×
Valuation, ×	P/E	31.70	29.60	29.05	34.37	33.54	31.83	24.35	20.16	19.00	19.05
	P/S	11.99	10.94	12.13	13.17	10.66	11.56	10.50	9.53	8.63	8.03
	P/B	2.14	1.99	2.15	2.22	1.77	2.15	1.97	1.90	1.72	1.69
	EV/Sales	15.77	15.35	16.53	17.63	15.13	16.48	15.56	14.79	13.65	13.23
	EV/FCF	(22.96)	(44.21)	(75.35)	(48.08)	32.51	86.67	(60.88)	(182.63)	55.86	(155.48)
Cash, $m
Cash, $m	Operating cash flow	415	422	472	502	450	568	578	612	636	667
	Capex	(782)	(625)	(608)	(748)	(143)	(430)	(776)	(679)	(423)	(746)
	Free cash flow	(367)	(203)	(137)	(246)	308	138	(198)	(67)	212	(79)
Balance, $m
Balance, $m	Working capital	303	11	124	15	306	182	14	9	16	4
	Total debt	2,312	2,580	2,851	2,988	3,221	3,746	3,916	4,361	4,374	4,820
	Net debt	2,017	2,579	2,737	2,987	2,954	3,575	3,909	4,355	4,365	4,815
	Shareholders’ equity	3,917	3,841	4,155	4,332	4,319	3,902	4,124	4,157	4,362	4,408
Returns, %
Returns, %	ROA	3.41	3.37	3.78	3.55	2.80	3.43	4.21	4.67	4.53	4.27
	ROIC	3.54	3.64	3.85	3.56	3.22	3.75	3.75	4.08	4.14	3.99
	ROE	6.97	7.00	7.67	6.88	5.30	6.71	8.34	9.48	9.32	8.89

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
REG Regency Centers Corporation	$13.4B	24.8×	31.7×	+8.58% (above 0%: growing)	+8.93% (above 0%: growing)	+15.87% (above 0%: growing)	70.75%	37.28%	Compare
FRT Federal Realty Investment Trust	$9.2B	21.4×	31.8×	+7.76% (above 0%: growing)	−45.81% (below 0%: shrinking)	−1.70% (below 0%: shrinking)	69.15%	41.30%	Compare
BRX Brixmor Property Group Inc.	$8.4B	19.5×	26.3×	+4.33% (above 0%: growing)	−14.29% (below 0%: shrinking)	−41.05% (below 0%: shrinking)	75.01%	34.33%	Compare
ADC Agree Realty Corporation	$8.3B	36.0×	37.9×	+16.85% (above 0%: growing)	+2.33% (above 0%: growing)	−56.33% (below 0%: shrinking)	87.63%	46.47%	Compare
NNN NNN REIT, Inc.	$7.9B	20.4×	21.9×	+7.70% (above 0%: growing)	−3.70% (below 0%: shrinking)	−108.69% (below 0%: shrinking)	96.62%	61.97%
MAC Macerich Company (The)	$6.8B	— (loss-making)	— (loss-making)	−0.03% (below 0%: shrinking)	n/m	−57.87% (below 0%: shrinking)	53.67%	15.35%	Compare
EPRT Essential Properties Realty Trust, Inc.	$5.7B	20.2×	23.2×	+18.11% (above 0%: growing)	+6.25% (above 0%: growing)	+28.34% (above 0%: growing)	99.33%	64.50%	Compare
PECO Phillips Edison & Company, Inc.	$5.4B	33.2×	51.7×	+6.68% (above 0%: growing)	+230.00% (above 0%: growing)	+147.93% (above 0%: growing)	71.21%	28.80%	Compare
KRG Kite Realty Group Trust	$4.9B	15.1×	79.4×	−8.03% (below 0%: shrinking)	+60.00% (above 0%: growing)	−21.08% (below 0%: shrinking)	73.01%	23.52%	Compare
Median of peers	$7.5B	21.4×	31.8×	+7.22%	+6.25%	−11.39%	72.11%	35.81%

All 26 Reit Retail stocks →

NNN REIT, Inc. (NNN) key facts

Strength: NNN REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $926.2 million, up 6.55% from fiscal 2024.
NNN REIT, Inc. (NNN) is a Reit Retail company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 16, 2026, NNN traded at $41.54, a market capitalization of $7.9 billion.
NNN REIT, Inc. pays an annual dividend of $2.42 per share, a yield of 5.83%, with a payout ratio of 118.6%.
Return on equity was 8.89% and debt-to-equity 1.12.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.