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Realty Income Corporation

O Real Estate Reit Retail

Realty Income Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.7 billion, up 9.07% from fiscal 2024.

Revenue
+10.3%
EPS
+30.7%
Free cash flow
−344.0%
Total debt
+10.6%

Quarter to September 2026, against a year earlier

59.21 0.29 −0.49%
Market cap
$56.6B
P/E
40.2×
Fwd P/E
37.8×
Dividend yield
5.47%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Retail
  • Industrial
  • Other, not broken out
  • Other

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 0.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 2 — — — — 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 56,580.00
Revenue ttm 6,205.96
Net income ttm 1,425.22
Free cash flow ttm (1,969.12)
Net debt Q 25,990.14
Valuation
P/E 40.19 (above 35: high)
Forward P/E 37.80 (above 35: high)
Price / sales 9.03
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.32
Financial health
Current ratio Q 6.04
Debt / equity Q 0.74
Interest coverage Q —
Growth
Revenue growth Q +10.27% (above 0%: growing)
Operating income growth Q +18.82% (above 0%: growing)
EPS, this year +31.15% (at or above 15%: strong)
EPS, next year A +9.47%
Revenue, next year A +0.57%
EPS, past 5 yrs +0.52%
EPS, next 5 yrs A +13.27%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.2×, against a ten-year median of 17.4×; over the ten years it ranged from 12.4× in 2026 to 23.3× in 2022.
P/E against its own 10 years 5.50%
10-year low 10-year high
P/S against its own 10 years 4.40%
10-year low 10-year high
P/B against its own 10 years 20.46%
10-year low 10-year high
EV/Sales against its own 10 years 1.39%
10-year low 10-year high

Dividends

Yield
5.47%
Annual rate
3.25
Payout ratio
219.9%
Growth, 2017–25
+4.47%/yr
  1. 2.46 ’17
  2. 2.56 ’18 +4
  3. 2.63 ’19 +3
  4. 2.71 ’20 +3
  5. 3.02 ’21 +11
  6. 2.97 ’22 −2
  7. 3.06 ’23 +3
  8. 2.87 ’24 −6
  9. 3.49 ’25 +22
  10. 3.26 ’26e −6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 233 445 435 5,399
Receivables 711 878 1,053 1,218
Inventory — — — —
Other — — — —
943 1,323 1,488 6,617
2023 2024 2025 Q'26
Payables 739 759 1,061 1,095
ST’ Debt — — — —
Other — — — —
739 759 1,061 1,095

Compound Annual Growth %

10y 5y 3y
Sales 18.84% 28.40% 19.80%
Cash Flow 19.14% 29.06% 15.93%
Earnings 15.22% 21.76% 6.78%
Book Value 19.87% 29.50% 11.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.11 Actual 1.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.08 1.08 Met by 0.00
Q1 FY26 1.10 1.13 Beat by 0.03
Q2 FY26 1.09 1.09 Met by 0.00
Q3 FY26 1.11 1.12 Beat by 0.01
Q4 FY26 1.12 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.33 0.37 0.46 — —
’25 0.28 0.22 0.35 0.32 1.17
’24 0.16 0.29 0.30 0.23 0.98
’23 0.34 0.29 0.33 0.30 1.26
’22 0.34 0.37 0.35 0.36 1.42
’21 0.26 0.33 0.34 0.01 0.87
’20 0.44 0.31 0.07 0.33 1.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,549 1,548 1,622 — —
’25 1,381 1,410 1,471 1,488 5,749
’24 1,260 1,339 1,331 1,340 5,271
’23 944 1,019 1,039 1,076 4,079
’22 807 810 837 889 3,344
’21 442 463 490 685 2,080
’20 414 415 405 414 1,647
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 875 1,145 926 — —
’25 788 1,061 943 1,203 3,995
’24 779 981 841 972 3,573
’23 731 735 732 761 2,959
’22 513 743 677 630 2,564
’21 266 315 389 352 1,322
’20 265 249 295 306 1,116
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (613) (652) (617) — —
’25 (327) 121 253 (88) (41)
’24 329 688 339 (577) 779
’23 (929) (2,261) (1,269) (588) (5,046)
’22 (904) (763) (1,031) (3,284) (5,982)
’21 (727) (706) (1,194) (2,132) (4,759)
’20 (85) 97 (316) (612) (917)
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 0.6% a year for ten years. It grew 4.4% a year over the last ten.

Implied
0.6%
10 years, reported
4.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,103 1,216 1,328 1,488 1,647 2,080 3,344 4,079 5,271 5,749 6,206 +20.1% 5,782 6,097 6,595 +4.7%
Gross margin, % 94.30 94.29 95.00 94.05 93.65 93.58 93.23 92.23 92.84 92.54 92.59 (1.8) pt
EBT 320 325 370 444 411 392 918 929 934 1,155 1,523 +15.3%
EBT margin, % 28.98 26.76 27.86 29.81 24.97 18.86 27.44 22.77 17.72 20.09 24.53 (8.9) pt
Net income 316 319 365 437 397 361 872 877 867 1,070 1,425 +14.5%
Per share, $
Per share, $ Revenue 4.33 4.45 4.59 4.71 4.77 5.02 5.47 5.89 6.11 6.34 6.57 +4.3%
Earnings 1.13 1.10 1.26 1.38 1.15 0.87 1.42 1.26 0.98 1.17 1.48 +0.4%
Cash flow 3.14 3.20 3.25 3.38 3.23 3.19 4.19 4.27 4.14 4.40 4.39 +3.8%
Capex (6.72) (4.61) (5.71) (11.04) (5.89) (14.67) (13.97) (11.56) (3.24) (4.45) (6.48) (4.5%)
Free cash flow (3.58) (1.41) (2.46) (7.66) (2.66) (11.48) (9.78) (7.29) 0.90 (0.05) (2.09) (38.5%)
Book value 26.61 27.03 28.06 31.04 31.91 60.62 47.15 47.82 45.25 44.23 45.12 +5.8%
Shares, m 255 273 289 316 345 415 612 692 863 907 929 +15.1%
Valuation, ×
Valuation, × P/E 50.37 50.05 49.09 51.97 53.04 76.16 44.62 46.48 53.95 48.18 40.19 52.4
P/S 13.04 12.50 13.48 15.33 12.79 14.26 11.67 9.94 8.74 8.89 9.03 12.1
P/B 2.25 2.06 2.20 2.33 1.91 1.18 1.35 1.22 1.18 1.27 1.32 1.7
EV/Sales 18.33 17.52 18.37 20.61 17.64 21.56 17.04 15.16 13.64 13.26 13.22 17.3
EV/FCF (22.14) (55.21) (34.27) (12.68) (31.69) (9.43) (9.52) (12.25) 92.28 (1,863.49) (41.67) (195.8)
Cash, $m
Cash, $m Operating cash flow 800 876 941 1,069 1,116 1,322 2,564 2,959 3,573 3,995 4,149 +19.6%
Capex (1,713) (1,262) (1,652) (3,487) (2,032) (6,082) (8,546) (8,005) (2,794) (4,036) (6,118) +10.0%
Free cash flow (913) (386) (712) (2,418) (917) (4,759) (5,982) (5,046) 779 (41) (1,969) (29.2%)
Balance, $m
Balance, $m Working capital (7) 17 22 59 869 334 315 205 563 427 5,522 n/m
Net debt 5,830 6,105 6,490 7,848 7,993 15,184 17,940 21,287 25,782 28,360 25,990 +19.2%
Shareholders’ equity 6,787 7,391 8,121 9,804 11,018 25,129 28,843 33,107 39,052 40,124 42,603 +21.8%
Returns, %
Returns, % ROA 2.31 2.22 2.48 2.58 2.01 1.13 1.87 1.62 1.34 1.49 1.82 (0.8) pt
ROIC 1.47 1.32 1.48 1.44 1.07 0.50 1.07 1.02 0.75 0.88 1.16 (0.6) pt
ROE 4.60 4.38 4.69 4.87 3.80 1.99 3.22 2.82 2.35 2.67 3.31 (1.9) pt
People
People Employees 146 152 165 194 210 371 395 418 468 544 — +15.7%
Revenue/emp, $m 7.56 8.00 8.05 7.67 7.84 5.61 8.47 9.76 11.26 10.57 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Realty Income is a real estate investment trust, or REIT, that buys, owns and manages commercial properties. It leases those properties to businesses that operate from them. Its primary business focuses on freestanding properties under long-term net leases, including retail locations, although it also invests in industrial, gaming and other real estate.

A net lease typically requires the tenant to pay rent and most or all property-level expenses, such as property taxes, insurance and maintenance. Realty Income receives the rent and remains the property owner. Many leases also provide for rent increases over time. If a tenant leaves, the company can seek a replacement tenant or sell the property.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Retail 4,326 75.24%
Industrial 864 15.04%
Other, not broken out 312 5.43%
Other 247 4.30%
Gross margin 92.54%
Operating margin 16.76%
Pre-tax margin 20.09%

Revenue by segment since 2016

Realty Income Corporation vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SPG Simon Property Group, Inc. $73.3B 16.0× 33.2× +19.50% (above 0%: growing) −12.35% (below 0%: shrinking) −1.30% (below 0%: shrinking) 81.23% 46.02% Compare
O Realty Income Corporation $56.6B 40.2× 37.8× +10.27% (above 0%: growing) +30.74% (above 0%: growing) −343.97% (below 0%: shrinking) 92.45% 20.67%
KIM Kimco Realty Corporation $17.0B 23.6× 28.5× +1.92% (above 0%: growing) +122.74% (above 0%: growing) +12.37% (above 0%: growing) 70.40% 51.27% Compare
REG Regency Centers Corporation $14.0B 25.8× 29.9× +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 $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $9.5B 22.3× 28.5× +6.99% +12.98% +14.96% 73.25% 42.20%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Sumit Roy said higher long-term interest rates had shifted investment economics toward Europe, credit investments and co-investments managed with private capital.
  • CFO Jonathan Pong said Realty Income was using a wider range of funding sources to preserve investment spreads while maintaining its leverage discipline.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Scotiabank Oct 22, 2026 Target cut — —
Evercore ISI Oct 22, 2026 Target cut — —
Wells Fargo Oct 22, 2026 Target cut — —
Barclays Oct 22, 2026 Target cut — —
UBS Oct 8, 2026 Reiterated Buy —
Mizuho Sep 28, 2026 Target cut — —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.40%
Held by the ten largest 47.89%
Holder Shares Stake Change
Vanguard 154.22m 16.30% +2.86m
BlackRock 112.93m 11.94% +5.02m
State Street 65.93m 6.97% +2.17m
Geode Capital Management 31.27m 3.30% +968.06k
Bank of America 19.12m 2.02% +1.79m
UBS 15.72m 1.66% +11.71m
Morgan Stanley 14.44m 1.53% −802.27k
Dimensional Fund Advisors 13.48m 1.42% +461.45k
Charles Schwab 13.07m 1.38% +880.58k
Norges Bank 12.98m 1.37% +12.98m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.25m 24.58m 120.47
2024 15.25m 14.67m 107.37
2023 13.13m 9.51m 109.69
2022 14.29m 16.38m 114.95
2021 12.86m 16.49m 124.07

Ownership

Directors and executive officers, together 0.10%
The Vanguard Group, Inc. 12.20%
BlackRock, Inc. 9.80%
State Street Corporation One Lincoln St. Boston, MA 6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Realty Income Corporation (O) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool

3 Nov

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2 Nov

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29 Oct

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Impact 3 · · 24/7 Wall St.

28 Oct

Impact 3 · · Zacks
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27 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.

26 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool

25 Oct

Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool

24 Oct

Impact 3 · · The Motley Fool

22 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

21 Oct

Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool

O metrics, ten years each

stockrow.com/O · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com