Friday 6 November 2026 Export O’s income statement to Excel — free account

Realty Income Corporation

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

59.32 0.18 −0.30%

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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 Segments Valuation Filings

Realty Income Corporation (O) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017	FY2016
Retail	4,326 75.24%	4,010 76.07%	3,194 78.29%	2,730 81.65%	1,710 82.18%	1,368 83.08%	—	—	—
Industrial	864 15.04%	795 15.09%	559 13.71%	495 14.82%	271 13.03%	186 11.29%	—	—	—
Other	247 4.30%	239 4.53%	206 5.04%	74 2.22%	84 4.04%	85 5.17%	—	—	—
Management Service	—	—	—	—	—	—	1,275 95.99%	1,166 95.92%	1,057 95.85%
Tenant Reimbursements	—	—	—	—	—	—	47 3.54%	46 3.79%	43 3.91%
Real Estate, Other	—	—	—	—	—	—	6 0.47%	3 0.28%	3 0.24%
Other, not broken out	312 5.43%	227 4.31%	121 2.96%	44 1.32%	15 0.74%	—	—	—	—
Revenue	5,749	5,271	4,079	3,344	2,080	1,647	1,328	1,216	1,103

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
AFFO a share	Q2 FY2026	$1.09	$1.05	+3.81%
Clients	Q3 FY2026	1.8K	1.6K	+11.84%
FFO a share	Q2 FY2026	$1.07	$1.06	+0.94%
Industries	Q3 FY2026	96.00	92.00	+4.35%
Initial weighted average cash yield	Q3 FY2026	6.80%	7.70%	—
Investment Grade Clients	Q3 FY2026	53.0%	27.0%	—
Lease expirations	Q3 FY2026	274.00	340.00	−19.41%
Portfolio occupancy	Q3 FY2026	98.8%	98.7%	—
Properties	Q3 FY2026	15.5K	15.5K	−0.04%
Properties available for lease or sale	Q3 FY2026	182.00	204.00	−10.78%
Properties invested in	Q3 FY2026	182.00	123.00	+47.97%
Properties sold	Q3 FY2026	182.00	140.00	+30.00%
Properties under lease	Q3 FY2026	14.4K	14.5K	−0.27%
Rent recapture rate	Q3 FY2026	103.5%	103.5%	—
Total investments	Q3 FY2026	$2.6B	$1.4B	+88.22%
Weighted average remaining lease term	Q3 FY2026	8.50	8.90	−4.49%
Weighted average term	Q3 FY2026	8.90	11.10	−19.82%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
AFFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Clients	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
FFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Initial weighted average cash yield	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment Grade Clients	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease expirations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Portfolio occupancy	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Properties	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Properties available for lease or sale	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Properties invested in	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Properties sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Properties under lease	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rent recapture rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total investments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Weighted average remaining lease term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Weighted average term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.