REALTY INCOME CORP O

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years.

Last close 56.89 2026-10-23
Market cap $53.83B 2026-06-30 share count
52-week range 53.15 - 67.94

Valuation FY2025 figures against the last close

P/S9.4x
P/E48.6x
P/FCF13.9x
EV/EBITDA—
Dividend yield5.4%
Diluted EPS1.17

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.75B$5.27B$4.08B$3.34B$2.08B$1.65B$1.49B$1.33B$1.22B$1.10B
SG&A $202.6M$176.9M$144.5M$138.5M$97.0M$73.2M$66.5M$84.1M$58.4M$52.0M
Total operating expenses $4.79B$4.49B$3.19B$2.54B$1.66B$1.31B$1.08B———
Interest expense ——$730.4M$465.2M$323.6M$309.3M$291.0M$266.0M$247.4M$220.0M
Pre-tax income $1.16B$933.9M$928.9M$917.6M$392.4M$411.2M$443.6M$369.0M$324.8M$318.8M
Income tax $85.3M$66.6M$52.0M$45.2M$31.7M$14.7M$6.2M$5.3M$6.0M$3.3M
Net income $1.06B$860.8M$872.3M$869.4M$359.5M$395.5M$436.5M$363.6M$318.8M$315.6M
EPS, basic 1.170.981.261.420.871.151.381.26——
EPS, diluted 1.170.981.261.420.871.141.381.261.101.13
Shares, diluted (wtd. avg.) 908.3M863.8M693.0M612.2M414.8M345.4M316.2M289.9M273.9M255.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $434.8M$445.0M$292.2M$226.9M$332.4M$850.7M$71.0M$21.1M$12.1M$15.7M
Goodwill $4.93B$4.93B$3.73B$3.73B$3.68B$14.2M$14.4M$14.6M$15.0M$15.1M
Other intangibles $5.72B$6.32B$5.02B$5.17B$5.28B$1.71B$1.49B$1.20B$1.19B$1.08B
Total assets $72.80B$68.84B$57.78B$49.67B$43.14B$20.74B$18.55B$15.26B$14.06B$13.15B
Long-term debt —————————$3.98B
Total liabilities $32.67B$29.78B$24.67B$20.83B$18.01B$9.72B$8.75B$7.14B$6.67B$6.37B
Total equity $39.44B$38.84B$33.11B$28.84B$25.13B$11.02B$9.80B$8.12B$7.39B$6.79B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.99B$3.57B$2.96B$2.56B$1.32B$1.12B$1.07B$940.7M$875.9M$799.9M
Depreciation and amortisation $2.52B$2.40B$1.90B$1.67B$897.8M$677.0M$594.0M$539.8M$498.8M$449.9M
Stock-based compensation $30.8M$57.5M$26.2M$21.6M$41.8M$16.5M$13.7M$27.3M$13.9M$12.0M
Capital expenditure $131.8M$121.4M$68.7M$95.5M$19.1M$8.7M$23.5M$25.4M$15.2M$13.4M
Investing cash flow -$5.66B-$3.34B-$9.35B-$8.39B-$6.44B-$2.03B-$3.50B-$1.64B-$1.25B-$1.70B
Financing cash flow $1.68B-$21.2M$6.44B$5.74B$4.58B$1.69B$2.49B$707.9M$375.1M$866.2M
Dividends paid $2.92B$2.69B$2.11B$1.81B$1.17B$964.2M$852.1M$761.6M$689.3M$610.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000726728-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 1.1B Net income, FY2016: 315.6M Revenue, FY2017: 1.2B Net income, FY2017: 318.8M Revenue, FY2018: 1.3B Net income, FY2018: 363.6M Revenue, FY2019: 1.5B Net income, FY2019: 436.5M Revenue, FY2020: 1.6B Net income, FY2020: 395.5M Revenue, FY2021: 2.1B Net income, FY2021: 359.5M Revenue, FY2022: 3.3B Net income, FY2022: 869.4M Revenue, FY2023: 4.1B Net income, FY2023: 872.3M Revenue, FY2024: 5.3B Net income, FY2024: 860.8M Revenue, FY2025: 5.7B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.10B $1.22B $1.33B $1.49B $1.65B $2.08B $3.34B $4.08B $5.27B $5.75B
Gross profit — — — — — — — — — —
Net income $315.6M $318.8M $363.6M $436.5M $395.5M $359.5M $869.4M $872.3M $860.8M $1.06B

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation Item 2.03
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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