REALTY INCOME CORP O
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 | 1.15 | 1.38 | 1.26 | — | — |
| EPS, diluted | 1.17 | 0.98 | 1.26 | 1.42 | 0.87 | 1.14 | 1.38 | 1.26 | 1.10 | 1.13 |
| Shares, diluted (wtd. avg.) | $908.3M | $863.8M | $693.0M | $612.2M | $414.8M | $345.4M | $316.2M | $289.9M | $273.9M | $255.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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