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Realty Income Corporation

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Realty Income Corporation • NYSE
$57.61 ▲ 1.30% (+0.74)
Market Cap $53.00 B
52w High $61.09
52w Low $50.71
Dividend Yield 3.48%
P/E 53.84
Volume 3.45M
Outstanding Shares 919.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.471B ▲ $689.838M ▼ $315.771M ▲ 21.473% ▲ $0.35 ▲ $973.479M ▼
Q2-2025 $1.41B ▲ $698.287M ▲ $196.919M ▼ 13.962% ▼ $0.22 ▼ $1.148B ▲
Q1-2025 $1.381B ▲ $652.979M ▼ $249.815M ▲ 18.096% ▲ $0.28 ▲ $1.139B ▲
Q4-2024 $1.34B ▲ $655.785M ▲ $199.612M ▼ 14.893% ▼ $0.23 ▼ $1.091B ▼
Q3-2024 $1.331B $644.208M $269.485M 20.248% $0.3 $1.144B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $417.173M ▼ $71.279B ▼ $32.019B ▼ $39.051B ▼
Q2-2025 $800.447M ▲ $71.424B ▲ $32.061B ▲ $39.153B ▲
Q1-2025 $319.007M ▼ $69.758B ▲ $30.516B ▲ $39.031B ▲
Q4-2024 $444.962M ▲ $68.835B ▲ $29.783B ▼ $38.841B ▲
Q3-2024 $396.956M $68.469B $29.799B $38.458B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $317.674M ▲ $0 ▼ $0 ▲ $0 ▼ $-383.274M ▼ $0 ▼
Q2-2025 $199.011M ▼ $1.061B ▲ $-1.157B ▲ $570.888M ▲ $491.051M ▲ $1.061B ▲
Q1-2025 $251.462M ▲ $787.516M ▼ $-1.314B ▲ $374.558M ▼ $-144.82M ▼ $787.516M ▼
Q4-2024 $201.35M ▼ $971.963M ▲ $-1.772B ▼ $864.652M ▲ $47.629M ▲ $971.963M ▲
Q3-2024 $271.124M $841.468M $-537.304M $-342.25M $-25.234M $841.468M

Revenue by Products

Product Q4-2018Q1-2025Q2-2025Q3-2025
Product And Service Industrial Segment
Product And Service Industrial Segment
 $0 ▲$210.00M ▲$210.00M ▲$220.00M ▲
Product And Service Retail
Product And Service Retail
 $0 ▲$1.04Bn ▲$1.06Bn ▲$1.10Bn ▲
All Other Segments
All Other Segments
 $130.00M ▲$0 ▼$0 ▲$0 ▲
Beverage
Beverage
 $20.00M ▲$0 ▼$0 ▲$0 ▲
Convenience Store
Convenience Store
 $70.00M ▲$0 ▼$0 ▲$0 ▲
Dollar Stores
Dollar Stores
 $50.00M ▲$0 ▼$0 ▲$0 ▲
Drug Store
Drug Store
 $60.00M ▲$0 ▼$0 ▲$0 ▲
Financial Services
Financial Services
 $10.00M ▲$0 ▼$0 ▲$0 ▲
General Merchandise
General Merchandise
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Grocery Stores
Grocery Stores
 $30.00M ▲$0 ▼$0 ▲$0 ▲
Health and Fitness 1
Health and Fitness 1
 $50.00M ▲$0 ▼$0 ▲$0 ▲
Home Improvement
Home Improvement
 $20.00M ▲$0 ▼$0 ▲$0 ▲
Restaurants Casual Dining
Restaurants Casual Dining
 $60.00M ▲$0 ▼$0 ▲$0 ▲
Theater
Theater
 $40.00M ▲$0 ▼$0 ▲$0 ▲
Transportation Service
Transportation Service
 $30.00M ▲$0 ▼$0 ▲$0 ▲
Wholesale Club
Wholesale Club
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Realty Income has grown into a much larger business over the past few years. Rental revenue and operating profit have climbed steadily as the company has added more properties and expanded into new sectors and geographies. However, after-tax profit has not risen as quickly as revenue, and earnings per share have actually drifted down from their peak. That suggests growth has come with some pressure from higher financing costs and share issuance, even though the underlying property portfolio has scaled up well and operating margins remain solid for a REIT.

Balance Sheet

Balance Sheet The balance sheet shows a company that has expanded aggressively but in a generally balanced way. Total assets have multiplied as Realty Income has bought more properties, with shareholder equity also rising strongly. Debt levels have climbed meaningfully alongside that growth, so the business is clearly more leveraged in absolute terms and more exposed to interest rates than it was a few years ago. That said, equity still represents a substantial portion of the capital structure, which provides a cushion, though the company remains dependent on ongoing access to capital markets to fund its growth strategy.

Cash Flow

Cash Flow Cash flow from operations has grown consistently as the portfolio has expanded, and core free cash flow closely tracks operating cash flow, reflecting the asset-light nature of ongoing property maintenance under the triple‑net lease model. This points to a business that generates steady, recurring cash from rents, with relatively limited recurring capital spending needs at the corporate level. The key sensitivity is not day‑to‑day cash generation, which looks stable, but rather the cost and availability of external capital needed for future acquisitions and refinancing.

Competitive Edge

Competitive Edge Realty Income benefits from a wide and durable competitive moat. Its very large, diversified property base across multiple industries and countries reduces dependence on any single tenant or sector. The triple‑net lease structure shifts many property costs to tenants, supporting stable margins. Its size and investment‑grade balance sheet help keep borrowing costs relatively low, allowing it to compete effectively for large deals that smaller rivals cannot pursue. The strong “Monthly Dividend Company” brand further differentiates it with income‑oriented investors. Key risks include exposure to consumer‑facing tenants, shifts in retail and entertainment patterns, and the impact of higher interest rates on both tenants and the REIT’s own funding costs.

Innovation and R&D

Innovation and R&D For a real estate company, Realty Income is unusually focused on technology and innovation. It uses sophisticated internal systems, data analytics, and predictive models to decide which properties to buy, manage leases, and anticipate renewals, helping to keep occupancy high and cash flows predictable. The firm is also innovating in what it owns: moving beyond traditional retail into logistics, gaming, and especially data centers through partnerships and build‑to‑suit projects. Management has signaled interest in expanding into private capital platforms and deeper use of AI and machine learning. Overall, it is behaving more like a data‑driven capital allocator than a traditional landlord, which could support long‑term differentiation if executed well.

Summary

Putting it all together, Realty Income has transformed into a much larger, more diversified REIT with steadily rising revenue and cash flow, backed by a recognizable income‑focused brand. The core business model—long‑term, triple‑net leases with many tenants—supports stability, while scale and a strong credit profile underpin its competitive edge. At the same time, rapid expansion has come with higher absolute debt and some pressure on per‑share earnings, leaving the company sensitive to interest rates and capital market conditions. Its push into new property types and data‑driven decision‑making suggests ongoing evolution, but investors should weigh the benefits of scale and diversification against the risks of leverage, rate cycles, and execution in newer verticals like data centers and gaming.

NEWS

November 18, 2025 · 4:05 PM UTC

Realty Income Announces £900 Million Sterling-Denominated Term Loan

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November 7, 2025 · 4:05 PM UTC

Realty Income Announces 665th Consecutive Common Stock Monthly Dividend

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November 3, 2025 · 4:05 PM UTC

Realty Income Announces Operating Results for the Three and Nine Months Ended September 30, 2025

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October 14, 2025 · 4:30 PM UTC

Realty Income Announces Appointment of Kim Hourihan to Board of Directors

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October 14, 2025 · 4:05 PM UTC

Realty Income Announces 664th Consecutive Common Stock Monthly Dividend

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