MARKETS / NYSE / O

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Realty Income Corp. O

18 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$5.7B

▲ 9.1% YoY

Net income

$1.1B

▲ 23.0% YoY

In brief

What this company does

Realty Income's primary business is the acquisition, ownership, and active management of freestanding commercial properties leased under long-term net lease agreements to a diversified base of operators, including a blend of investment grade, investment grade equivalent, and other creditworthy clients. As of December 31, 2025, the company had a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom, and eight other countries in Europe. As of December 31, 2025, its workforce comprised 544 professionals. As of December 31, 2025, 32.2% of its total portfolio annualized base rent came from properties leased to investment grade clients, their subsidiaries, or affiliated companies. The company is engaged in a single business activity, the leasing of property to clients, generally on a net lease basis. Realty Income was founded in 1969.

Written from the business description in REALTY INCOME CORP's annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth

USD 5.7B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 5.7 · Net income 1.1

Compound annual growth

Revenue

+19.8%

+28.4%

+18.8%

+20.9%

Net income

+6.8%

+21.8%

+14.1%

+15.0%

EPS, diluted

−6.3%

Dividend / share

+2.7%

Returned to shareholders

+17.2%

+24.8%

+18.5%

+20.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +28.4% a year over five years — but profit grew slower: net income at +21.8%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

19 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 20.1% · Net 18.6%

ROE

FY2025 · ROE 2.7%

Gross margin87.9%

Operating margin20.1%

Net margin18.6%

Return on assets1.5%

EBITDAUSD 3.7B

Each USD of equity produced 3 cents of profit this year.

Cash & shareholders

USD 2.9B

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2018 · FCF -828.6

Net buybacks $B Dividends $B

FY2025 · Dividends 2.9 · Net buybacks —

Dividends paidUSD 2.9B

Net buybacks—

Share of profit275.9%

Consecutive raises3 years (since the 2022 share-count change)

USD 2.9B in dividends — 276% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 72.8B

EquityUSD 39.4B

CashUSD 434.8M

Gross debtUSD 25.0B

Net debtUSD 24.6B

Net debt stands at 62% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	5.7	5.3	4.1	3.3	2.1	1.6	1.5	1.3	1.2	1.1	1.0	0.9	0.8	0.5	0.4	0.3	0.3	0.3
Operating income $B	1.2	0.9	0.9	0.9	0.4	0.4	0.4	·	·	·	·	·	·	·	·	·	·	·
EBITDA $B	3.7	3.3	2.8	2.6	1.3	1.1	1.0	·	·	·	·	·	·	·	·	·	·	·
Income tax $B	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	1.1	0.9	0.9	0.9	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.1	0.1
Free cash flow $B	·	·	·	·	·	·	·	−0.8	−0.5	−1.0	−0.6	−0.6	−0.9	−0.7	−0.7	−0.5	0.2	0.1
EPS, diluted $	1.17	0.98	1.26	1.42	0.87	1.14	1.38	1.26	1.10	1.13	1.09	1.04	1.06	0.86	1.05	1.01	·	·
Dividend / sh $	3.22	3.13	3.05	2.97	2.83	2.79	2.71	2.63	2.53	·	·	·	·	·	·	·	·	·
Payout %	276	313	242	209	325	244	195	209	216	193	188	177	167	149	140	140	136	129
ROE %	2.7	2.4	2.8	3.2	2.0	3.8	4.9	4.7	4.5	4.7	4.7	4.9	6.3	6.8	7.7	7.8	8.6	8.5
Shares out B	0.93	0.89	0.75	0.66	0.59	0.36	0.33	0.30	0.28	0.26	0.25	0.22	0.21	0.13	0.13	0.12	0.10	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 8 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inMaryland

Fiscal year endsDecember 31

Data on record since2008