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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
$5.7B
▲ 9.1% YoY
$1.1B
▲ 23.0% YoY

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

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
2.5B5.0B
2008201120142017202020232025
Compound annual growth
+19.8%
+28.4%
+18.8%
+20.9%
+6.8%
+21.8%
+14.1%
+15.0%
−6.3%
+2.7%
+17.2%
+24.8%
+18.5%
+20.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +28.4% a year over the five years to FY2025 — 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%
20%40%
200820162025
ROE
FY2025 · ROE 2.7%
5%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin87.9%
Operating margin20.1%
Net margin18.6%
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
100M200M-400M-800M
200820162025
Net buybacks $B Dividends $B
FY2025 · Dividends 2.9 · Net buybacks ·
2B3B
2008201120142017202020232025
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—not applicable◌not available in our data
O, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B5.75.34.13.32.11.61.51.31.21.11.00.90.80.50.40.30.30.3
Operating income $B1.20.90.90.90.40.40.4◌◌◌◌◌◌◌◌◌◌◌
EBITDA $B3.73.32.82.61.31.11.0◌◌◌◌◌◌◌◌◌◌◌
Income tax $B0.10.10.10.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Net income $B1.10.90.90.90.40.40.40.40.30.30.30.30.20.20.20.10.10.1
Free cash flow $B◌◌◌◌◌◌◌−0.8−0.5−1.0−0.6−0.6−0.9−0.7−0.7−0.50.20.1
EPS, diluted $1.170.981.261.420.871.141.381.261.101.131.091.041.060.861.051.01◌◌
Dividend / sh $3.223.133.052.972.832.792.712.632.53◌◌◌◌◌◌◌◌◌
Payout %276313242209325244195209216193188177167149140140136129
ROE %2.72.42.83.22.03.84.94.74.54.74.74.96.36.87.77.88.68.5
Shares out B0.930.890.750.660.590.360.330.300.280.260.250.220.210.130.130.120.10◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Three checks were skipped: EPS is not tagged before 2010. Two checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: cost of revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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