Broadstone Net Lease Inc (BNL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q/A for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BNL SEC filings page.
Broadstone Net Lease Inc (BNL) reported $476.2M in revenue over the twelve months to Jun 30, 2026, up 7.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Asset-heavy growth is being financed with more leverage, while rising interest expense separates cash generation from reported earnings.
The FY2025 earnings drop occurred alongside operating cash flow reaching$299M , while net income fell to$96M ; that divergence points to depreciation-heavy economics rather than weak cash collection alone. Because free cash flow reached$270M despite the earnings decline, the statements portray a business whose cash generation is more stable than accounting profit, although financing needs remain material.
The balance sheet shifted from moderate leverage to higher leverage: debt-to-equity rose from 0.6x in FY2024 to 0.9x in FY2025. With total assets at
Revenue reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Broadstone Net Lease Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Broadstone Net Lease Inc scores 93/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Broadstone Net Lease Inc scores 36/100 on it among other REITs.
Not available for Broadstone Net Lease Inc, and counted as zero in the overall score.
Not available for Broadstone Net Lease Inc, and counted as zero in the overall score.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Broadstone Net Lease Inc scores 96/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Broadstone Net Lease Inc scores 41/100 on it among other REITs.
Broadstone Net Lease Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Broadstone Net Lease Inc generates $3.10 in operating cash flow ($299.5M OCF vs $96.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Broadstone Net Lease Inc generated $122.3M in revenue in Q2 2026. This represents an increase of 8.3% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.
Broadstone Net Lease Inc reported $39.8M in net income in Q2 2026. This represents an increase of 97.4% from the same quarter a year earlier. Against the prior quarter it is down 14.2%.
Broadstone Net Lease Inc earned $0.21 per diluted share (EPS) in Q2 2026. This represents an increase of 110.0% from the same quarter a year earlier. Against the prior quarter it is down 12.5%.
Not reported for Q2 2026.
Cash & Balance Sheet
Broadstone Net Lease Inc generated $46.4M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 39.5% from the same quarter a year earlier. Against the prior quarter it is down 37.9%.
Broadstone Net Lease Inc held $11.1M in cash against $2.7B in long-term debt as of Q2 2026.
Broadstone Net Lease Inc paid $0.29 per share in dividends in Q2 2026. This represents an increase of 0.9% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Broadstone Net Lease Inc's net profit margin was 32.5% in Q2 2026, showing the share of revenue converted to profit. This is up 14.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.6 percentage points.
Broadstone Net Lease Inc's ROE was 1.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Broadstone Net Lease Inc invested $11.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 352.3% from the same quarter a year earlier. Against the prior quarter it is up 764.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
BNL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q/A | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q | Q2'2510-Q/A | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $122.3M+8.3% | $121.4M+11.7% | $118.3M+5.5% | $114.2M+5.3% | $113.0M+6.7% | $108.7M+3.2% | $112.1M+6.8% | $108.4M-1.0% |
| SG&A Expenses | $11.9M+24.3% | $10.3M+7.0% | $9.7M-2.6% | $10.0M+14.4% | $9.6M-3.4% | $9.7M+2.5% | $9.9M+5.8% | $8.7M-14.0% |
| Interest Expense | $25.8M+22.1% | $25.3M+25.8% | $25.1M+28.0% | $28.2M+55.3% | $21.1M+18.9% | $20.1M+8.1% | $19.6M+3.1% | $18.2M-7.6% |
| Income Tax | $346K+73.9% | $311K-12.4% | $392K | $208K+171.5% | $199K-62.5% | $355K | N/A | -$291K |
| Net Income | $39.8M+97.4% | $46.4M+176.9% | $33.1M+25.5% | $26.5M-25.7% | $20.2M-42.9% | $16.7M-74.3% | $26.4M+307.4% | $35.6M-28.3% |
| EPS (Basic) | $0.21+90.9% | $0.24+166.7% | $0.18+28.6% | $0.14-26.3% | $0.11-42.1% | $0.09-74.3% | $0.14+366.7% | $0.19-29.6% |
| EPS (Diluted) | $0.21+110.0% | $0.24+166.7% | $0.17+21.4% | $0.14-26.3% | $0.10-47.4% | $0.09-74.3% | $0.14+366.7% | $0.19-26.9% |
| Diluted Shares (Avg) | 200M+1.6% | 200M+1.5% | N/A | 198M+0.4% | 197M+0.3% | 197M+0.2% | N/A | 197M+0.3% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
BNL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q/A | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q | Q2'2510-Q/A | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+10.1% | $5.8B+11.6% | $5.7B+9.6% | $5.5B+4.9% | $5.3B+1.2% | $5.2B-0.6% | $5.2B-1.0% | $5.3B-1.3% |
| Cash & Equivalents | $11.1M-46.6% | $20.3M+111.5% | $30.5M+105.7% | $82.0M+810.8% | $20.8M+13.7% | $9.6M-95.7% | $14.8M-23.8% | $9.0M-74.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $166.4M+11.6% | $162.7M+6.5% | $158.3M+4.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% | $339.8M0.0% |
| Total Liabilities | $2.9B+24.7% | $2.8B+30.9% | $2.7B+29.3% | $2.5B+18.0% | $2.3B+10.8% | $2.2B+5.1% | $2.1B0.0% | $2.1B+3.2% |
| Long-Term Debt | $2.7B+26.6% | $2.7B+32.7% | $2.5B+31.4% | $2.4B+20.5% | $2.1B+11.3% | $2.0B+5.2% | $1.9B0.0% | $2.0B+2.6% |
| Total Equity | $2.9B-0.9% | $2.9B-1.9% | $2.9B-3.4% | $2.9B-3.8% | $2.9B-4.8% | $2.9B-4.0% | $3.0B-1.5% | $3.0B-3.9% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities, Retained Earnings.
BNL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q/A | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q | Q2'2510-Q/A | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $58.2M-26.6% | $76.1M+6.5% | $84.6M+32.3% | $64.2M-4.6% | $79.3M+6.9% | $71.5M+0.8% | $63.9M+5.5% | $67.3M-8.9% |
| Depreciation & Amortization | $49.1M+15.3% | $40.5M+5.4% | $40.8M-3.0% | $40.2M+5.9% | $42.6M+13.8% | $38.4M+4.6% | $42.0M+9.8% | $38.0M-1.3% |
| Stock-Based Compensation | N/A | $2.6M+19.5% | N/A | N/A | N/A | $2.1M+45.6% | N/A | N/A |
| Capital Expenditures | $11.8M+352.3% | $1.4M-90.5% | $6.6M+2.2% | $6.2M-12.5% | $2.6M+1416.3% | $14.3M+358.1% | $6.4M-61.6% | $7.0M+20.2% |
| Free Cash Flow | $46.4M-39.5% | $74.7M+30.8% | $78.0M+35.7% | $58.0M-3.7% | $76.7M+3.6% | $57.1M-15.7% | $57.5M+31.3% | $60.3M-11.4% |
| Investing Cash Flow | -$43.5M+66.9% | -$162.4M-90.3% | -$284.6M-1141.1% | -$174.1M-165.3% | -$131.3M+41.8% | -$85.3M-141.8% | $27.3M+155.2% | -$65.6M-254.3% |
| Financing Cash Flow | -$23.4M-137.2% | $74.4M+734.0% | $150.4M+273.9% | $171.2M+1752.1% | $62.9M+222.5% | $8.9M+112.2% | -$86.5M-111.4% | -$10.4M+89.9% |
| Dividends Paid | $56.1M+1.7% | $55.7M-0.9% | $54.9M+0.2% | $52.5M-1.9% | $55.2M+2.3% | $56.2M+3.2% | $54.8M+4.4% | $53.5M+4.0% |
Not reported in any period shown, so not listed: Share Buybacks.
BNL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q/A | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q | Q2'2510-Q/A | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.5%+14.7pp | 38.2%+22.8pp | 28.0%+4.5pp | 23.2%-9.7pp | 17.8%-15.5pp | 15.4%-46.4pp | 23.5%+17.4pp | 32.9%-12.5pp |
| Return on Equity | 1.4%+0.7pp | 1.6%+1.0pp | 1.1%+0.3pp | 0.9%-0.3pp | 0.7%-0.5pp | 0.6%-1.6pp | 0.9%+0.7pp | 1.2%-0.4pp |
| Return on Assets | 0.7%+0.3pp | 0.8%+0.5pp | 0.6%+0.1pp | 0.5%-0.2pp | 0.4%-0.3pp | 0.3%-0.9pp | 0.5%+0.4pp | 0.7%-0.2pp |
| Debt-to-Equity | 0.93+0.2x | 0.92+0.2x | 0.87+0.2x | 0.82+0.2x | 0.73+0.1x | 0.68+0.1x | 0.640.0x | 0.650.0x |
| Asset Turnover | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x |
| FCF Margin | 37.9%-29.9pp | 61.6%+9.0pp | 65.9%+14.7pp | 50.8%-4.8pp | 67.9%-2.0pp | 52.5%-11.8pp | 51.2%+9.5pp | 55.6%-6.5pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Broadstone Net Lease Inc BNL | FY2025 | $454.1M | $96.5M | 21.3% | $4.0B | 44/100 |
| Empire St Rlty Tr Inc ESRT | FY2025 | $768.3M | $73.0M | 9.5% | $761.8M | 48/100 |
| Global Net Lease Inc GNL | FY2025 | $495.3M | -$225.5M | -45.5% | $2.1B | 13/100 |
| American Assets Tr Inc AAT | FY2025 | $436.2M | $71.4M | 16.4% | $1.3B | 51/100 |
| W.P. Carey Inc. WPC | FY2025 | $1.7B | $466.4M | 27.2% | $16.1B | 37/100 |
| Safehold Inc SAFE | FY2025 | $385.6M | $114.5M | 29.7% | $1.0B | 45/100 |
Where Broadstone Net Lease Inc Ranks
Frequently Asked Questions
What is Broadstone Net Lease Inc's annual revenue?
Broadstone Net Lease Inc (BNL) reported $454.1M in total revenue for fiscal year 2025. This represents a 5.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Broadstone Net Lease Inc's revenue growing?
Broadstone Net Lease Inc (BNL) revenue grew by 5.2% year-over-year, from $431.8M to $454.1M in fiscal year 2025.
Is Broadstone Net Lease Inc profitable?
Yes, Broadstone Net Lease Inc (BNL) reported a net income of $96.5M in fiscal year 2025, with a net profit margin of 21.3%.
How much debt does Broadstone Net Lease Inc have?
As of fiscal year 2025, Broadstone Net Lease Inc (BNL) had $30.5M in cash and equivalents against $2.5B in long-term debt.
What is Broadstone Net Lease Inc's net profit margin?
Broadstone Net Lease Inc (BNL) had a net profit margin of 21.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Broadstone Net Lease Inc pay dividends?
Yes, Broadstone Net Lease Inc (BNL) paid $1.16 per share in dividends during fiscal year 2025.
What is Broadstone Net Lease Inc's return on equity (ROE)?
Broadstone Net Lease Inc (BNL) has a return on equity of 3.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Broadstone Net Lease Inc's free cash flow?
Broadstone Net Lease Inc (BNL) generated $269.8M in free cash flow during fiscal year 2025. This represents a 4.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Broadstone Net Lease Inc's operating cash flow?
Broadstone Net Lease Inc (BNL) generated $299.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Broadstone Net Lease Inc's total assets?
Broadstone Net Lease Inc (BNL) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Broadstone Net Lease Inc's capital expenditures?
Broadstone Net Lease Inc (BNL) invested $29.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Broadstone Net Lease Inc's debt-to-equity ratio?
Broadstone Net Lease Inc (BNL) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Broadstone Net Lease Inc's return on assets (ROA)?
Broadstone Net Lease Inc (BNL) had a return on assets of 1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Broadstone Net Lease Inc's P/E ratio?
Broadstone Net Lease Inc (BNL) trades at 27.3x earnings, its market capitalization divided by net income of $145.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Broadstone Net Lease Inc's price-to-sales ratio?
Broadstone Net Lease Inc (BNL) trades at 8.3x sales, its market capitalization divided by revenue of $476.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Broadstone Net Lease Inc's Piotroski F-Score?
Broadstone Net Lease Inc (BNL) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Broadstone Net Lease Inc's earnings high quality?
Broadstone Net Lease Inc (BNL) has an earnings quality ratio of 3.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Broadstone Net Lease Inc?
Broadstone Net Lease Inc (BNL) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.