Global Net Lease Inc Financials

GNL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Global Net Lease Inc (GNL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Global Net Lease Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-2.28x

For every $1 of reported earnings, Global Net Lease Inc generates $-2.28 in operating cash flow ($299.5M OCF vs -$131.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.6x

Global Net Lease Inc earns $0.6 in operating income for every $1 of interest expense ($206.5M vs $326.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$805.0M

YoY+56.3%

5Y CAGR+21.3%

10Y CAGR+24.0%

Global Net Lease Inc generated $805.0M in revenue in fiscal year 2024. This represents an increase of 56.3% from the prior year.

EBITDA

$556.4M

YoY+168.9%

5Y CAGR+18.2%

Global Net Lease Inc's EBITDA was $556.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 168.9% from the prior year.

Free Cash Flow

N/A

Net Income

-$131.6M

YoY+37.9%

Global Net Lease Inc reported -$131.6M in net income in fiscal year 2024. This represents an increase of 37.9% from the prior year.

EPS (Diluted)

$-0.76

YoY+55.6%

Global Net Lease Inc earned $-0.76 per diluted share (EPS) in fiscal year 2024. This represents an increase of 55.6% from the prior year.

Cash & Debt

$159.7M

YoY+31.4%

5Y CAGR-10.0%

10Y CAGR+8.5%

Global Net Lease Inc held $159.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.18

YoY-23.9%

5Y CAGR-11.1%

10Y CAGR+18.8%

Global Net Lease Inc paid $1.18 per share in dividends in fiscal year 2024. This represents a decrease of 23.9% from the prior year.

Shares Outstanding

231M

YoY+0.1%

5Y CAGR+20.9%

10Y CAGR+2.6%

Global Net Lease Inc had 231M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

25.7%

YoY+28.6pp

5Y CAGR-11.9pp

10Y CAGR+72.3pp

Global Net Lease Inc's operating margin was 25.7% in fiscal year 2024, reflecting core business profitability. This is up 28.6 percentage points from the prior year.

Net Margin

-16.3%

YoY+24.8pp

5Y CAGR-31.5pp

10Y CAGR+41.0pp

Global Net Lease Inc's net profit margin was -16.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 24.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$1.0M

YoY-12.6%

Global Net Lease Inc spent $1.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 12.6% from the prior year.

Capital Expenditures

N/A

GNL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$805.0M+56.3%	$515.1M+36.0%	$378.9M-3.2%	$391.2M+18.5%	$330.1M+7.8%	$306.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$57.7M+43.7%	$40.2M+126.6%	$17.7M+2.9%	$17.2M+29.9%	$13.3M+31.2%	$10.1M
Operating Income	$206.5M+1442.4%	-$15.4M-115.3%	$100.5M-10.2%	$111.9M+12.8%	$99.2M-13.6%	$114.9M
Interest Expense	$326.9M+82.2%	$179.4M+84.0%	$97.5M+3.4%	$94.3M+31.4%	$71.8M+11.8%	$64.2M
Income Tax	$4.4M-69.3%	$14.5M+31.2%	$11.0M-9.2%	$12.2M+144.6%	$5.0M+14.7%	$4.3M
Net Income	-$131.6M+37.9%	-$211.9M-1862.5%	$12.0M+5.8%	$11.4M+5.5%	$10.8M-76.8%	$46.5M
EPS (Diluted)	$-0.76+55.6%	$-1.71-1800.0%	$-0.09+55.0%	$-0.20-122.2%	$-0.09-123.1%	$0.39

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$121.0M-3.1%	$124.9M-5.7%	$132.4M-64.5%	$373.0M+156.4%	$145.5M-1.6%	$147.9M-28.5%	$206.7M+74.9%	$118.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.8M+4.4%	$11.3M-30.0%	$16.2M-11.9%	$18.4M+33.8%	$13.7M-6.3%	$14.7M-13.1%	$16.9M+141.8%	$7.0M
Operating Income	-$14.2M-133.5%	$42.3M+251.7%	-$27.9M-137.3%	$74.6M+20.5%	$61.9M+8.5%	$57.1M+25.9%	$45.3M+147.4%	-$95.6M
Interest Expense	$45.3M-15.1%	$53.3M-0.2%	$53.4M-52.6%	$112.7M+56.6%	$72.0M-13.0%	$82.8M-1.0%	$83.6M+103.0%	$41.2M
Income Tax	$3.1M+3.2%	$3.0M-8.7%	$3.3M+220.0%	$1.0M+510.0%	-$250K-110.6%	$2.4M-56.8%	$5.5M+94.9%	$2.8M
Net Income	-$60.1M-149.0%	-$24.1M+87.3%	-$189.4M-2803.7%	-$6.5M+81.7%	-$35.7M-50.2%	-$23.8M+51.1%	-$48.6M+64.3%	-$136.2M
EPS (Diluted)	$-0.32-100.0%	$-0.16+81.6%	$-0.87-987.5%	$-0.08+60.0%	$-0.20-33.3%	$-0.15+37.5%	$-0.24+78.4%	$-1.11

GNL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$7.0B-14.1%	$8.1B+104.4%	$4.0B-5.3%	$4.2B+5.4%	$4.0B+7.2%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$159.7M+31.4%	$121.6M+17.6%	$103.3M+15.2%	$89.7M-27.8%	$124.2M-54.0%	$270.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$51.4M+9.4%	$47.0M+119.9%	$21.4M-3.2%	$22.1M	N/A	N/A
Total Liabilities	$4.8B-12.7%	$5.5B+117.7%	$2.5B-1.9%	$2.6B+6.0%	$2.4B+21.1%	$2.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.2B-17.1%	$2.6B+83.3%	$1.4B-11.2%	$1.6B+5.8%	$1.5B-9.7%	$1.7B
Retained Earnings	-$2.2B-26.3%	-$1.7B-36.4%	-$1.2B-16.3%	-$1.1B-19.6%	-$896.5M-22.3%	-$733.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.8B-4.4%	$5.0B-13.9%	$5.8B-16.8%	$7.0B-8.6%	$7.6B-4.5%	$8.0B-1.6%	$8.1B-1.0%	$8.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$165.1M+14.0%	$144.8M-1.5%	$147.0M-7.9%	$159.7M+30.7%	$122.2M-7.4%	$131.9M+8.5%	$121.6M-8.9%	$133.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$46.0M-0.1%	$46.0M+2.6%	$44.8M-12.7%	$51.4M+2.7%	$50.0M+3.0%	$48.5M+3.3%	$47.0M-7.9%	$51.0M
Total Liabilities	$3.1B-2.8%	$3.2B-18.6%	$3.9B-18.8%	$4.8B-8.1%	$5.2B-4.6%	$5.4B-0.3%	$5.5B+1.3%	$5.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.7B-7.2%	$1.8B-4.3%	$1.9B-12.4%	$2.2B-9.7%	$2.4B-4.1%	$2.5B-4.3%	$2.6B-5.5%	$2.8B
Retained Earnings	-$2.6B-4.5%	-$2.5B-3.3%	-$2.4B-12.3%	-$2.2B-11.5%	-$1.9B-6.1%	-$1.8B-6.9%	-$1.7B-9.1%	-$1.6B

GNL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$299.5M+108.3%	$143.7M-20.9%	$181.8M-5.5%	$192.5M+8.8%	$176.9M+21.1%	$146.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$17.3M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$128.7M
Investing Cash Flow	$759.9M+237.7%	-$551.9M-3237.4%	-$16.5M+96.2%	-$436.6M+7.2%	-$470.5M-59.8%	-$294.5M
Financing Cash Flow	-$995.4M-312.2%	$469.0M+413.2%	-$149.7M-168.6%	$218.3M+55.2%	$140.7M-53.1%	$300.0M
Dividends Paid	$272.4M+31.6%	$207.0M+24.1%	$166.8M+6.8%	$156.2M+0.7%	$155.1M+2.8%	$150.8M
Share Buybacks	$1.0M-12.6%	$1.2M+73.2%	$686K+339.7%	$156K	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$56.0M+7.7%	$52.0M-12.1%	$59.2M-20.9%	$74.8M+6.3%	$70.4M-23.7%	$92.2M+65.2%	$55.8M+1452.8%	$3.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$131.0M-62.9%	$353.3M-60.8%	$900.7M+268.3%	$244.6M-0.6%	$246.0M+599.6%	$35.2M+1769.1%	$1.9M+100.4%	-$461.3M
Financing Cash Flow	-$163.5M+63.3%	-$445.0M+54.4%	-$975.6M-268.2%	-$265.0M+22.5%	-$342.2M-217.1%	-$107.9M-58.6%	-$68.0M-112.8%	$532.8M
Dividends Paid	$42.3M-2.6%	$43.5M-32.0%	$63.9M+0.3%	$63.8M+0.4%	$63.5M-22.3%	$81.7M0.0%	$81.7M+94.8%	$42.0M
Share Buybacks	$6.9M-87.7%	$56.6M+191.3%	$19.4M+1770.6%	$1.0M	$0	$0-100.0%	$97K-87.4%	$770K

GNL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	25.7%+28.6pp	-3.0%-29.5pp	26.5%-2.1pp	28.6%-1.4pp	30.1%-7.5pp	37.5%
Net Margin	-16.3%+24.8pp	-41.1%-44.3pp	3.2%+0.3pp	2.9%-0.4pp	3.3%-11.9pp	15.2%
Return on Equity	N/A	N/A	0.8%+0.1pp	0.7%0.0pp	0.7%-2.0pp	2.7%
Return on Assets	-1.9%+0.7pp	-2.6%-2.9pp	0.3%+0.0pp	0.3%0.0pp	0.3%-1.0pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.18+0.1	2.07+0.3	1.74+0.2	1.580.0	1.57+0.4	1.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	42.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-11.7%-45.6pp	33.9%+54.9pp	-21.1%-41.1pp	20.0%-22.6pp	42.6%+4.0pp	38.6%+16.7pp	21.9%+102.8pp	-80.9%
Net Margin	-49.7%-30.3pp	-19.3%+123.7pp	-143.0%-141.3pp	-1.8%+22.8pp	-24.5%-8.5pp	-16.1%+7.4pp	-23.5%+91.8pp	-115.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.3%-0.8pp	-0.5%+2.8pp	-3.3%-3.2pp	-0.1%+0.4pp	-0.5%-0.2pp	-0.3%+0.3pp	-0.6%+1.1pp	-1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.80+0.1	1.72-0.3	2.02-0.2	2.18+0.0	2.14-0.0	2.16+0.1	2.07+0.1	1.93
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Global Net Lease Inc's annual revenue?

Global Net Lease Inc (GNL) reported $805.0M in total revenue for fiscal year 2024. This represents a 56.3% 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 Global Net Lease Inc's revenue growing?

Global Net Lease Inc (GNL) revenue grew by 56.3% year-over-year, from $515.1M to $805.0M in fiscal year 2024.

Is Global Net Lease Inc profitable?

No, Global Net Lease Inc (GNL) reported a net income of -$131.6M in fiscal year 2024, with a net profit margin of -16.3%.

What is Global Net Lease Inc's earnings per share (EPS)?

Global Net Lease Inc (GNL) reported diluted earnings per share of $-0.76 for fiscal year 2024. This represents a 55.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Global Net Lease Inc's EBITDA?

Global Net Lease Inc (GNL) had EBITDA of $556.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Global Net Lease Inc's operating margin?

Global Net Lease Inc (GNL) had an operating margin of 25.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Global Net Lease Inc's net profit margin?

Global Net Lease Inc (GNL) had a net profit margin of -16.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Global Net Lease Inc pay dividends?

Yes, Global Net Lease Inc (GNL) paid $1.18 per share in dividends during fiscal year 2024.

What is Global Net Lease Inc's operating cash flow?

Global Net Lease Inc (GNL) generated $299.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Global Net Lease Inc's total assets?

Global Net Lease Inc (GNL) had $7.0B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Global Net Lease Inc buy back shares?

Yes, Global Net Lease Inc (GNL) spent $1.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Global Net Lease Inc have outstanding?

Global Net Lease Inc (GNL) had 231M shares outstanding as of fiscal year 2024.

What is Global Net Lease Inc's debt-to-equity ratio?

Global Net Lease Inc (GNL) had a debt-to-equity ratio of 2.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Global Net Lease Inc's return on assets (ROA)?

Global Net Lease Inc (GNL) had a return on assets of -1.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Global Net Lease Inc's Piotroski F-Score?

Global Net Lease Inc (GNL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Global Net Lease Inc's earnings high quality?

Global Net Lease Inc (GNL) has an earnings quality ratio of -2.28x, considered mixed 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.

Can Global Net Lease Inc cover its interest payments?

Global Net Lease Inc (GNL) has an interest coverage ratio of 0.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.