Global Net Lease Inc Financials
Global Net Lease Inc (GNL) reported $495.3M in revenue for fiscal year 2025, down 13.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
The business still throws off operating cash, but interest-heavy financing and portfolio shrinkage keep overwhelming reported earnings.
From FY2023 to FY2025, deleveraging improved the balance sheet, with debt-to-equity down to 1.6x and liabilities lower by$2.8B . But that came through portfolio shrinkage: assets fell by$3.8B , and FY2025 net loss was-$225.5M even though operating income remained positive, showing financing costs still consume much of the portfolio's operating return.
The business looks more like a cash-yield vehicle than an accounting-earnings story: operating cash flow of
The widest gap in the statements is between operating profit and bottom-line loss: FY2025 operating income was
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 Global 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.
Not available for Global Net Lease Inc, and counted as zero in the overall score.
Global Net Lease Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
Global Net Lease Inc reported a net loss of $225.5M while generating $222.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Global Net Lease Inc earns $0.57 in operating income for every $1 of interest expense ($111.0M vs $194.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Global Net Lease Inc generated $495.3M in revenue in fiscal year 2025. This represents a decrease of 13.1% from the prior year.
Global Net Lease Inc's EBITDA was $302.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 25.4% from the prior year.
Global Net Lease Inc reported -$225.5M in net income in fiscal year 2025. This represents a decrease of 71.4% from the prior year.
Global Net Lease Inc earned -$1.21 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 59.2% from the prior year.
Cash & Balance Sheet
Global Net Lease Inc held $180.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Global Net Lease Inc paid $0.84 per share in dividends in fiscal year 2025. This represents a decrease of 28.4% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Global Net Lease Inc's operating margin was 22.4% in fiscal year 2025, reflecting core business profitability. This is down 10.6 percentage points from the prior year.
Global Net Lease Inc's net profit margin was -45.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 22.4 percentage points from the prior year.
Global Net Lease Inc's ROE was -13.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Global Net Lease Inc spent $120.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
GNL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $459.7M | $495.3M-13.1% | $569.8M+27.8% | $445.8M+17.7% | $378.9M-3.2% | $391.2M+18.5% | $330.1M+7.8% | $306.2M+8.5% | $282.2M+8.8% | $259.3M+21.1% | $214.2M+4.3% | $205.3M+119.9% | $93.4M+2263.5% | $4.0M+13070.0% | $30K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $28.2M+15.4% | $24.5M+23.8% | $19.8M | 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 | $254.0M+8.1% | $234.8M+20.8% | $194.4M | N/A | N/A | N/A | N/A |
| SG&A Expenses | $49.2M | $52.8M+0.8% | $52.4M+40.7% | $37.2M+109.7% | $17.7M+2.9% | $17.2M+29.9% | $13.3M+31.2% | $10.1M-3.2% | $10.4M+20.7% | $8.6M+21.7% | $7.1M-0.9% | $7.2M+66.3% | $4.3M+7337.9% | $58K-68.3% | $183K |
| Operating Income | $182.2M | $111.0M-41.0% | $188.1M+1330.1% | -$15.3M-115.2% | $100.5M-10.2% | $111.9M+12.8% | $99.2M-13.6% | $114.9M+68.9% | $68.0M-21.9% | $87.1M+18.4% | $73.6M+121.7% | $33.2M+176.2% | -$43.6M-619.3% | -$6.1M-1402.7% | -$403K |
| Interest Expense | $165.9M | $194.7M-23.8% | $255.7M+42.5% | $179.4M+84.0% | $97.5M+3.4% | $94.3M+31.4% | $71.8M+11.8% | $64.2M+10.7% | $58.0M+19.7% | $48.5M+23.8% | $39.1M+12.2% | $34.9M+134.7% | $14.9M+1432.7% | $969K+9590.0% | $10K |
| Income Tax | $21.9M | $21.8M+390.5% | $4.4M-69.3% | $14.5M+31.2% | $11.0M-9.2% | $12.2M+144.6% | $5.0M+14.7% | $4.3M+78.0% | $2.4M-22.5% | $3.1M-29.0% | $4.4M-24.9% | $5.9M+511.5% | -$1.4M | $0 | $0 |
| Net Income | -$13.5M | -$225.5M-71.4% | -$131.6M+37.9% | -$211.9M-1862.5% | $12.0M+5.8% | $11.4M+5.5% | $10.8M-76.8% | $46.5M+326.5% | $10.9M-53.8% | $23.6M-50.0% | $47.1M+2382.8% | -$2.1M+96.1% | -$53.6M-666.8% | -$7.0M-1592.3% | -$413K |
| EPS (Diluted) | — | -$1.21-59.2% | -$0.76+55.6% | -$1.71 | -$0.09+55.0% | -$0.20-122.2% | -$0.09-123.1% | $0.39 | $0.01 | $0.30 | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GNL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.3B-37.5% | $7.0B-14.1% | $8.1B+104.4% | $4.0B-5.3% | $4.2B+5.4% | $4.0B+7.2% | $3.7B+11.8% | $3.3B+8.9% | $3.0B+5.1% | $2.9B+13.8% | $2.5B+4.6% | $2.4B+1030.1% | $214.9M+7227.9% | $2.9M |
| Cash & Equivalents | $180.1M+12.8% | $159.7M+31.4% | $121.6M+17.6% | $103.3M+15.2% | $89.7M-27.8% | $124.2M-54.0% | $270.3M+169.4% | $100.3M-2.1% | $102.4M+32.5% | $77.3M+5.6% | $73.3M+3.5% | $70.8M+515.5% | $11.5M+4289.3% | $262K |
| Goodwill | $45.9M-10.7% | $51.4M+9.4% | $47.0M+119.9% | $21.4M-3.2% | $22.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.7B-43.7% | $4.8B-12.7% | $5.5B+117.7% | $2.5B-1.9% | $2.6B+6.0% | $2.4B+21.1% | $2.0B+5.9% | $1.9B+15.8% | $1.6B+5.8% | $1.5B+16.3% | $1.3B+30.5% | $1.0B+997.7% | $92.2M+2372.7% | $3.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $55.4M | $0 | N/A | N/A | N/A |
| Total Equity | $1.7B-23.9% | $2.2B-17.1% | $2.6B+83.3% | $1.4B-11.2% | $1.6B+5.8% | $1.5B-9.7% | $1.7B+19.1% | $1.4B+0.9% | $1.4B+4.9% | $1.3B+11.8% | $1.2B-14.9% | $1.4B+1054.4% | $122.7M+15517.1% | -$796K |
| Retained Earnings | -$2.6B-21.4% | -$2.2B-26.3% | -$1.7B-36.4% | -$1.2B-16.3% | -$1.1B-19.6% | -$896.5M-22.3% | -$733.2M-19.1% | -$615.4M-31.4% | -$468.4M-35.4% | -$346.1M-26.8% | -$272.8M-75.9% | -$155.1M-1266.9% | -$11.3M-2450.1% | -$445K |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
GNL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $218.4M | $222.8M-25.6% | $299.5M+108.3% | $143.7M-20.9% | $181.8M-5.5% | $192.5M+8.8% | $176.9M+21.1% | $146.0M+1.0% | $144.6M+10.4% | $131.0M+14.5% | $114.4M+12.0% | $102.2M+1153.9% | -$9.7M-165.8% | -$3.6M-772.5% | -$418K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $17.3M+1093.0% | $1.5M-53.4% | $3.1M+1459.0% | $200K-98.1% | $10.5M+18.7% | $8.8M | $0 | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $128.7M-10.1% | $143.1M+12.0% | $127.8M+11.9% | $114.2M+24.6% | $91.7M+594.6% | -$18.5M-408.1% | -$3.6M-772.5% | -$418K |
| Investing Cash Flow | $708.5M | $1.8B+137.5% | $759.9M+237.7% | -$551.9M-3237.4% | -$16.5M+96.2% | -$436.6M+7.2% | -$470.5M-59.8% | -$294.5M+35.7% | -$457.9M-479.8% | -$79.0M-158.9% | $134.1M+160.4% | -$222.3M+85.3% | -$1.5B-1260.7% | -$111.5M-8116.7% | -$1.4M |
| Financing Cash Flow | -$932.0M | -$2.1B-107.3% | -$995.4M-312.2% | $469.0M+413.2% | -$149.7M-168.6% | $218.3M+55.2% | $140.7M-53.1% | $300.0M-3.9% | $312.2M+1118.3% | -$30.7M+87.0% | -$236.7M-299.2% | $118.8M-92.5% | $1.6B+1174.4% | $124.2M+6027.7% | $2.0M |
| Dividends Paid | $166.5M | $192.1M-29.5% | $272.4M+31.6% | $207.0M+24.1% | $166.8M+6.8% | $156.2M+0.7% | $155.1M+2.8% | $150.8M+2.3% | $147.4M+3.3% | $142.7M+18.6% | $120.4M+23.2% | $97.7M+176.0% | $35.4M+1902.0% | $1.8M+176800.0% | $1K |
| Share Buybacks | $93.8M | $120.3M | $0 | $0-100.0% | $686K+339.7% | $156K | $0 | $0 | N/A | $0 | $0-100.0% | $2.3M | $0 | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GNL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 90.0%-0.6pp | 90.6%-0.2pp | 90.8% | N/A | N/A | N/A | N/A |
| Operating Margin | 22.4%-10.6pp | 33.0%+36.4pp | -3.4%-30.0pp | 26.5%-2.1pp | 28.6%-1.4pp | 30.1%-7.5pp | 37.5%+13.4pp | 24.1%-9.5pp | 33.6%-0.8pp | 34.4%+18.2pp | 16.2%+62.8pp | -46.7% | -153.3% | -1343.3% |
| Net Margin | -45.5%-22.4pp | -23.1%+24.4pp | -47.5%-50.7pp | 3.2%+0.3pp | 2.9%-0.4pp | 3.3%-11.9pp | 15.2%+11.3pp | 3.9%-5.2pp | 9.1%-12.9pp | 22.0%+23.0pp | -1.0%+56.4pp | -57.4% | -176.9% | -1376.7% |
| Return on Equity | -13.6%-7.5pp | -6.0%+2.0pp | -8.0%-8.9pp | 0.8%+0.1pp | 0.7%0.0pp | 0.7%-2.0pp | 2.7%+2.0pp | 0.8%-0.9pp | 1.7%-1.8pp | 3.5%+3.7pp | -0.2%+3.6pp | -3.8%+1.9pp | -5.7% | N/A |
| Return on Assets | -5.2%-3.3pp | -1.9%+0.7pp | -2.6%-2.9pp | 0.3%0.0pp | 0.3%0.0pp | 0.3%-1.0pp | 1.3%+0.9pp | 0.3%-0.4pp | 0.8%-0.8pp | 1.6%+1.7pp | -0.1%+2.1pp | -2.2%+1.0pp | -3.3%+10.8pp | -14.1% |
| Debt-to-Equity | 1.61-0.6x | 2.18+0.1x | 2.07+0.3x | 1.74+0.2x | 1.580.0x | 1.57+0.4x | 1.17-0.1x | 1.32+1.3x | 0.000.0x | 0.040.0x | 0.00-0.7x | 0.710.0x | 0.75 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | 42.0%-8.7pp | 50.7%+1.4pp | 49.3%-4.0pp | 53.3%+8.7pp | 44.6%+64.5pp | -19.8%+72.5pp | -92.3% | -1393.3% |
Not reported in any period shown, so not listed: Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Global Net Lease Inc Ranks
Frequently Asked Questions
What is Global Net Lease Inc's annual revenue?
Global Net Lease Inc (GNL) reported $495.3M in total revenue for fiscal year 2025. This represents a -13.1% 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 declined by 13.1% year-over-year, from $569.8M to $495.3M in fiscal year 2025.
Is Global Net Lease Inc profitable?
No, Global Net Lease Inc (GNL) reported a net income of -$225.5M in fiscal year 2025, with a net profit margin of -45.5%.
What is Global Net Lease Inc's EBITDA?
Global Net Lease Inc (GNL) had EBITDA of $302.2M in fiscal year 2025, 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 22.4% in fiscal year 2025, 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 -45.5% in fiscal year 2025, 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 $0.84 per share in dividends during fiscal year 2025.
What is Global Net Lease Inc's return on equity (ROE)?
Global Net Lease Inc (GNL) has a return on equity of -13.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Global Net Lease Inc's operating cash flow?
Global Net Lease Inc (GNL) generated $222.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Global Net Lease Inc's total assets?
Global Net Lease Inc (GNL) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Global Net Lease Inc's debt-to-equity ratio?
Global Net Lease Inc (GNL) had a debt-to-equity ratio of 1.61 as of fiscal year 2025, 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 -5.2% for fiscal year 2025, 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 6 computable signals; 3 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 Global Net Lease Inc's earnings high quality?
Global Net Lease Inc (GNL) reported a net loss of $225.5M while generating $222.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.57x, 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.
How financially healthy is Global Net Lease Inc?
Global Net Lease Inc (GNL) scores 10 out of 100 on our Financial Health Score, indicating weak 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.