NNN REIT Inc Financials

NNN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows NNN REIT Inc (NNN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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

Financial Profile 71/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

NNN REIT Inc has an operating margin of 63.6%, meaning the company retains $64 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 66.5% the prior year.

Growth

NNN REIT Inc's revenue grew 6.6% year-over-year to $926.2M, a solid pace of expansion. This earns a growth score of 47/100.

Leverage

100

NNN REIT Inc carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

NNN REIT Inc's ROE of 8.8% shows moderate profitability relative to equity, earning a score of 35/100. This is down from 9.1% the prior year.

Piotroski F-Score Neutral

4/9

NNN REIT 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 Cash-Backed

1.71x

For every $1 of reported earnings, NNN REIT Inc generates $1.71 in operating cash flow ($667.1M OCF vs $389.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.9x

NNN REIT Inc earns $2.9 in operating income for every $1 of interest expense ($589.5M vs $204.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Revenue

$926.2M

YoY+6.6%

5Y CAGR+7.0%

10Y CAGR+6.7%

NNN REIT Inc generated $926.2M in revenue in fiscal year 2025. This represents an increase of 6.6% from the prior year.

EBITDA

$857.9M

YoY+3.7%

5Y CAGR+8.5%

10Y CAGR+7.3%

NNN REIT Inc's EBITDA was $857.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.7% from the prior year.

Free Cash Flow

N/A

Net Income

$389.8M

YoY-1.8%

5Y CAGR+11.2%

10Y CAGR+7.0%

NNN REIT Inc reported $389.8M in net income in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

EPS (Diluted)

$2.07

YoY-3.7%

5Y CAGR+11.2%

10Y CAGR+5.6%

NNN REIT Inc earned $2.07 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.7% from the prior year.

Cash & Debt

$5.0M

YoY-42.2%

5Y CAGR-54.8%

10Y CAGR-9.5%

NNN REIT Inc held $5.0M in cash against $200.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.36

YoY+3.1%

5Y CAGR+2.7%

10Y CAGR+3.3%

NNN REIT Inc paid $2.36 per share in dividends in fiscal year 2025. This represents an increase of 3.1% from the prior year.

Shares Outstanding

190M

YoY+1.3%

5Y CAGR+1.6%

10Y CAGR+3.0%

NNN REIT Inc had 190M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Gross Margin

N/A

Operating Margin

63.6%

YoY-2.8pp

5Y CAGR+7.0pp

10Y CAGR+3.9pp

NNN REIT Inc's operating margin was 63.6% in fiscal year 2025, reflecting core business profitability. This is down 2.8 percentage points from the prior year.

Net Margin

42.1%

YoY-3.6pp

5Y CAGR+7.5pp

10Y CAGR+1.1pp

NNN REIT Inc's net profit margin was 42.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity

8.8%

YoY-0.3pp

5Y CAGR+3.5pp

10Y CAGR+2.9pp

NNN REIT Inc's ROE was 8.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NNN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$926.2M+6.6%	$869.3M+5.0%	$828.1M+7.1%	$773.1M+6.4%	$726.4M+9.9%	$660.7M
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	$46.9M+6.0%	$44.3M+1.2%	$43.7M+4.9%	$41.7M-6.6%	$44.6M+17.0%	$38.2M
Operating Income	$589.5M+2.0%	$577.9M+4.1%	$555.1M+15.0%	$482.5M+7.4%	$449.1M+19.9%	$374.5M
Interest Expense	$204.0M+10.8%	$184.0M+12.3%	$163.9M+10.7%	$148.1M+7.4%	$137.9M+6.5%	$129.4M
Income Tax	N/A	N/A	N/A	N/A	N/A	$0
Net Income	$389.8M-1.8%	$396.8M+1.1%	$392.3M+17.2%	$334.6M+15.3%	$290.1M+26.8%	$228.8M
EPS (Diluted)	$2.07-3.7%	$2.15-0.5%	$2.16+14.3%	$1.89+25.2%	$1.51+23.8%	$1.22

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Revenue	$238.4M+3.6%	$230.2M+1.5%	$226.8M-1.8%	$230.9M+5.7%	$218.5M+1.0%	$216.2M+5.4%	$205.1M+1.2%	$202.6M
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	$11.6M+5.3%	$11.1M-1.4%	$11.2M-13.8%	$13.0M+49.4%	$8.7M-17.3%	$10.5M+3.0%	$10.2M-4.8%	$10.7M
Operating Income	$148.6M+0.9%	$147.3M-1.7%	$149.8M+4.1%	$143.9M+0.1%	$143.7M+2.9%	$139.7M-5.4%	$147.7M+6.4%	$138.7M
Interest Expense	$53.6M+0.4%	$53.4M+8.3%	$49.3M+3.3%	$47.7M+1.8%	$46.9M+8.0%	$43.4M+4.5%	$41.5M+3.6%	$40.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$96.0M-0.9%	$96.8M-3.7%	$100.5M+4.2%	$96.5M-1.5%	$97.9M+1.3%	$96.7M-9.5%	$106.8M+8.2%	$98.7M
EPS (Diluted)	$0.510.0%	$0.51-5.6%	$0.54+5.9%	$0.51-1.9%	$0.52-1.9%	$0.53-10.2%	$0.59+9.3%	$0.54

NNN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.4B+5.7%	$8.9B+2.4%	$8.7B+6.3%	$8.1B+5.1%	$7.8B+1.5%	$7.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.0M-42.2%	$8.7M+634.3%	$1.2M-52.5%	$2.5M-98.5%	$171.3M-35.9%	$267.2M
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	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.0B+10.2%	$4.5B+0.1%	$4.5B+12.0%	$4.0B+4.5%	$3.8B+16.0%	$3.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$200.0M	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.4B+1.1%	$4.4B+4.9%	$4.2B+0.8%	$4.1B+5.7%	$3.9B-9.7%	$4.3B
Retained Earnings	-$882.7M-6.4%	-$829.3M-2.9%	-$805.9M-1.5%	-$793.8M-6.1%	-$747.9M-16.0%	-$644.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Total Assets	$9.4B-1.1%	$9.5B+3.6%	$9.1B+1.4%	$9.0B+1.7%	$8.9B+2.4%	$8.7B+1.2%	$8.6B+2.6%	$8.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.0M-96.8%	$157.9M+2543.8%	$6.0M+17.2%	$5.1M-41.6%	$8.7M+634.3%	$1.2M-98.5%	$77.1M+3281.7%	$2.3M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.0B-1.8%	$5.1B+5.7%	$4.8B+2.6%	$4.7B+3.4%	$4.5B+0.1%	$4.5B+2.3%	$4.4B+4.9%	$4.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$200.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.4B-0.3%	$4.4B+1.3%	$4.4B+0.1%	$4.4B-0.1%	$4.4B+4.9%	$4.2B0.0%	$4.2B+0.2%	$4.2B
Retained Earnings	-$882.7M-2.0%	-$865.2M-1.9%	-$849.2M-1.0%	-$841.2M-1.4%	-$829.3M-2.9%	-$805.9M-0.7%	-$799.9M+0.5%	-$804.0M

NNN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$667.1M+5.0%	$635.5M+3.8%	$612.4M+5.9%	$578.4M+1.7%	$568.4M+26.3%	$450.2M
Capital Expenditures	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
Investing Cash Flow	-$748.1M-76.3%	-$424.3M+37.7%	-$680.7M+12.5%	-$777.6M-79.9%	-$432.2M-202.6%	-$142.8M
Financing Cash Flow	$77.7M+137.5%	-$207.3M-411.1%	$66.6M+91.8%	$34.7M+115.0%	-$232.2M-462.8%	-$41.3M
Dividends Paid	$443.2M+5.5%	$420.2M+3.9%	$404.5M+6.3%	$380.5M+3.6%	$367.3M+3.1%	$356.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Operating Cash Flow	$126.2M-42.2%	$218.3M+82.8%	$119.4M-41.3%	$203.3M+72.7%	$117.7M-3.2%	$121.6M-36.5%	$191.5M+61.7%	$118.5M
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	-$113.2M+54.3%	-$247.9M-44.4%	-$171.7M+20.3%	-$215.3M-20.1%	-$179.3M+26.6%	-$244.4M-64.9%	-$148.2M-1.6%	-$145.8M
Financing Cash Flow	-$165.8M-191.3%	$181.6M+239.5%	$53.5M+530.4%	$8.5M+107.9%	-$107.8M-463.2%	$29.7M-40.2%	$49.7M+82.4%	$27.2M
Dividends Paid	$113.5M+0.6%	$112.8M+3.9%	$108.6M+0.2%	$108.3M0.0%	$108.3M+5.5%	$102.7M0.0%	$102.6M+2.9%	$99.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NNN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	63.6%-2.8pp	66.5%-0.6pp	67.0%+4.6pp	62.4%+0.6pp	61.8%+5.1pp	56.7%
Net Margin	42.1%-3.6pp	45.6%-1.7pp	47.4%+4.1pp	43.3%+3.4pp	39.9%+5.3pp	34.6%
Return on Equity	8.8%-0.3pp	9.1%-0.3pp	9.4%+1.3pp	8.1%+0.7pp	7.4%+2.1pp	5.3%
Return on Assets	4.2%-0.3pp	4.5%-0.1pp	4.5%+0.4pp	4.1%+0.4pp	3.7%+0.7pp	3.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.05-1.0	1.03-0.0	1.08+0.1	0.98-0.0	0.99+0.2	0.77
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	62.3%-1.7pp	64.0%-2.1pp	66.0%+3.7pp	62.3%-3.5pp	65.8%+1.2pp	64.6%-7.4pp	72.0%+3.5pp	68.5%
Net Margin	40.3%-1.8pp	42.1%-2.2pp	44.3%+2.5pp	41.8%-3.0pp	44.8%+0.1pp	44.7%-7.3pp	52.1%+3.3pp	48.7%
Return on Equity	2.2%0.0pp	2.2%-0.1pp	2.3%+0.1pp	2.2%-0.0pp	2.2%-0.1pp	2.3%-0.2pp	2.6%+0.2pp	2.4%
Return on Assets	1.0%0.0pp	1.0%-0.1pp	1.1%+0.0pp	1.1%-0.0pp	1.1%-0.0pp	1.1%-0.1pp	1.3%+0.1pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.05-1.1	1.14+0.0	1.10+0.0	1.07+0.0	1.03-0.0	1.08+0.0	1.06+0.0	1.01
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 NNN REIT Inc's annual revenue?

NNN REIT Inc (NNN) reported $926.2M in total revenue for fiscal year 2025. This represents a 6.6% 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 NNN REIT Inc's revenue growing?

NNN REIT Inc (NNN) revenue grew by 6.6% year-over-year, from $869.3M to $926.2M in fiscal year 2025.

Is NNN REIT Inc profitable?

Yes, NNN REIT Inc (NNN) reported a net income of $389.8M in fiscal year 2025, with a net profit margin of 42.1%.

What is NNN REIT Inc's earnings per share (EPS)?

NNN REIT Inc (NNN) reported diluted earnings per share of $2.07 for fiscal year 2025. This represents a -3.7% 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 NNN REIT Inc's EBITDA?

NNN REIT Inc (NNN) had EBITDA of $857.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does NNN REIT Inc have?

As of fiscal year 2025, NNN REIT Inc (NNN) had $5.0M in cash and equivalents against $200.0M in long-term debt.

What is NNN REIT Inc's operating margin?

NNN REIT Inc (NNN) had an operating margin of 63.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is NNN REIT Inc's net profit margin?

NNN REIT Inc (NNN) had a net profit margin of 42.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does NNN REIT Inc pay dividends?

Yes, NNN REIT Inc (NNN) paid $2.36 per share in dividends during fiscal year 2025.

What is NNN REIT Inc's return on equity (ROE)?

NNN REIT Inc (NNN) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NNN REIT Inc's operating cash flow?

NNN REIT Inc (NNN) generated $667.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NNN REIT Inc's total assets?

NNN REIT Inc (NNN) had $9.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does NNN REIT Inc have outstanding?

NNN REIT Inc (NNN) had 190M shares outstanding as of fiscal year 2025.

What is NNN REIT Inc's debt-to-equity ratio?

NNN REIT Inc (NNN) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NNN REIT Inc's return on assets (ROA)?

NNN REIT Inc (NNN) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NNN REIT Inc's Piotroski F-Score?

NNN REIT Inc (NNN) 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 NNN REIT Inc's earnings high quality?

NNN REIT Inc (NNN) has an earnings quality ratio of 1.71x, 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.

Can NNN REIT Inc cover its interest payments?

NNN REIT Inc (NNN) has an interest coverage ratio of 2.9x, meaning it can adequately 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 NNN REIT Inc?

NNN REIT Inc (NNN) scores 71 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.