NNN REIT Inc Financials
NNN REIT Inc (NNN) reported $926.2M in revenue for fiscal year 2025, up 6.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
NNN REIT’s cash generation outpaces GAAP earnings, while portfolio growth still depends on financing rather than retained cash.
From FY2023 to FY2025, operating cash flow climbed from$612M to$667M while net income was essentially flat. The gap between the two closely tracks depreciation, which reached$268M in FY2025, so reported profit is being reduced by noncash charges more than by weak cash generation.
The balance sheet is asset-heavy and cash-light: FY2025 cash was just
In FY2025, investing outflows of
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 NNN REIT 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.
NNN REIT Inc passes 4 of 6 computable financial strength tests (3 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), both operating efficiency signals pass.
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.
NNN REIT Inc earns $2.89 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
Earnings & Revenue
NNN REIT Inc generated $926.2M in revenue in fiscal year 2025. This represents an increase of 6.6% from the prior year.
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.
NNN REIT Inc reported $389.8M in net income in fiscal year 2025. This represents a decrease of 1.8% from the prior year.
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 & Balance Sheet
NNN REIT Inc held $5.0M in cash against $200.0M in long-term debt as of fiscal year 2025.
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.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
NNN Income Statement
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 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $926.2M+6.6% | $869.3M+5.0% | $828.1M+7.1% | $773.1M+6.4% | $726.4M+9.9% | $660.7M-1.5% | $670.5M+7.7% | $622.7M+6.4% | $584.9M+9.6% | $533.6M+10.5% | $482.9M+11.0% | $434.9M+10.5% | $393.5M+18.3% | $332.6M+28.6% | $258.7M |
| 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+1.4% | $37.7M+9.9% | $34.2M+1.3% | $33.8M-7.4% | $36.5M+5.1% | $34.7M+6.8% | $32.5M+4.6% | $31.1M-2.3% | $31.8M+10.5% | $28.8M |
| Operating Income | $589.5M+2.0% | $577.9M+4.1% | $555.1M+15.0% | $482.5M+7.4% | $449.1M+19.9% | $374.5M-10.1% | $416.5M-1.9% | $424.8M+13.5% | $374.2M+11.3% | $336.3M+16.5% | $288.7M+8.4% | $266.2M+11.0% | $239.9M+18.0% | $203.3M+28.0% | $158.8M |
| Interest Expense | $204.0M+10.8% | $184.0M+12.3% | $163.9M+10.7% | $148.1M+7.4% | $137.9M+6.5% | $129.4M+7.8% | $120.0M+3.6% | $115.8M+6.2% | $109.1M+13.2% | $96.4M+7.0% | $90.0M+5.3% | $85.5M-0.4% | $85.8M+2.4% | $83.8M+10.9% | $75.5M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0-100.0% | $10.3M+13857.3% | -$75K-201.4% | $74K+101.1% | -$6.9M-866.5% | $899K |
| Net Income | $389.8M-1.8% | $396.8M+1.1% | $392.3M+17.2% | $334.6M+15.3% | $290.1M+26.8% | $228.8M-23.5% | $299.2M+2.3% | $292.4M+10.4% | $265.0M+10.6% | $239.5M+21.1% | $197.8M+3.8% | $190.6M+19.0% | $160.1M+12.8% | $142.0M+53.8% | $92.3M |
| EPS (Diluted) | $2.07-3.7% | $2.15-0.5% | $2.16+14.3% | $1.89+25.2% | $1.51+23.8% | $1.22-21.8% | $1.56-5.5% | $1.65+13.8% | $1.45+5.1% | $1.38+15.0% | $1.20-3.2% | $1.24+12.7% | $1.10-0.9% | $1.11+15.6% | $0.96 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
NNN 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 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.4B+5.7% | $8.9B+2.4% | $8.7B+6.3% | $8.1B+5.1% | $7.8B+1.5% | $7.6B+2.7% | $7.4B+4.7% | $7.1B+8.3% | $6.6B+3.6% | $6.3B+16.0% | $5.5B+11.1% | $4.9B+10.3% | $4.5B+11.7% | $4.0B+16.1% | $3.4B |
| Cash & Equivalents | $5.0M-42.2% | $8.7M+634.3% | $1.2M-52.5% | $2.5M-98.5% | $171.3M-35.9% | $267.2M+23932.0% | $1.1M-99.0% | $114.3M+8277.3% | $1.4M-99.5% | $294.5M+2056.4% | $13.7M+28.8% | $10.6M+614.1% | $1.5M-28.5% | $2.1M-0.3% | $2.1M |
| Total Liabilities | $5.0B+10.2% | $4.5B+0.1% | $4.5B+12.0% | $4.0B+4.5% | $3.8B+16.0% | $3.3B+6.9% | $3.1B+5.2% | $2.9B+8.4% | $2.7B+12.5% | $2.4B+14.1% | $2.1B+15.6% | $1.8B+9.3% | $1.7B-0.8% | $1.7B+18.1% | $1.4B |
| Long-Term Debt | $200.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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-0.3% | $4.3B+4.3% | $4.2B+8.2% | $3.8B-1.9% | $3.9B+17.2% | $3.3B+8.4% | $3.1B+11.0% | $2.8B+20.9% | $2.3B+14.7% | $2.0B |
| Retained Earnings | -$882.7M-6.4% | -$829.3M-2.9% | -$805.9M-1.5% | -$793.8M-6.1% | -$747.9M-16.0% | -$644.8M-29.2% | -$499.2M-17.7% | -$424.2M-11.9% | -$379.2M-18.8% | -$319.3M-21.3% | -$263.1M-33.7% | -$196.8M-33.1% | -$147.8M-62.5% | -$91.0M-102.4% | -$44.9M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
NNN 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 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-10.3% | $501.7M+6.3% | $471.9M+11.9% | $421.6M+1.5% | $415.3M+21.8% | $341.1M+15.0% | $296.7M+8.1% | $274.4M+20.3% | $228.1M+28.4% | $177.7M |
| 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+76.9% | -$619.4M-1.6% | -$609.4M+2.6% | -$625.6M+19.8% | -$779.9M-21.0% | -$644.5M-19.0% | -$541.6M+4.7% | -$568.0M+5.6% | -$601.8M+20.0% | -$752.1M |
| 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-1011.5% | $4.5M-98.2% | $250.4M+380.8% | -$89.2M-113.8% | $644.9M+110.0% | $307.1M+20.9% | $253.9M-13.3% | $293.0M-21.6% | $373.6M-35.0% | $574.4M |
| Dividends Paid | $443.2M+5.5% | $420.2M+3.9% | $404.5M+6.3% | $380.5M+3.6% | $367.3M+3.1% | $356.4M+6.8% | $333.7M+10.1% | $303.2M+9.4% | $277.1M+7.8% | $257.0M+12.4% | $228.7M+12.0% | $204.2M+8.0% | $189.1M+12.9% | $167.5M+25.3% | $133.7M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
NNN 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 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 63.6%-2.8pp | 66.5%-0.6pp | 67.0%+4.6pp | 62.4%+0.6pp | 61.8%+5.1pp | 56.7%-5.4pp | 62.1%-6.1pp | 68.2%+4.2pp | 64.0%+1.0pp | 63.0%+3.2pp | 59.8%-1.4pp | 61.2%+0.3pp | 61.0%-0.2pp | 61.1%-0.3pp | 61.4% |
| Net Margin | 42.1%-3.6pp | 45.6%-1.7pp | 47.4%+4.1pp | 43.3%+3.4pp | 39.9%+5.3pp | 34.6%-10.0pp | 44.6%-2.4pp | 47.0%+1.7pp | 45.3%+0.4pp | 44.9%+3.9pp | 41.0%-2.9pp | 43.8%+3.1pp | 40.7%-2.0pp | 42.7%+7.0pp | 35.7% |
| 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%-1.6pp | 6.9%-0.1pp | 7.0%+0.1pp | 6.9%+0.8pp | 6.1%+0.2pp | 5.9%-0.3pp | 6.2%+0.4pp | 5.8%-0.4pp | 6.2%+1.6pp | 4.6% |
| 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%-1.0pp | 4.0%-0.1pp | 4.1%+0.1pp | 4.0%+0.3pp | 3.8%+0.2pp | 3.6%-0.3pp | 3.9%+0.3pp | 3.6%0.0pp | 3.6%+0.9pp | 2.7% |
| Debt-to-Equity | 0.05-1.0x | 1.030.0x | 1.08+0.1x | 0.980.0x | 0.99+0.2x | 0.77+0.1x | 0.720.0x | 0.710.0x | 0.71+0.1x | 0.620.0x | 0.630.0x | 0.590.0x | 0.60-0.1x | 0.740.0x | 0.71 |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
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Where NNN REIT Inc Ranks
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 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.
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 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 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 2.89x, 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 74 out of 100 on our Financial Health Score, indicating strong 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.