Realty Income Financials

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

This page shows Realty Income (O) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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

Realty Income 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

4.15x

For every $1 of reported earnings, Realty Income generates $4.15 in operating cash flow ($3.6B OCF vs $860.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$5.3B

YoY+29.2%

5Y CAGR+28.8%

Realty Income generated $5.3B in revenue in fiscal year 2024. This represents an increase of 29.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$860.8M

YoY-1.3%

5Y CAGR+14.5%

10Y CAGR+12.3%

Realty Income reported $860.8M in net income in fiscal year 2024. This represents a decrease of 1.3% from the prior year.

EPS (Diluted)

$0.98

YoY-22.2%

5Y CAGR-6.6%

Realty Income earned $0.98 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 22.2% from the prior year.

Cash & Debt

$445.0M

YoY+91.0%

5Y CAGR+52.5%

10Y CAGR+25.4%

Realty Income held $445.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.13

YoY+2.4%

5Y CAGR+2.9%

Realty Income paid $3.13 per share in dividends in fiscal year 2024. This represents an increase of 2.4% from the prior year.

Shares Outstanding

892M

YoY+18.5%

5Y CAGR+21.7%

10Y CAGR+14.8%

Realty Income had 892M shares outstanding in fiscal year 2024. This represents an increase of 18.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.3%

YoY-5.1pp

5Y CAGR-13.0pp

Realty Income's net profit margin was 16.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.1 percentage points from the prior year.

Return on Equity

2.2%

YoY-0.4pp

5Y CAGR-2.2pp

10Y CAGR-2.6pp

Realty Income's ROE was 2.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

O Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$5.3B+29.2%	$4.1B+22.0%	$3.3B+60.7%	$2.1B+26.3%	$1.6B+10.7%	$1.5B
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	$176.9M+22.4%	$144.5M+4.4%	$138.5M+42.8%	$97.0M+32.5%	$73.2M+10.1%	$66.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.0B+39.2%	$730.4M+57.0%	$465.2M+43.7%	$323.6M+4.6%	$309.3M+6.3%	$291.0M
Income Tax	$66.6M+28.0%	$52.0M+15.1%	$45.2M+42.7%	$31.7M+115.5%	$14.7M+138.6%	$6.2M
Net Income	$860.8M-1.3%	$872.3M+0.3%	$869.4M+141.9%	$359.5M-9.1%	$395.5M-9.4%	$436.5M
EPS (Diluted)	$0.98-22.2%	$1.26-11.3%	$1.42+63.2%	$0.87-23.7%	$1.14-17.4%	$1.38

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.5B+4.3%	$1.4B+2.2%	$1.4B+3.0%	$1.3B+0.1%	$1.3B+6.3%	$1.3B+17.1%	$1.1B+3.6%	$1.0B
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	$55.0M+11.6%	$49.3M+12.0%	$44.0M-10.3%	$49.1M+9.0%	$45.1M+10.4%	$40.8M+7.4%	$38.0M+7.0%	$35.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$294.5M+3.8%	$283.8M+5.8%	$268.4M+0.1%	$268.1M+8.6%	$246.9M+2.6%	$240.6M+15.5%	$208.3M+13.1%	$184.1M
Income Tax	$23.8M-1.0%	$24.1M+53.7%	$15.7M-22.1%	$20.1M+28.5%	$15.6M+0.9%	$15.5M-1.9%	$15.8M+39.4%	$11.3M
Net Income	$315.8M+60.4%	$196.9M-21.2%	$249.8M+25.2%	$199.6M-23.0%	$259.4M+96.1%	$132.3M-39.4%	$218.4M-6.5%	$233.5M
EPS (Diluted)	$0.35+59.1%	$0.22-21.4%	$0.28+21.7%	$0.23-20.7%	$0.29+81.2%	$0.16-46.7%	$0.30-9.1%	$0.33

O Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$68.8B+19.1%	$57.8B+16.3%	$49.7B+15.2%	$43.1B+108.0%	$20.7B+11.8%	$18.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$445.0M+91.0%	$232.9M+36.1%	$171.1M-33.8%	$258.6M-68.6%	$824.5M+1426.5%	$54.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$877.7M+23.5%	$710.5M+30.8%	$543.2M+27.3%	$426.8M+49.4%	$285.7M+57.0%	$182.0M
Goodwill	$4.9B+32.2%	$3.7B0.0%	$3.7B+1.5%	$3.7B+25828.8%	$14.2M-1.7%	$14.4M
Total Liabilities	$29.8B+20.7%	$24.7B+18.4%	$20.8B+15.7%	$18.0B+85.2%	$9.7B+11.1%	$8.8B
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	$38.8B+17.9%	$32.9B+14.7%	$28.7B+14.6%	$25.1B+128.1%	$11.0B+12.4%	$9.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$71.3B-0.2%	$71.4B+2.4%	$69.8B+1.3%	$68.8B+1.1%	$68.1B-0.4%	$68.3B+18.3%	$57.8B+4.4%	$55.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$417.2M-47.9%	$800.4M+150.9%	$319.0M-28.3%	$445.0M+0.5%	$442.8M-34.9%	$680.2M+192.0%	$232.9M-32.3%	$344.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.0B+4.6%	$962.1M+1.0%	$952.4M+8.5%	$877.7M+11.3%	$788.6M-0.1%	$789.2M+11.1%	$710.5M+4.7%	$678.4M
Goodwill	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B-1.2%	$5.0B+33.8%	$3.7B0.0%	$3.7B
Total Liabilities	$32.0B-0.1%	$32.1B+5.1%	$30.5B+2.5%	$29.8B+2.2%	$29.1B+0.5%	$29.0B+17.6%	$24.7B+4.9%	$23.5B
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	$39.1B-0.3%	$39.2B+0.3%	$39.0B+0.5%	$38.8B+0.7%	$38.6B-1.0%	$39.0B+18.3%	$32.9B+4.1%	$31.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

O Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$3.6B+20.8%	$3.0B+15.4%	$2.6B+93.9%	$1.3B+18.5%	$1.1B+4.4%	$1.1B
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	-$3.3B+64.3%	-$9.4B-11.5%	-$8.4B-30.3%	-$6.4B-216.8%	-$2.0B+42.0%	-$3.5B
Financing Cash Flow	-$21.2M-100.3%	$6.4B+12.2%	$5.7B+25.4%	$4.6B+170.5%	$1.7B-32.1%	$2.5B
Dividends Paid	$2.7B+27.5%	$2.1B+16.5%	$1.8B+55.1%	$1.2B+21.2%	$964.2M+13.1%	$852.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$943.1M-11.1%	$1.1B+34.7%	$787.5M-19.0%	$972.0M-0.9%	$981.2M+26.0%	$778.7M+2.4%	$760.7M+3.9%	$732.0M
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	-$1.1B+6.7%	-$1.2B+11.9%	-$1.3B+25.9%	-$1.8B-174.6%	-$645.1M-65.9%	-$388.8M+85.7%	-$2.7B-36.4%	-$2.0B
Financing Cash Flow	-$256.2M-144.9%	$570.9M+52.4%	$374.6M-56.7%	$864.7M+254.2%	-$560.6M-3392.3%	$17.0M-99.1%	$1.8B+28.7%	$1.4B
Dividends Paid	$737.9M+1.4%	$727.5M+2.2%	$711.8M+2.9%	$691.9M+2.3%	$676.2M+6.2%	$636.5M+14.5%	$556.1M+2.4%	$543.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

O 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	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.3%-5.1pp	21.4%-4.6pp	26.0%+8.7pp	17.3%-6.7pp	24.0%-5.3pp	29.3%
Return on Equity	2.2%-0.4pp	2.6%-0.4pp	3.0%+1.6pp	1.4%-2.2pp	3.6%-0.9pp	4.5%
Return on Assets	1.3%-0.3pp	1.5%-0.2pp	1.8%+0.9pp	0.8%-1.1pp	1.9%-0.4pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.77+0.0	0.75+0.0	0.730.0	0.72-0.2	0.89-0.0	0.90
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.5%+7.5pp	14.0%-4.1pp	18.1%+3.2pp	14.9%-4.5pp	19.4%+8.9pp	10.5%-9.8pp	20.3%-2.2pp	22.5%
Return on Equity	0.8%+0.3pp	0.5%-0.1pp	0.6%+0.1pp	0.5%-0.2pp	0.7%+0.3pp	0.3%-0.3pp	0.7%-0.1pp	0.7%
Return on Assets	0.4%+0.2pp	0.3%-0.1pp	0.4%+0.1pp	0.3%-0.1pp	0.4%+0.2pp	0.2%-0.2pp	0.4%-0.0pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.820.0	0.82+0.0	0.78+0.0	0.77+0.0	0.76+0.0	0.740.0	0.750.0	0.74
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Simon Prop Grp SPG

$64.9B

Kimco Realty Cp KIM

$15.3B

Regency Ctrs Corp REG

$13.8B

Agree Rlty Corp ADC

$9.2B

NNN REIT Inc NNN

$8.3B

Frequently Asked Questions

What is Realty Income's annual revenue?

Realty Income (O) reported $5.3B in total revenue for fiscal year 2024. This represents a 29.2% 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 Realty Income's revenue growing?

Realty Income (O) revenue grew by 29.2% year-over-year, from $4.1B to $5.3B in fiscal year 2024.

Is Realty Income profitable?

Yes, Realty Income (O) reported a net income of $860.8M in fiscal year 2024, with a net profit margin of 16.3%.

What is Realty Income's earnings per share (EPS)?

Realty Income (O) reported diluted earnings per share of $0.98 for fiscal year 2024. This represents a -22.2% 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 Realty Income's net profit margin?

Realty Income (O) had a net profit margin of 16.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Realty Income pay dividends?

Yes, Realty Income (O) paid $3.13 per share in dividends during fiscal year 2024.

What is Realty Income's return on equity (ROE)?

Realty Income (O) has a return on equity of 2.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Realty Income's operating cash flow?

Realty Income (O) generated $3.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Realty Income's total assets?

Realty Income (O) had $68.8B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Realty Income have outstanding?

Realty Income (O) had 892M shares outstanding as of fiscal year 2024.

What is Realty Income's debt-to-equity ratio?

Realty Income (O) had a debt-to-equity ratio of 0.77 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Realty Income's return on assets (ROA)?

Realty Income (O) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Realty Income's Piotroski F-Score?

Realty Income (O) 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 Realty Income's earnings high quality?

Realty Income (O) has an earnings quality ratio of 4.15x, 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.