Realty Income Financials
Realty Income (O) reported $5.7B in revenue for fiscal year 2025, up 9.1% 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).
Recurring operating cash flow, not reported earnings, is funding a debt-backed, continuously expanding asset base.
From FY2023 to FY2025, operating cash flow climbed from$3.0B to$4.0B even though net income remained much lower, a gap largely created by heavy depreciation. That gap matters because dividends paid reached$2.9B in FY2025 and were covered by cash generation, while interest expense rose to$1.1B , making the model more dependent on steady operating inflow than on accounting earnings.
The balance sheet is expanding faster than liquidity: assets reached
Since FY2023, debt-to-equity rose to 0.8x while return on assets stayed near
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 Realty Income'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 Realty Income, and counted as zero in the overall score.
Not available for Realty Income, and counted as zero in the overall score.
Realty Income passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Realty Income generates $3.77 in operating cash flow ($4.0B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Realty Income generated $5.7B in revenue in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Realty Income reported $1.1B in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Realty Income earned $1.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Realty Income held $434.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Realty Income paid $3.22 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Realty Income's net profit margin was 18.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.1 percentage points from the prior year.
Realty Income's ROE was 2.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
O 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 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B | $5.7B+9.1% | $5.3B+29.2% | $4.1B+22.0% | $3.3B+60.7% | $2.1B+26.3% | $1.6B+10.7% | $1.5B+12.1% | $1.3B+9.2% | $1.2B+10.2% | $1.1B | N/A | N/A | N/A | N/A | $416.7M |
| SG&A Expenses | $225.7M | $202.6M+14.5% | $176.9M+22.4% | $144.5M+4.4% | $138.5M+42.8% | $97.0M+32.5% | $73.2M+10.1% | $66.5M-21.0% | $84.1M+44.0% | $58.4M+12.5% | $52.0M+5.4% | $49.3M-3.5% | $51.1M-10.2% | $56.9M+49.2% | $38.1M+23.2% | $31.0M |
| Interest Expense | $1.2B | $1.1B+11.6% | $1.0B+39.2% | $730.4M+57.0% | $465.2M+43.7% | $323.6M+4.6% | $309.3M+6.3% | $291.0M+9.4% | $266.0M+7.5% | $247.4M+12.5% | $220.0M-5.6% | $233.1M+7.7% | $216.4M+19.2% | $181.4M+47.3% | $123.1M+13.7% | $108.3M |
| Income Tax | $97.6M | $85.3M+28.1% | $66.6M+28.0% | $52.0M+15.1% | $45.2M+42.7% | $31.7M+115.5% | $14.7M+138.6% | $6.2M+15.3% | $5.3M-11.6% | $6.0M+85.3% | $3.3M+2.9% | $3.2M-8.4% | $3.5M+47.3% | $2.4M+121.5% | $1.1M-27.8% | $1.5M |
| Net Income | $1.3B | $1.1B+23.0% | $860.8M-1.3% | $872.3M+0.3% | $869.4M+141.9% | $359.5M-9.1% | $395.5M-9.4% | $436.5M+20.0% | $363.6M+14.1% | $318.8M+1.0% | $315.6M+11.2% | $283.8M+4.9% | $270.6M+10.2% | $245.6M+54.3% | $159.2M+1.4% | $157.0M |
| EPS (Diluted) | — | $1.17+19.4% | $0.98-22.2% | $1.26-11.3% | $1.42+63.2% | $0.87-23.7% | $1.14-17.4% | $1.38+9.5% | $1.26 | N/A | N/A | N/A | N/A | $1.06+23.3% | $0.86-18.1% | $1.05 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
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.
O 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 | $72.8B+5.8% | $68.8B+19.1% | $57.8B+16.3% | $49.7B+15.2% | $43.1B+108.0% | $20.7B+11.8% | $18.6B+21.6% | $15.3B+8.6% | $14.1B+6.9% | $13.2B+11.0% | $11.8B+7.6% | $11.0B+11.0% | $9.9B+82.8% | $5.4B+22.9% | $4.4B |
| Cash & Equivalents | $434.8M-2.3% | $445.0M+91.0% | $232.9M+36.1% | $171.1M-33.8% | $258.6M-68.6% | $824.5M+1426.5% | $54.0M+420.0% | $10.4M+50.6% | $6.9M-26.8% | $9.4M-81.3% | $50.3M+9.0% | $46.2M | N/A | N/A | N/A |
| Accounts Receivable | $1.1B+20.0% | $877.7M+23.5% | $710.5M+30.8% | $543.2M+27.3% | $426.8M+49.4% | $285.7M+57.0% | $182.0M+25.5% | $145.0M+21.3% | $119.5M+14.3% | $104.6M+28.0% | $81.7M+26.9% | $64.4M+63.7% | $39.3M+81.6% | $21.7M+40.9% | $15.4M |
| Goodwill | $4.9B0.0% | $4.9B+32.2% | $3.7B0.0% | $3.7B+1.5% | $3.7B+25828.8% | $14.2M-1.7% | $14.4M-1.4% | $14.6M-2.3% | $15.0M-0.6% | $15.1M-1.7% | $15.3M-1.0% | $15.5M-1.2% | $15.7M-7.6% | $16.9M-1.5% | $17.2M |
| Total Liabilities | $32.7B+9.7% | $29.8B+20.7% | $24.7B+18.4% | $20.8B+15.7% | $18.0B+85.2% | $9.7B+11.1% | $8.8B+22.6% | $7.1B+7.1% | $6.7B+4.7% | $6.4B+20.3% | $5.3B-1.5% | $5.4B+19.3% | $4.5B+49.3% | $3.0B+39.4% | $2.2B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $4.0B+8.9% | $3.6B-3.9% | $3.8B+18.8% | $3.2B+25.5% | $2.5B+45.7% | $1.8B |
| Total Equity | $39.4B+1.5% | $38.8B+17.9% | $32.9B+14.7% | $28.7B+14.6% | $25.1B+128.1% | $11.0B+12.4% | $9.8B+20.8% | $8.1B+9.7% | $7.4B+8.9% | $6.8B+3.6% | $6.5B+16.4% | $5.6B+4.2% | $5.4B+123.2% | $2.4B+7.0% | $2.3B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Retained Earnings.
O 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 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.2B | $4.0B+11.8% | $3.6B+20.8% | $3.0B+15.4% | $2.6B+93.9% | $1.3B+18.5% | $1.1B+4.4% | $1.1B+13.6% | $940.7M+7.4% | $875.9M+9.5% | $799.9M+15.3% | $693.6M+10.5% | $627.7M+21.0% | $518.9M+58.9% | $326.5M+9.2% | $299.0M |
| Investing Cash Flow | -$8.2B | -$5.7B-69.4% | -$3.3B+64.3% | -$9.4B-11.5% | -$8.4B-30.3% | -$6.4B-216.8% | -$2.0B+42.0% | -$3.5B-113.6% | -$1.6B-30.7% | -$1.3B+26.2% | -$1.7B-40.3% | -$1.2B-3.2% | -$1.2B+11.8% | -$1.3B-32.1% | -$1.0B-7.9% | -$934.9M |
| Financing Cash Flow | $3.8B | $1.7B+8029.8% | -$21.2M-100.3% | $6.4B+12.2% | $5.7B+25.4% | $4.6B+170.5% | $1.7B-32.1% | $2.5B+252.1% | $707.9M+88.7% | $375.1M-56.7% | $866.2M+65.6% | $523.2M-3.2% | $540.8M-33.9% | $818.1M+19.8% | $683.0M+9.7% | $622.5M |
| Dividends Paid | $3.0B | $2.9B+8.5% | $2.7B+27.5% | $2.1B+16.5% | $1.8B+55.1% | $1.2B+21.2% | $964.2M+13.1% | $852.1M+11.9% | $761.6M+10.5% | $689.3M+12.9% | $610.5M+14.5% | $533.2M+11.3% | $479.3M+17.1% | $409.2M+73.1% | $236.3M+7.8% | $219.3M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
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.
O 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 18.4%+2.1pp | 16.3%-5.1pp | 21.4%-4.6pp | 26.0%+8.7pp | 17.3%-6.7pp | 24.0%-5.3pp | 29.3%+2.0pp | 27.4%+1.2pp | 26.2%-2.4pp | 28.6% | N/A | N/A | N/A | N/A | 37.7% |
| Return on Equity | 2.7%+0.5pp | 2.2%-0.4pp | 2.6%-0.4pp | 3.0%+1.6pp | 1.4%-2.2pp | 3.6%-0.9pp | 4.5%0.0pp | 4.5%+0.2pp | 4.3%-0.3pp | 4.7%+0.3pp | 4.3%-0.5pp | 4.8%+0.3pp | 4.6%-2.0pp | 6.6%-0.4pp | 7.0% |
| Return on Assets | 1.5%+0.2pp | 1.3%-0.3pp | 1.5%-0.2pp | 1.8%+0.9pp | 0.8%-1.1pp | 1.9%-0.4pp | 2.4%0.0pp | 2.4%+0.1pp | 2.3%-0.1pp | 2.4%0.0pp | 2.4%-0.1pp | 2.5%0.0pp | 2.5%-0.5pp | 2.9%-0.6pp | 3.5% |
| Debt-to-Equity | 0.83+0.1x | 0.770.0x | 0.750.0x | 0.730.0x | 0.72-0.2x | 0.890.0x | 0.900.0x | 0.880.0x | 0.90+0.3x | 0.590.0x | 0.56-0.1x | 0.68+0.1x | 0.59-0.5x | 1.06+0.3x | 0.78 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Similar Companies
Where Realty Income Ranks
Frequently Asked Questions
What is Realty Income's annual revenue?
Realty Income (O) reported $5.7B in total revenue for fiscal year 2025. This represents a 9.1% 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 Realty Income's revenue growing?
Realty Income (O) revenue grew by 9.1% year-over-year, from $5.3B to $5.7B in fiscal year 2025.
Is Realty Income profitable?
Yes, Realty Income (O) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 18.4%.
What is Realty Income's net profit margin?
Realty Income (O) had a net profit margin of 18.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Realty Income pay dividends?
Yes, Realty Income (O) paid $3.22 per share in dividends during fiscal year 2025.
What is Realty Income's return on equity (ROE)?
Realty Income (O) has a return on equity of 2.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Realty Income's operating cash flow?
Realty Income (O) generated $4.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Realty Income's total assets?
Realty Income (O) had $72.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Realty Income's debt-to-equity ratio?
Realty Income (O) had a debt-to-equity ratio of 0.83 as of fiscal year 2025, 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 1.5% for fiscal year 2025, 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 5 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 Realty Income's earnings high quality?
Realty Income (O) has an earnings quality ratio of 3.77x, 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.
How financially healthy is Realty Income?
Realty Income (O) scores 50 out of 100 on our Financial Health Score, indicating moderate 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.