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

Realty Income (O) reported diluted earnings per share of $1.17 for fiscal year 2025. This represents a 19.4% 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.

Realty Income Financials

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 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).

Rhea AI O FY2025 2026-05-07

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 $72.8B while cash was only $435M, so this business keeps capital deployed rather than stockpiled and relies on ongoing cash generation plus financing activity for flexibility in active investment years.

Since FY2023, debt-to-equity rose to 0.8x while return on assets stayed near 1.5%, suggesting new assets are enlarging the platform more than lifting per-asset profitability. The rising share count reinforces that expansion funding has come from both debt and equity rather than retained profits alone.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Growth

Realty Income's revenue grew 9.1% year-over-year to $5.7B, a solid pace of expansion. This earns a growth score of 65/100.

Leverage

Realty Income carries a low D/E ratio of 0.83, meaning only $0.83 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Returns

Realty Income generates a 2.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is up from 2.2% the prior year.

Piotroski F-Score Neutral

5/9

Realty Income passes 5 of 9 financial strength tests. 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.

Earnings Quality Cash-Backed

3.77x

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

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Earnings & Revenue

Revenue

$5.7B

YoY+9.1%

5Y CAGR+28.4%

Realty Income generated $5.7B in revenue in fiscal year 2025. This represents an increase of 9.1% from the prior year.

EBITDA

N/A

Net Income

$1.1B

YoY+23.0%

5Y CAGR+21.8%

10Y CAGR+14.1%

Realty Income reported $1.1B in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.

EPS (Diluted)

$1.17

YoY+19.4%

5Y CAGR+0.5%

Realty Income earned $1.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$434.8M

YoY-2.3%

5Y CAGR-12.0%

10Y CAGR+24.1%

Realty Income held $434.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.22

YoY+2.9%

5Y CAGR+2.9%

Realty Income paid $3.22 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.

Shares Outstanding

934M

YoY+4.8%

5Y CAGR+20.9%

10Y CAGR+14.1%

Realty Income had 934M shares outstanding in fiscal year 2025. This represents an increase of 4.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

18.4%

YoY+2.1pp

5Y CAGR-5.6pp

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.

Return on Equity

2.7%

YoY+0.5pp

5Y CAGR-0.9pp

10Y CAGR-1.7pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

O Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.7B+9.1%	$5.3B+29.2%	$4.1B+22.0%	$3.3B+60.7%	$2.1B+26.3%	$1.6B
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	$202.6M+14.5%	$176.9M+22.4%	$144.5M+4.4%	$138.5M+42.8%	$97.0M+32.5%	$73.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.1B+11.6%	$1.0B+39.2%	$730.4M+57.0%	$465.2M+43.7%	$323.6M+4.6%	$309.3M
Income Tax	$85.3M+28.1%	$66.6M+28.0%	$52.0M+15.1%	$45.2M+42.7%	$31.7M+115.5%	$14.7M
Net Income	$1.1B+23.0%	$860.8M-1.3%	$872.3M+0.3%	$869.4M+141.9%	$359.5M-9.1%	$395.5M
EPS (Diluted)	$1.17+19.4%	$0.98-22.2%	$1.26-11.3%	$1.42+63.2%	$0.87-23.7%	$1.14

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.5B+4.1%	$1.5B+1.2%	$1.5B+4.3%	$1.4B+2.2%	$1.4B+3.0%	$1.3B+0.7%	$1.3B-0.6%	$1.3B
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	$58.9M+8.8%	$54.1M-1.6%	$55.0M+11.6%	$49.3M+12.0%	$44.0M-10.3%	$49.1M+17.3%	$41.9M-7.1%	$45.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$291.9M+1.3%	$288.2M-2.1%	$294.5M+3.8%	$283.8M+5.8%	$268.4M+0.1%	$268.1M+2.6%	$261.3M+5.8%	$246.9M
Income Tax	$26.2M+20.2%	$21.8M-8.5%	$23.8M-1.0%	$24.1M+53.7%	$15.7M-22.1%	$20.1M+30.9%	$15.4M-1.8%	$15.6M
Net Income	$320.9M+8.4%	$296.1M-6.2%	$315.8M+60.4%	$196.9M-21.2%	$249.8M+25.2%	$199.6M-25.9%	$269.5M+3.9%	$259.4M
EPS (Diluted)	$0.33	N/A	$0.35+59.1%	$0.22-21.4%	$0.28	N/A	$0.30+3.4%	$0.29

O Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$72.8B+5.8%	$68.8B+19.1%	$57.8B+16.3%	$49.7B+15.2%	$43.1B+108.0%	$20.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$434.8M-2.3%	$445.0M+91.0%	$232.9M+36.1%	$171.1M-33.8%	$258.6M-68.6%	$824.5M
Inventory	N/A	N/A	N/A	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
Goodwill	$4.9B0.0%	$4.9B+32.2%	$3.7B0.0%	$3.7B+1.5%	$3.7B+25828.8%	$14.2M
Total Liabilities	$32.7B+9.7%	$29.8B+20.7%	$24.7B+18.4%	$20.8B+15.7%	$18.0B+85.2%	$9.7B
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	$39.4B+1.5%	$38.8B+17.9%	$32.9B+14.7%	$28.7B+14.6%	$25.1B+128.1%	$11.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$74.6B+2.4%	$72.8B+2.1%	$71.3B-0.2%	$71.4B+2.4%	$69.8B+1.3%	$68.8B+0.5%	$68.5B+0.6%	$68.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$373.5M-14.1%	$434.8M+4.2%	$417.2M-47.9%	$800.4M+150.9%	$319.0M-28.3%	$445.0M+12.1%	$397.0M-10.4%	$442.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1B+6.0%	$1.1B+4.6%	$1.0B+4.6%	$962.1M+1.0%	$952.4M+8.5%	$877.7M+5.1%	$835.3M+5.9%	$788.6M
Goodwill	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B0.0%	$4.9B
Total Liabilities	$33.3B+2.0%	$32.7B+2.0%	$32.0B-0.1%	$32.1B+5.1%	$30.5B+2.5%	$29.8B-0.1%	$29.8B+2.2%	$29.1B
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-0.7%	$39.4B+1.0%	$39.1B-0.3%	$39.2B+0.3%	$39.0B+0.5%	$38.8B+1.0%	$38.5B-0.3%	$38.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

O Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.0B+11.8%	$3.6B+20.8%	$3.0B+15.4%	$2.6B+93.9%	$1.3B+18.5%	$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	-$5.7B-69.4%	-$3.3B+64.3%	-$9.4B-11.5%	-$8.4B-30.3%	-$6.4B-216.8%	-$2.0B
Financing Cash Flow	$1.7B+8029.8%	-$21.2M-100.3%	$6.4B+12.2%	$5.7B+25.4%	$4.6B+170.5%	$1.7B
Dividends Paid	$2.9B+8.5%	$2.7B+27.5%	$2.1B+16.5%	$1.8B+55.1%	$1.2B+21.2%	$964.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$874.5M-27.3%	$1.2B+27.6%	$943.1M-11.1%	$1.1B+34.7%	$787.5M-19.0%	$972.0M+15.5%	$841.5M-14.2%	$981.2M
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	-$2.6B-22.0%	-$2.1B-95.9%	-$1.1B+6.7%	-$1.2B+11.9%	-$1.3B+25.9%	-$1.8B-229.7%	-$537.3M+16.7%	-$645.1M
Financing Cash Flow	$1.7B+73.1%	$988.5M+485.9%	-$256.2M-144.9%	$570.9M+52.4%	$374.6M-56.7%	$864.7M+352.6%	-$342.3M+38.9%	-$560.6M
Dividends Paid	$758.0M+1.9%	$743.8M+0.8%	$737.9M+1.4%	$727.5M+2.2%	$711.8M+2.9%	$691.9M+0.7%	$687.1M+1.6%	$676.2M
Share Buybacks	$101.9M	N/A	N/A	N/A	$0	N/A	N/A	N/A

O 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	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.4%+2.1pp	16.3%-5.1pp	21.4%-4.6pp	26.0%+8.7pp	17.3%-6.7pp	24.0%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.83+0.1	0.77+0.0	0.75+0.0	0.730.0	0.72-0.2	0.89
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	20.7%+0.8pp	19.9%-1.6pp	21.5%+7.5pp	14.0%-4.1pp	18.1%+3.2pp	14.9%-5.4pp	20.3%+0.9pp	19.4%
Return on Equity	0.8%+0.1pp	0.8%-0.1pp	0.8%+0.3pp	0.5%-0.1pp	0.6%+0.1pp	0.5%-0.2pp	0.7%+0.0pp	0.7%
Return on Assets	0.4%+0.0pp	0.4%-0.0pp	0.4%+0.2pp	0.3%-0.1pp	0.4%+0.1pp	0.3%-0.1pp	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	0.85+0.0	0.830.0	0.820.0	0.82+0.0	0.78+0.0	0.770.0	0.77+0.0	0.76
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 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.

How many shares does Realty Income have outstanding?

Realty Income (O) had 934M shares outstanding as of fiscal year 2025.

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 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 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 28 out of 100 on our Financial Profile, indicating weak 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.