Realty Income Corporation

O · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$51,855	$46,745	$41,569	$39,780	$40,503	$21,821	$23,997	$18,604	$16,068	$14,864	$12,893	$10,090	$6,932	$5,172	$4,270	$3,506	$2,599	$2,268	$2,622	$2,408	$1,674	$1,923	$1,378	$1,150	$805	$646	$538	$641	$579	$531	$431	$324	$306
Enterprise value	$84,959	$73,268	$63,491	$58,340	$56,270	$29,967	$32,003	$25,132	$22,197	$20,720	$17,690	$15,007	$11,124	$8,063	$6,356	$5,089	$3,943	$3,592	$3,899	$3,317	$2,500	$2,424	$1,879	$1,481	$1,118	$1,046	$886	$934	$710	$600	$448	$336	$277
P/E (TTM) at period end	48.99×	55.13×	47.65×	45.76×	112.68×	55.18×	54.98×	51.17×	53.29×	51.52×	50.23×	44.34×	34.04×	45.15×	32.16×	32.91×	24.32×	21.08×	18.67×	21.73×	16.89×	23.21×	15.94×	14.62×	11.92×	11.79×	11.64×	15.53×	16.66×	16.49×	16.83×	21.29×	10.44×
P/S (TTM) at period end	9.02×	8.87×	10.19×	11.90×	19.47×	13.25×	16.13×	14.01×	13.22×	13.47×	12.60×	10.81×	8.88×	10.67×	10.25×	10.32×	8.16×	6.98×	8.91×	10.14×	8.66×	11.28×	9.68×	9.03×	7.33×	6.07×	5.50×	7.75×	8.40×	9.33×	8.36×	6.62×	6.25×
P/B at period end	1.31×	1.20×	1.26×	1.39×	1.62×	1.99×	2.46×	2.30×	2.18×	2.20×	1.97×	1.80×	1.29×	2.14×	1.89×	1.90×	1.75×	1.46×	1.70×	1.53×	1.69×	2.10×	1.66×	1.59×	1.20×	1.25×	1.01×	1.42×	1.34×	1.42×	1.13×	0.96×	0.80×
EV / EBITDA (TTM)	20.47×	15.53×	17.55×	19.58×	30.42×	20.40×	24.01×	21.35×	20.40×	20.96×	19.26×	18.11×	16.25×	18.96×	17.37×	16.83×	13.41×	12.05×	14.41×	15.27×	14.12×	11.50×	8.87×	7.78×	6.45×	6.28×	13.44×	15.26×	6.57×	12.10×	11.07×	12.07×	–
EV / Sales (TTM)	14.78×	13.90×	15.57×	17.45×	27.05×	18.19×	21.51×	18.93×	18.26×	18.78×	17.29×	16.08×	14.26×	16.64×	15.25×	14.98×	12.38×	11.05×	13.25×	13.97×	12.94×	14.22×	13.21×	11.63×	10.18×	9.84×	9.06×	11.28×	10.29×	10.53×	8.69×	6.88×	5.65×
Returns
Return on equity	2.7%	2.2%	2.6%	3.0%	1.4%	3.6%	4.5%	4.5%	4.1%	4.3%	3.9%	4.1%	3.8%	4.7%	5.9%	5.8%	7.2%	6.9%	9.1%	7.0%	10.0%	9.1%	10.4%	10.9%	10.1%	10.6%	8.6%	9.2%	8.0%	8.6%	6.7%	4.5%	7.7%
Return on invested capital	2.1%	3.3%	3.0%	2.6%	2.1%	4.0%	4.1%	4.3%	4.3%	4.2%	4.4%	4.3%	3.9%	5.2%	5.7%	6.1%	7.2%	7.3%	6.7%	6.2%	7.2%	11.9%	13.3%	15.1%	14.6%	15.0%	4.5%	5.3%	15.9%	7.5%	6.4%	4.0%	7.3%
Dividend yield	5.6%	5.8%	5.1%	4.6%	2.9%	4.4%	3.6%	4.1%	4.3%	4.1%	4.1%	4.7%	5.9%	4.6%	5.1%	5.2%	6.8%	7.5%	–	–	–	–	6.1%	6.8%	8.1%	9.0%	10.4%	8.2%	7.7%	9.1%	8.5%	13.8%	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.37×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	0.75×	0.60×	0.72×	0.62×	1.12×	0.88×	0.87×	0.91×	0.88×	0.96×	0.58×	0.90×	0.55×	0.61×	0.47×	0.47×	0.78×	0.65×	0.65×	0.31×	0.19×	0.05×	0.04×	0.00×
Effective tax rate	7.4%	7.1%	5.6%	4.9%	8.1%	3.6%	1.4%	1.4%	1.9%	1.0%	1.1%	1.3%	1.3%	0.7%	1.0%	1.1%	–	–	1.1%	0.7%	–	0.8%	–	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	908	864	693	612	415	345	316	290	274	256	236	219	192	133	126	106	104	101	100	90	80	79	71	68	57	54	54	53	47	46	40	39	40

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$6,055	$5,749	$5,271	$4,079	$3,344	$2,080	$1,647	$1,488	$1,328	$1,216	$1,103	$1,023	$934	$780	$485	$417	$340	$319	$325	$294	$237	$193	$170	$142	$127	$110	$106	$98	$83	$69	$57	$52	$49	$49
Cost of revenue	($1,862)	($586)	($378)	($317)	($226)	($134)	($105)	($89)	($66)	($69)	($63)	($55)	($54)	($39)	($21)	($15)	($6)	($6)	($5)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$4,072	$5,163	$4,893	$3,762	$3,117	$1,947	$1,542	$1,400	$1,262	$1,146	$1,040	$968	$880	$741	$463	$397	$328	$316	$320	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($226)	($203)	($177)	($145)	($138)	($97)	($73)	($66)	($84)	($58)	($52)	($49)	($51)	($57)	($38)	($31)	($25)	($21)	($22)	($23)	($18)	($15)	($13)	($11)	($9)	($8)	($7)	($7)	($7)	($5)	($5)	($5)	–	–
Total operating expenses	($2,340)	($3,536)	($2,573)	($2,040)	($1,809)	($995)	($750)	($660)	($624)	($557)	($502)	($459)	($426)	($364)	($186)	($148)	($117)	($111)	($111)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($4,322)	($4,122)	($2,950)	($2,357)	($2,035)	($1,128)	($855)	($749)	($690)	($627)	($565)	($514)	($480)	($403)	($207)	($167)	($129)	($113)	($116)	($104)	($82)	($63)	–	$35	$32	$34	$31	($58)	($43)	$20	($24)	($26)	($35)	($23)
Operating income	$1,732	$1,627	$2,321	$1,722	$1,309	$952	$792	$739	$638	$589	$538	$509	$454	$378	$278	$249	$211	$205	$209	$190	$155	$131	$170	$177	$159	$144	$137	$40	$39	$90	$33	$26	$14	$26
Earnings
EBITDA	$4,275	$4,151	$4,717	$3,617	$2,979	$1,850	$1,469	$1,333	$1,177	$1,088	$988	$919	$829	$684	$425	$366	$302	$294	$298	$271	$217	$177	$211	$212	$190	$173	$166	$66	$61	$108	$50	$40	$28	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,187)	($1,135)	($1,017)	($730)	($465)	($324)	($309)	($291)	($266)	($247)	($220)	($233)	($216)	($181)	($123)	($108)	($93)	($86)	($94)	($64)	($51)	($41)	–	($27)	($24)	($26)	($32)	($24)	–	($8)	($2)	–	–	–
Pre-tax income	$1,408	$1,155	$934	$929	$918	$392	$411	$444	$370	$325	$320	$288	$273	$183	$147	$153	$123	–	–	$129	$107	–	$85	–	–	–	–	–	$42	–	$32	–	–	–
Income tax expense	($98)	($85)	($67)	($52)	($45)	($32)	($15)	($6)	($5)	($6)	($3)	($3)	($3)	($2)	($1)	($1)	($1)	($1)	($1)	($1)	($1)	–	($1)	($1)	($0)	–	–	–	–	–	–	–	–	–
Net income	$1,268	$1,059	$861	$872	$869	$359	$395	$436	$364	$319	$316	$284	$271	$246	$159	$157	$131	$131	$132	$140	$111	$99	$83	$86	$79	$68	$55	$46	$41	$35	$32	$26	$15	$29
Per share
Diluted EPS (GAAP)	$1.37	$1.17	$0.98	$1.26	$1.42	$0.87	$1.14	$1.38	$1.26	$1.10	$1.13	$1.09	$1.04	$1.06	$0.86	$1.05	$1.01	$1.03	$1.06	$1.16	$1.11	$1.12	$1.15	$1.08	$1.01	$0.88	$0.85	$0.76	$0.78	$0.74	$0.70	$0.56	$0.39	$0.74
Basic EPS (GAAP)	$1.37	$1.17	$0.98	$1.26	$1.42	$0.87	$1.15	$1.38	$1.26	$1.10	$1.13	$1.09	$1.04	$1.06	$0.86	$1.05	$1.01	$1.03	$1.06	$1.16	$1.11	$1.12	$1.15	$1.08	$1.02	$0.88	$0.85	$0.76	$0.78	$0.74	$0.70	$0.56	$0.39	$0.74
Basic shares outstanding	921	907	863	692	612	415	345	316	289	273	255	236	218	192	133	126	106	104	101	100	90	80	79	71	68	57	54	54	53	47	46	40	39	40
Margins
Gross margin	67.3%	89.8%	92.8%	92.2%	93.2%	93.6%	93.6%	94.0%	95.0%	94.3%	94.3%	94.6%	94.2%	95.0%	95.6%	95.2%	96.5%	99.2%	98.3%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	28.6%	28.3%	44.0%	42.2%	39.1%	45.8%	48.1%	49.7%	48.0%	48.5%	48.8%	49.8%	48.6%	48.4%	57.3%	59.8%	62.0%	64.4%	64.3%	64.6%	65.5%	67.6%	100.0%	124.7%	124.8%	131.0%	129.3%	40.9%	47.4%	129.7%	58.2%	49.6%	28.8%	52.5%
Net margin	20.9%	18.4%	16.3%	21.4%	26.0%	17.3%	24.0%	29.3%	27.4%	26.2%	28.6%	27.7%	29.0%	31.5%	32.8%	37.7%	38.5%	41.2%	40.6%	47.7%	46.7%	51.3%	48.6%	60.7%	61.8%	61.5%	51.5%	47.3%	49.9%	50.4%	56.6%	49.7%	31.1%	59.8%

Analyst consensus

Hold34 analysts

Bearish · 3 · Hold · 18 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$0.30	$0.36	Miss
Q4 2024	$0.23	$0.38	Miss
Q1 2025	$0.28	$0.36	Miss
Q2 2025	$0.22	$0.40	Miss
Q3 2025	$0.34	$0.40	Miss
Q4 2025	$0.32	$0.38	Miss
Q1 2026	$0.33	$0.40	Miss
Q2 2026	$0.37	$0.40	Miss

Peers

Company overview

IPO dateOct 18, 1994

CEOSumit Roy

Employees544

SectorReal Estate

IndustryREIT - Retail

CountryUS

ExchangeNew York Stock Exchange

Websitewww.realtyincome.com

Known as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts. With a remarkable 52-year operational history, the firm (NYSE: O) has announced 608 uninterrupted monthly dividends for its common stock and has increased its dividend payout 109 times since going public in 1994. It also holds a distinguished position within the S&P 500 Dividend Aristocrats index. For additional details, please visit the company's official website at www.realtyincome.com.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.