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REITs · Real Estate · Fiscal year ends Dec 31
Broadstone Net Lease reported revenue of $454M in the fiscal year ended Dec 2025, up 5.2% from the year before. Operating income was $188M, an operating margin of 41.5%, and net income was $96M. Operating cash flow of $299M less capital expenditure of $30M left free cash flow of $270M. Net debt was $2.5B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 383 | 408 | 443 | 432 | 454 |
| Operating incomederived: revenue − total costs | 168 | 188 | 191 | 164 | 188 |
| Interest expense | 64.1 | 78.7 | 80.1 | 74.1 | 94.5 |
| Income tax | – | – | 0.8 | 1.2 | 1.2 |
| Net income | 102 | 122 | 155 | 162 | 96.5 |
| Diluted EPS | 0.67 | 0.72 | 0.83 | 0.86 | 0.50 |
| Diluted shares | 164 | 180 | 196 | 197 | 198 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 21.7 | 21.8 | 19.5 | 14.8 | 30.5 |
| Goodwill | 340 | 340 | 340 | 340 | 340 |
| Total assets | 4,619 | 5,458 | 5,269 | 5,216 | 5,717 |
| Long-term debt | 1,699 | 2,034 | 1,920 | 1,920 | 2,523 |
| Total liabilities | 1,878 | 2,195 | 2,074 | 2,075 | 2,684 |
| Shareholders' equity | 2,577 | 3,093 | 3,049 | 3,004 | 2,902 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 245 | 256 | 271 | 276 | 299 |
| Capital expenditure | 1.6 | 31.4 | 46.3 | 16.8 | 29.7 |
| Free cash flow | 243 | 225 | 225 | 259 | 270 |
| Depreciation & amortisation | 129 | 150 | 153 | 152 | 160 |
| Stock-based compensation | 4.7 | 5.3 | 6.4 | 7.4 | 9.6 |
| Acquisitions | 0.0 | 0.0 | – | – | – |
| Dividends paid | 154 | 181 | 208 | 217 | 219 |
| Dividend per share | – | – | 1.12 | 1.16 | 1.16 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.4% | 8.7% | −2.5% | 5.2% |
| Operating income growth (YoY) | – | 12.1% | 1.6% | −14.2% | 15.0% |
| EPS growth (YoY) | – | 7.5% | 15.3% | 3.6% | −41.9% |
| Operating margin | 43.8% | 46.1% | 43.1% | 38.0% | 41.5% |
| Net margin | 26.8% | 30.0% | 35.1% | 37.6% | 21.2% |
| Return on equityBlank when equity is negative | 4.0% | 3.9% | 5.1% | 5.4% | 3.3% |
| Free cash flow margin | 63.6% | 55.1% | 50.8% | 60.1% | 59.4% |
| Cash conversion (CFO ÷ net income) | 2.39x | 2.10x | 1.74x | 1.70x | 3.10x |
| Interest cover | 2.62x | 2.39x | 2.39x | 2.21x | 2.00x |
| Debt ÷ equity | 0.66x | 0.66x | 0.63x | 0.64x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,677 | 2,012 | 1,900 | 1,905 | 2,492 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.