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REITs · Real Estate · Fiscal year ends Dec 31
NNN Reit reported revenue of $926M in the fiscal year ended Dec 2025, up 6.6% from the year before. Operating income was $589M, an operating margin of 63.6%, and net income was $390M.
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 | 726 | 773 | 828 | 869 | 926 |
| Operating income | 449 | 483 | 555 | 578 | 589 |
| Interest expense | 138 | 148 | 164 | 184 | 204 |
| Net income | 290 | 335 | 392 | 397 | 390 |
| Diluted EPS | 1.51 | 1.89 | 2.16 | 2.15 | 2.07 |
| Diluted shares | 175 | 177 | 182 | 184 | 188 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 171 | 2.5 | 1.2 | 8.7 | 5.0 |
| Total assets | 7,751 | 8,146 | 8,662 | 8,873 | 9,379 |
| Total liabilities | 3,849 | 4,023 | 4,505 | 4,510 | 4,971 |
| Shareholders' equity | 3,902 | 4,124 | 4,157 | 4,362 | 4,408 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 568 | 578 | 612 | 636 | 667 |
| Depreciation & amortisation | 205 | 224 | 239 | 250 | 268 |
| Stock-based compensation | 14.3 | 15.4 | 12.2 | 11.8 | 14.2 |
| Dividends paid | 367 | 381 | 404 | 420 | 443 |
| Dividend per share | 2.10 | 2.16 | 2.23 | 2.29 | 2.36 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.4% | 7.1% | 5.0% | 6.6% |
| Operating income growth (YoY) | – | 7.4% | 15.0% | 4.1% | 2.0% |
| EPS growth (YoY) | – | 25.2% | 14.3% | −0.5% | −3.7% |
| Operating margin | 61.8% | 62.4% | 67.0% | 66.5% | 63.6% |
| Net margin | 39.9% | 43.3% | 47.4% | 45.7% | 42.1% |
| Return on equityBlank when equity is negative | 7.4% | 8.1% | 9.4% | 9.1% | 8.8% |
| Cash conversion (CFO ÷ net income) | 1.96x | 1.73x | 1.56x | 1.60x | 1.71x |
| Interest cover | 3.26x | 3.26x | 3.39x | 3.14x | 2.89x |
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.