Realty Income
O · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Realty Income reported revenue of $5.7B in the fiscal year ended Dec 2025, up 9.1% from the year before. Net income was $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| Interest expense | $324M | $465M | $730M | – | – |
| Pre-tax income | $392M | $918M | $929M | $934M | $1.2B |
| Income tax | $32M | $45M | $52M | $67M | $85M |
| Net income | $359M | $869M | $872M | $861M | $1.1B |
| Diluted EPS | 0.87 | 1.42 | 1.26 | 0.98 | 1.17 |
| Diluted shares | 415M | 612M | 693M | 864M | 908M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $259M | $171M | $233M | $445M | $435M |
| Goodwill | $3.7B | $3.7B | $3.7B | $4.9B | $4.9B |
| Total assets | $43.1B | $49.7B | $57.8B | $68.8B | $72.8B |
| Total liabilities | $18B | $20.8B | $24.7B | $29.8B | $32.7B |
| Shareholders' equity | $25.1B | $28.7B | $32.9B | $38.8B | $39.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $2.6B | $3B | $3.6B | $4B |
| Depreciation & amortisation | $898M | $1.7B | $1.9B | $2.4B | $2.5B |
| Stock-based compensation | $42M | $22M | $26M | $57M | $31M |
| Acquisitions | $366M | $0 | $0 | – | – |
| Dividends paid | $1.2B | $1.8B | $2.1B | $2.7B | $2.9B |
| Dividend per share | 2.83 | 2.97 | 3.05 | 3.13 | 3.22 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 60.7% | 22.0% | 29.2% | 9.1% |
| EPS growth (YoY) | – | 63.2% | −11.3% | −22.2% | 19.4% |
| Net margin | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
| Return on equityBlank when equity is negative | 1.4% | 3.0% | 2.6% | 2.2% | 2.7% |
| Cash conversion (CFO ÷ net income) | 3.68x | 2.95x | 3.39x | 4.15x | 3.77x |
Recent filings
More in Real Estate Investment Trusts
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.