Realty Income Corporation (O) financials
NYSE · Real Estate · REIT - Retail · 544 employees · CEO Sumit Roy
- Price
- $58.84
- Market cap
- $55.9B
- Enterprise value
- $87B Data as of 2026-11-14
- Last report
- Q3 '26 filed 2026-11-03
- Next report
- 2027-02-23 EPS est. $0.43
Revenue (TTM)$6.09B+8.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)28.4%-16.0 pp vs a year agoOperating income $1.73B
Net income (TTM)$1.41B+46.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.13B-43.0% vs a year agoCapex $2.02B
Diluted EPS (TTM)$1.45+34.3% vs a year agoSum of the last 4 quarters
Net cash-$31B-8.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $55.9B Updated 28m ago
- Revenue
- $6.09B Trailing 12 months
- Revenue growth
- -1% FY2026 consensus
- Profit margin
- 23.2% Net income / revenue, TTM
- P/E
- 40.6× Forward 38.2× (FY2026)
- P/S
- 9.2× Price / sales, TTM
- EV / EBITDA
- 17.6× TTM
- Free cash flow
- $2.13B Trailing 12 months
- Net income
- $1.41B Trailing 12 months
- Revenue estimate
- $5.71B FY2026 consensus
- Earnings
- 2027-02-23 Revenue est. $1.46B · Updated 28m ago
- Dividend
- $0.27 Per payment · 2026-11-30
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-11-02): revenue beat by 13.3%, EPS beat by 5.7%Revenue $1.62B vs $1.43B expected (+13.3%); EPS $0.43 vs $0.41 (+5.7%).
- Revenue growth accelerating: 10.3% year on yearQ3 '26 revenue $1.62B, against an average of 8.7% over the four quarters before.
- Operating margin 28.4% (TTM), -16.0 pp on a year agoOperating income grew -30.6% while revenue grew 8.6%.
- 19.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.45B vs operating income $1.73B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 33.2% of revenue (a year ago 0.6%)$2.02B invested in the last 4 quarters (+5,487.2% on a year earlier). Free cash flow $2.13B = 150.9% of net income.
- Returned $3.32B to shareholders = 156.1% of free cash flowBuybacks $291M (a year earlier $0), dividends $3.03B, stock-based pay $29.7M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 3.7% in a year949M diluted shares in Q3 '26, 915M a year earlier.
- Net debt $31BCash + short-term investments $369M, debt incl. leases $31.4B; a year ago net debt $28.5B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.62B | $1.47B | +10.3% |
| Gross margin | 92.5% | 92.7% | -0.3 pp |
| Operating income | $669M | $674M | -0.8% |
| Operating margin | 41.2% | 45.8% | -4.6 pp |
| Net income | $404M | $316M | +27.9% |
| Diluted EPS | $0.43 | $0.35 | +22.9% |
| Operating cash flow | $926M | $943M | -1.8% |
| Capex | $38.8M | $0 | – |
| Free cash flow | $887M | $943M | -5.9% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $7.72M | -100.0% |
Reported vs consensus
2026-11-02| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.62B | $1.43B | +13.3% |
| EPS (as estimated) | $0.43 | $0.41 | +5.7% |
From the report of 2026-11-02 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share of listed | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product And Service, Retail | $1.12B | – | 100.0% | $4.33B | – |
The listed lines add up to 75.1% of the quarter's revenue ($1.49B); the shares in the table are shares of the listed lines.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.15B
- Capex
- -$2.02B
- Buybacks
- -$291M
- Dividends
- -$3.03B
- Acquisitions
- -$28.7M
- Net debt issued
- $3.21B
- Stock-based compensation
- $29.7M
- Free cash flow
- $2.13B
- Returned to shareholders / FCF
- 156.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 40.6× | 55.0× | 44.7× – 82.3× |
| EV / EBITDA | 17.6× | 22.9× | 16.9× – 35.2× |
| EV / Sales | 14.3× | 16.5× | 13.8× – 21.8× |
| Price / FCF | 26.3× | 15.7× | 12.8× – 22.8× |
| Price / Book | 1.4× | 1.2× | 1.2× – 1.4× |
| FCF yield | 3.8% | 6.7% | 4.4% – 7.8% |
| Return on invested capital | 2.2% | 7.0% | 2.1% – 24.5% |
| Return on equity | 3.6% | 2.4% | 1.4% – 3.0% |
Analysts
Consensus target $75.58 (+28.5%)
range $59.00 – $187.00 · rating Hold
Strong buy0
Buy13
Hold19
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $5.71B | -0.7% | $1.54 | +31.6% | 38.2× | 8 |
| FY2027 | $6.1B | +6.8% | $1.68 | +9.2% | 35.0× | 7 |
| FY2028 | $6.49B | +6.4% | $1.68 | -0.2% | 35.1× | 8 |
| FY2029 | $7.08B | +9.2% | $1.71 | +1.9% | 34.4× | 5 |
| FY2030 | $5.91B | -16.5% | $1.31 | -23.4% | 44.9× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 257 figures Realty Income Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $27.9M | $0 | – | – | – | – | |
| $14.3M | – | – | – | – | – | |
| Accounts Payable and Accrued Liabilities | $1.09B | $930M | +17.7% | $1.06B | $759M | +39.7% |
| Accounts Receivable, after Allowance for Credit Loss | $1.22B | $1.01B | +21.0% | $1.05B | $878M | +20.0% |
| Accounts Receivable, Allowance for Credit Loss | $5.8M | $4.8M | +20.8% | $5.1M | $0 | – |
| Accrual for Taxes Other than Income Taxes | $117M | $110M | +6.9% | $92.2M | $92.4M | -0.2% |
| Accrued Income Taxes | $138M | $82.8M | +66.2% | $120M | $84.9M | +41.6% |
| Accumulated Distributions in Excess of Net Income | $11.8B | $10.1B | +16.7% | $10.5B | $8.65B | +21.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $105M | $92.3M | +13.6% | $105M | $38.2M | +174.7% |
| Amortization of above and below Market Leases | $17.7M | $10.5M | +69.6% | – | – | – |
| Amortization of Debt Discount (Premium) | – | – | – | -$995K2019-12-31 | -$1.26M | +20.8% |
| Amortization of Debt Issuance Costs | $9.12M2026-06-30 | $7.16M | +27.4% | $29.7M | $23.9M | +23.9% |
| Area of Real Estate Property | 355,000,000 sqft2025-12-31 | 339,400,000 sqft | +4.6% | 355,000,000 sqft | 339,400,000 sqft | +4.6% |
| Assets | $78B | $71.3B | +9.4% | $72.8B | $68.8B | +5.8% |
| Below Market Lease, Accumulated Amortization | $733M | $603M | +21.6% | $641M | $483M | +32.7% |
| Below Market Lease, Gross | $2.2B | $2.13B | +3.1% | $2.14B | $2.12B | +0.8% |
| Below Market Lease, Net | $1.46B | $1.53B | -4.2% | $1.49B | $1.64B | -8.7% |
| Business Combination, Acquisition Related Costs | $2.69M | $13.3M | -79.8% | $24.2M | $96.3M | -74.9% |
| Cash and Cash Equivalents, at Carrying Value | $369M | $417M | -11.7% | $435M | $445M | -2.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $576M | $443M | +30.0% | $521M | $496M | +5.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$39.2M | -$399M | +90.2% | $25.3M | $203M | -87.6% |
| Commercial Paper | $1.5B | $469M | +219.6% | $517M | $67.3M | +667.9% |
| Commercial Paper | – | – | – | 65,000,000 EUR2024-12-31 | 583,000,000 EUR | -88.9% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.81 | $0.81 | +0.7% | $3.22 | $3.13 | +2.9% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1.3B | 1.3B | 0.0% | 1.3B | 1.3B | 0.0% |
| Common Stock, Shares, Issued | 951M | 920M | +3.4% | 934M | 892M | +4.8% |
| Common Stock, Shares, Outstanding | 951M | 920M | +3.4% | 934M | 892M | +4.8% |
| Common Stocks, Including Additional Paid in Capital | $51.1B | $49B | +4.3% | $49.9B | $47.5B | +5.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $414M | $312M | +32.6% | $1.13B | $812M | +38.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $451M | $314M | +43.5% | – | – | – |
| Construction Payable | $61.7M | $42.3M | +45.8% | $36.1M | $59.6M | -39.5% |
| Costs and Expenses | $1.29B | $1.19B | +8.2% | $4.79B | $4.49B | +6.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | -$407K | +100.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $70.3M | $54.7M | +28.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $84.7M | $63M | +34.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $14.5M | $8.78M | +64.5% |
| Debt Issuance Costs, Line of Credit Arrangements, Net | $32.4M | $28.1M | +15.2% | $25.2M | $7.33M | +244.4% |
| Deferred Credits and Other Liabilities | $405M | $357M | +13.2% | $461M | $352M | +30.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $603K | $3.55M | -83.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $603K | $3.55M | -83.0% |
| Deferred Income Taxes and Tax Credits | $0 | $3.83M | -100.0% | $603K | $3.55M | -83.0% |
| Deferred Rent Receivables, Net | $1B | $829M | +21.0% | $880M | $695M | +26.7% |
| Deferred Tax Liabilities, Net | $13.1M | – | – | – | – | – |
| Deposit Assets | $7.8M | $200K | +3,800.0% | $3.15M | $225K | +1,300.0% |
| Depreciation, Depletion and Amortization | $648M | $632M | +2.5% | $2.52B | $2.4B | +5.4% |
| Derivative Asset | $72.7M | $38M | +91.3% | $8.02M | $47.2M | -83.0% |
| Derivative Assets (Liabilities), at Fair Value, Net | -$77.7M | -$122M | +36.5% | -$198M | -$34.4M | -474.7% |
| Derivative Liability | $150M | $160M | -6.3% | $206M | $81.5M | +152.3% |
| Derivative, Notional Amount | $8.9B | $5.85B | +52.1% | $6.6B | $4.85B | +35.9% |
| Direct Costs of Leased and Rented Property or Equipment | $122M | $107M | +14.8% | $429M | $378M | +13.5% |
| Disposal Group, Including Discontinued Operation, Assets | $195M | $175M | +11.4% | $91.8M | $95M | -3.4% |
| Distribution Made to Limited Partner, Cash Distributions Paid | $3.02M2025-09-30 | $2.49M | +21.3% | $10.1M2024-12-31 | $7.73M | +31.3% |
| Distributions Payable to Real Estate Partnerships | $3.02M2025-09-30 | – | – | $1.84M2014-12-31 | – | – |
| Dividends Payable | $266M | $251M | +5.9% | $255M | $238M | +7.2% |
| Dividends Payable, Amount Per Share | $0.27 | $0.27 | +0.7% | $0.27 | $0.26 | +2.3% |
| Dividends, Common Stock, Cash | $820M | $743M | +10.3% | $2.95B | $2.75B | +7.2% |
| Earnings Per Share, Basic | $0.43 | $0.35 | +22.9% | $1.17 | $0.98 | +19.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-14