Broadstone Net Lease (BNL) financial statements
Broadstone Net Lease reported revenue of $454M in fiscal 2025, up 13.7% a year over 9 years.
Net income was $96M and the operating margin 41.5%, against 44.5% in 2016.
Free cash flow was $270M, and the company returned $219M in dividends.
The diluted share count rose 238% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Broadstone Net Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $143M | $182M | $237M | $299M | $322M | $383M | $408M | $443M | $432M | $454M |
| Selling, general and admin | $3M | $5M | $6M | $5M | $28M | $36M | $37M | $39M | $38M | $39M |
| Operating income | $64M | $85M | $109M | $135M | $121M | $168M | $188M | $191M | $164M | $188M |
| Interest expense | $30M | $35M | $53M | $73M | $76M | $64M | $79M | $80M | $74M | $94M |
| Income tax | — | — | — | — | — | — | — | $763,000 | $1M | $1M |
| Net income | $36M | $55M | $69M | $79M | $51M | $102M | $122M | $155M | $162M | $96M |
| EPS (diluted) | $0.69 | $0.80 | $0.86 | $0.83 | $0.44 | $0.67 | $0.72 | $0.83 | $0.86 | $0.50 |
| Diluted shares | 58M | 74M | 88M | 103M | 129M | 164M | 180M | 196M | 197M | 198M |
| Operating margin | 44.5% | 46.8% | 46.1% | 45.2% | 37.5% | 43.8% | 46.1% | 43.1% | 38.0% | 41.5% |
| Net margin | 25.4% | 30.2% | 29.2% | 26.6% | 15.9% | 26.8% | 30.0% | 35.1% | 37.6% | 21.2% |
Balance sheet
Fiscal years, from Broadstone Net Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $22M | $9M | $19M | $12M | $100M | $22M | $22M | $19M | $15M | $31M |
| Goodwill | — | — | — | $0 | $340M | $340M | $340M | $340M | $340M | $340M |
| Total assets | $2.0B | $2.6B | $3.1B | $3.9B | $4.3B | $4.6B | $5.5B | $5.3B | $5.2B | $5.7B |
| Total liabilities | $954M | $1.3B | $1.6B | $2.1B | $1.8B | $1.9B | $2.2B | $2.1B | $2.1B | $2.7B |
| Shareholders' equity | $912M | $1.2B | $1.4B | $1.7B | $2.3B | $2.6B | $3.1B | $3.0B | $3.0B | $2.9B |
| Net debt | -$22M | -$9M | -$19M | -$12M | -$100M | -$22M | -$22M | -$19M | -$15M | -$31M |
Cash flow
Fiscal years, from Broadstone Net Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $67M | $98M | $128M | $147M | $179M | $245M | $256M | $271M | $276M | $299M |
| Capital spending | $2M | $7M | $5M | $5M | $11M | $2M | $31M | $46M | $17M | $30M |
| Free cash flow | $65M | $91M | $123M | $142M | $168M | $243M | $225M | $225M | $259M | $270M |
| Stock-based compensation | — | — | — | — | $2M | $5M | $5M | $6M | $7M | $10M |
| Dividends paid | $36M | $45M | $52M | $62M | $72M | $154M | $181M | $208M | $217M | $219M |
| Share buybacks (net) | -$8M | -$9M | -$10M | -$35M | — | — | — | — | — | — |
| Net borrowing | $103M | $129M | $380M | — | — | — | — | — | — | — |
| Free cash flow margin | 45.7% | 50.2% | 51.7% | 47.6% | 52.3% | 63.6% | 55.1% | 50.8% | 60.1% | 59.4% |
| Dividends per share | $0.61 | $0.60 | $0.59 | $0.60 | $0.56 | $0.94 | $1.01 | $1.06 | $1.10 | $1.11 |
Questions
What was Broadstone Net Lease's revenue in 2025?
$454M in fiscal 2025, from its 10-K filing.
How much free cash flow does Broadstone Net Lease generate?
$270M in fiscal 2025 (operating cash flow minus capital spending).
From Broadstone Net Lease's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.