Global Net Lease (GNL) financial statements
Global Net Lease reported revenue of $495M in fiscal 2025, up 9.8% a year over 9 years.
Net income was -$269M and the operating margin 22.4%, against 34.4% in 2016.
The diluted share count rose 294% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Global Net Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $214M | $259M | $282M | $306M | $330M | $391M | $379M | $446M | $570M | $495M |
| Cost of revenue | $20M | $24M | $28M | — | — | — | — | — | — | — |
| Gross profit | $194M | $235M | $254M | — | — | — | — | — | — | — |
| Selling, general and admin | $7M | $9M | $10M | $10M | $13M | $17M | $18M | $37M | $52M | $53M |
| Operating income | $74M | $87M | $68M | $115M | $99M | $112M | $101M | -$15M | $188M | $111M |
| Interest expense | $39M | $48M | $58M | $64M | $72M | $94M | $98M | $179M | $256M | $195M |
| Pre-tax income | $52M | $27M | $13M | $51M | $16M | $24M | $23M | -$177M | -$75M | -$114M |
| Income tax | $4M | $3M | $2M | $4M | $5M | $12M | $11M | $14M | $4M | $22M |
| Net income | $47M | $21M | $1M | $35M | -$8M | -$9M | -$8M | -$239M | -$175M | -$269M |
| EPS (diluted) | $0.82 | $0.30 | $0.01 | $0.39 | -$0.09 | -$0.20 | -$0.09 | -$1.71 | -$0.76 | -$1.21 |
| Diluted shares | 57M | 67M | 70M | 86M | 89M | 98M | 104M | 143M | 230M | 223M |
| Gross margin | 90.8% | 90.6% | 90.0% | — | — | — | — | — | — | — |
| Operating margin | 34.4% | 33.6% | 24.1% | 37.5% | 30.1% | 28.6% | 26.5% | -3.4% | 33.0% | 22.4% |
| Net margin | 22.0% | 8.0% | 0.4% | 11.3% | -2.4% | -2.2% | -2.2% | -53.7% | -30.8% | -54.4% |
Balance sheet
Fiscal years, from Global 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 | $70M | $102M | $100M | $270M | $124M | $90M | $103M | $122M | $160M | $180M |
| Goodwill | — | — | — | — | — | $22M | $21M | $47M | $51M | $46M |
| Total assets | $2.9B | $3.0B | $3.3B | $3.7B | $4.0B | $4.2B | $4.0B | $8.1B | $7.0B | $4.3B |
| Total liabilities | $1.5B | $1.6B | $1.9B | $2.0B | $2.4B | $2.6B | $2.5B | $5.5B | $4.8B | $2.7B |
| Shareholders' equity | $1.3B | $1.4B | $1.4B | $1.7B | $1.5B | $1.6B | $1.4B | $2.6B | $2.2B | $1.7B |
| Net debt | -$70M | -$102M | -$100M | -$270M | -$124M | -$90M | -$103M | -$122M | -$160M | -$180M |
Cash flow
Fiscal years, from Global Net Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $114M | $131M | $145M | $146M | $177M | $192M | $182M | $144M | $299M | $223M |
| Capital spending | $200,000 | $3M | $1M | $17M | — | — | — | — | — | — |
| Free cash flow | $114M | $128M | $143M | $129M | — | — | — | — | — | — |
| Stock-based compensation | $4M | -$4M | $3M | $10M | $10M | $11M | $12M | $17M | $9M | $13M |
| Dividends paid | $120M | $143M | $147M | $151M | $155M | $156M | $167M | $207M | $272M | $192M |
| Share buybacks (net) | $0 | $0 | — | $0 | $0 | -$156,000 | -$686,000 | $0 | $0 | -$120M |
| Free cash flow margin | 53.3% | 49.3% | 50.7% | 42.0% | — | — | — | — | — | — |
| Dividends per share | $2.12 | $2.13 | $2.12 | $1.75 | $1.73 | $1.59 | $1.61 | $1.45 | $1.18 | $0.86 |
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What was Global Net Lease's revenue in 2025?
$495M in fiscal 2025, from its 10-K filing.
From Global Net Lease's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.