NNN REIT (NNN) financial statements
NNN REIT reported revenue of $926M in fiscal 2025, up 6.3% a year over 9 years.
Net income was $390M and the operating margin 63.6%, against 63.0% in 2016.
The diluted share count rose 30% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NNN REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $534M | $585M | $623M | $670M | $661M | $726M | $773M | $828M | $869M | $926M |
| Selling, general and admin | $37M | $34M | $34M | $38M | $38M | $45M | $42M | $44M | $44M | $47M |
| Operating income | $336M | $374M | $425M | $417M | $374M | $449M | $483M | $555M | $578M | $589M |
| Interest expense | $96M | $109M | $116M | $120M | $129M | $138M | $148M | $164M | $184M | $204M |
| Pre-tax income | $212M | $229M | — | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — |
| Net income | $240M | $265M | $292M | $299M | $229M | $290M | $335M | $392M | $397M | $390M |
| EPS (diluted) | $1.38 | $1.45 | $1.65 | $1.56 | $1.22 | $1.51 | $1.89 | $2.16 | $2.15 | $2.07 |
| Diluted shares | 145M | 149M | 156M | 165M | 172M | 175M | 177M | 182M | 184M | 188M |
| Operating margin | 63.0% | 64.0% | 68.2% | 62.1% | 56.7% | 61.8% | 62.4% | 67.0% | 66.5% | 63.6% |
| Net margin | 44.9% | 45.3% | 47.0% | 44.6% | 34.6% | 39.9% | 43.3% | 47.4% | 45.7% | 42.1% |
Balance sheet
Fiscal years, from NNN REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $295M | $1M | $114M | $1M | $267M | $171M | $3M | $1M | $9M | $5M |
| Total assets | $6.3B | $6.6B | $7.1B | $7.4B | $7.6B | $7.8B | $8.1B | $8.7B | $8.9B | $9.4B |
| Total liabilities | $2.4B | $2.7B | $2.9B | $3.1B | $3.3B | $3.8B | $4.0B | $4.5B | $4.5B | $5.0B |
| Shareholders' equity | $3.9B | $3.8B | $4.2B | $4.3B | $4.3B | $3.9B | $4.1B | $4.2B | $4.4B | $4.4B |
| Net debt | -$295M | -$1M | -$114M | -$1M | -$267M | -$171M | -$3M | -$1M | -$9M | -$5M |
Cash flow
Fiscal years, from NNN REIT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $415M | $422M | $472M | $502M | $450M | $568M | $578M | $612M | $636M | $667M |
| Stock-based compensation | $11M | $13M | $9M | $10.7B | $14.2B | $14M | $15M | $12M | $12M | $14M |
| Dividends paid | $257M | $277M | $303M | $334M | $356M | $367M | $381M | $404M | $420M | $443M |
| Dividends per share | $1.78 | $1.85 | $1.94 | $2.02 | $2.07 | $2.10 | $2.15 | $2.23 | $2.28 | $2.36 |
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What was NNN REIT's revenue in 2025?
$926M in fiscal 2025, from its 10-K filing.
From NNN REIT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.