Realty Income (O) financial statements
Realty Income reported revenue of $5.7B in fiscal 2025, up 20.1% a year over 9 years.
Net income was $1.1B.
Free cash flow was $3.9B, and the company returned $2.9B in dividends.
The diluted share count rose 255% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Realty Income's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| Selling, general and admin | $52M | $58M | $84M | $66M | $73M | $97M | $138M | $145M | $177M | $203M |
| Operating income | — | — | — | $408M | $336M | $422M | $804M | $890M | $782M | $963M |
| Interest expense | $220M | $247M | $266M | $291M | $309M | $324M | $465M | $730M | — | — |
| Pre-tax income | — | — | — | $444M | $411M | $392M | $918M | $929M | $934M | $1.2B |
| Income tax | $3M | $6M | $5M | $6M | $15M | $32M | $45M | $52M | $67M | $85M |
| Net income | $316M | $319M | $364M | $436M | $395M | $359M | $869M | $872M | $861M | $1.1B |
| EPS (diluted) | $1.13 | $1.10 | $1.26 | $1.38 | $1.14 | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| Diluted shares | 256M | 274M | 290M | 316M | 345M | 415M | 612M | 693M | 864M | 908M |
| Operating margin | — | — | — | 27.4% | 20.4% | 20.3% | 24.0% | 21.8% | 14.8% | 16.8% |
| Net margin | 28.6% | 26.2% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
Balance sheet
Fiscal years, from Realty Income's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $7M | $10M | $54M | $824M | $259M | $171M | $233M | $445M | $435M |
| Goodwill | $15M | $15M | $15M | $14M | $14M | $3.7B | $3.7B | $3.7B | $4.9B | $4.9B |
| Total assets | $13.2B | $14.1B | $15.3B | $18.6B | $20.7B | $43.1B | $49.7B | $57.8B | $68.8B | $72.8B |
| Total liabilities | $6.4B | $6.7B | $7.1B | $8.8B | $9.7B | $18.0B | $20.8B | $24.7B | $29.8B | $32.7B |
| Shareholders' equity | $6.8B | $7.4B | $8.1B | $9.8B | $11.0B | $25.1B | $28.7B | $32.9B | $38.8B | $39.4B |
| Net debt | -$9M | -$7M | -$10M | -$54M | -$824M | -$259M | -$171M | -$233M | -$445M | -$435M |
Cash flow
Fiscal years, from Realty Income's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $800M | $876M | $941M | $1.1B | $1.1B | $1.3B | $2.6B | $3.0B | $3.6B | $4.0B |
| Capital spending | $13M | $15M | $25M | $24M | $9M | $19M | $96M | $69M | $121M | $132M |
| Free cash flow | $786M | $861M | $915M | $1.0B | $1.1B | $1.3B | $2.5B | $2.9B | $3.5B | $3.9B |
| Stock-based compensation | $12M | $14M | $27M | $14M | $17M | $42M | $22M | $26M | $57M | $31M |
| Dividends paid | $611M | $689M | $762M | $852M | $964M | $1.2B | $1.8B | $2.1B | $2.7B | $2.9B |
| Free cash flow margin | 71.3% | 70.8% | 68.9% | 70.2% | 67.2% | 62.6% | 73.8% | 70.9% | 65.5% | 67.2% |
| Dividends per share | $2.39 | $2.52 | $2.63 | $2.70 | $2.79 | $2.82 | $2.96 | $3.05 | $3.12 | $3.22 |
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Open O in InvestinglyQuestions
What was Realty Income's revenue in 2025?
$5.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Realty Income generate?
$3.9B in fiscal 2025 (operating cash flow minus capital spending).
From Realty Income's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.