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Stocks · Real estate · Real Estate Investment Trusts

NNN REIT, INC.

NNN Clue Score61
United States Fiscal year ends December CIK 0000751364
$40.24 -0.07% Close, 9 Oct 2026
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Price $40.24 −10.30% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue533.6Operating income336.3Net income239.5EPS, diluted1.38Fiscal year 2017Revenue584.9 +9.6%Operating income374.2Net income265.0 +10.6%EPS, diluted1.45 +5.1%Fiscal year 2018Revenue622.7 +6.4%Operating income424.8Net income292.4 +10.4%EPS, diluted1.65 +13.8%Fiscal year 2019Revenue670.5 +7.7%Operating income416.5Net income299.2 +2.3%EPS, diluted1.56 −5.5%Fiscal year 2020Revenue660.7 −1.5%Operating income374.5Net income228.8 −23.5%EPS, diluted1.22 −21.8%Fiscal year 2021Revenue726.4 +9.9%Operating income449.1Net income290.1 +26.8%EPS, diluted1.51 +23.8%Fiscal year 2022Revenue773.1 +6.4%Operating income482.5Net income334.6 +15.3%EPS, diluted1.89 +25.2%Fiscal year 2023Revenue828.1 +7.1%Operating income555.1Net income392.3 +17.2%EPS, diluted2.16 +14.3%Fiscal year 2024Revenue869.3 +5.0%Operating income577.9Net income396.8 +1.1%EPS, diluted2.15 −0.5%Fiscal year 2025Revenue926.2 +6.6%Operating income589.5Net income389.8 −1.8%EPS, diluted2.07 −3.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 533.6 584.9 622.7 670.5 660.7 726.4 773.1 828.1 869.3 926.2
Growth +9.6% +6.4% +7.7% −1.5% +9.9% +6.4% +7.1% +5.0% +6.6%
Operating income 336.3 374.2 424.8 416.5 374.5 449.1 482.5 555.1 577.9 589.5
Net income 239.5 265.0 292.4 299.2 228.8 290.1 334.6 392.3 396.8 389.8
Growth +10.6% +10.4% +2.3% −23.5% +26.8% +15.3% +17.2% +1.1% −1.8%
EPS, diluted 1.38 1.45 1.65 1.56 1.22 1.51 1.89 2.16 2.15 2.07
Growth +5.1% +13.8% −5.5% −21.8% +23.8% +25.2% +14.3% −0.5% −3.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin63.0%Net margin44.9%Fiscal year 2017Operating margin64.0%Net margin45.3%Fiscal year 2018Operating margin68.2%Net margin47.0%Fiscal year 2019Operating margin62.1%Net margin44.6%Fiscal year 2020Operating margin56.7%Net margin34.6%Fiscal year 2021Operating margin61.8%Net margin39.9%Fiscal year 2022Operating margin62.4%Net margin43.3%Fiscal year 2023Operating margin67.0%Net margin47.4%Fiscal year 2024Operating margin66.5%Net margin45.7%Fiscal year 2025Operating margin63.6%Net margin42.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow415.3Dividends paid−257.0Fiscal year 2017Operating cash flow421.6Dividends paid−277.1Fiscal year 2018Operating cash flow471.9Dividends paid−303.2Fiscal year 2019Operating cash flow501.7Dividends paid−333.7Fiscal year 2020Operating cash flow450.2Dividends paid−356.4Fiscal year 2021Operating cash flow568.4Dividends paid−367.3Fiscal year 2022Operating cash flow578.4Dividends paid−380.5Fiscal year 2023Operating cash flow612.4Dividends paid−404.5Fiscal year 2024Operating cash flow635.5Dividends paid−420.2Fiscal year 2025Operating cash flow667.1Dividends paid−443.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 415.3 421.6 471.9 501.7 450.2 568.4 578.4 612.4 635.5 667.1
Dividends paid −257.0 −277.1 −303.2 −333.7 −356.4 −367.3 −380.5 −404.5 −420.2 −443.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash294.5Shareholders’ equity3,916.8Fiscal year 2017Cash1.4Shareholders’ equity3,840.6Fiscal year 2018Cash114.3Shareholders’ equity4,154.3Fiscal year 2019Cash1.1Shareholders’ equity4,331.7Fiscal year 2020Cash267.2Shareholders’ equity4,319.3Fiscal year 2021Cash171.3Shareholders’ equity3,901.7Fiscal year 2022Cash2.5Shareholders’ equity4,123.5Fiscal year 2023Cash1.2Shareholders’ equity4,157.5Fiscal year 2024Cash8.7Shareholders’ equity4,362.3Fiscal year 2025Cash5.0Shareholders’ equity4,408.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 294.5 1.4 114.3 1.1 267.2 171.3 2.5 1.2 8.7 5.0
Shareholders’ equity 3,916.8 3,840.6 4,154.3 4,331.7 4,319.3 3,901.7 4,123.5 4,157.5 4,362.3 4,408.3

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
533.6 584.9 622.7 670.5 660.7 726.4 773.1 828.1 869.3 926.2
Growth +9.6% +6.4% +7.7% −1.5% +9.9% +6.4% +7.1% +5.0% +6.6%
36.5 33.8 34.2 37.7 38.2 44.6 41.7 43.7 44.3 46.9
336.3 374.2 424.8 416.5 374.5 449.1 482.5 555.1 577.9 589.5
Growth +11.3% +13.5% −1.9% −10.1% +19.9% +7.4% +15.0% +4.1% +2.0%
212.3 228.7 n/a n/a n/a n/a n/a n/a n/a n/a
0.0 0.0 0.0 0.0 0.0 n/a n/a n/a n/a n/a
239.5 265.0 292.4 299.2 228.8 290.1 334.6 392.3 396.8 389.8
Growth +10.6% +10.4% +2.3% −23.5% +26.8% +15.3% +17.2% +1.1% −1.8%
Per share
1.39 1.45 1.65 1.56 1.22 1.51 1.89 2.16 2.16 2.07
1.38 1.45 1.65 1.56 1.22 1.51 1.89 2.16 2.15 2.07
Growth +5.1% +13.8% −5.5% −21.8% +23.8% +25.2% +14.3% −0.5% −3.7%
144.2 149.1 155.7 164.7 172.1 174.7 176.4 181.2 183.7 187.6
144.7 149.4 156.3 165.1 172.2 174.8 177.1 181.7 184.0 188.0
Growth +3.3% +4.6% +5.6% +4.3% +1.5% +1.3% +2.6% +1.3% +2.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.0% a year over five years, and earnings per share grew 11.2% a year.
  • The diluted share count rose 9.2% in five years, which is dilution.
  • Operating margin is up 7.0 points on five years ago, at 63.6%.
  • Profitable in every one of the 10 years on file.