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Stocks · Real estate · Real Estate Investment Trusts

Realty Income

O Clue Score57
United States Fiscal year ends December CIK 0000726728
$54.18 +0.02% Close, 9 Oct 2026
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Price $54.18 −20.04% 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.
RevenueNet income
Fiscal year 2016Revenue1.10Net income0.32Fiscal year 2017Revenue1.22 +10.2%Net income0.32 +1.0%Fiscal year 2018Revenue1.33 +9.2%Net income0.36 +14.1%EPS, diluted1.26Fiscal year 2019Revenue1.49 +12.1%Net income0.44 +20.0%EPS, diluted1.38 +9.5%Fiscal year 2020Revenue1.65 +10.7%Net income0.40 −9.4%EPS, diluted1.14 −17.4%Fiscal year 2021Revenue2.08 +26.3%Net income0.36 −9.1%EPS, diluted0.87 −23.7%Fiscal year 2022Revenue3.34 +60.7%Net income0.87 +141.9%EPS, diluted1.42 +63.2%Fiscal year 2023Revenue4.08 +22.0%Net income0.87 +0.3%EPS, diluted1.26 −11.3%Fiscal year 2024Revenue5.27 +29.2%Net income0.86 −1.3%EPS, diluted0.98 −22.2%Fiscal year 2025Revenue5.75 +9.1%Net income1.06 +23.0%EPS, diluted1.17 +19.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.10 1.22 1.33 1.49 1.65 2.08 3.34 4.08 5.27 5.75
Growth +10.2% +9.2% +12.1% +10.7% +26.3% +60.7% +22.0% +29.2% +9.1%
Net income 0.32 0.32 0.36 0.44 0.40 0.36 0.87 0.87 0.86 1.06
Growth +1.0% +14.1% +20.0% −9.4% −9.1% +141.9% +0.3% −1.3% +23.0%
EPS, diluted n/a n/a 1.26 1.38 1.14 0.87 1.42 1.26 0.98 1.17
Growth +9.5% −17.4% −23.7% +63.2% −11.3% −22.2% +19.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin28.6%Fiscal year 2017Net margin26.2%Fiscal year 2018Net margin27.4%Fiscal year 2019Net margin29.3%Fiscal year 2020Net margin24.0%Fiscal year 2021Net margin17.3%Fiscal year 2022Net margin26.0%Fiscal year 2023Net margin21.4%Fiscal year 2024Net margin16.3%Fiscal year 2025Net margin18.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 28.6% 26.2% 27.4% 29.3% 24.0% 17.3% 26.0% 21.4% 16.3% 18.4%

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 flow0.80Dividends paid−0.61Fiscal year 2017Operating cash flow0.88Dividends paid−0.69Fiscal year 2018Operating cash flow0.94Dividends paid−0.76Fiscal year 2019Operating cash flow1.07Dividends paid−0.85Fiscal year 2020Operating cash flow1.12Dividends paid−0.96Fiscal year 2021Operating cash flow1.32Dividends paid−1.17Fiscal year 2022Operating cash flow2.56Dividends paid−1.81Fiscal year 2023Operating cash flow2.96Dividends paid−2.11Fiscal year 2024Operating cash flow3.57Dividends paid−2.69Fiscal year 2025Operating cash flow3.99Dividends paid−2.92
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.80 0.88 0.94 1.07 1.12 1.32 2.56 2.96 3.57 3.99
Dividends paid −0.61 −0.69 −0.76 −0.85 −0.96 −1.17 −1.81 −2.11 −2.69 −2.92

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.01Total debt3.98Net cash (debt)−3.97Shareholders’ equity6.77Debt to equity0.59Fiscal year 2017Cash0.01Shareholders’ equity7.37Fiscal year 2018Cash0.01Shareholders’ equity8.09Fiscal year 2019Cash0.05Shareholders’ equity9.77Fiscal year 2020Cash0.82Shareholders’ equity10.99Fiscal year 2021Cash0.26Shareholders’ equity25.05Fiscal year 2022Cash0.17Shareholders’ equity28.71Fiscal year 2023Cash0.23Shareholders’ equity32.94Fiscal year 2024Cash0.44Shareholders’ equity38.84Fiscal year 2025Cash0.43Shareholders’ equity39.44
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.01 0.01 0.01 0.05 0.82 0.26 0.17 0.23 0.44 0.43
Total debt 3.98 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) −3.97 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 6.77 7.37 8.09 9.77 10.99 25.05 28.71 32.94 38.84 39.44
Debt to equity 0.59 n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Financial statements FY2025 · 10-K

Income statement

In billions 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
1.10 1.22 1.33 1.49 1.65 2.08 3.34 4.08 5.27 5.75
Growth +10.2% +9.2% +12.1% +10.7% +26.3% +60.7% +22.0% +29.2% +9.1%
0.05 0.06 0.08 0.07 0.07 0.10 0.14 0.14 0.18 0.20
n/a n/a n/a 0.44 0.41 0.39 0.92 0.93 0.93 1.16
0.00 0.01 0.01 0.01 0.01 0.03 0.05 0.05 0.07 0.09
0.32 0.32 0.36 0.44 0.40 0.36 0.87 0.87 0.86 1.06
Growth +1.0% +14.1% +20.0% −9.4% −9.1% +141.9% +0.3% −1.3% +23.0%
Per share
n/a n/a 1.26 1.38 1.15 0.87 1.42 1.26 0.98 1.17
n/a n/a 1.26 1.38 1.14 0.87 1.42 1.26 0.98 1.17
Growth +9.5% −17.4% −23.7% +63.2% −11.3% −22.2% +19.4%
255.1 273.5 289.4 315.8 345.3 414.5 611.8 692.3 863.0 907.2
255.6 273.9 289.9 316.2 345.4 414.8 612.2 693.0 863.8 908.3
Growth +7.2% +5.8% +9.0% +9.3% +20.1% +47.6% +13.2% +24.6% +5.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 28.4% a year over five years, and earnings per share grew 0.5% a year.
  • The diluted share count rose 163.0% in five years, which is dilution.
  • Profitable in every one of the 10 years on file.