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Realty Income (NYSE: O) stock fundamentals

NYSE: O · Real estate · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Realty Income (NYSE: O) is a net lease real estate investment trust that acquires, owns and manages freestanding commercial properties. Its Form 10-K reports revenue of USD 5.75 billion for FY2025. The Form 10-Q for Q2 2026 shows revenue of USD 1.55 billion for the quarter ended 30 Jun 2026.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Realty Income (NYSE: O) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
5.75
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
6.05
TTM to · derived
Revenue by quarter, from USD 1.33 bn in Q3 2024 to USD 1.55 bn in Q2 2026
Net income attributable to shareholders (USD bn)
1.06
FY2025 (ended ) · Form 10-K
Operating margin
Not presented
FY2025 (ended ) · no such subtotal in the company's statements; we do not build one
Dividend paid per share (USD)
3.217
FY2025 (ended ) · Form 10-K
Shares outstanding (m)
946
at · Form 10-Q cover page

Fundamentals profile

vs Realty Income's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Realty Income's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Realty Income fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricRealty IncomeOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202519.8%Own 5-year median 31.0%Below its 5-year median
Lower (16.1%) Higher (36.3%)
MarginsOperating margin (TTM to Q2 2026)Not presentedOwn 5-year median not availablenot availablenot available
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)Not presentedOwn 5-year median not availablenot availablenot available
Dividend historyConsecutive years of cash dividends, to FY2025Counted from FY2017; our data has no dividend per share for FY2016, so the run may be longer.At least 9Own 5-year median not availablenot availablenot available

Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Realty Income's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Realty Income's year-on-year revenue growth change from Q3 2024 to Q2 2026?

Realty Income's revenue was USD 1.55 billion in Q2 2026, the quarter ended 30 Jun 2026, up 9.7% on Q2 2025. Year-on-year growth was 28.1% in Q3 2024 and 24.5% in Q4 2024, then stayed between 5.3% and 12.2% in each of the next six quarters.

Chart 1

Realty Income quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 1.33 bn in Q3 2024 to USD 1.55 bn in Q2 2026.0.00.51.01.52.01.5Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of
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Swipe for earlier periods

Table 1 Realty Income quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue1,5481,5491,488 D1,4711,4101,3811,340 D1,331
Revenue YoY %increased 9.7%increased 12.2%increased 11.0%increased 10.5%increased 5.3%increased 9.5%increased 24.5%increased 28.1%
Net income attributable to shareholdersnot availablenot available296 D316197250200 D269
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Realty Income completed its merger with Spirit Realty Capital on 23 Jan 2024, according to its FY2025 10-K.[3] Revenue from Spirit's properties was not in its financial statements before that date.[3] The Q3 and Q4 2024 growth rates are measured against quarters that fell before the close, so they carry Spirit's revenue on one side only. From Q2 2025 on, each comparison quarter falls after it.

Quarterly revenue rose from USD 1.33 billion in Q3 2024 to USD 1.55 billion in Q1 2026, then edged down in Q2 2026. The Q4 2025 and Q4 2024 figures are not reported as quarters in a 10-K. Our table derives each as the full fiscal year less the first nine months, and marks it D.

Our guide on how to read a 10-Q shows where a quarterly report states the three-month and year-to-date figures behind that subtraction. The Realty Income financial statements page sets out the quarterly income statement in full.

How did Realty Income's net margin move from FY2021 to FY2025?

Realty Income's net margin, our calculation, was 18.4% in FY2025, on revenue of USD 5.75 billion and net income available to common stockholders of USD 1.06 billion. The net margin was 26.0% in FY2022 and 16.3% in FY2024, the top and the bottom of its range over those 5 fiscal years.

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Swipe for earlier periods

Table 2 Realty Income annual revenue and margins, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue5,7495,2714,0793,3442,080
Revenue YoY %increased 9.1%increased 29.2%increased 22.0%increased 60.7%increased 26.3% R
Net margin %18.4%16.3%21.4%26.0%17.3%
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Uses FY2020 revenue as restated in Form 10-K filed (USD 1,647 m; originally reported USD 1,652 m in Form 10-K filed ).

Arrows show direction of change only, not whether a change is good or bad.

Revenue grew 60.7% in FY2022, 22.0% in FY2023, 29.2% in FY2024 and 9.1% in FY2025. FY2022 was the first full fiscal year after the merger with VEREIT, which closed on 1 Nov 2021, according to the FY2021 10-K.[11] Revenue went from USD 2.08 billion in FY2021 to USD 3.34 billion in FY2022 and USD 5.75 billion in FY2025.

Net income did not follow revenue in the middle years. In the income statements of the FY2022, FY2023 and FY2024 10-Ks it stays within a narrow band. The net margin therefore fell each year while revenue rose from USD 3.34 billion in FY2022 to USD 5.27 billion in FY2024. Net income available to common stockholders then rose to USD 1.06 billion in FY2025, and the margin recovered to 18.4%.

Realty Income's income statement has no operating income subtotal, so this page shows no operating margin. Altria's revenue fell in each fiscal year from FY2021 to FY2025, so its margins start from a different revenue path. Its figures are on the Altria stock fundamentals page.

Why is Realty Income's FY2020 revenue different in its FY2021 10-K?

Realty Income's FY2021 revenue growth of 26.3% is measured against FY2020 revenue of USD 1,647 million, as restated in the 10-K filed on 23 Feb 2022. The 10-K filed on 23 Feb 2021 had reported USD 1,652 million for FY2020, so the base year changed before growth was calculated.

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Table 3 Realty Income FY2021 year-on-year change in revenue, with a restated FY2020 base (%) Percentages; the restated base figures are in the notes below
%FY2021ended
Revenue, YoY %increased 26.3% R
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Uses FY2020 revenue as restated in Form 10-K filed (USD 1,647 m; originally reported USD 1,652 m in Form 10-K filed ).

Arrows show direction of change only, not whether a change is good or bad.

The FY2021 10-K says total revenue for 2020 and 2019 was updated to reflect the reclassification of certain miscellaneous non-recurring revenue from other revenue to other income, net.[11] It adds that these reclassifications have no effect on net income, total assets, accumulated earnings or cash flow statements as previously reported.[11] The change moved an amount between two lines of the income statement and left the result for the year as it was.

Our table marks the FY2021 growth cell R and gives the original FY2020 revenue in a footnote. Growth for FY2021 is calculated on the restated base, because the FY2021 10-K is the filing that presents both years on one basis. Our methodology explains how we mark restated and derived figures.

How we got these numbers

Every figure comes from Realty Income's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
FY2020 revenue, the base of the FY2021 YoY change, was restated in Form 10-K filed (originally USD 1,652 m).
Comparator
Each profile row compares the current value with Realty Income's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Realty Income's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Realty Income Corporation
Exchange
NYSE
Ticker
O
Sector
Real estate
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000726728
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Realty Income Corporation · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Realty Income Corporation · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Realty Income Corporation · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Realty Income Corporation · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Realty Income Corporation · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Realty Income Corporation · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Realty Income Corporation · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Realty Income Corporation · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Realty Income Corporation · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Realty Income Corporation · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Realty Income Corporation · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Realty Income Corporation · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Realty Income Corporation · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Realty Income Corporation · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Realty Income Corporation · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2018 Realty Income Corporation · · sec.gov
  17. [17] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Realty Income (NYSE: O) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/o/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

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  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset and the company's own filings
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.