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Realty Income (O) financial statements: income, balance sheet and cash flow

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) reported total assets of USD 76.4 billion, total liabilities of USD 34.5 billion and stockholders' equity of USD 39.5 billion at 30 Jun 2026 in its Form 10-Q for Q2 2026. Its Form 10-K for FY2025 shows revenue of USD 5.75 billion and net income available to common stockholders of USD 1.06 billion.

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, 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
Operating income, TTM (USD)
Not presented
no such subtotal in the company's statements; we do not build one
Total assets (USD bn)
76.4
at · Form 10-Q

What the numbers show

Realty Income's income statement for Q2 FY2026, the quarter ended 30 Jun 2026, shows revenue of USD 1.55 billion, up 9.7% on Q2 FY2025. Pre-tax income was USD 396 million, against USD 347 million in Q1 FY2026. Net income for Q1 and Q2 FY2026 is not in our tables, so the latest quarterly net margin is not shown.

Revenue grew from USD 2.08 billion in FY2021 to USD 5.75 billion in FY2025, a compound annual growth rate of 28.9%, our calculation. Year-on-year growth was 60.7% in FY2022, 29.2% in FY2024 and 9.1% in FY2025, so the pace has slowed.

Net income available to common stockholders rose from USD 359 million in FY2021 to USD 1.06 billion in FY2025. The net margin, our calculation, was 18.4% in FY2025 and 26.0% in FY2022. The FY2021 growth rate of 26.3% rests on FY2020 revenue, which the FY2021 10-K restated from its first-reported figure.

Realty Income's balance sheet held total assets of USD 76.4 billion at 30 Jun 2026, against USD 71.4 billion at 30 Jun 2025. Total liabilities were USD 34.5 billion and stockholders' equity USD 39.5 billion, so stockholders' equity funds a little more than half of the assets. Goodwill was USD 4.93 billion at every quarter-end from Q3 FY2024 to Q2 FY2026. Cash and short-term investments were USD 553 million at 30 Jun 2026. Our tables carry no borrowings line for this company, so total debt and net debt are not shown here.

In the cash flow statement, cash from operations was USD 3.99 billion in FY2025, up from USD 1.32 billion in FY2021. Investing activities used USD 5.66 billion in FY2025, and financing supplied USD 1.68 billion, as it did in every year shown except FY2024. A 10-Q reports cash flows year to date, so cells marked D are our derivations. Q2 FY2026 cash from operations was USD 1.15 billion.

Diluted EPS was USD 1.17 per share in FY2025, against USD 0.87 per share in FY2021, which is 7.7% a year, our calculation, while net income available to common stockholders grew 31.0% a year. The diluted share count went from 415 million shares to 908 million shares over that run. Realty Income stock fundamentals covers the Spirit Realty Capital merger and quarterly revenue growth in more depth.

Income statement

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

Annual

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Table 1 Realty Income income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue5,7495,2714,0793,3442,080increased 28.9%
Revenue YoY %increased 9.1%increased 29.2%increased 22.0%increased 60.7%increased 26.3% Rnot available
Pre-tax income1,155934929918392increased 31.0%
Income tax8567524532increased 28.1%
Net income1,059861872869359increased 31.0%
Net margin %18.4%16.3%21.4%26.0%17.3%not available
Per share
Diluted EPS (USD)1.170.981.261.420.87increased 7.7%
Diluted shares (m)908864693612415not available
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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 ).
  • Not available

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 Realty Income income statement, quarterly, 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%
Pre-tax income396347323 D341223267221 D286
Income tax262622 D24241620 D15
Net incomenot availablenot available296 D316197250200 D269
Net margin %not availablenot available19.9%21.5%14.0%18.1%14.9%20.2%
Per share
Diluted EPS (USD)0.370.33not available0.350.220.28not available0.30
Diluted shares (m)935934not available915904892not available872
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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.

Balance sheet

Annual

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Table 3 Realty Income assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments435445233171259
Goodwill and intangibles4,932 D4,932 D3,731 D3,731 D3,677 D
Total assets72,79668,83557,77949,67343,138
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 Realty Income liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Total liabilities32,67229,78324,67220,83018,008
Shareholders' equity39,43938,84132,94128,71325,053
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

Totals may not add up because of rounding.

Quarterly

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Table 5 Realty Income assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments553374435417800319445397
Goodwill and intangibles4,932 D4,932 D4,932 D4,932 D4,932 D4,932 D4,932 D4,932 D
Total assets76,44174,55572,79671,27971,42469,75868,83568,469
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 Realty Income liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Total liabilities34,50733,31932,67232,01932,06130,51629,78329,799
Shareholders' equity39,55039,14739,43939,05139,15339,03138,84138,458
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

Totals may not add up because of rounding.

Cash flow

Annual

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Table 7 Realty Income cash flow, annual, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations3,9953,5732,9592,5641,322
Dividends paid−2,921−2,692−2,112−1,813−1,169
Cash from investing−5,663−3,343−9,355−8,387−6,438
Cash from financing1,678−216,4375,7384,577
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

Quarterly

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Table 8 Realty Income cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations1,145 D8751,203 D943 D1,061 D788972 D841 D
Dividends paid−757 D−758−744 D−738 D−727 D−712−692 D−687 D
Share buybacks0 D−102not availablenot available0 D0 1not availablenot available
Cash from investing−2,449 D−2,579−2,114 D−1,079 D−1,157 D−1,314−1,772 D−537 D
Cash from financing1,396 D1,712989 D−256 D571 D375865 D−342 D
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

1 As presented in Form 10-Q filed .

Per share and dividends

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Table 9 Realty Income per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)1.170.981.261.420.87
Diluted EPS (USD)1.170.981.261.420.87
Dividends paid per share (USD)3.217 13.1255 13.051 12.967 12.833 1
Diluted shares (m)908864693612415
Shares outstanding at year end (m)934892752660591
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Source: Realty Income Forms 10-Q and 10-K, SEC EDGAR Data as of

1 Dividends paid per share, used where dividends declared per share are not reported.

Notes on these figures

  • R Restated
    • 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 ).
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 2024 to Q2 2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
FY2020 revenue, the base of the FY2021 YoY change, was restated in Form 10-K filed (originally USD 1,652 m).
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

Sources and data

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

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  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] 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 (O) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/o/financials/

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

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