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Realty Income Corporation, an S&P 500 company, is real estate partner to the world's leading companies. We serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States (U.S.), the United Kingdom (U.K.), and eight other countries in Europe. We are known as (The Monthly Dividend Company) and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years. The firm was founded and incorporated in 1969 in Maryland, USA.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.7B | $4.8B | $1.1B | $4.0B | 2.7% | 9.1% | 23.0% |
| 2024 | $5.3B | $4.3B | $861M | $3.6B | 2.2% | 29.2% | -1.3% |
| 2023 | $4.1B | $3.6B | $872M | $3.0B | 2.6% | 22.0% | 0.3% |
| 2022 | $3.3B | $3.0B | $869M | $2.6B | 3.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 5,749.38 |
| Operating Revenue | 5,437.33 |
| Cost Of Revenue | 428.80 |
| Gross Profit | 5,320.58 |
| Operating Expense | 2,726.75 |
| Selling General And Administration | 202.55 |
| Total Expenses | 3,155.55 |
| Operating Income | 2,593.82 |
| EBITDA | 4,785.83 |
| Normalized EBITDA | 5,125.07 |
| EBIT | 2,261.63 |
| Interest Income | - |
| Interest Expense | 1,106.50 |
| Net Interest Income | -1,142.20 |
| Other Non Operating Income Expenses | 29.42 |
| Other Income Expense | -296.49 |
| Interest Income Non Operating | - |
| Interest Expense Non Operating | 1,106.50 |
| Net Non Operating Interest Income Expense | -1,142.20 |
| Pretax Income | 1,155.13 |
| Tax Provision | 85.35 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -25.10 |
| Net Income Continuous Operations | 1,069.78 |
| Net Income From Continuing And Discontinued Operation | 1,058.59 |
| Net Income From Continuing Operation Net Minority Interest | 1,058.59 |
| Net Income | 1,058.59 |
| Net Income Common Stockholders | 1,058.59 |
| Net Income Including Noncontrolling Interests | 1,069.78 |
| Normalized Income | 1,372.73 |
| Diluted NI Availto Com Stockholders | 1,058.59 |
| Basic Average Shares | 907.17 |
| Diluted Average Shares | 911.02 |
| Reconciled Depreciation | 2,524.20 |
| Reconciled Cost Of Revenue | 428.80 |
| Total Unusual Items | -339.24 |
| Total Unusual Items Excluding Goodwill | -339.24 |
| Preferred Stock Dividends | - |
| Minority Interests | -11.19 |
| Special Income Charges | -495.55 |
| Other Special Charges | - |
| Write Off | 471.34 |
| Impairment Of Capital Assets | - |
| Restructuring And Mergern Acquisition | 24.21 |
| Gain On Sale Of Security | 156.31 |
| Depreciation Amortization Depletion Income Statement | 2,524.20 |
| Depreciation And Amortization In Income Statement | 2,524.20 |
| General And Administrative Expense | 202.55 |
| Other Gand A | 202.55 |
| Total Other Finance Cost | 35.70 |
| Otherunder Preferred Stock Dividend | 0 |
| Earnings From Equity Interest | 13.33 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Realty Income Corporationthis co. | O | $55.7B | 52.63↑ premium | 1.41 | 2.7% | 17.68 |
| Simon Property Group, Inc. | SPG | $78.4B | 16.93 | 15.16 | 89.5% | 13.46 |
| Digital Realty Trust, Inc. | DLR | $67.5B | 51.58 | 3.04 | 5.9% | 22.76 |
| Public Storage | PSA | $53.8B | 30.17 | 10.99 | 36.4% | 19.64 |
| Crown Castle Inc. | CCI | $40.9B |
| - |
| - |
| - |
| - |
| - |
| 92.20 |
| -25.04 |
| -27.2% |
| 25.60 |
| Iron Mountain Incorporated | IRM | $38.8B | 268.02 | -39.50 | -14.7% | 27.26 |
| Ventas, Inc. | VTR | $38.5B | 152.98 | 3.07 | 2.0% | 22.43 |
| CBRE Group, Inc. | CBRE | $38.3B | 33.14 | 4.32 | 13.0% | 22.97 |
| Extra Space Storage Inc. | EXR | $32.2B | 33.05 | 2.40 | 7.3% | 19.07 |
| Peer Median | - | 42.36 | 3.06 | 6.6% | 22.59 | |