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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,343.68 | 4,078.99 | 5,271.14 | 5,749.38 |
| Cost Of Revenue | - | 226.33 | 316.96 | 377.68 | 428.80 |
| Gross Profit | - | 3,117.35 | 3,762.03 | 4,893.47 | 5,320.58 |
| Operating Expense | - | 1,808.85 | 2,039.71 | 2,572.54 | 2,726.75 |
| Operating Income | - | 1,308.50 | 1,722.32 | 2,320.93 | 2,593.82 |
| EBITDA | - | 2,978.89 | 3,617.49 | 4,327.66 | 4,785.83 |
| EBIT | - | 1,308.50 | 1,722.32 | 1,932.02 | 2,261.63 |
| Pretax Income | - | 917.60 | 928.94 | 933.94 | 1,155.13 |
| Tax Provision | - | 45.18 | 52.02 | 66.60 | 85.35 |
| Net Income | - | 869.41 | 872.31 | 860.77 | 1,058.59 |
| Net Income Common Stockholders | - | 869.41 | 872.31 | 847.89 | 1,058.59 |
| Total Expenses | - | 2,035.18 | 2,356.68 | 2,950.21 | 3,155.55 |
| Interest Expense | - | 445.45 | 779.04 | 998.07 | 1,106.50 |
| Interest Income | 13.85 | 76.61 | 73.46 | 3.28 | - |
| Selling General And Administration | - | 138.46 | 144.54 | 176.90 | 202.55 |
| Normalized EBITDA | - | 2,928.64 | 3,706.79 | 4,721.91 | 5,125.07 |
| Normalized Income | - | 821.63 | 956.60 | 1,227.03 | 1,372.73 |
| Market Cap | 59,052.10 | 59,052.10 | 59,052.10 | 59,052.10 | 59,052.10 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Realty Income Corporationthis co. | O | $57.3B | 55.78↑ premium | 1.50 | 2.7% | 18.38 |
| American Tower Corporation | AMT | $83.3B | 32.86 | 22.75 | 69.3% | 19.64 |
| Digital Realty Trust, Inc. | DLR | $70.2B | 53.33 | 3.14 | 5.9% | 23.38 |
| Simon Property Group, Inc. | SPG | $65.7B | 16.55 | 14.82 | 89.5% | 13.23 |
| Public Storage | PSA | $60.9B |
| - |
| - |
| - |
| - |
| - |
| 30.33 |
| 11.05 |
| 36.4% |
| 19.73 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| Iron Mountain Incorporated | IRM | $34.2B | 238.72 | -35.18 | -14.7% | 25.25 |
| Peer Median | - | 45.43 | 4.03 | 9.5% | 23.19 | |