Realty Income Corporation

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$55.7B

Current Price$61.51as of Jun 23, 2026

P/E Ratio52.63

P/B Ratio1.41

EV / EBITDA17.68

EV / Sales14.72

Profitability

Operating Margin45.1%

Net Profit Margin18.4%

EBITDA Margin83.2%

Returns

ROE2.7%

ROCE3.7%

ROIC %-

ROA1.5%

Solvency

Current Ratio1.42

Debt / Equity0.74

Debt / Assets0.40

CFO / Net Profit3.77

Price History▲ 5.38% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$5.7B▲ 9.1%

EBITDA$4.8B▲ 10.6%

Net Profit$1.1B▲ 23.0%

Cash from Ops (CFO)$4.0B▲ 11.8%

Free Cash Flow (FCF)$4.0B▲ 11.8%

Revenue CAGR 3Y19.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y6.8%

Net Profit CAGR 5Y-

Historical Growth

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	-	-

Financial Statements

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
Operating Revenue	-	3,299.66	3,958.15	5,043.75	5,437.33
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
Selling General And Administration	-	138.46	144.54	176.90	202.55
Total Expenses	-	2,035.18	2,356.68	2,950.21	3,155.55
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
Normalized EBITDA	-	2,928.64	3,706.79	4,721.91	5,125.07
EBIT	-	1,308.50	1,722.32	1,932.02	2,261.63
Interest Income	13.85	76.61	73.46	3.28	-
Interest Expense	-	445.45	779.04	998.07	1,106.50
Net Interest Income	-	-465.22	-730.42	-1,024.14	-1,142.20
Other Non Operating Income Expenses	-	30.51	23.79	23.61	29.42
Other Income Expense	-	74.32	-62.96	-362.85	-296.49
Interest Income Non Operating	13.85	76.61	73.46	3.28	-
Interest Expense Non Operating	-	445.45	779.04	998.07	1,106.50
Net Non Operating Interest Income Expense	-	-465.22	-730.42	-1,024.14	-1,142.20
Pretax Income	-	917.60	928.94	933.94	1,155.13
Tax Provision	-	45.18	52.02	66.60	85.35
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	2.47	-5	-27.99	-25.10
Net Income Continuous Operations	-	872.42	876.91	867.34	1,069.78
Net Income From Continuing And Discontinued Operation	-	869.41	872.31	860.77	1,058.59
Net Income From Continuing Operation Net Minority Interest	-	869.41	872.31	860.77	1,058.59
Net Income	-	869.41	872.31	860.77	1,058.59
Net Income Common Stockholders	-	869.41	872.31	847.89	1,058.59
Net Income Including Noncontrolling Interests	-	872.42	876.91	867.34	1,069.78
Normalized Income	-	821.63	956.60	1,227.03	1,372.73
Diluted NI Availto Com Stockholders	-	869.41	872.31	847.89	1,058.59
Basic Average Shares	-	611.77	692.30	692.30	907.17
Diluted Average Shares	-	613.47	694.82	865.84	911.02
Reconciled Depreciation	-	1,670.39	1,895.18	2,395.64	2,524.20
Reconciled Cost Of Revenue	-	226.33	316.96	377.68	428.80
Total Unusual Items	-	50.26	-89.29	-394.25	-339.24
Total Unusual Items Excluding Goodwill	-	50.26	-89.29	-394.25	-339.24
Preferred Stock Dividends	-	-	-	7.76	-
Minority Interests	-	-3.01	-4.61	-6.57	-11.19
Special Income Charges	-	-39.39	-101.55	-522.12	-495.55
Other Special Charges	97.18	-0.37	-	-	-
Write Off	-	25.86	87.08	425.83	471.34
Impairment Of Capital Assets	38.97	25.86	87.08	-	-
Restructuring And Mergern Acquisition	-	13.90	14.46	96.29	24.21
Gain On Sale Of Security	-	89.65	12.25	127.88	156.31
Depreciation Amortization Depletion Income Statement	-	1,670.39	1,895.18	2,395.64	2,524.20
Depreciation And Amortization In Income Statement	-	1,670.39	1,895.18	2,395.64	2,524.20
General And Administrative Expense	-	138.46	144.54	176.90	202.55
Other Gand A	-	138.46	144.54	176.90	202.55
Total Other Finance Cost	-	465.22	730.42	29.34	35.70
Otherunder Preferred Stock Dividend	-	0	0	5.12	0
Earnings From Equity Interest	-	-6.45	2.55	7.79	13.33

Peer Comparison

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

Learn while you research

Hand-picked academy chapters to deepen your understanding of Realty Income Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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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

Metric

2021

2022

2023

2024

2025

Total Revenue

3,343.68

4,078.99

5,271.14

5,749.38

Operating Revenue

3,299.66

3,958.15

5,043.75

5,437.33

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

Selling General And Administration

138.46

144.54

176.90

202.55

Total Expenses

2,035.18

2,356.68

2,950.21

3,155.55

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

Normalized EBITDA

2,928.64

3,706.79

4,721.91

5,125.07

EBIT

1,308.50

1,722.32

1,932.02

2,261.63

Interest Income

13.85

76.61

73.46

3.28

Interest Expense

445.45

779.04

998.07

1,106.50

Net Interest Income

-465.22

-730.42

-1,024.14

-1,142.20

Other Non Operating Income Expenses

30.51

23.79

23.61

29.42

Other Income Expense

74.32

-62.96

-362.85

-296.49

Interest Income Non Operating

13.85

76.61

73.46

3.28

Interest Expense Non Operating

445.45

779.04

998.07

1,106.50

Net Non Operating Interest Income Expense

-465.22

-730.42

-1,024.14

-1,142.20

Pretax Income

917.60

928.94

933.94

1,155.13

Tax Provision

45.18

52.02

66.60

85.35

Tax Rate For Calcs

Tax Effect Of Unusual Items

2.47

-5

-27.99

-25.10

Net Income Continuous Operations

872.42

876.91

867.34

1,069.78

Net Income From Continuing And Discontinued Operation

869.41

872.31

860.77

1,058.59

Net Income From Continuing Operation Net Minority Interest

869.41

872.31

860.77

1,058.59

Net Income

869.41

872.31

860.77

1,058.59

Net Income Common Stockholders

869.41

872.31

847.89

1,058.59

Net Income Including Noncontrolling Interests

872.42

876.91

867.34

1,069.78

Normalized Income

821.63

956.60

1,227.03

1,372.73

Diluted NI Availto Com Stockholders

869.41

872.31

847.89

1,058.59

Basic Average Shares

611.77

692.30

907.17

Diluted Average Shares

613.47

694.82

865.84

911.02

Reconciled Depreciation

1,670.39

1,895.18

2,395.64

2,524.20

Reconciled Cost Of Revenue

226.33

316.96

377.68

428.80

Total Unusual Items

50.26

-89.29

-394.25

-339.24

Total Unusual Items Excluding Goodwill

50.26

-89.29

-394.25

-339.24

Preferred Stock Dividends

7.76

Minority Interests

-3.01

-4.61

-6.57

-11.19

Special Income Charges

-39.39

-101.55

-522.12

-495.55

Other Special Charges

97.18

-0.37

Write Off

25.86

87.08

425.83

471.34

Impairment Of Capital Assets

38.97

25.86

87.08

Restructuring And Mergern Acquisition

13.90

14.46

96.29

24.21

Gain On Sale Of Security

89.65

12.25

127.88

156.31

Depreciation Amortization Depletion Income Statement

1,670.39

1,895.18

2,395.64

2,524.20

Depreciation And Amortization In Income Statement

1,670.39

1,895.18

2,395.64

2,524.20

General And Administrative Expense

138.46

144.54

176.90

202.55

Other Gand A

138.46

144.54

176.90

202.55

Total Other Finance Cost

465.22

730.42

29.34

35.70

Otherunder Preferred Stock Dividend

5.12

Earnings From Equity Interest

-6.45

2.55

7.79

13.33

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Realty Income Corporationthis co.

$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

Realty Income Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Realty Income Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on