Realty Income Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Realty Income Corp reported revenue of $5.7B (+9.1% year on year) and net income of $1.1B (+23.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental (including reimbursements) | $5.4B | $5.0B | $4.0B | $3.3B |
| Other | $312.0M | $227.4M | $120.8M | $44.0M |
| Total revenue | $5.7B | $5.3B | $4.1B | $3.3B |
| Depreciation and amortization | $2.5B | $2.4B | $1.9B | $1.7B |
| Interest | $1.1B | $1.0B | $730.4M | $465.2M |
| Property (including reimbursements) | $428.8M | $377.7M | $317.0M | $226.3M |
| General and administrative | $202.6M | $176.9M | $144.5M | $138.5M |
| Provisions for impairment | $471.3M | $425.8M | $87.1M | $25.9M |
| Merger, transaction, and other costs, net | $24.2M | $96.3M | $14.5M | $13.9M |
| Total expenses | $4.8B | $4.5B | $3.2B | $2.5B |
| Gain on sales of real estate | $177.6M | $117.3M | $25.7M | $103.0M |
| Foreign currency and derivative (loss) gain, net | ($28.7M) | $3.4M | ($13.4M) | ($13.3M) |
| Equity in earnings of unconsolidated entities | $13.3M | $7.8M | $2.5M | ($6.4M) |
| Other income, net | $29.4M | $23.6M | $23.8M | $30.5M |
| Income before income taxes | $1.2B | $933.9M | $928.9M | $917.6M |
| Income taxes | ($85.3M) | ($66.6M) | ($52.0M) | ($45.2M) |
| Net income | $1.1B | $867.3M | $876.9M | $872.4M |
| Net income attributable to noncontrolling interests | ($11.2M) | ($6.6M) | ($4.6M) | ($3.0M) |
| Net income attributable to the Company | $1.1B | $860.8M | $872.3M | $869.4M |
| Preferred stock dividends | $0 | ($7.8M) | — | — |
| Excess of redemption value over carrying value of preferred shares redeemed | 0 | -5.1M | — | — |
| Net income, basic (in dollars per share) | $1.17 | $0.98 | $1.26 | $1.42 |
| Net income, diluted (in dollars per share) | $1.17 | $0.98 | $1.26 | $1.42 |
| Basic (in shares) | 907.2M | 863.0M | 692.3M | 611.8M |
| Diluted (in shares) | 908.3M | 863.8M | 693.0M | 612.2M |
| Net income available to common stockholders | $1.1B | $847.9M | — | $869.4M |
| Foreign currency translation adjustment | $91.9M | ($32.9M) | $64.3M | ($55.2M) |
| Unrealized loss on derivatives, net | ($25.2M) | ($2.8M) | ($37.3M) | $97.1M |
| Total other comprehensive income (loss) | $66.8M | ($35.7M) | — | — |
| Comprehensive income available to common stockholders | $1.1B | $812.2M | $899.4M | $911.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental (including reimbursements) | $1.4B | $1.4B | $1.4B | $1.3B |
| Interest income on financing receivables | $32.0M | $32.1M | — | — |
| Interest and dividend income on loans and preferred equity investments | $88.5M | $70.1M | — | — |
| Other | $703.0K | $5.7M | $84.0M | $72.2M |
| Total revenue | $1.5B | $1.5B | $1.5B | $1.4B |
| Depreciation and amortization | $644.7M | $630.3M | $632.0M | $647.8M |
| Interest | $312.1M | $291.9M | $294.5M | $283.8M |
| Property (including reimbursements) | $112.4M | $116.8M | $106.6M | $107.4M |
| General and administrative | $57.6M | $58.9M | $55.0M | $49.3M |
| Provisions for impairment of real estate | $54.2M | $129.3M | $87.0M | $143.4M |
| Provisions for credit losses on loans and financing receivables | $7.3M | — | — | — |
| Merger, transaction, and other costs, net | $2.1M | $10.8M | $13.3M | $331.0K |
| Total expenses | $1.2B | $1.2B | $1.2B | $1.2B |
| Gain on sales of real estate | $38.3M | $35.6M | $49.1M | $38.6M |
| Foreign currency and derivative loss, net | ($8.8M) | ($17.0M) | ($2.8M) | ($4.4M) |
| Equity in earnings of unconsolidated entities | $2.2M | $2.7M | $3.1M | $3.3M |
| Other income, net | $7.3M | $15.1M | $10.0M | $7.4M |
| Income before income taxes | $396.3M | $347.1M | $341.5M | $223.1M |
| Income taxes | ($25.8M) | ($26.2M) | ($23.8M) | ($24.1M) |
| Net income | $370.5M | $320.9M | $317.7M | $199.0M |
| Net income attributable to noncontrolling interests | ($26.6M) | ($9.2M) | ($1.9M) | ($2.1M) |
| Net income, basic (in dollars per share) | $0.37 | $0.33 | $0.35 | $0.22 |
| Net income, diluted (in dollars per share) | $0.37 | $0.33 | $0.35 | $0.22 |
| Basic (in shares) | 932.3M | 932.0M | 913.9M | 903.0M |
| Diluted (in shares) | 934.7M | 934.4M | 915.2M | 903.7M |
| Net income available to common stockholders | $344.0M | $311.8M | $315.8M | $196.9M |
| Foreign currency translation adjustment | $1.1M | ($16.1M) | ($21.9M) | $54.4M |
| Unrealized (loss) gain on derivatives, net | ($43.5M) | $48.3M | $18.5M | ($31.5M) |
| Total other comprehensive income | ($42.4M) | $32.2M | ($3.5M) | $23.0M |
| Comprehensive income available to common stockholders | $301.5M | $344.0M | $312.3M | $219.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $18.4B | $17.3B | $14.9B | $12.9B |
| Buildings and improvements | $43.8B | $41.0B | $34.7B | $29.7B |
| Total real estate held for investment, at cost | $62.2B | $58.3B | $49.6B | $42.7B |
| Less accumulated depreciation and amortization | ($8.8B) | ($7.4B) | ($6.1B) | ($4.9B) |
| Real estate held for investment, net | $53.4B | $50.9B | $43.5B | $37.8B |
| Real estate and lease intangibles held for sale, net | $91.8M | $95.0M | $31.5M | $29.5M |
| Cash and cash equivalents | $434.8M | $445.0M | $232.9M | $171.1M |
| Accounts receivable, net | $1.1B | $877.7M | $710.5M | $568.0M |
| Lease intangible assets, net | $5.7B | $6.3B | $5.0B | $5.2B |
| Goodwill | $4.9B | $4.9B | $3.7B | $3.7B |
| Investment in unconsolidated entities | $1.3B | $1.2B | $1.2B | $0 |
| Other assets, net | $5.9B | $4.0B | $3.4B | $2.3B |
| Total assets | $72.8B | $68.8B | $57.8B | $49.7B |
| Distributions payable | $255.2M | $238.0M | $195.2M | $165.7M |
| Accounts payable and accrued expenses | $1.1B | $759.4M | $738.5M | $399.1M |
| Lease intangible liabilities, net | $1.5B | $1.6B | $1.4B | $1.4B |
| Other liabilities | $1.1B | $923.1M | $811.6M | $774.8M |
| Revolving credit facilities and commercial paper | $2.0B | — | — | — |
| Term loans, net | $1.7B | $2.4B | $1.3B | $249.8M |
| Mortgages payable, net | $37.8M | $80.8M | $821.6M | $853.9M |
| Notes payable, net | $25.0B | $22.7B | $18.6B | $14.3B |
| Total liabilities | $32.7B | $29.8B | $24.7B | $20.8B |
| Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 933,975 and 891,511 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $49861660000.00 | $47451068000.00 | $39629709000.00 | $34159509000.00 |
| Distributions in excess of net income | ($10.5B) | ($8.6B) | ($6.8B) | ($5.5B) |
| Accumulated other comprehensive income | $105.0M | $38.2M | $73.9M | $46.8M |
| Total stockholders’ equity | $39.4B | $38.8B | $32.9B | $28.7B |
| Noncontrolling interests | $685.3M | $210.9M | $165.5M | $130.1M |
| Total equity | $40.1B | $39.1B | $33.1B | $28.8B |
| Total liabilities and equity | $72.8B | $68.8B | $57.8B | $49.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $18.9B | $18.6B | $18.1B | $18.0B |
| Buildings and improvements | $45.7B | $44.5B | $42.9B | $42.7B |
| Total real estate held for investment, at cost | $64.6B | $63.1B | $61.0B | $60.7B |
| Less accumulated depreciation and amortization | ($9.5B) | ($9.1B) | ($8.5B) | ($8.1B) |
| Real estate held for investment, net | $55.1B | $54.0B | $52.6B | $52.6B |
| Real estate and lease intangibles held for sale, net | $153.1M | $139.9M | $175.0M | $117.2M |
| Cash and cash equivalents | $552.6M | $373.5M | $417.2M | $800.4M |
| Accounts receivable, net | $1.1B | $1.1B | $1.0B | $962.1M |
| Lease intangible assets, net | $5.6B | $5.6B | $5.9B | $6.0B |
| Goodwill | $4.9B | $4.9B | $4.9B | $4.9B |
| Investment in loans and financing receivables, net | $4.9B | — | — | — |
| Investment in unconsolidated entities | $1.3B | $1.3B | $1.2B | $1.2B |
| Other assets, net | $2.7B | $7.0B | $5.1B | $4.8B |
| Total assets | $76.4B | $74.6B | $71.3B | $71.4B |
| Distributions payable | $259.3M | $254.7M | $250.6M | $248.3M |
| Accounts payable and accrued expenses | $1.1B | $953.2M | $930.3M | $954.1M |
| Lease intangible liabilities, net | $1.5B | $1.5B | $1.5B | $1.6B |
| Other liabilities | $1.0B | $1.0B | $937.9M | $925.3M |
| Revolving credit facilities and commercial paper | $2.8B | $2.3B | $1.9B | $1.5B |
| Term loans, net | $2.8B | $2.4B | $1.6B | $2.0B |
| Mortgages payable, net | $37.1M | $37.4M | $38.1M | $38.4M |
| Notes payable, net | $25.1B | $24.9B | $24.8B | $24.9B |
| Total liabilities | $34.5B | $33.3B | $32.0B | $32.1B |
| Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 946,202 and 933,975 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | $50845906000.00 | $49984064000.00 | $49034023000.00 | $48708721000.00 |
| Distributions in excess of net income | ($11.4B) | ($11.0B) | ($10.1B) | ($9.7B) |
| Accumulated other comprehensive income | $94.8M | $137.2M | $92.3M | $95.8M |
| Total stockholders’ equity | $39.5B | $39.1B | $39.1B | $39.2B |
| Noncontrolling interests | $2.4B | $2.1B | $209.6M | $210.2M |
| Total equity | $41.9B | $41.2B | $39.3B | $39.4B |
| Total liabilities and equity | $76.4B | $74.6B | $71.3B | $71.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.1B | $867.3M | $876.9M | $872.4M |
| Depreciation and amortization | $2.5B | $2.4B | $1.9B | $1.7B |
| Amortization of share-based compensation | $30.8M | $57.5M | $26.2M | $21.6M |
| Non-cash revenue adjustments | ($122.0M) | ($116.0M) | ($62.0M) | ($57.0M) |
| Amortization of net discounts (premiums) | $7.1M | ($3.3M) | ($73.5M) | ($76.6M) |
| Amortization of deferred financing costs | $29.7M | $23.9M | $26.7M | $15.6M |
| Foreign currency and unrealized derivative loss (gain), net | $54.9M | ($19.4M) | $37.8M | $220.9M |
| Non-cash interest expense (income) | $1.6M | $11.5M | — | — |
| Gain on sales of real estate | ($177.6M) | ($117.3M) | ($25.7M) | ($103.0M) |
| Equity in earnings of unconsolidated entities | ($13.3M) | ($7.8M) | ($2.5M) | $6.4M |
| Distributions on common equity from unconsolidated entities | $39.9M | $21.0M | $5.8M | $1.6M |
| Provisions for impairment | $471.3M | $425.8M | $87.1M | $25.9M |
| Deferred income taxes | $603.0K | $3.6M | — | — |
| Accounts receivable and other assets | ($115.8M) | $28.1M | ($111.3M) | ($29.5M) |
| Accounts payable, accrued expenses and other liabilities | $193.6M | $2.6M | $285.3M | ($5.3M) |
| Net cash provided by operating activities | $4.0B | $3.6B | $3.0B | $2.6B |
| Investment in real estate | ($4.6B) | ($3.3B) | ($8.1B) | ($8.9B) |
| Improvements to real estate, including leasing costs | ($131.8M) | ($121.4M) | ($68.7M) | ($95.5M) |
| Investment in unconsolidated entities | ($52.3M) | ($70.4M) | ($1.2B) | — |
| Investment in loans and preferred equity | ($1.6B) | ($631.6M) | ($201.6M) | — |
| Proceeds from sales of real estate | $744.0M | $589.5M | $117.4M | $436.1M |
| Return of investment from unconsolidated entities | $0 | $0 | $3.9M | $1.4M |
| Proceeds from note receivable | $31.4M | $57.3M | $0 | $5.9M |
| Insurance proceeds received | $3.5M | $2.8M | $27.3M | $49.1M |
| Non-refundable escrow deposits | $3.1M | ($225.0K) | ($200.0K) | ($5.7M) |
| Net cash acquired in merger | $0 | $93.7M | — | — |
| Net cash used in investing activities | ($5.7B) | ($3.3B) | ($9.4B) | ($8.4B) |
| Cash distributions to common stockholders | ($2.9B) | ($2.7B) | ($2.1B) | ($1.8B) |
| Cash distributions to preferred stockholders | $0 | ($7.8M) | — | — |
| Borrowings on revolving credit facilities and commercial paper programs | $20.3B | $36.9B | $77.3B | $28.5B |
| Payments on revolving credit facilities and commercial paper programs | ($19.6B) | ($36.5B) | ($79.4B) | ($27.4B) |
| Proceeds from term loan | $407.0M | $0 | $1.0B | — |
| Principal payment on term loans | ($1.1B) | ($250.0M) | — | $0 |
| Proceeds from notes payable issued | $2.9B | $2.7B | $4.2B | $2.2B |
| Principal payment on notes payable | ($1.0B) | ($850.0M) | $0 | $0 |
| Principal payments on mortgages payable | ($44.6M) | ($740.5M) | ($22.0M) | ($312.2M) |
| Proceeds from common stock offerings, net | $2.4B | $1.7B | $5.4B | $4.6B |
| Proceeds from dividend reinvestment and stock purchase plan | $12.0M | $11.8M | $11.5M | $11.7M |
| Redemption of preferred stock | $0 | ($172.5M) | — | — |
| Distributions to noncontrolling interests | ($12.0M) | ($10.1M) | ($7.7M) | ($3.9M) |
| Contributions from noncontrolling interests | $488.5M | — | — | — |
| Net receipts on derivative settlements | $0 | $0 | $7.9M | $79.8M |
| Debt issuance costs | ($88.4M) | ($60.6M) | ($81.9M) | ($34.2M) |
| Other financing activities, net | $46.9M | ($8.9M) | ($7.0M) | ($4.8M) |
| Net cash provided by (used in) financing activities | $1.7B | ($21.2M) | $6.4B | $5.7B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $691.4M | $320.9M | $768.1M | $450.5M |
| Depreciation and amortization | $1.3B | $630.3M | $1.9B | $1.3B |
| Amortization of share-based compensation | $20.7M | $11.4M | $21.7M | $14.0M |
| Non-cash revenue adjustments | ($48.3M) | ($25.6M) | ($85.4M) | ($52.4M) |
| Amortization of net discounts on payables | $14.7M | $6.3M | $3.0M | $1.7M |
| Amortization of deferred financing costs | $17.9M | $8.8M | $21.1M | $13.1M |
| Foreign currency and unrealized derivative gain, net | ($34.2M) | ($21.2M) | ($26.2M) | ($46.1M) |
| Non-cash interest rate swaps | ($3.1M) | ($474.0K) | — | — |
| Payment-in-kind interest | ($6.5M) | — | — | — |
| Gain on sales of real estate | ($73.9M) | ($35.6M) | ($110.2M) | ($61.1M) |
| Equity in earnings of unconsolidated entities | ($4.9M) | ($2.7M) | ($10.7M) | ($7.6M) |
| Distributions on common equity from unconsolidated entities | $11.8M | $6.0M | $30.4M | $21.7M |
| Provisions for impairment of real estate | $144.3M | $129.3M | $346.9M | $260.0M |
| Provisions for credit losses on loans and financing receivables | $46.4M | — | — | — |
| Deferred income tax expense | $1.7M | $1.4M | $4.1M | $309.0K |
| Accounts receivable and other assets | ($124.3M) | ($114.4M) | ($130.9M) | ($57.1M) |
| Accounts payable, accrued expenses and other liabilities | $90.8M | ($39.9M) | $68.6M | $52.9M |
| Net cash provided by operating activities | $2.0B | $874.5M | $2.8B | $1.8B |
| Investment in real estate | ($3.5B) | ($1.6B) | ($3.1B) | ($2.2B) |
| Improvements to real estate, including leasing costs | ($83.5M) | ($26.3M) | ($82.4M) | ($49.2M) |
| Investment in unconsolidated entities | ($97.4M) | ($67.0M) | ($23.6M) | ($9.8M) |
| Investment in loans and preferred equity | ($1.7B) | ($1.0B) | ($807.4M) | ($423.2M) |
| Proceeds from sales of real estate | $348.6M | $188.0M | $424.2M | $209.4M |
| Proceeds from note receivable | $17.7M | $8.7M | $22.9M | $14.8M |
| Insurance proceeds received | $845.0K | $466.0K | $3.1M | $2.1M |
| Non-refundable escrow deposits | ($3.6M) | ($2.2M) | $200.0K | — |
| Net cash used in investing activities | ($5.0B) | ($2.6B) | ($3.5B) | ($2.5B) |
| Cash distributions to common stockholders | ($1.5B) | ($758.0M) | ($2.2B) | ($1.4B) |
| Borrowings on revolving credit facilities and commercial paper programs | $43.4B | $19.8B | $13.5B | $10.6B |
| Payments on revolving credit facilities and commercial paper programs | ($42.6B) | ($19.5B) | ($12.9B) | ($10.5B) |
| Proceeds from term loan | $1.1B | $693.9M | — | — |
| Principal payment on term loan | $0 | — | ($800.0M) | ($500.0M) |
| Proceeds from notes payable issued | $1.7B | $862.5M | $2.1B | $2.1B |
| Principal payment on notes payable | ($1.4B) | ($825.0M) | ($500.0M) | ($500.0M) |
| Principal payments on mortgages payable | ($858.0K) | ($430.0K) | ($44.2M) | ($43.8M) |
| Repurchases of common stock | ($101.9M) | ($101.9M) | — | — |
| Proceeds from common stock offerings, net | $824.1M | ($218.0K) | $1.6B | $1.2B |
| Proceeds from dividend reinvestment and stock purchase plan | $6.1M | $3.1M | $8.8M | $5.9M |
| Distributions to noncontrolling interests | ($17.8M) | ($11.0M) | ($9.0M) | ($6.0M) |
| Contributions from noncontrolling interests, net of costs | $1.9B | $1.6B | — | — |
| Debt issuance costs | ($45.0M) | ($22.2M) | ($65.2M) | ($64.9M) |
| Other financing activities, net | $5.4M | ($12.2M) | ($9.7M) | ($9.5M) |
| Net cash provided by financing activities | $3.1B | $1.7B | $689.3M | $945.4M |
| Effect of exchange rate changes on cash and cash equivalents | ($5.6M) | ($3.9M) | $16.6M | $23.0M |
| Net increase in cash, cash equivalents and restricted cash | $94.6M | $3.3M | ($52.4M) | $346.2M |
Realty Income Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.