A Business at a Glance
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In this Annual Report on Form 10-K, unless the context otherwise requires, references to “Realty Income,” the “Company,” “we,” “our” or “us” refer to Realty Income Corporation and our subsidiaries. THE COMPANY Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.7B | 5.7B | 5.3B | 4.1B | 3.3B | 2.1B |
| Net Income | 1.1B | 1.1B | 848M | 872M | 869M | 359M |
| EPS | $1.17 | $1.17 | $0.98 | $1.26 | $1.42 | $0.87 |
| Free Cash Flow | 3.9B | 3.9B | 3.5B | 2.9B | 2.5B | 1.3B |
| ROIC | 3.2% | 3.3% | 2.9% | 3.0% | 2.9% | 1.7% |
| Gross Margin | 40.0% | 40.0% | 37.5% | 45.8% | 43.3% | 40.5% |
| Debt/Equity | 0.69 | 0.69 | 0.61 | 0.59 | 0.59 | 0.56 |
| Dividends/Share | $3.23 | $3.22 | $3.13 | $3.05 | $2.97 | $2.83 |
| Operating Income | 2.3B | 2.3B | 1.9B | 1.7B | 1.4B | 715M |
| Operating Margin | 39.6% | 39.6% | 36.6% | 40.6% | 41.3% | 34.4% |
| ROE | 2.7% | 2.7% | 2.2% | 2.6% | 3.0% | 1.4% |
| Shares Outstanding | 905M | 905M | 865M | 692M | 612M | 413M |
REALTY INCOME CORP passes 2 of 9 quality checks, indicating weak fundamentals.
REALTY INCOME CORP trades at 54.1x trailing earnings, compared to its 15-year median P/E of 39.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.3x vs a median of 13.2x. The company's 5-year average ROIC is 2.8% with a gross margin of 41.4%. Total shareholder yield (dividends) is 5.1%. At current prices, the estimated annualized return to fair value is +3.8%.
REALTY INCOME CORP (O) has a current P/E ratio of 54.1, compared to its historical median P/E of 39.8. The stock is currently considered Expensive based on its historical valuation range.
REALTY INCOME CORP (O) has a 5-year average return on invested capital (ROIC) of 2.8%. This is below average and may indicate limited pricing power.
REALTY INCOME CORP (O) has a market capitalization of $57.3B. It is classified as a large-cap stock.
Yes, REALTY INCOME CORP (O) pays a dividend with a trailing twelve-month yield of 5.10%.
Based on historical P/E analysis, REALTY INCOME CORP (O) appears expensive. The current P/E of 54.1 is 36% above its historical median of 39.8. The estimated fair value CAGR (P/E method) is -1.3%.
REALTY INCOME CORP (O) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
REALTY INCOME CORP (O) reported annual revenue of $5.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
REALTY INCOME CORP (O) has a net profit margin of 18.4%. This is a healthy margin.
REALTY INCOME CORP (O) generated $3.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REALTY INCOME CORP (O) has a debt-to-equity ratio of 0.69. This indicates moderate leverage.
REALTY INCOME CORP (O) reported earnings per share (EPS) of $1.17 in its most recent fiscal year.
REALTY INCOME CORP (O) has a return on equity (ROE) of 2.7%. This indicates moderate shareholder returns.
REALTY INCOME CORP (O) has a 5-year average gross margin of 41.4%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for REALTY INCOME CORP (O), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REALTY INCOME CORP (O) has a book value per share of $43.59, based on its most recent annual SEC filing.
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