Realty Income Corporation (O) Balance Sheet
O balance sheet, 2025
December 31, 2025 · U.S. dollars$72.80B assets = $32.67B liabilities + $40.12B equity
Both columns are drawn to the same scale: what O owns equals what it owes plus shareholders’ equity. Hover a block for its value.
O financial health
Current ratio0.51
Tight · current assets cover current liabilities 0.51×
Debt / equity0.83
Moderate leverage · $0.83 of debt for each $1 of equity
Equity / assets54.2%
Equity-funded · of assets funded by shareholders
Cash / debt1.3%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles6.9%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
O balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.15B2016 | $72.80B2025 | +20.9%/yr | |
| Total liabilities | $6.37B2016 | $32.67B2025 | +19.9%/yr | |
| Shareholders’ equity | $6.77B2016 | $39.44B2025 | +21.6%/yr | |
| Cash & short-term investments | $9.4M2016 | $434.8M2025 | +53.1%/yr | |
| Total debt | $5.84B2016 | $32.85B2025 | +21.1%/yr | |
| Net cash (debt) | −$5.84B2016 | −$32.42B2025 | −$26.6B | |
| Working capital | −$1.21B2016 | −$1.43B2025 | −$222.2M | |
| Book value per share | $26.472016 | $43.592025 | +5.7%/yr | |
| Current ratio | 0.122016 | 0.512025 | +0.39 | |
| Debt / equity | 0.862016 | 0.832025 | −0.03 | |
| Shares outstanding | 255.6M2016 | 904.8M2025 | +15.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
O assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
O liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
O debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
O balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $434.8M | $445.0M | $232.9M | $171.1M | $258.6M | $824.5M | $54.0M | $10.4M | $6.9M | $9.4M |
| Cash & equivalents | $434.8M | $445.0M | $232.9M | $171.1M | $258.6M | $824.5M | $54.0M | $10.4M | $6.9M | $9.4M |
| Short-term investments | — | — | −$6.1M | — | $7.5M | — | — | $3.0M | $8.2M | $4.2M |
| Receivables | $1.05B | $3.38B | $710.5M | $1.50B | $755.1M | $417.0M | $273.5M | $145.0M | $128.7M | $110.0M |
| Inventory | $91.8M | −$1.8M | $31.5M | $29.5M | $1.18B | $1.29B | $1 | −$3.0M | $142.3M | $146.0M |
| Other current assets | $0 | $196.8M | $1.92B | $71.4M | $0 | $0 | $127.9M | $32.5M | $0 | $0 |
| Total current assets | $1.49B | $4.02B | $2.90B | $1.77B | $1.16B | $1.29B | $455.5M | $184.9M | $163.3M | $164.6M |
| Property, plant & equipment (net) | $1.42B | $1.27B | $1.30B | $1.07B | $849.8M | $230.6M | $16.56B | $13.83B | $12.68B | $11.88B |
| Goodwill & intangible assets | $5.02B | $11.26B | $8.75B | $8.90B | $8.95B | $1.72B | $1.51B | $1.21B | $1.21B | $1.10B |
| Long-term investments | $2.06B | $1.24B | $1.18B | $6.0M | $141.0M | $0 | $96.8M | $16.6M | $6.7M | $26.6M |
| Other non-current assets | $62.80B | $51.05B | $43.65B | $37.92B | $32.04B | $17.49B | $0 | $12.2M | $2.4M | $0 |
| Total assets | $72.80B | $68.84B | $57.78B | $49.67B | $43.14B | $20.74B | $18.55B | $15.26B | $14.06B | $13.15B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $66.6M | $399.1M | $351.1M | $241.3M | $177.0M | $133.8M | $109.5M | $121.2M |
| Short-term debt | $2.92B | $1.13B | $764.4M | $2.73B | $1.55B | $8.82B | $704.3M | $252.0M | $110.0M | $1.12B |
| Deferred revenue | — | $352.3M | $312.2M | $269.6M | $242.1M | $130.2M | $127.7M | $115.4M | $105.3M | $74.1M |
| Total current liabilities | $2.92B | $2.40B | $1.89B | $3.50B | $2.22B | $327.0M | $1.06B | $561.9M | $385.6M | $1.37B |
| Long-term debt | $28.92B | $26.30B | $21.56B | $15.38B | $13.89B | $8.82B | $7.20B | $871.2M | $771.2M | $4.72B |
| Lease obligations | $551.1M | $530.1M | $469.6M | $1.38B | $505.7M | $120.8M | $128.2M | $5.6M | $5.3M | $5.0M |
| Other long-term liabilities | $839.1M | $1.08B | $1.22B | $1.95B | $1.90B | $578.1M | $494.0M | $5.71B | $5.51B | $275.7M |
| Total liabilities | $32.67B | $29.78B | $24.67B | $20.83B | $18.01B | $9.72B | $8.75B | $7.14B | $6.67B | $6.37B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $49.86B | $47.45B | $39.63B | $34.16B | $29.58B | $14.70B | $12.87B | $10.75B | $19.25B | $8.62B |
| Retained earnings (deficit) | −$10.53B | −$8.65B | −$6.76B | −$5.49B | −$4.53B | −$3.66B | −$3.08B | −$2.66B | −$2.25B | −$1.86B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $105.0M | $38.2M | $73.9M | $46.8M | $4.9M | −$54.6M | −$17.1M | −$8.1M | −$2.25B | −$1.86B |
| Minority interest | $685.3M | $210.9M | $165.5M | $130.1M | $76.8M | $32.2M | $29.7M | $32.2M | $19.2M | $20.2M |
| Total shareholders' equity | $39.44B | $38.84B | $33.11B | $28.71B | $25.05B | $11.02B | $9.77B | $8.09B | $7.37B | $6.77B |
| Key figures | ||||||||||
| Total debt | $32.85B | $26.76B | $21.99B | $18.60B | $15.95B | $8.82B | $8.03B | $6.51B | $6.12B | $5.84B |
| Net cash (debt) | −$32.42B | −$26.31B | −$21.76B | −$18.43B | −$15.69B | −$7.99B | −$7.98B | −$6.50B | −$6.11B | −$5.84B |
| Working capital | −$1.43B | $1.62B | $1.01B | −$1.73B | −$1.06B | $967.5M | −$603.9M | −$377.0M | −$222.3M | −$1.21B |
| Tangible book value | $34.41B | $27.59B | $24.36B | $19.81B | $16.10B | $9.29B | $8.27B | $6.87B | $6.16B | $5.67B |
| Book value per share | $43.59 | $44.30 | $47.77 | $46.90 | $60.40 | $31.90 | $30.92 | $27.90 | $26.91 | $26.47 |
| Shares outstanding | 904.8M | 876.8M | 693.0M | 612.2M | 414.8M | 345.4M | 316.2M | 289.9M | 273.9M | 255.6M |
| Current ratio | 0.51 | 1.68 | 1.53 | 0.51 | 0.52 | 3.96 | 0.43 | 0.33 | 0.42 | 0.12 |
| Quick ratio | 0.51 | 1.59 | 0.50 | 0.48 | 0.46 | 3.80 | 0.31 | 0.28 | 0.35 | 0.09 |
| Debt / equity | 0.83 | 0.69 | 0.66 | 0.65 | 0.64 | 0.80 | 0.82 | 0.80 | 0.83 | 0.86 |
| Equity / assets | 54.2% | 56.4% | 57.3% | 57.8% | 58.1% | 53.1% | 52.7% | 53.0% | 52.4% | 51.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $552.6M | $373.5M | $434.8M | $417.2M | $800.4M | $319.0M | $445.0M | $397.0M | $442.8M | $680.2M | $232.9M | $344.1M |
| Cash & equivalents | $552.6M | $373.5M | $434.8M | $417.2M | $800.4M | $319.0M | $445.0M | $397.0M | $442.8M | $680.2M | $232.9M | $344.1M |
| Short-term investments | — | — | — | — | — | — | — | $6.1M | −$6.1M | — | −$6.1M | $23.0M |
| Receivables | $1.13B | $1.12B | $1.05B | $4.39B | $4.05B | $3.68B | $3.38B | $3.03B | $3.03B | $2.70B | $2.59B | $2.41B |
| Inventory | $0 | $0 | $91.8M | $175.0M | $117.2M | $0 | −$1.8M | −$1.6M | $0 | $78.3M | $31.5M | $19.9M |
| Other current assets | $181.8M | $0 | $0 | $111.1M | $111.3M | $233.7M | $196.8M | $196.7M | $268.4M | $69.2M | $39.7M | $84.7M |
| Total current assets | $1.87B | $1.49B | $1.49B | $5.09B | $5.07B | $4.23B | $4.02B | $3.63B | $3.74B | $3.53B | $2.90B | $2.86B |
| Property, plant & equipment (net) | $55.11B | $1.40B | $1.42B | $1.41B | $1.40B | $1.36B | $1.27B | $1.30B | $1.34B | $1.35B | $1.30B | $1.27B |
| Goodwill & intangible assets | $10.55B | $5.07B | $5.02B | $10.79B | $10.97B | $11.15B | $11.26B | $11.53B | $11.66B | $12.03B | $8.75B | $8.82B |
| Long-term investments | $7.04B | $2.13B | $2.06B | $1.24B | $1.23B | $1.24B | $1.24B | $1.23B | $1.23B | $1.21B | $1.18B | $6.0M |
| Other non-current assets | $1.87B | $64.46B | $62.80B | $52.75B | $52.75B | $51.78B | $51.05B | $50.78B | $50.10B | $50.20B | $43.65B | $42.38B |
| Total assets | $76.44B | $74.55B | $72.80B | $71.28B | $71.42B | $69.76B | $68.84B | $68.47B | $68.06B | $68.33B | $57.78B | $55.34B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | $66.6M | $1.95B | $66.6M | $660.4M |
| Short-term debt | — | $2.31B | $2.92B | $1.92B | $1.47B | $1.70B | $1.13B | $427.5M | $1.15B | $1.02B | $764.4M | $858.3M |
| Deferred revenue | — | $381.1M | — | $357.3M | $358.6M | $349.3M | $352.3M | $317.2M | $306.2M | $328.6M | $312.2M | $296.6M |
| Total current liabilities | $1.13B | $3.77B | $2.92B | $3.29B | $2.84B | $2.93B | $2.40B | $1.70B | $2.48B | $2.27B | $1.89B | $1.71B |
| Long-term debt | $27.89B | $27.32B | $28.92B | $28.46B | $28.43B | $27.09B | $26.30B | $26.20B | $24.31B | $24.32B | $20.76B | $20.45B |
| Lease obligations | $528.5M | $545.1M | $551.1M | $526.0M | $522.5M | $525.5M | $530.1M | $513.8M | $528.5M | $535.9M | $469.6M | $468.8M |
| Other long-term liabilities | $0 | $2.23B | $839.1M | $267.5M | $787.9M | $496.6M | $1.08B | $1.90B | $2.35B | $2.42B | $2.03B | $1.35B |
| Total liabilities | $34.51B | $33.32B | $32.67B | $32.02B | $32.06B | $30.52B | $29.78B | $29.80B | $29.15B | $29.01B | $24.67B | $23.51B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $50.85B | $49.98B | $49.86B | $49.03B | $48.71B | $48.08B | $47.45B | $46.51B | $46.23B | $46.22B | $39.63B | $38.03B |
| Retained earnings (deficit) | −$11.39B | −$10.97B | −$10.53B | −$10.08B | −$9.65B | −$9.12B | −$8.65B | −$8.15B | −$7.72B | −$7.30B | −$6.76B | −$6.42B |
| Accumulated other comprehensive income | $94.8M | $137.2M | $105.0M | $92.3M | $95.8M | $72.8M | $38.2M | $103.5M | $75.3M | $64.8M | $73.9M | $41.8M |
| Minority interest | $2.38B | $2.09B | $685.3M | $209.6M | $210.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $39.55B | $39.15B | $39.44B | $39.05B | $39.15B | $39.03B | $38.84B | $38.46B | $38.75B | $39.15B | $32.94B | $31.66B |
| Key figures | ||||||||||||
| Total debt | $2.76B | $30.17B | $32.85B | $28.90B | $28.87B | $27.54B | $26.76B | $26.66B | $25.99B | $25.88B | $21.99B | $21.31B |
| Net cash (debt) | −$2.21B | −$29.80B | −$32.42B | −$28.48B | −$28.07B | −$27.22B | −$26.31B | −$26.26B | −$25.55B | −$25.20B | −$21.76B | −$20.97B |
| Working capital | $740.2M | −$2.28B | −$1.43B | $1.80B | $2.23B | $1.31B | $1.62B | $1.93B | $1.26B | $1.26B | $1.01B | $1.16B |
| Tangible book value | $29.00B | $34.08B | $34.41B | $28.26B | $28.19B | $27.88B | $27.59B | $26.93B | $27.09B | $27.12B | $24.19B | $22.84B |
| Book value per share | $42.31 | $43.27 | $43.59 | $42.67 | $43.32 | $43.74 | $44.15 | $44.10 | $44.50 | $46.88 | $45.32 | $44.62 |
| Shares outstanding | 934.7M | 904.8M | 904.8M | 915.2M | 903.7M | 892.4M | 879.6M | 872.1M | 870.7M | 835.2M | 726.9M | 709.5M |
| Current ratio | 1.66 | 0.40 | 0.51 | 1.55 | 1.79 | 1.45 | 1.68 | 2.13 | 1.51 | 1.55 | 1.53 | 1.68 |
| Quick ratio | 1.49 | 0.40 | 0.51 | 1.46 | 1.71 | 1.37 | 1.59 | 2.02 | 1.40 | 1.49 | 1.49 | 1.62 |
| Debt / equity | 0.07 | 0.77 | 0.83 | 0.74 | 0.74 | 0.71 | 0.69 | 0.69 | 0.67 | 0.66 | 0.67 | 0.67 |
| Equity / assets | 51.7% | 52.5% | 54.2% | 54.8% | 54.8% | 56.0% | 56.4% | 56.2% | 56.9% | 57.3% | 57.0% | 57.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
O financial position
At the end of fiscal 2025 (December 31, 2025), Realty Income had total assets of $72.8 billion (up 5.8% from a year earlier), total liabilities of $32.7 billion and shareholders' equity of $39.4 billion. It held $434.8 million in cash and short-term investments against $32.9 billion of debt, net debt of $32.4 billion. Its current ratio was 0.51. In the latest quarter (ended June 30, 2026) total assets were $76.4 billion and equity $39.5 billion.
Related: O income statement, O cash flow statement, O key metrics. See the O stock overview for the latest quote and news.
O balance sheet FAQ
What are Realty Income's total assets?
Realty Income reported total assets of $72.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $68.8 billion a year earlier.
How much debt does Realty Income have?
Realty Income had $32.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.83.
How much cash does Realty Income have?
Realty Income held $434.8 million in cash and short-term investments at the end of fiscal 2025; with $32.9 billion of debt that is net debt of $32.4 billion.
What is Realty Income's book value?
Realty Income's shareholders' equity (book value) was $39.4 billion at the end of fiscal 2025, or $43.59 per share.
What is Realty Income's current ratio?
Realty Income had current assets of $1.5 billion and current liabilities of $2.9 billion, a current ratio of 0.51 (current liabilities exceed current assets).
How much goodwill does Realty Income have?
Realty Income carried $5.0 billion of goodwill and intangible assets, 6.9% of total assets, at the end of fiscal 2025.