Realty Income Corporation (O) Cash Flow Statement
Where O’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.99B +11.8% vs 2024
- Capital expenditures
- $131.8M 2.3% of revenue
- Free cash flow
- $3.99B 69.5% margin
- Returned to shareholders
- $2.92B 73% of free cash flow
- Change in cash
- $25.2M cash at year-end $520.8M
Cash from operations
$3.99B
Capital expenditures
−$131.8M
Acquisitions & other
−$5.53B
Dividends
−$2.92B
Share buybacks (net)
+$2.36B
Net borrowing (repayment)
+$1.79B
Shares issued
+$2.36B
Other financing
−$1.92B
Change in cash
$25.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
O operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
O cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $804.0M2016 | $3.99B2025 | +19.5%/yr | |
| Capital expenditures | $13.4M2016 | $131.8M2025 | +28.9%/yr | |
| Free cash flow | $790.6M2016 | $3.99B2025 | +19.7%/yr | |
| Free cash flow margin | 71.7%2016 | 69.5%2025 | −2.2 pts | |
| Operating cash flow / net income | 2.542016 | 3.732025 | +1.19 | |
| Stock-based compensation | $12.0M2016 | $30.8M2025 | +11.0%/yr | |
| Dividends paid | $637.6M2016 | $2.92B2025 | +18.4%/yr | |
| Share buybacks (net) | $9.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 1.2%2016 | 2.3%2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
O cash flow by activity
OperatingInvestingFinancingChange in cash
O net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
O cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.07B | $867.3M | $872.3M | $872.4M | $360.7M | $396.5M | $437.5M | $364.6M | $319.3M | $316.5M |
| Depreciation & amortization | $2.52B | $2.40B | $1.90B | $1.67B | $897.8M | $677.0M | $594.0M | $539.8M | $498.8M | $449.9M |
| Stock-based compensation | $30.8M | $57.5M | $26.2M | $21.6M | $41.8M | $16.5M | $13.7M | $27.3M | $13.9M | $12.0M |
| Change in working capital | $77.8M | $30.7M | $174.0M | −$34.8M | −$35.1M | −$59.5M | $15.1M | $11.8M | $26.0M | $33.2M |
| Other non-cash items | $292.2M | $222.1M | −$9.0M | $34.2M | $56.9M | $85.0M | $8.7M | −$2.7M | $17.8M | −$7.6M |
| Cash from operating activities | $3.99B | $3.57B | $2.96B | $2.56B | $1.32B | $1.12B | $1.07B | $940.7M | $875.9M | $804.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$131.8M | −$121.4M | −$68.7M | −$8.98B | −$6.33B | −$26.8M | −$3.49B | −$25.4M | −$15.2M | −$13.4M |
| Investments (net) | — | −$3.34B | −$10.50B | $109.7M | $10.0M | −$2.03B | −$14.6M | $5.1M | −$7.4M | $12.5M |
| Acquisitions & other investing | −$5.53B | $121.4M | $1.21B | $485.2M | −$115.5M | $26.8M | $0 | −$1.62B | −$1.23B | −$1.71B |
| Cash from investing activities | −$5.66B | −$3.34B | −$9.35B | −$8.39B | −$6.44B | −$2.03B | −$3.50B | −$1.64B | −$1.25B | −$1.71B |
| Financing activities | ||||||||||
| Dividends paid | −$2.92B | −$2.70B | −$2.11B | −$1.81B | −$1.17B | −$964.2M | −$852.1M | −$761.6M | −$695.5M | −$637.6M |
| Share repurchases & issuance (net) | $2.36B | −$172.5M | $82.61B | $4.57B | $10.12B | $5.73B | −$21.1M | −$2.8M | −$408.8M | −$9.0M |
| Net borrowing (repayment) | $1.79B | $1.18B | $3.19B | $1.89B | −$839.9M | $1.57B | $1.25B | $373.0M | $99.2M | $972.0M |
| Shares issued | $2.36B | $1.74B | $6.00B | $4.56B | $1.26B | $728.9M | $845.1M | $0 | $0 | $0 |
| Other financing | −$1.92B | −$67.8M | −$83.25B | −$3.46B | −$4.79B | −$5.37B | $1.27B | $1.10B | $1.38B | $540.8M |
| Cash from financing activities | $1.68B | −$21.2M | $6.44B | $5.74B | $4.58B | $1.69B | $2.49B | $707.9M | $375.1M | $866.2M |
| Summary | ||||||||||
| Net change in cash | $25.2M | $212.0M | $61.8M | −$105.5M | −$518.3M | $779.7M | $49.9M | $3.5M | −$2.5M | −$30.9M |
| Cash at end of period | $520.8M | $445.0M | $232.9M | $226.9M | $332.4M | $850.7M | $71.0M | $10.4M | $6.9M | $9.4M |
| Free cash flow | $3.99B | $3.45B | $2.89B | $2.56B | $1.32B | $1.12B | $1.07B | $915.4M | $860.6M | $790.6M |
| Free cash flow margin | 69.5% | 65.5% | 70.9% | 76.7% | 63.6% | 67.7% | 71.8% | 68.9% | 70.8% | 71.7% |
| Capex / revenue | 2.3% | 2.3% | 1.7% | 268.6% | 304.4% | 1.6% | 234.3% | 1.9% | 1.3% | 1.2% |
| Operating cash flow / net income | 3.73 | 4.12 | 3.39 | 2.94 | 3.67 | 2.81 | 2.44 | 2.58 | 2.74 | 2.54 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $370.5M | $320.9M | $301.6M | $317.7M | $199.0M | $251.5M | $201.3M | $271.1M | $261.0M | $133.9M | $218.4M | $233.5M |
| Depreciation & amortization | $644.7M | $630.3M | $635.4M | $632.0M | $647.8M | $608.9M | $606.7M | $602.3M | $605.6M | $581.1M | $475.9M | $495.6M |
| Stock-based compensation | $9.3M | $11.4M | $9.0M | $7.7M | $8.1M | $5.9M | $9.8M | $6.4M | $7.3M | $34.0M | $6.1M | $6.2M |
| Change in working capital | $120.8M | −$154.3M | $140.1M | −$58.0M | $149.6M | −$153.8M | $26.8M | −$33.4M | $43.9M | −$6.7M | $30.0M | −$43.3M |
| Other non-cash items | −$181,000 | $66.2M | $117.2M | $43.8M | $56.1M | $75.1M | $127.3M | −$5.0M | $63.4M | $36.4M | $30.3M | $40.0M |
| Cash from operating activities | $1.15B | $874.5M | $1.20B | $943.1M | $1.06B | $787.5M | $972.0M | $841.5M | $981.2M | $778.7M | $760.7M | $732.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.96B | −$26.3M | −$49.4M | −$33.2M | −$26.3M | −$22.9M | −$36.2M | −$33.6M | −$42.0M | −$9.6M | −$21.6M | −$6.75B |
| Investments (net) | — | — | — | −$1.08B | −$1.16B | −$1.31B | −$1.77B | −$537.3M | −$645.1M | −$388.8M | −$2.72B | −$1.99B |
| Acquisitions & other investing | −$490.6M | −$2.55B | −$2.06B | $33.2M | $26.3M | $22.9M | $36.2M | $33.6M | $42.0M | $9.6M | $21.6M | $2.10B |
| Cash from investing activities | −$2.45B | −$2.58B | −$2.11B | −$1.08B | −$1.16B | −$1.31B | −$1.77B | −$537.3M | −$645.1M | −$388.8M | −$2.72B | −$6.64B |
| Financing activities | ||||||||||||
| Dividends paid | −$756.8M | −$758.0M | −$743.8M | −$737.9M | −$727.5M | −$711.8M | −$691.9M | −$689.7M | −$678.8M | −$639.1M | −$556.1M | −$543.3M |
| Share repurchases & issuance (net) | −$6,000 | −$101.9M | $2.36B | $1.56B | $1.25B | $624.8M | $1.57B | −$172.5M | — | — | −$23.00B | $3.85B |
| Net borrowing (repayment) | $1.03B | $1.04B | $408.0M | $167.4M | $741.2M | $470.9M | $625.2M | $284.0M | — | — | — | $1.06B |
| Shares issued | $0 | $0 | $802.3M | $314.8M | $622.2M | $624.8M | $932.9M | $266.6M | $0 | $543.5M | $1.59B | $873.3M |
| Other financing | $1.12B | $1.53B | −$1.84B | −$1.56B | −$1.31B | −$634.1M | −$1.57B | −$30.6M | $118.2M | $112.6M | $23.76B | −$3.85B |
| Cash from financing activities | $1.40B | $1.71B | $988.5M | −$256.2M | $570.9M | $374.6M | $864.7M | −$342.2M | −$560.6M | $17.0M | $1.80B | $1.39B |
| Summary | ||||||||||||
| Net change in cash | $91.3M | $3.3M | $77.6M | −$398.6M | $491.1M | −$144.8M | $48.0M | −$45.9M | −$237.3M | $447.2M | −$111.2M | $115.8M |
| Cash at end of period | $615.4M | $524.0M | $520.8M | $443.1M | $841.7M | $350.7M | $445.0M | $397.0M | $442.8M | $680.2M | $232.9M | $430.7M |
| Free cash flow | −$812.8M | $848.2M | $1.20B | $943.1M | $1.06B | $787.5M | $935.8M | $807.9M | $939.2M | $769.0M | $739.1M | $732.0M |
| Free cash flow margin | −57.0% | 54.8% | 80.9% | 64.1% | 75.2% | 57.0% | 69.8% | 60.7% | 70.1% | 61.0% | 68.7% | 70.4% |
| Capex / revenue | 137.2% | 1.7% | 3.3% | 2.3% | 1.9% | 1.7% | 2.7% | 2.5% | 3.1% | 0.8% | 2.0% | 649.5% |
| Operating cash flow / net income | 3.09 | 2.72 | 3.99 | 2.97 | 5.33 | 3.13 | 4.83 | 3.10 | 3.76 | 5.82 | 3.48 | 3.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
O cash generation
In fiscal 2025 (ended December 31, 2025), Realty Income generated $4.0 billion of cash from operations (up 11.8%) and spent $131.8 million on capital expenditures, leaving free cash flow of $4.0 billion, 69.5% of revenue. It returned $2.9 billion to shareholders through dividends ($2.9 billion) and net share buybacks ($0). Cash and equivalents rose by $25.2 million over the year.
Related: O income statement, O balance sheet, O dividend history. See the O stock overview for the latest quote and news.
O cash flow FAQ
What is Realty Income's free cash flow?
Realty Income's free cash flow was $4.0 billion in fiscal 2025: $4.0 billion of operating cash flow minus $131.8 million of capital expenditures It was $3.5 billion a year earlier..
How much cash does Realty Income generate from operations?
Realty Income generated $4.0 billion of cash from operating activities in fiscal 2025, 3.73 times its net income of $1.1 billion.
How much does Realty Income spend on capital expenditures?
Realty Income spent $131.8 million on capital expenditures in fiscal 2025, 2.3% of revenue, compared with $121.4 million the year before.
How much does Realty Income pay in dividends?
Realty Income paid $2.9 billion in dividends in fiscal 2025, 73.1% of free cash flow.