Broadstone Net Lease, Inc. (BNL) Income Statement
BNL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBNL revenue and net income
Where BNL's revenue goes
2025Each bar shows an amount and its share of revenue. BNL kept 22.4% of revenue as net income.
BNL profit margins
BNL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.6% | +3.9% | +7.2% | +16.7% |
| Gross profit | +6.2% | +11.7% | +22.2% | +12.5% |
| Operating income | +7.2% | +5.6% | +10.3% | +15.9% |
| Net income | −34.1% | −4.0% | +15.0% | +18.2% |
| EPS (diluted) | −6.3% | +1.4% | +15.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BNL quarterly EPS vs estimates
Broadstone Net Lease beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.38).
BNL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $459.1M | $438.8M | $448.1M | $408.9M | $383.2M | $323.7M | $298.8M | $237.5M | $181.6M | $142.9M |
| Cost of revenue | $351.1M | $337.1M | $339.8M | $331.4M | $282.7M | $284.1M | $241.9M | $185.7M | $136.0M | $100.5M |
| Gross profit | $108.0M | $101.7M | $108.3M | $77.6M | $100.6M | $39.6M | $56.9M | $51.8M | $45.5M | $42.4M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $38.9M | $38.0M | $39.4M | $37.4M | $36.4M | $31.7M | $5.5M | $30.9M | $24.7M | $17.7M |
| Total operating expenses | −$120.2M | −$111.2M | −$114.0M | −$116.0M | −$95.4M | −$100.2M | −$81.5M | −$58.8M | −$41.9M | −$21.2M |
| Operating income | $228.2M | $212.9M | $222.3M | $193.6M | $196.0M | $139.8M | $138.4M | $110.6M | $87.5M | $63.6M |
| Interest income | $100.3M | $994,000 | $512,000 | $44,000 | $17,000 | $24,000 | $72.5M | $52.7M | $34.3M | $29.9M |
| Interest expense | $94.5M | $74.1M | $80.1M | $78.7M | $64.1M | $76.1M | $72.5M | $52.9M | $34.8M | $30.0M |
| Income before taxes | $107.0M | $164.0M | $165.8M | $125.1M | $116.8M | $57.2M | $87.5M | $75.1M | $59.6M | $40.3M |
| Income taxes | $1.2M | $1.2M | $763,000 | $1.3M | $1.6M | $939,000 | $2.4M | $857,000 | $624,000 | $34.4M |
| Net income | $102.9M | $156.2M | $157.2M | $116.4M | $102.5M | $51.2M | $79.4M | $69.4M | $54.8M | $36.4M |
| EBITDA | $372.7M | $418.6M | $430.1M | $349.3M | $296.9M | $253.4M | $267.7M | $209.1M | $149.3M | $114.3M |
| EPS (diluted) | $0.74 | $0.79 | $0.78 | $0.71 | $0.71 | $0.36 | $0.51 | $0.45 | $0.36 | $0.24 |
| Gross margin | 23.5% | 23.2% | 24.2% | 19.0% | 26.2% | 12.2% | 19.1% | 21.8% | 25.1% | 29.7% |
| Operating margin | 49.7% | 48.5% | 49.6% | 47.3% | 51.1% | 43.2% | 46.3% | 46.6% | 48.2% | 44.5% |
| Net margin | 22.4% | 35.6% | 35.1% | 28.5% | 26.7% | 15.8% | 26.6% | 29.2% | 30.2% | 25.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.3M | $121.4M | $119.4M | $114.9M | $113.0M | $111.8M | $112.9M | $109.8M | $106.9M | $109.1M | $109.9M | $109.6M |
| Cost of revenue | $5.8M | $89.2M | $89.8M | $86.7M | $90.2M | $84.5M | $92.7M | $83.0M | $80.1M | $81.2M | $84.6M | $82.8M |
| Gross profit | $116.5M | $32.2M | $29.6M | $28.2M | $22.9M | $27.3M | $20.2M | $26.8M | $26.8M | $27.9M | $25.3M | $26.9M |
| Sales, general & admin | $11.9M | $10.3M | $9.7M | $10.0M | $9.6M | $9.7M | $9.9M | $8.7M | $9.9M | $9.4M | $10.8M | $10.1M |
| Total operating expenses | $64.5M | −$31.2M | −$31.0M | −$29.5M | −$33.0M | −$26.7M | −$32.3M | −$27.9M | −$26.5M | −$24.6M | −$25.0M | −$28.3M |
| Operating income | $51.9M | $63.3M | $60.6M | $57.7M | $55.8M | $54.0M | $52.5M | $54.6M | $53.3M | $52.5M | $50.3M | $55.2M |
| Interest income | $135,000 | $49,000 | $28.9M | $182,000 | $122,000 | $99,000 | $42,000 | $70,000 | $649,000 | $233,000 | $142,000 | $127,000 |
| Interest expense | $25.8M | $25.3M | $25.1M | $28.2M | $21.1M | $20.1M | $19.6M | $18.2M | $17.8M | $18.6M | $19.0M | $19.7M |
| Income before taxes | $40.6M | $46.7M | $35.4M | $26.0M | $23.5M | $18.3M | $23.4M | $37.9M | $35.7M | $66.9M | $8.0M | $50.8M |
| Income taxes | $346,000 | $311,000 | $392,000 | $208,000 | $199,000 | $355,000 | $527,000 | −$291,000 | $531,000 | $408,000 | −$267,000 | $104,000 |
| Net income | $39.8M | $46.4M | $33.1M | $25.2M | $23.6M | $17.2M | $21.7M | $36.5M | $34.6M | $63.4M | $7.9M | $48.2M |
| EBITDA | $114.5M | $112.5M | $104.8M | $91.8M | $91.9M | $82.6M | $92.0M | $101.7M | $98.5M | $130.8M | $91.9M | $116.0M |
| EPS (diluted) | $0.39 | $0.24 | $0.38 | $0.14 | $0.12 | $0.10 | $0.11 | $0.19 | $0.18 | $0.31 | $0.03 | $0.26 |
| Gross margin | 95.2% | 26.5% | 24.8% | 24.6% | 20.2% | 24.4% | 17.9% | 24.4% | 25.1% | 25.6% | 23.1% | 24.5% |
| Operating margin | 42.5% | 52.2% | 50.7% | 50.2% | 49.4% | 48.3% | 46.5% | 49.8% | 49.8% | 48.1% | 45.8% | 50.3% |
| Net margin | 32.5% | 38.2% | 27.7% | 21.9% | 20.9% | 15.4% | 19.2% | 33.3% | 32.3% | 58.1% | 7.2% | 44.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BNL's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BNL financial results
In fiscal year 2025 (ended December 31, 2025), Broadstone Net Lease reported revenue of $459.1 million, up 4.6% from the year before. It had net income of $102.9 million (down 34.1%), a net profit margin of 22.4%. Diluted earnings per share came to $0.74. Over five years revenue grew at an average rate of 7.2% a year.
See the BNL stock overview for the latest quote and news, or the BNL chart for price history and technical indicators.
BNL income statement FAQ
What is Broadstone Net Lease's annual revenue?
Broadstone Net Lease reported total revenue of $459.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 4.6% from $438.8 million the previous year.
Is Broadstone Net Lease profitable?
Yes. Broadstone Net Lease reported net income of $102.9 million in fiscal 2025, a net profit margin of 22.4%; its operating margin was 49.7%.
What is Broadstone Net Lease's gross margin?
Broadstone Net Lease's gross margin was 23.5% in fiscal 2025: for every $100 of revenue, Broadstone Net Lease kept $24 after the direct cost of its products and services.
How fast is Broadstone Net Lease growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $323.7 million to $459.1 million.
What are Broadstone Net Lease's earnings per share?
Broadstone Net Lease earned $0.74 per diluted share in fiscal 2025, compared with $0.79 a year earlier.
When will Broadstone Net Lease report its next earnings?
Broadstone Net Lease is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Broadstone Net Lease's fiscal year end?
Broadstone Net Lease's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.