Global Net Lease, Inc. (GNL) Income Statement
GNL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGNL revenue and net income
Where GNL's revenue goes
2025Each bar shows an amount and its share of revenue. GNL kept −45.3% of revenue as net income.
GNL profit margins
GNL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −38.2% | +9.5% | +8.6% | +9.3% |
| Gross profit | −90.3% | −42.9% | −26.4% | −10.1% |
| Operating income | −18.5% | +18.7% | +11.1% | +17.6% |
| Net income | — | — | — | — |
| EPS (diluted) | — | −59.0% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GNL quarterly EPS vs estimates
Global Net Lease beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.04).
GNL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $497.9M | $805.0M | $515.1M | $378.9M | $391.2M | $330.1M | $306.2M | $282.2M | $259.3M | $214.2M |
| Cost of revenue | $433.6M | $142.5M | $150.6M | $32.9M | $32.7M | $32.4M | $62.9M | $28.7M | $28.9M | $19.0M |
| Gross profit | $64.3M | $662.5M | $364.5M | $346.0M | $358.5M | $297.7M | $243.3M | $253.5M | $230.4M | $195.1M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $52.8M | $75.6M | $103.1M | $69.9M | $67.3M | $59.1M | $19.6M | $41.3M | $29.3M | $30.6M |
| Total operating expenses | −$104.0M | $456.0M | $379.8M | $245.4M | $246.6M | $198.5M | $128.4M | $160.9M | $142.4M | $125.1M |
| Operating income | $168.3M | $206.5M | −$15.4M | $100.5M | $111.9M | $99.2M | $114.9M | $68.0M | $86.0M | $60.3M |
| Interest income | $218.0M | $319.5M | $183.1M | $76.4M | $88.5M | $80.2M | $63.4M | $50.8M | $60.4M | $21.6M |
| Interest expense | $191.8M | $326.9M | $179.4M | $97.5M | $94.3M | $71.8M | $64.2M | $58.0M | $48.5M | $39.1M |
| Income before taxes | −$113.9M | −$127.1M | −$197.4M | $23.1M | $23.5M | $15.7M | $50.8M | $13.3M | $26.7M | $52.0M |
| Income taxes | $21.8M | $4.4M | $14.5M | $11.0M | $12.2M | $5.0M | $4.3M | $2.4M | $3.1M | $4.4M |
| Net income | −$225.5M | −$131.6M | −$211.9M | $12.0M | $11.4M | $10.8M | $46.5M | $10.9M | $23.6M | $47.1M |
| EBITDA | $308.6M | $568.9M | $215.7M | $279.4M | $285.5M | $230.3M | $228.8M | $196.5M | $193.5M | $188.1M |
| EPS (diluted) | $0.02 | −$0.77 | −$1.02 | $0.29 | −$0.06 | −$0.06 | $0.31 | $0.35 | $0.31 | $0.81 |
| Gross margin | 12.9% | 82.3% | 70.8% | 91.3% | 91.6% | 90.2% | 79.5% | 89.8% | 88.9% | 91.1% |
| Operating margin | 33.8% | 25.6% | −3.0% | 26.5% | 28.6% | 30.1% | 37.5% | 24.1% | 33.2% | 28.1% |
| Net margin | −45.3% | −16.3% | −41.1% | 3.2% | 2.9% | 3.3% | 15.2% | 3.9% | 9.1% | 22.0% |
| 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 | $112.5M | $109.3M | $117.0M | $121.0M | $124.9M | $132.4M | $199.1M | $196.6M | $145.5M | $147.9M | $206.7M | $118.2M |
| Cost of revenue | $13.4M | $12.9M | $101.4M | $12.7M | $12.0M | $14.0M | $35.6M | $33.5M | $15.9M | $17.8M | $37.0M | $13.6M |
| Gross profit | $99.1M | $96.4M | $15.5M | $108.3M | $112.9M | $118.5M | $163.5M | $163.0M | $129.5M | $130.1M | $169.7M | $104.5M |
| Sales, general & admin | $11.9M | $12.1M | $13.4M | $14.9M | $14.7M | $19.3M | $18.4M | $14.9M | $18.4M | $16.6M | $17.3M | $26.1M |
| Total operating expenses | $44.3M | $65.4M | −$26.6M | $122.5M | $70.6M | $146.3M | $99.7M | $145.1M | $67.6M | $73.0M | $124.4M | $200.1M |
| Operating income | $54.7M | $30.9M | $42.1M | −$14.2M | $42.3M | −$27.9M | $63.8M | $17.9M | $61.9M | $57.1M | $45.3M | −$95.6M |
| Interest income | — | — | $42.9M | $43.0M | $68.5M | $63.6M | $68.5M | $81.9M | — | — | — | $37.9M |
| Interest expense | $38.8M | $39.2M | $42.5M | $45.3M | $53.3M | $53.4M | $77.2M | $77.1M | $89.8M | $82.8M | $83.6M | $41.2M |
| Income before taxes | $5.8M | −$6.7M | $66.3M | −$59.5M | −$28.9M | −$91.9M | −$5.6M | −$64.3M | −$22.0M | −$5.0M | −$43.1M | −$133.4M |
| Income taxes | $4.8M | $1.6M | $12.4M | $3.1M | $3.0M | $3.3M | $962,000 | $1.3M | −$250,000 | $2.4M | $5.5M | $2.8M |
| Net income | $3.5M | −$5.1M | $48.2M | −$60.1M | −$24.1M | −$189.4M | −$6.5M | −$65.6M | −$35.7M | −$23.8M | −$48.6M | −$136.2M |
| EBITDA | $87.8M | $74.1M | $155.0M | $32.5M | $72.2M | $131.4M | $159.1M | $102.9M | $144.5M | $156.7M | $144.0M | −$40.3M |
| EPS (diluted) | $0.22 | −$0.09 | −$0.05 | $0.24 | −$0.03 | −$0.14 | −$0.09 | −$0.33 | −$0.20 | −$0.15 | −$0.26 | −$1.11 |
| Gross margin | 88.1% | 88.2% | 13.3% | 89.5% | 90.4% | 89.5% | 82.1% | 82.9% | 89.0% | 88.0% | 82.1% | 88.5% |
| Operating margin | 48.7% | 28.3% | 36.0% | −11.7% | 33.9% | −21.1% | 32.1% | 9.1% | 42.6% | 38.6% | 21.9% | −80.9% |
| Net margin | 3.1% | −4.6% | 41.2% | −49.7% | −19.3% | −143.0% | −3.3% | −33.4% | −24.5% | −16.1% | −23.5% | −115.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GNL's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GNL financial results
In fiscal year 2025 (ended December 31, 2025), Global Net Lease reported revenue of $497.9 million, down 38.2% from the year before. It had a net loss of $225.5 million, a net profit margin of −45.3%. Diluted earnings per share came to $0.02. Over five years revenue grew at an average rate of 8.6% a year.
See the GNL stock overview for the latest quote and news, or the GNL chart for price history and technical indicators.
GNL income statement FAQ
What is Global Net Lease's annual revenue?
Global Net Lease reported total revenue of $497.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 38.2% from $805.0 million the previous year.
Is Global Net Lease profitable?
No. Global Net Lease reported a net loss of $225.5 million in fiscal 2025, a net profit margin of −45.3%; its operating margin was 33.8%.
What is Global Net Lease's gross margin?
Global Net Lease's gross margin was 12.9% in fiscal 2025: for every $100 of revenue, Global Net Lease kept $13 after the direct cost of its products and services.
How fast is Global Net Lease growing?
Revenue grew 8.6% a year on average over the last five fiscal years, from $330.1 million to $497.9 million.
What are Global Net Lease's earnings per share?
Global Net Lease earned $0.02 per diluted share in fiscal 2025, compared with $-0.77 a year earlier.
When will Global Net Lease report its next earnings?
Global Net Lease is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Global Net Lease's fiscal year end?
Global Net Lease's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.