NNN REIT Inc (NNN) Income Statement
NNN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNNN revenue and net income
Where NNN's revenue goes
2025Each bar shows an amount and its share of revenue. NNN kept 42.1% of revenue as net income.
NNN profit margins
NNN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.6% | +6.2% | +7.0% | +6.7% |
| Gross profit | −57.9% | −22.2% | −11.1% | −2.7% |
| Operating income | −1.4% | +5.7% | +8.8% | +7.0% |
| Net income | −1.8% | +5.2% | +11.2% | +7.0% |
| EPS (diluted) | +2.0% | +2.1% | +6.5% | +5.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NNN quarterly EPS vs estimates
NNN REIT beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.89).
NNN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $926.2M | $869.3M | $828.1M | $773.1M | $726.4M | $660.7M | $670.5M | $622.7M | $584.9M | $533.6M |
| Cost of revenue | $574.3M | $32.3M | $28.4M | $26.3M | $28.4M | $28.4M | $27.7M | $25.1M | $23.1M | $20.9M |
| Gross profit | $352.0M | $836.9M | $799.7M | $746.8M | $698.0M | $632.3M | $642.8M | $597.6M | $561.8M | $512.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $46.9M | $45.8M | $47.5M | $49.5M | $79.7M | $38.2M | $37.9M | $34.2M | $33.8M | $36.5M |
| Total operating expenses | −$217.9M | $259.1M | $244.6M | $264.2M | $248.9M | $257.8M | $226.3M | $172.8M | $187.7M | $176.5M |
| Operating income | $569.9M | $577.9M | $555.1M | $482.5M | $449.1M | $374.5M | $416.8M | $424.8M | $337.5M | $309.1M |
| Interest income | $4.2M | $3.0M | $1.1M | $147.9M | $216,000 | $417,000 | $3.1M | $1.8M | $322,000 | $170,000 |
| Interest expense | $202.3M | $184.0M | $163.9M | $148.1M | $137.9M | $129.4M | $120.0M | $115.8M | $109.1M | $96.4M |
| Income before taxes | $389.8M | $396.8M | $392.3M | $334.6M | $290.1M | $228.8M | $299.6M | $292.5M | $228.7M | $212.3M |
| Income taxes | — | — | $163.9M | $147.9M | $137.9M | $129.4M | $120.5M | −$16.4M | $36.7M | $27.2M |
| Net income | $389.8M | $396.8M | $392.3M | $334.6M | $290.1M | $228.8M | $299.2M | $292.4M | $265.0M | $239.5M |
| EBITDA | $860.5M | $830.5M | $794.9M | $706.5M | $633.2M | $554.9M | $608.5M | $582.7M | $548.2M | $485.0M |
| EPS (diluted) | $2.00 | $1.96 | $2.10 | $1.88 | $1.65 | $1.46 | $1.56 | $1.54 | $1.56 | $1.51 |
| Gross margin | 38.0% | 96.3% | 96.6% | 96.6% | 96.1% | 95.7% | 95.9% | 96.0% | 96.0% | 96.1% |
| Operating margin | 61.5% | 66.5% | 67.0% | 62.4% | 61.8% | 56.7% | 62.2% | 68.2% | 57.7% | 57.9% |
| Net margin | 42.1% | 45.7% | 47.4% | 43.3% | 39.9% | 34.6% | 44.6% | 47.0% | 45.3% | 44.9% |
| 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 | $244.3M | $240.4M | $238.4M | $230.2M | $226.8M | $230.9M | $218.5M | $218.6M | $216.8M | $215.4M | $216.2M | $205.1M |
| Cost of revenue | $8.3M | $9.8M | $146.5M | $9.1M | $8.8M | $9.4M | $11.1M | $7.3M | $6.8M | $7.2M | $8.2M | $6.5M |
| Gross profit | $236.0M | $230.6M | $91.9M | $221.0M | $218.0M | $221.5M | $207.3M | $211.3M | $210.1M | $208.3M | $208.0M | $198.7M |
| Sales, general & admin | $14.1M | $14.1M | $11.6M | $11.1M | $11.3M | $17.6M | $8.8M | $11.6M | $11.8M | $12.9M | $13.2M | $10.5M |
| Total operating expenses | $85.3M | $85.5M | −$56.4M | $73.8M | $68.2M | $77.6M | $63.6M | $67.8M | $57.8M | $69.9M | $68.3M | $51.0M |
| Operating income | $150.3M | $145.1M | $148.6M | $147.3M | $149.8M | $143.9M | $143.7M | $143.6M | $152.3M | $138.3M | $139.7M | $147.7M |
| Interest income | $35,000 | $28,000 | $962,000 | $2.9M | $49.3M | $329,000 | $1.0M | $845,000 | $976,000 | $119,000 | $383,000 | $40.9M |
| Interest expense | $53.5M | $52.7M | $53.3M | $52.9M | $49.3M | $47.7M | $46.9M | $46.5M | $46.6M | $44.1M | $43.4M | $41.5M |
| Income before taxes | $97.9M | $94.0M | $96.0M | $96.8M | $100.5M | $96.5M | $97.9M | $97.9M | $106.7M | $94.4M | $96.7M | $106.8M |
| Income taxes | — | — | — | — | — | — | — | — | — | $60.6M | $43.4M | $41.5M |
| Net income | $97.9M | $94.0M | $96.0M | $96.8M | $100.5M | $96.5M | $97.9M | $97.9M | $106.7M | $94.4M | $96.7M | $106.8M |
| EBITDA | $222.4M | $217.4M | $217.5M | $217.0M | $218.2M | $208.8M | $208.0M | $207.8M | $215.7M | $199.1M | $200.2M | $207.8M |
| EPS (diluted) | $0.90 | $0.49 | $0.51 | $0.49 | $0.48 | $0.52 | $0.48 | $0.49 | $0.49 | $0.50 | $0.52 | $0.48 |
| Gross margin | 96.6% | 95.9% | 38.6% | 96.0% | 96.1% | 95.9% | 94.9% | 96.7% | 96.9% | 96.7% | 96.2% | 96.9% |
| Operating margin | 61.5% | 60.4% | 62.3% | 64.0% | 66.0% | 62.3% | 65.8% | 65.7% | 70.2% | 64.2% | 64.6% | 72.0% |
| Net margin | 40.1% | 39.1% | 40.2% | 42.1% | 44.3% | 41.8% | 44.8% | 44.8% | 49.2% | 43.8% | 44.7% | 52.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NNN's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NNN financial results
In fiscal year 2025 (ended December 31, 2025), NNN REIT reported revenue of $926.2 million, up 6.6% from the year before. It had net income of $389.8 million (down 1.8%), a net profit margin of 42.1%. Diluted earnings per share came to $2.00. Over five years revenue grew at an average rate of 7.0% a year.
See the NNN stock overview for the latest quote and news, or the NNN chart for price history and technical indicators.
NNN income statement FAQ
What is NNN REIT's annual revenue?
NNN REIT reported total revenue of $926.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 6.6% from $869.3 million the previous year.
Is NNN REIT profitable?
Yes. NNN REIT reported net income of $389.8 million in fiscal 2025, a net profit margin of 42.1%; its operating margin was 61.5%.
What is NNN REIT's gross margin?
NNN REIT's gross margin was 38.0% in fiscal 2025: for every $100 of revenue, NNN REIT kept $38 after the direct cost of its products and services.
How fast is NNN REIT growing?
Revenue grew 7.0% a year on average over the last five fiscal years, from $660.7 million to $926.2 million.
What are NNN REIT's earnings per share?
NNN REIT earned $2.00 per diluted share in fiscal 2025, compared with $1.96 a year earlier.
When will NNN REIT report its next earnings?
NNN REIT is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does NNN REIT's fiscal year end?
NNN REIT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.