Realty Income Corporation (O) Income Statement
O 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsO revenue and net income
Where O's revenue goes
2025Each bar shows an amount and its share of revenue. O kept 18.4% of revenue as net income.
O profit margins
O growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.1% | +19.8% | +28.4% | +18.8% |
| Gross profit | +5.5% | +18.3% | +27.3% | +18.2% |
| Operating income | −29.9% | +7.5% | +15.5% | +12.3% |
| Net income | +23.0% | +6.8% | +21.8% | +14.1% |
| EPS (diluted) | +9.2% | −6.2% | +0.3% | +0.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
O quarterly EPS vs estimates
Realty Income beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 2, 2026 (estimate $1.11).
O income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.75B | $5.27B | $4.08B | $3.34B | $2.08B | $1.65B | $1.49B | $1.33B | $1.22B | $1.10B |
| Cost of revenue | $586.4M | $377.7M | $317.0M | $226.3M | $133.6M | $104.6M | $88.6M | $66.3M | $69.5M | $62.9M |
| Gross profit | $5.16B | $4.89B | $3.76B | $3.12B | $1.95B | $1.54B | $1.40B | $1.26B | $1.15B | $1.04B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $253.0M | $176.9M | $144.5M | $138.5M | $97.0M | $73.2M | $66.5M | $84.1M | $58.4M | $52.0M |
| Total operating expenses | $3.54B | $2.57B | $2.04B | $1.81B | $994.8M | $750.3M | $660.4M | $623.9M | $557.2M | $501.9M |
| Operating income | $1.63B | $2.32B | $1.72B | $1.31B | $952.0M | $792.2M | $739.1M | $637.6M | $589.1M | $538.4M |
| Interest income | $15.3M | $3.3M | $73.5M | $19.8M | $1.8M | $4.6M | $2.3M | — | — | — |
| Interest expense | $1.14B | $1.02B | $737.6M | $464.5M | $320.7M | $305.2M | $291.0M | $266.0M | $247.4M | $220.0M |
| Income before taxes | $1.08B | $933.9M | $928.9M | $917.6M | $392.4M | $411.2M | $443.6M | $369.9M | $325.4M | $319.7M |
| Income taxes | $20.0M | $66.6M | $52.0M | $45.2M | $31.7M | $14.7M | $6.2M | $5.3M | $6.0M | $3.3M |
| Net income | $1.06B | $860.8M | $872.3M | $869.4M | $359.5M | $395.5M | $436.5M | $363.6M | $318.8M | $315.6M |
| EBITDA | $3.60B | $4.33B | $3.60B | $2.59B | $1.29B | $1.38B | $1.31B | $1.17B | $1.09B | $981.1M |
| EPS (diluted) | $1.19 | $1.09 | $1.26 | $1.44 | $1.02 | $1.17 | $1.39 | $1.26 | $1.11 | $1.12 |
| Gross margin | 89.8% | 92.8% | 92.2% | 93.2% | 93.6% | 93.6% | 94.0% | 95.0% | 94.3% | 94.3% |
| Operating margin | 28.3% | 44.0% | 42.2% | 39.1% | 45.8% | 48.1% | 49.7% | 48.0% | 48.5% | 48.8% |
| Net margin | 18.4% | 16.3% | 21.4% | 26.0% | 17.3% | 24.0% | 29.3% | 27.4% | 26.2% | 28.6% |
| 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 | $1.43B | $1.55B | $1.49B | $1.47B | $1.41B | $1.38B | $1.34B | $1.33B | $1.34B | $1.26B | $1.08B | $1.04B |
| Cost of revenue | $112.4M | $1.38B | $265.7M | $106.6M | $107.4M | $106.7M | $96.3M | $92.2M | $99.9M | $89.4M | $81.9M | $71.0M |
| Gross profit | $1.31B | $171.3M | $1.22B | $1.36B | $1.30B | $1.27B | $1.24B | $1.24B | $1.24B | $1.17B | $994.4M | $968.1M |
| Sales, general & admin | $57.6M | $58.9M | $117.6M | $42.0M | $49.3M | $44.0M | $49.1M | $41.9M | $45.1M | $40.8M | $38.0M | $35.5M |
| Total operating expenses | $709.5M | −$554.4M | $1.49B | $689.8M | $698.3M | $653.0M | $655.8M | $644.2M | $659.9M | $621.9M | $513.9M | $531.1M |
| Operating income | $605.2M | $725.7M | −$272.5M | $674.1M | $604.7M | $620.8M | $588.2M | $594.6M | $579.7M | $549.2M | $480.5M | $437.0M |
| Interest income | $120.5M | $102.2M | $16.3M | $82.9M | $71.3M | $1.8M | $592,000 | $3.4M | $53.9M | $4.3M | $18.2M | $2.8M |
| Interest expense | $313.9M | $285.0M | $289.9M | $296.3M | $285.7M | $270.3M | $270.8M | $262.2M | $248.7M | $242.4M | $210.1M | $185.9M |
| Income before taxes | $396.3M | $347.1M | $246.9M | $341.5M | $223.1M | $267.1M | $221.5M | $286.5M | $276.6M | $149.4M | $235.6M | $245.2M |
| Income taxes | $25.8M | $26.2M | −$43.5M | $23.8M | $24.1M | $15.7M | $20.1M | $15.4M | $15.6M | $15.5M | $15.8M | $11.3M |
| Net income | $397.1M | $311.8M | $296.1M | $315.8M | $196.9M | $249.8M | $199.6M | $269.5M | $259.4M | $132.3M | $218.4M | $233.5M |
| EBITDA | $1.34B | $1.27B | $882.3M | $973.5M | $1.15B | $1.14B | $1.09B | $1.14B | $1.12B | $970.0M | $931.2M | $936.6M |
| EPS (diluted) | $1.09 | $0.34 | $0.33 | $0.36 | $0.22 | $0.28 | $0.22 | $0.31 | $0.30 | $0.26 | $0.30 | $0.33 |
| Gross margin | 92.1% | 11.1% | 82.1% | 92.7% | 92.4% | 92.3% | 92.8% | 93.1% | 92.5% | 92.9% | 92.4% | 93.2% |
| Operating margin | 42.4% | 46.9% | −18.3% | 45.8% | 42.9% | 45.0% | 43.9% | 44.7% | 43.3% | 43.6% | 44.6% | 42.1% |
| Net margin | 27.8% | 20.1% | 19.9% | 21.5% | 14.0% | 18.1% | 14.9% | 20.2% | 19.4% | 10.5% | 20.3% | 22.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in O's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
O financial results
In fiscal year 2025 (ended December 31, 2025), Realty Income reported revenue of $5.7 billion, up 9.1% from the year before. It had net income of $1.1 billion (up 23.0%), a net profit margin of 18.4%. Diluted earnings per share came to $1.19. Over five years revenue grew at an average rate of 28.4% a year.
See the O stock overview for the latest quote and news, or the O chart for price history and technical indicators.
O income statement FAQ
What is Realty Income's annual revenue?
Realty Income reported total revenue of $5.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.1% from $5.3 billion the previous year.
Is Realty Income profitable?
Yes. Realty Income reported net income of $1.1 billion in fiscal 2025, a net profit margin of 18.4%; its operating margin was 28.3%.
What is Realty Income's gross margin?
Realty Income's gross margin was 89.8% in fiscal 2025: for every $100 of revenue, Realty Income kept $90 after the direct cost of its products and services.
How fast is Realty Income growing?
Revenue grew 28.4% a year on average over the last five fiscal years, from $1.6 billion to $5.7 billion.
What are Realty Income's earnings per share?
Realty Income earned $1.19 per diluted share in fiscal 2025, compared with $1.09 a year earlier.
When will Realty Income report its next earnings?
Realty Income is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Realty Income's fiscal year end?
Realty Income's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.