Realty Income (O) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Jun 2025Income Metrics
Revenue
1.4B
Gross Profit
1.3B
92.38%
Operating Income
604.7M
42.87%
Net Income
199.0M
14.11%
EPS (Diluted)
$0.22
Balance Sheet Metrics
Total Assets
69.8B
Total Liabilities
30.5B
Shareholders Equity
39.2B
Debt to Equity
0.78
Cash Flow Metrics
Operating Cash Flow
690.5M
Free Cash Flow
787.5M
Revenue & Profitability Trend
Realty Income Income Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 5.3B | 4.1B | 3.3B | 2.1B | 1.6B |
| Cost of Goods Sold | 377.7M | 317.0M | 226.3M | 133.6M | 104.6M |
| Gross Profit | 4.9B | 3.8B | 3.1B | 1.9B | 1.5B |
| Gross Margin % | 92.8% | 92.2% | 93.2% | 93.6% | 93.6% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 176.9M | 144.5M | 138.5M | 97.0M | 73.2M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 176.9M | 144.5M | 138.5M | 97.0M | 73.2M |
| Operating Income | 2.3B | 1.7B | 1.3B | 952.0M | 792.2M |
| Operating Margin % | 44.0% | 42.2% | 39.1% | 45.8% | 48.1% |
| Non-Operating Items | |||||
| Interest Income | 3.3M | 73.5M | 76.6M | 13.8M | 3.0M |
| Interest Expense | 998.1M | 779.0M | 522.1M | 319.1M | 293.7M |
| Other Non-Operating Income | -362.9M | -55.8M | 73.6M | -236.0M | -75.8M |
| Pre-tax Income | 933.9M | 928.9M | 917.6M | 392.4M | 411.2M |
| Income Tax | 66.6M | 52.0M | 45.2M | 31.7M | 14.7M |
| Effective Tax Rate % | 7.1% | 5.6% | 4.9% | 8.1% | 3.6% |
| Net Income | 867.3M | 876.9M | 872.4M | 360.7M | 396.5M |
| Net Margin % | 16.5% | 21.5% | 26.1% | 17.3% | 24.1% |
| Key Metrics | |||||
| EBITDA | 4.7B | 3.7B | 3.1B | 2.1B | 1.5B |
| EPS (Basic) | $0.98 | $1.26 | $1.42 | $0.87 | $1.15 |
| EPS (Diluted) | $0.98 | $1.26 | $1.42 | $0.87 | $1.14 |
| Basic Shares Outstanding | 862959000 | 692298000 | 611765815 | 591261991 | 343900870 |
| Diluted Shares Outstanding | 862959000 | 692298000 | 611765815 | 591261991 | 343900870 |
Income Statement Trend
Realty Income Balance Sheet From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 445.0M | 232.9M | 171.1M | 258.6M | 824.5M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 877.7M | 710.5M | 543.2M | 426.8M | 285.7M |
| Inventory | - | 31.5M | 29.5M | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | 4.0B | 2.9B | 1.8B | 1.2B | 1.3B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 1.3B | 1.3B | 1.1B | 849.8M | 230.6M |
| Goodwill | 16.2B | 12.5B | 12.6B | 12.6B | 1.7B |
| Intangible Assets | 6.3B | 5.0B | 5.2B | 5.3B | 1.7B |
| Long-term Investments | 47.2M | 21.2M | 83.1M | 29.6M | 10.0K |
| Other Non-Current Assets | 90.8M | 117.1M | 87.6M | 39.1M | 24.2M |
| Total Non-Current Assets | 64.8B | 54.9B | 47.9B | 42.0B | 19.4B |
| Total Assets | 68.8B | 57.8B | 49.7B | 43.1B | 20.7B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | 1.1B | 764.4M | 2.7B | 1.6B | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 2.4B | 1.9B | 3.5B | 2.2B | 383.9M |
| Non-Current Liabilities | |||||
| Long-term Debt | 25.6B | 21.2B | 15.9B | 14.4B | 8.9B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | 1.7B | 1.4B | 1.4B | 1.3B | 327.0M |
| Total Non-Current Liabilities | 27.4B | 22.8B | 17.3B | 15.8B | 9.3B |
| Total Liabilities | 29.8B | 24.7B | 20.8B | 18.0B | 9.7B |
| Equity | |||||
| Common Stock | 47.5B | 39.6B | 34.2B | 29.6B | 14.7B |
| Retained Earnings | -8.6B | -6.8B | -5.5B | -4.5B | -3.7B |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 39.1B | 33.1B | 28.8B | 25.1B | 11.0B |
| Key Metrics | |||||
| Total Debt | 26.8B | 22.0B | 18.6B | 15.9B | 8.9B |
| Working Capital | 1.6B | 1.0B | -1.7B | -1.1B | 910.6M |
Balance Sheet Composition
Realty Income Cash Flow Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 867.3M | 876.9M | 872.4M | 360.7M | 396.5M |
| Depreciation & Amortization | 2.4B | 1.9B | 1.7B | 897.8M | 677.0M |
| Stock-Based Compensation | 57.5M | 26.2M | 21.6M | 41.8M | 16.5M |
| Working Capital Changes | 30.7M | 174.0M | -34.8M | -63.0M | -59.5M |
| Operating Cash Flow | 3.3B | 2.9B | 2.4B | 1.2B | 1.0B |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | 23.3M | -1.2B | 109.5M | -327.7M | 0 |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | - | - | - | - | - |
| Investing Cash Flow | -548.5M | -1.3B | 158.8M | -356.1M | 0 |
| Financing Activities | |||||
| Share Repurchases | -172.5M | - | - | 0 | 0 |
| Dividends Paid | -2.7B | -2.1B | -1.8B | -1.2B | -964.2M |
| Debt Issuance | 2.7B | 5.3B | 2.2B | 1.0B | 2.2B |
| Debt Repayment | -38.4B | -79.4B | -27.7B | -9.3B | -4.9B |
| Financing Cash Flow | -36.5B | -73.0B | -21.7B | -2.9B | -2.6B |
| Free Cash Flow | 3.6B | 3.0B | 2.6B | 1.3B | 1.1B |
| Net Change in Cash | -33.8B | -71.4B | -19.1B | -2.1B | -1.5B |
Cash Flow Trend
Realty Income Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
57.29
Forward P/E
37.11
Price to Book
1.38
Price to Sales
9.85
PEG Ratio
-2.15
Profitability Ratios
Profit Margin
16.72%
Operating Margin
43.08%
Return on Equity
2.36%
Return on Assets
2.17%
Financial Health
Current Ratio
1.50
Debt to Equity
73.35
Beta
0.77
Per Share Data
EPS (TTM)
$1.03
Book Value per Share
$42.82
Revenue per Share
$6.19
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| o | 54.0B | 57.29 | 1.38 | 2.36% | 16.72% | 73.35 |
| Simon Property | 65.1B | 26.67 | 23.37 | 73.08% | 35.06% | 838.55 |
| Kimco Realty | 40.7B | - | 3.86 | 5.63% | 28.54% | 77.34 |
| Kimco Realty | 14.7B | 26.46 | 1.40 | 5.63% | 28.54% | 77.34 |
| Regency Centers | 13.1B | 33.54 | 2.01 | 5.97% | 26.07% | 73.57 |
| Federal Realty | 8.4B | 24.48 | 2.70 | 10.61% | 27.94% | 130.64 |
Financial data is updated regularly. All figures are in the company's reporting currency.