Realty Income Corporation
Financial Performance
Realty Income Revenue & Financials
Revenue
$5.7B (FY2025)
Market Cap
$56B
Net Income
$1.1B
Employees
544
What is Realty Income's revenue?
Realty Income had $5.7B in revenue for fiscal year 2025, up 9.1% from 2024. Net income was $1.1B.
- Latest revenue
- $5.7B (FY2025)
- Year-over-year
- +9.1%
- Growth rate (CAGR)
- 20.1% over 9 years
- Peak revenue
- $5.7B (FY2025)
- Years of data
- 10
- Employees
- 544
- How much profit does Realty Income make?
- Realty Income reported net income of $1.1B for fiscal year 2025. sec.gov
- How many employees does Realty Income have?
- Realty Income has about 544 employees.
Financial Analysis
Realty Income's revenue grew from $1.33 billion in 2018 to $5.749 billion in FY2025, driven by the 2021 VEREIT merger, the January 2024 Spirit Realty acquisition and steady property buying. FY2025 net income was $1.059 billion and AFFO was $4.28 per share, up from $4.19 in 2024. In Q2 2026 revenue rose to $1.548 billion from $1.410 billion a year earlier, net income available to common stockholders was $344.0 million, and AFFO per share grew 3.8% to $1.09. Management raised 2026 AFFO guidance to $4.44-$4.45 per share. Net debt was 5.4x annualized pro forma adjusted EBITDAre at June 30, 2026. Realty Income Corporation is a massive American real estate investment trust (REIT) that legally trademarks itself as 'The Monthly Dividend Company', commanding a market valuation typically exceeding $40 billion.
Revenue Trend Analysis
YoY Change
+9.1%
9-Year CAGR
+20.1%
Peak Year
2025
Trend
Consistent Growth
Realty Income Corporation has 10 full fiscal year figures on this page, compounding at +20.1% annually over 9 years. The most recent year saw a 9.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $5.7B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Realty Income Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $4B | $72.8B | $32.7B | $39.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $3.6B | $68.8B | $29.8B | $38.8B | Form 10-K |
| FY2023ended Dec 31, 2023 | $3B | $57.8B | $24.7B | $32.9B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2.6B | $49.7B | $20.8B | $28.7B | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.3B | $43.1B | $18B | $25.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.1B | $20.7B | $9.7B | $11B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.1B | $18.6B | $8.8B | $9.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $940.7M | $15.3B | $7.1B | $8.1B | Form 10-K |
| FY2017ended Dec 31, 2017 | $875.9M | $14.1B | $6.7B | $7.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $799.9M | $13.2B | $6.4B | $6.8B | Form 10-K |
Keep researching Realty Income
Realty Income Revenue and Financial FAQ
What was Realty Income's total revenue and Adjusted Funds From Operations (AFFO) in FY2025?
In FY2025 Realty Income reported total revenue of $5.749 billion, net income of $1.059 billion and AFFO of $4.28 per share, up from $4.19 in 2024.
What is Realty Income's market capitalization and equity valuation profile?
At a share price around $61 in September 2026, Realty Income's market capitalization was roughly $56 billion, the largest among net lease REITs.
What is Realty Income's dividend yield and distribution history?
Realty Income pays monthly. In September 2026 it raised the monthly dividend to $0.2715 per share ($3.258 annualized), its 136th increase since 1994, for a yield of about 5.3% at a $61 share price.
What is Realty Income's credit rating and debt maturity schedule?
Realty Income holds A-range credit ratings; Fitch assigned it a Long-Term Issuer Default Rating of "A" with a Stable Outlook in August 2026. Net debt was 5.4x annualized pro forma adjusted EBITDAre at June 30, 2026.
How much capital does Realty Income deploy annually into property acquisitions?
Realty Income guided to about $8 billion of investments for 2026. It invested $2.8 billion in Q1 2026 and $2.6 billion in Q2 2026.
What is the weighted average lease term (WALT) across Realty Income's portfolio?
Realty Income reported a weighted average remaining lease term of 8.7 years at March 31, 2026.
Who are Realty Income's top corporate tenants by rental revenue?
Realty Income's largest clients include 7-Eleven, Dollar General, Walgreens, Dollar Tree/Family Dollar and Sainsbury's, though no single client accounts for a large share of total rent.
How does inflation affect Realty Income's lease contracts and revenue?
Most Realty Income leases include fixed annual rent increases or CPI-linked escalators, and triple-net terms shift property operating costs to tenants, which limits the impact of inflation on margins.
What is Realty Income’s annual revenue scale?
Realty Income generates over $5.0 billion to $5.5+ billion in annual gross rental revenues, reflecting massive portfolio scale following the VEREIT and Spirit Realty Capital mergers.
What is AFFO per share and how does Realty Income perform?
Adjusted Funds From Operations (AFFO) per share is the gold-standard cash flow metric for net-lease REITs; Realty Income consistently generates stable, growing AFFO per share, typically targeting 4% to 5% compound annual AFFO growth across real estate cycles.
What is Realty Income’s historic monthly dividend track record?
Realty Income has declared over 650 consecutive monthly dividends and increased its dividend for more than 105 consecutive quarters (over 30 consecutive years), qualifying it as an elite S&P 500 Dividend Aristocrat.
What are Realty Income’s credit ratings and balance sheet metrics?
Realty Income holds an elite A3 / A- investment-grade credit rating from Moody’s and S&P Global Ratings, maintaining conservative net debt-to-EBITDA leverage around 5.2x to 5.5x and unsecured debt maturities spread over decades.
What is Realty Income’s historical portfolio occupancy rate?
Realty Income maintains an extraordinary occupancy rate averaging over 98.5% across its 55-year history, never dipping below 96.6% even during the depths of the 2008 financial crisis or the 2020 pandemic lockdowns.
What is Realty Income’s "cost of capital" advantage?
Because of its A-rated balance sheet, low bond yields, premium equity valuation, and massive liquidity, Realty Income can borrow and raise equity at lower costs than peers, allowing it to acquire properties at competitive cap rates while maintaining accretive investment spreads.
How do interest rate fluctuations impact Realty Income financially?
While higher benchmark rates raise new debt borrowing costs, over 90% of Realty Income’s debt is fixed-rate; additionally, higher cap rates on new property acquisitions preserve profitable investment spreads.
What is the dividend payout ratio of Realty Income?
Realty Income maintains a safe dividend payout ratio around 74% to 77% of AFFO, retaining hundreds of millions of dollars in free cash flow annually to self-fund new property acquisitions.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Realty Income Revenue & Financials." CorpDigest, https://corpdigest.com/company/realty-income/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Realty Income reported $5.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/realty-income/financials" target="_blank" rel="noopener">CorpDigest — Realty Income financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore Realty Income
Core profile pages, founders and related research hubs for this company.