financial statements

The full income statement, balance sheet, and cash-flow statement for Realty Income Corporation (O), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.75B YoY+9.1%	5.27B YoY+29.2%	4.08B YoY+22.0%	3.34B YoY+60.7%	2.08B YoY+26.3%
Selling, general & administrative	203M YoY+14.5%	177M YoY+22.4%	145M YoY+4.4%	138M YoY+42.8%	97.0M YoY+32.5%
General & administrative	203M YoY+14.5%	177M YoY+22.4%	145M YoY+4.4%	138M YoY+42.8%	97.0M YoY+32.5%
Interest expense	—	—	730M YoY+57.0%	465M YoY+43.7%	324M YoY+4.6%
Other non-operating income	29.4M YoY+24.6%	23.6M YoY-0.8%	23.8M YoY-22.0%	30.5M YoY+206.7%	9.95M YoY+119.2%
Equity-method income	13.3M YoY+71.1%	7.79M YoY+206.1%	2.55M YoY+139.5%	-6.45M YoY-683.0%	1.11M
Pre-tax income	1.16B YoY+23.7%	934M YoY+0.5%	929M YoY+1.2%	918M YoY+133.8%	392M YoY-4.6%
Income tax	85.3M YoY+28.1%	66.6M YoY+28.0%	52.0M YoY+15.1%	45.2M YoY+42.7%	31.7M YoY+115.5%
	1.06B YoY+23.0%	861M YoY-1.3%	872M YoY+0.3%	869M YoY+141.9%	359M YoY-9.1%
Net income to non-controlling interest	11.2M YoY+70.4%	6.57M YoY+42.6%	4.61M YoY+53.1%	3.01M YoY+133.0%	1.29M YoY+26.6%
Net income to common	1.06B YoY+24.8%	848M YoY-2.8%	872M YoY+0.3%	869M	—
	$1.17 YoY+19.4%	$0.98 YoY-22.2%	$1.26 YoY-11.3%	$1.42 YoY+63.2%	$0.87 YoY-23.7%
EPS (basic)	$1.17 YoY+19.4%	$0.98 YoY-22.2%	$1.26 YoY-11.3%	$1.42 YoY+63.2%	$0.87 YoY-24.3%
Weighted-avg shares (basic)	907M YoY+5.1%	863M YoY+24.7%	692M YoY+13.2%	612M YoY+47.6%	415M YoY+20.1%
Weighted-avg shares (diluted)	908M YoY+5.2%	864M YoY+24.6%	693M YoY+13.2%	612M YoY+47.6%	415M YoY+20.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	435M YoY-2.3%	445M YoY+91.0%	233M YoY+36.1%	171M YoY-33.8%	259M YoY-68.6%
Short-term investments	300M YoY+0.0%	300M YoY+0.0%	300M YoY+0.0%	300M YoY+0.0%	300M YoY+0.0%
	72.8B YoY+5.8%	68.8B YoY+19.1%	57.8B YoY+16.3%	49.7B YoY+15.2%	43.1B YoY+108.0%
Operating lease right-of-use	592M YoY-4.4%	619M YoY+4.1%	595M YoY-1.4%	603M YoY-4.5%	632M YoY+463.6%
Goodwill	4.93B YoY+0.0%	4.93B YoY+32.2%	3.73B YoY+0.0%	3.73B YoY+1.5%	3.68B YoY+25828.8%
Intangible assets	5.72B YoY-9.6%	6.32B YoY+26.0%	5.02B YoY-2.9%	5.17B YoY-2.0%	5.28B YoY+208.4%
	32.7B YoY+9.7%	29.8B YoY+20.7%	24.7B YoY+18.4%	20.8B YoY+15.7%	18.0B YoY+85.2%
Long-term debt	4.67B YoY+0.0%	4.67B YoY+0.0%	4.67B YoY+0.0%	4.67B YoY+0.0%	4.67B YoY+0.0%
	39.4B YoY+1.5%	38.8B YoY+17.9%	32.9B YoY+14.7%	28.7B YoY+14.6%	25.1B YoY+128.1%
Accumulated other comprehensive income	105M YoY+174.7%	38.2M YoY-48.3%	73.9M YoY+57.8%	46.8M YoY+849.4%	4.93M YoY+109.0%
Non-controlling interest	685M YoY+224.9%	211M YoY+27.5%	166M YoY+27.2%	130M YoY+69.4%	76.8M YoY+138.2%
Total equity incl. non-controlling	40.1B YoY+2.7%	39.1B YoY+18.0%	33.1B YoY+14.8%	28.8B YoY+14.8%	25.1B YoY+128.1%
Total liabilities & equity	72.8B YoY+5.8%	68.8B YoY+19.1%	57.8B YoY+16.3%	49.7B YoY+15.2%	43.1B YoY+108.0%
Common shares issued	934M YoY+4.8%	892M YoY+18.5%	752M YoY+14.0%	660M YoY+11.7%	591M YoY+63.6%
Common shares outstanding	934M YoY+4.8%	892M YoY+18.5%	752M YoY+14.0%	660M YoY+11.7%	591M YoY+63.6%
Shares outstanding (cover)	920M YoY+5.1%	875M YoY+20.9%	724M YoY+15.4%	627M YoY+55.2%	404M YoY+15.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.99B YoY+11.8%	3.57B YoY+20.8%	2.96B YoY+15.4%	2.56B YoY+93.9%	1.32B YoY+18.5%
Depreciation & amortization	2.52B YoY+5.4%	2.40B YoY+26.4%	1.90B YoY+13.5%	1.67B YoY+86.0%	898M YoY+32.6%
Share-based compensation	30.8M YoY-46.5%	57.5M YoY+119.2%	26.2M YoY+21.3%	21.6M YoY-48.3%	41.8M YoY+153.1%
Deferred income taxes	603K YoY-83.0%	3.55M YoY+88700.0%	4.00K	—	—
	-5.66B YoY-69.4%	-3.34B YoY+64.3%	-9.35B YoY-11.5%	-8.39B YoY-30.3%	-6.44B YoY-216.8%
Acquisitions	—	—	0.00	0.00 YoY-100.0%	366M
	1.68B YoY+8029.8%	-21.2M YoY-100.3%	6.44B YoY+12.2%	5.74B YoY+25.4%	4.58B YoY+170.5%
Common stock issued	2.36B YoY+35.7%	1.74B YoY-68.0%	5.44B YoY+19.4%	4.56B YoY+2.6%	4.44B YoY+143.6%
Dividends paid	2.92B YoY+8.5%	2.69B YoY+27.5%	2.11B YoY+16.5%	1.81B YoY+55.1%	1.17B YoY+21.2%
Other financing activities	46.9M YoY+629.0%	-8.86M YoY-26.1%	-7.02M YoY-46.6%	-4.79M YoY+85.7%	-33.6M YoY-44.1%
FX effect on cash	15.9M YoY+368.9%	-5.90M YoY-124.6%	24.0M YoY+217.1%	-20.5M YoY-202.2%	20.1M YoY+353.1%
Net change in cash	25.3M YoY-87.6%	203M YoY+211.4%	65.3M YoY+161.9%	-105M YoY+79.6%	-518M YoY-166.5%
Interest paid	1.07B YoY+10.6%	970M YoY+40.2%	692M YoY+37.9%	502M YoY+41.1%	355M YoY+24.5%
Income taxes paid	49.8M YoY+54.2%	32.3M YoY+162.8%	12.3M YoY-72.7%	45.0M YoY+128.9%	19.7M YoY+49.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	51.9B YoY+10.9%	46.7B YoY+12.5%	41.6B YoY+4.5%	39.8B YoY+37.5%	28.9B YoY+36.9%
P/E	49.0× YoY-9.8%	54.3× YoY+17.6%	46.2× YoY-23.8%	60.6× YoY-24.7%	80.5× YoY+50.6%
P/S	9.0× YoY+1.7%	8.9× YoY-15.2%	10.5× YoY-16.2%	12.5× YoY-10.3%	13.9× YoY+8.6%
P/B	1.3× YoY+9.2%	1.2× YoY-6.4%	1.3× YoY-12.3%	1.5× YoY+26.8%	1.2× YoY-40.0%
P/FCF	13.0× YoY-0.8%	13.1× YoY-9.1%	14.4× YoY-16.1%	17.1× YoY-21.7%	21.9× YoY+15.5%
Earnings yield	2.0% YoY+10.9%	1.8% YoY-15.0%	2.2% YoY+31.3%	1.6% YoY+32.8%	1.2% YoY-33.6%
FCF yield	7.7% YoY+0.8%	7.6% YoY+10.0%	7.0% YoY+19.1%	5.8% YoY+27.7%	4.6% YoY-13.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: O's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all O filings on SEC EDGAR → Not investment advice.

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About this data

financial statements