Realty Income
Acquirer and manager of net-leased retail, industrial, gaming and data-center properties.
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Profile
Acquires commercial properties and leases them to retailers, industrial operators and selected gaming and data-center tenants, earning mostly long-term rent while tenants cover property costs. The portfolio spans the U.S. and Europe, and growth is financed through debt, equity, asset sales and private-capital partnerships.
Acquires, owns and actively manages more than 15,500 commercial properties, primarily freestanding sites leased to single tenants under long-term net leases. Retail stores supply most rent, followed by industrial facilities, with smaller exposure to gaming resorts, data centers, agriculture and other specialty property. The portfolio spans every U.S. state, the U.K. and Continental Europe.
Combines sourcing, credit underwriting and portfolio analytics to select clients and locations, then renews, re-leases or sells properties as conditions change. Joint ventures and private funds extend the same platform into industrial development and hyperscale data centers. Tenants generally pay property taxes, insurance and maintenance, so cash flow depends on their credit and continued rent payments. REIT distribution rules leave acquisitions reliant on debt, public equity, asset sales and private capital.
Company facts
Key statistics
Year to date +8.2% · Average volume (30d) 4.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Evercore ISI | Target | $62 | $68 | ||
| Jul 22, 2026 | Barclays | Reiterate | Equal Weight | $68 | $67 | |
| Jul 15, 2026 | Wells Fargo | Reiterate | Equal Weight | $60 | $65 | |
| Jul 6, 2026 | Robert W. Baird | Target | $58 | $65 | ||
| Jun 30, 2026 | Stifel Nicolaus | Target | $70.25 | $70.75 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.40 | $0.37 | −7.0% | $1.40B | $1.43B | +1.5% | −0.54% |
| May 6, 2026Q1 FY26 | $0.40 | $0.33 | −18.0% | $1.39B | $1.44B | +3.3% | −3.47% |
| Feb 24, 2026Q4 FY25 | $0.38 | $0.32 | −16.6% | $1.36B | $1.40B | +2.8% | −0.80% |
| Nov 3, 2025Q3 FY25 | $0.40 | $0.35 | −14.7% | $1.39B | $1.47B | +5.5% | −3.54% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.38B | $1.41B | $1.47B | $1.49B | $1.55B | $1.43B | |
| Gross profit | $1.27B | $1.30B | $1.36B | $1.22B | $171.3M | $1.31B | |
| Operating income | $620.8M | $604.7M | $674.1M | −$272.5M | $725.7M | $605.2M | |
| Net income | $249.8M | $196.9M | $315.8M | $296.1M | $311.8M | $397.1M | |
| Diluted EPS | $0.28 | $0.22 | $0.35 | $0.32 | $0.33 | $0.37 | |
| Gross margin | 92.3% | 92.4% | 92.7% | 82.1% | 11.1% | 92.1% | |
| Operating margin | 45.0% | 42.9% | 45.8% | -18.3% | 46.9% | 42.4% |
Fiscal years (4-quarter sums)FY21 $2.08B · FY22 $3.34B · FY23 $4.08B · FY24 $5.27B · FY25 $5.75B
Revenue by product · Q4 FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $552.6M · Total debt $2.76B · Total assets $76.44B · Shareholders' equity $39.55B
Dividends
Raised for 30 straight years — most recently to $0.271 from $0.2705 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.271 | |
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.271 | raised from $0.2705 |
| May 29, 2026 | May 29 | Jun 15 | $0.2705 | |
| Apr 30, 2026 | Apr 30 | May 15 | $0.2705 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.2705 | raised from $0.27 |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.27 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.27 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.27 | raised from $0.2695 |
Ownership
Shares outstanding 932.49M · Float 930.29M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 112.93M | 12.11% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 83.12M | 8.91% | 13F | Aug 13, 2026 |
| State Street Corp | 65.93M | 7.07% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 60.85M | 6.53% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 31.27M | 3.35% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 2, 2026 | Michelle Bushore | officer: See Remarks | −7,400 | $62.42 |
| Apr 1, 2026 | Gregory McLaughlin | director | −3,275 | $61.87 |
| Sep 30, 2025 | Mary Hogan Preusse | director | −11,000 | $60.43 |
Peers
- NNN REIT
Closest net-lease retail peer; 3,692 single-tenant properties in all 50 states.
- VICI Properties
Largest gaming/experiential net-lease REIT; Caesars, MGM Strip on 40-yr leases.
- W. P. Carey
Diversified net-lease REIT; ~1,700 industrial/retail properties in US + Europe.
- Agree Realty
Net-lease retail REIT with monthly dividend; 2,674 props, ~68% investment-grade.
- Essential Properties Realty Trust
Middle-market single-tenant net-lease; 2,300 service-retail via sale-leaseback.
- Gaming and Leisure Properties
Second-largest gaming REIT; 68 facilities, 20 states, triple-net, 8 operators.
- STAG Industrial
Single-tenant industrial net-lease REIT; monthly dividend; ~600 US warehouses.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| VICI Properties | $25.95 | +0.27% | $28.48B | 10.0 | 8.9 | 7.0 | +5.7% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| Gaming and Leisure Properties | $42.56 | +0.01% | $12.05B | 12.4 | 13.1 | 7.3 | +9.0% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| Median | 23.5 | 23.0 | 8.5 | +7.7% |