Realty Income Corporation

O
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.5B
Q1 2026 · +12.2% YoY

Financial Snapshot

ticker: O step: 04 generated: 2026-05-12 source: quick-research

Realty Income Corporation (O) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $3.34B $4.08B $5.27B +29%
Operating Margin ~42% ~40% ~38% -2pp
Net Income $0.87B $0.87B $0.85B -2%
EPS (diluted) ~$1.42 ~$1.25 ~$1.06 -17%
AFFO/Share ~$3.92 ~$3.98 ~$4.17 +5%

Note: GAAP EPS understates economic earnings for REITs due to non-cash depreciation. AFFO (Adjusted Funds From Operations) per share is the key metric — it grew 4.8% in 2024, the 14th consecutive year of AFFO growth. Revenue jump in FY2024 reflects the Spirit Realty Capital merger (closed January 2024).

Cash Flow & Balance Sheet (FY2024)

Metric Value
AFFO (est. FY2024) ~$3.7B
Investments (acquisitions) $3.9B at 7.4% initial yield
Cash & Equivalents ~$445M
Liquidity (cash + revolver) $3.7B
Net Debt / Adj. EBITDA 5.4x

Key Ratios (approximate)

  • P/AFFO: ~14x | Dividend Yield: ~5.4% | EV/EBITDA: ~18x
  • Occupancy: 98.7% | Rent Recapture Rate: 107.4%
  • Investment Spread: ~7.4% initial yield vs. ~5.5% WACC

Growth Profile

Revenue grew 29% in FY2024 primarily driven by the Spirit Realty merger, which added ~3,000 net lease properties. Organic AFFO/share growth was 4.8%, driven by rent escalations (~1–2% annual), incremental acquisitions, and improvement in the private capital fee platform. Portfolio diversification into Europe, gaming, and data centers supports a longer-term growth runway. Management targets consistent double-digit total operational returns.

Forward Estimates

  • FY2025: AFFO/share guidance ~$4.22–$4.28 (+1–3% organic growth); investment volume ~$4.5B
  • FY2026: AFFO/share guidance raised to $4.41–$4.44 (+4–5%); investment volume guidance raised from $8.0B to $9.5B — significant acceleration driven by Apollo and GIC private capital partnerships
  • Dividend (monthly): $0.268/share/month ($3.22/year), yielding ~5.4% at ~$59/share

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $O.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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