# Realty Income Corporation (O) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/O/thesis · /stocks/O/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/O/fundamental

## Navigation

- Overview: /stocks/O
- Financials (this page): /stocks/O/financials
- Thesis: /stocks/O/thesis
- Investment Memo: /stocks/O/memo
- Coverage universe: /stocks