Company file · O
Realty Income
Realty Income's revenue rose 9.1% in FY2025, to $5.7B, and net income rose 23.3% to $1.1B
Revenue rose 9.1% to $5.7B in FY2025, from $5.3B in FY2024. Net income rose 23.3% to $1.1B. Product and Service, Retail was the largest product or service, at 75% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Realty Income (NYSE: O) took in $5.7B of revenue (up 9.1% on fiscal 2024); net income was $1.1B (up 23.3%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.6B, up 10.3% year over year, with net income of $432M. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 3, 2026
How it makes money
By product or service in FY2025: Product and Service, Retail (75%), Product and Service, Industrial (15%) and Product and Service, Other (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $5.7B.
By product or service, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Realty Income 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.1% in FY2025 to $5.7B, from $5.3B a year earlier. 10-K, FY2025
- Net income rose 23.3% in FY2025 to $1.1B, from $867M. 10-K, FY2025
- Operating cash flow rose 11.8% in FY2025 to $4.0B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.6B, up 10.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 5.2% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include interest rates; occupancy and rents; property markets. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Realty Income is in the retail REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
The full description of Realty Income's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the retail REITs industry. They are not a summary of Realty Income’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $4.1B | $5.3B | $5.7B |
| Net income | $877M | $867M | $1.1B |
| Operating cash flow | $3.0B | $3.6B | $4.0B |
| Cash & equivalents (year end) | $233M | $445M | $435M |
| Diluted shares | 693M | 864M | 908M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Merger and acquisition filings
- Return on equity (ROE)
- Credit facilities
- Restricted cash
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
- The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 3, 2026 | Sep 30, 2026 |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 25, 2026 | May 21, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Realty Income
How does Realty Income make money?
In fiscal 2025, revenue totaled $5.7B. By product or service in FY2025: Product and Service, Retail (75%), Product and Service, Industrial (15%) and Product and Service, Other (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $5.7B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Realty Income's revenue in fiscal 2025?
Revenue came to $5.7B in the year ended Dec 31, 2025. Going back two years, it was $4.1B in fiscal 2023 and $5.3B in fiscal 2024, so the latest year was up 9.1%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Realty Income profitable?
Yes, by US accounting rules (GAAP): net income was $1.1B in fiscal 2025, up 23.3% from $867M a year earlier. For the quarter ended Sep 30, 2026, net income was $432M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Realty Income report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.6B, against $1.5B in the same quarter a year before (up 10.3%), and net income of $432M, against $318M (up 36.0%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.
What are the main risks Realty Income faces?
Realty Income's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the retail REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Realty Income numbers come from?
Two filings Realty Income made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Realty Income
- Millennium Management: 649,569 shares, reported value $40.2M at Jun 30, 2026 (+365.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 490,959 shares, reported value $30.4M at Jun 30, 2026 (+50.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 35,652 shares, reported value $2.2M at Jun 30, 2026 (−52.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in O
- The editor holds no position in Realty Income (O). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell O from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 4, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold O, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Realty IncomeO | FY2025 | $5.7B | +9.1% | $1.1B |
| Simon Property GroupSPG | FY2025 | $6.4B | +6.7% | $5.4B |
| Kimco RealtyKIM | FY2025 | $2.1B | +5.1% | $585M |
| Regency CentersREG | FY2025 | $1.6B | +6.9% | $527M |
| Federal Realty Investment TrustFRT | FY2025 | $1.3B | +6.4% | $411M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.