Real Estate · Retail REITs
Realty Income: revenue, profit and dividends
In fiscal 2025, Realty Income had revenue of $5.75B, up 18.8% a year on average since 2015, and net income of $1.06B (18.4% of revenue). Its dividend per share has gone up 8 years in a row, to $3.22. It has 285% more shares than in 2015.
Revenue, fiscal 2025
average annual revenue growth since 2015 · +9.1% vs 2024
- Ticker
- O · NYSE
- Sector
- Real Estate
- Sub-industry
- Retail REITs
- Headquarters
- San Diego, California
- Founded
- 1969
- In the S&P 500 since
- April 7, 2015
- Latest fiscal year
- 2025, ended December 31, 2025
- SEC filer
- Realty Income Corp · CIK 0000726728
Revenue and net income
Revenue went from $325M in 2008 to $5.75B in 2025.
Diluted earnings per share
Diluted EPS went from $1.01 in 2010 to $1.17 in 2025. Ten-year growth: 0.7% a year.
Dividends per share
Raised 8 years in a row, every year from 2018 to 2025.
Shares outstanding
284.5% more shares in 2025 than in 2015 (236M → 908M): new shares outweighed buybacks.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was $3.86B in 2025, 67.2% of revenue.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Dividend | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $5.75B | $1.06B | 18.4% | $1.17 | $3.22 | 908M | $3.99B | $132M | $3.86B |
| 2024 | $5.27B | $861M | 16.3% | $0.98 | $3.13 | 864M | $3.57B | $121M | $3.45B |
| 2023 | $4.08B | $872M | 21.4% | $1.26 | $3.05 | 693M | $2.96B | $68.7M | $2.89B |
| 2022 | $3.34B | $869M | 26.0% | $1.42 | $2.97 | 612M | $2.56B | $95.5M | $2.47B |
| 2021 | $2.08B | $359M | 17.3% | $0.87 | $2.83 | 415M | $1.32B | $19.1M | $1.3B |
| 2020 | $1.65B | $395M | 24.0% | $1.14 | $2.79 | 345M | $1.12B | $8.71M | $1.11B |
| 2019 | $1.49B | $436M | 29.3% | $1.38 | $2.71 | 316M | $1.07B | $23.5M | $1.05B |
| 2018 | $1.33B | $364M | 27.4% | $1.26 | $2.63 | 290M | $941M | $25.4M | $915M |
| 2017 | $1.22B | $319M | 26.2% | $1.10 | $2.53 | 274M | $876M | $15.2M | $861M |
| 2016 | $1.1B | $316M | 28.6% | $1.13 | — | 256M | $800M | $13.4M | $786M |
| 2015 | $1.02B | $284M | 27.7% | $1.09 | — | 236M | $694M | $11.5M | $682M |
| 2014 | $934M | $271M | 29.0% | $1.04 | — | 219M | $628M | $6.03M | $622M |
| 2013 | $780M | $246M | 31.5% | $1.06 | — | 192M | $519M | $8.51M | $510M |
| 2012 | $485M | $159M | 32.8% | $0.86 | — | 133M | $326M | $6.55M | $320M |
| 2011 | $421M | $157M | 37.3% | $1.05 | — | 126M | $299M | $4.17M | $295M |
| 2010 | $343M | $131M | 38.1% | $1.01 | — | 106M | — | — | — |
| 2009 | $323M | $131M | 40.7% | — | — | 104M | — | — | — |
| 2008 | $325M | $132M | 40.6% | — | — | 101M | — | — | — |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- REITs are usually judged by funds from operations (FFO), which is not in the filings data; their net income is after depreciation of the properties.
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Retail REITs companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.