At a glance
Realty Income Corporation is worth $54.76B, about 49 times its fiscal 2025 earnings. Revenue grew 9.1% to $5.75B in fiscal 2025, with 18.4% kept as profit; over 5 years it has grown 28.4% a year. It pays a 5.63% dividend yield, raised every year for at least 9 years, and returned $10.71B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.8% over the past year with dividends reinvested and +1.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.3% in the 2020 crash (S&P 500: 33.7%) and 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months and 40 months after the lows.
The business in plain English
Realty Income is a real estate investment trust (REIT), a company that owns rental property and must pay out most of its taxable income as dividends. As of December 31, 2025, it owned over 15,500 freestanding commercial properties in all 50 U.S. states, the U.K. and eight other European countries. It rents them to businesses on long-term net leases, where the tenant pays most property costs, including taxes, insurance and maintenance. Many leases include built-in rent increases.
Retail is the core. Retail properties produced 75.2% of the $5.7 billion in revenue for fiscal 2025, and industrial properties 15%. Realty Income favors tenants with service-based, everyday-need or low-price businesses that hold up against online shopping. It has also added data centers and gaming (casino) properties. The top 20 clients accounted for 35.8% of yearly rent as of December 31, 2025, and 32.2% of all rent came from clients with investment-grade (strong) credit ratings.
The U.K. and Europe made up about 19% of yearly rent as of December 31, 2025, versus about 14% a year earlier, and about 60% of its 2025 acquisitions. It entered Poland and the Netherlands in 2025, and Mexico, through a joint venture with global institutional partners, in January 2026. Its real estate loans and similar investments rose from $1.5 billion to $3.1 billion during 2025.
Price history
The interactive chart needs JavaScript.
O +4.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Retail | $4.33B | 75.2% |
| Industrial | $864.4M | 15% |
| Other | $247.2M | 4.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.62B, up 10.3% from a year earlier, and net income was $403.9M (+27.9%).
- For fiscal 2025, revenue was $5.75B (+9.1% year over year; +28.4% a year from FY2020 to FY2025) with a 18.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +28.4% good |
|---|---|
| Free cash flow margin | 67.2% good |
| Return on equity (FY2025) | 2.7% weak |
| Return on assets (FY2025) | 1.5% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.65B | $395.5M | $1.11B |
| FY2021 | $2.08B | $359.5M | $1.30B |
| FY2022 | $3.34B | $869.4M | $2.47B |
| FY2023 | $4.08B | $872.3M | $2.89B |
| FY2024 | $5.27B | $860.8M | $3.45B |
| FY2025 | $5.75B | $1.06B | $3.86B |
Valuation snapshot
| Market value | $54.76B |
|---|---|
| P/E ratio | 49.2 |
| Dividend yield | 5.63% |
Rank among 1514 US companies
Market value at each year end
Realty Income’s market value went from $14.86B at the end of 2016 to $54.76B on Nov 2, 2026, about 3.7 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $54.76B | +5.6% |
| 2025 | $51.86B | +10.9% |
| 2024 | $46.75B | +12.5% |
| 2023 | $41.57B | +4.5% |
| 2022 | $39.78B | +37.5% |
| 2021 | $28.94B | +32.6% |
| 2020 | $21.82B | -9.1% |
| 2019 | $24.00B | +29.0% |
| 2018 | $18.60B | +15.8% |
| 2017 | $16.07B | +8.1% |
| 2016 | $14.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| O price data to Nov 2, 2026 | +6.8% | +4.8% | +10.7% | +1.4% | +5.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.8% |
| 2025 | +12.2% |
| 2024 | -2.1% |
| 2023 | -4.5% |
| 2022 | -7.3% |
| 2021 | +23.8% |
| 2020 | -11.6% |
| 2019 | +21.3% |
| 2018 | +15.9% |
| 2017 | +3.6% |
| 2016 | +15.8% |
| 2015 | +13.4% |
| 2014 | +34.3% |
| 2013 | -2.4% |
| 2012 | +20.4% |
| 2011 | +7.5% |
| 2010 | +39.1% |
| 2009 | +20.7% |
| 2008 | -8.1% |
| 2007 | +3.1% |
| 2006 | +35.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.4% over that stretch · deepest drop along the way 48.4%, back to its old high 10.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.4% over that stretch · deepest drop along the way 48.3%, back to its old high 25 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 22.7%, back to its old high 39.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($874K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 2, 2026 | Michelle Bushore See Remarks | sell | $462K |
| Sep 10, 2026 | Gregory McLaughlin Director | sell | $209K |
| Apr 1, 2026 | Gregory McLaughlin Director | sell | $203K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.72% | Mar 31, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in O
| NETL NETLease Corporate Real Estate ETF | 8.3% |
| ICF iShares Cohen & Steers REIT ETF | 4.9% |
| ERET iShares Environmentally Aware Real Estate ETF | 4.76% |
| XLRE Real Estate Select Sector SPDR Fund | 4.66% |
| RWR SPDR Dow Jones REIT ETF | 4.56% |
| PSR Invesco Active U.S. Real Estate Fund | 4.54% |
| USRT iShares Core U.S. REIT ETF | 4.47% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 4.43% |
What could go wrong
- Clients may struggle or go bankrupt. Most revenue is rent. A client's bankruptcy can end a lease, leaving a building to re-lease, possibly at lower rent. As of December 31, 2025, 32.2% of rent came from investment-grade (highly rated) clients.
- Overseas expansion adds new risks. U.K. and European properties made up about 19% of yearly rent as of December 31, 2025, up from about 14% a year earlier. Currency swings, foreign tax rules and local laws can hurt results.
- Lending and new ventures bring extra risk. Real estate loans and similar investments totaled $3.1 billion as of December 31, 2025, and can include debt repaid after other lenders. Gaming properties face heavy regulation, and development projects add construction risk.
- Growth depends on acquiring more property. To keep growing, Realty Income must keep acquiring properties. Rival bidders compete for the same deals, which can push prices up and shrink the gap between the rent it earns and its cost of funding.
- Depends on debt and stock markets. As a REIT, it must pay out most taxable income, so growth relies on borrowing and outside capital. Market turmoil or higher rates raise costs. Total debt was $29.3 billion as of June 30, 2026.
- New shares dilute existing owners. Realty Income funds growth partly by issuing new stock and made no share repurchases in fiscal 2021–2025. Shares outstanding rose 134% from October 2021 to July 2026, which can shrink each share's slice of profits.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Other company announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Realty Income pays dividends monthly. It has raised the payout 133 times since its 1994 NYSE listing, and for over 31 straight years. Dividends per share grew slowly, from $2.79 in fiscal 2020 to $3.22 in fiscal 2025, about 2.9% a year. The yield was 6.17% as of October 30, 2026. Dividends were 276% of fiscal 2025 earnings, but REIT earnings are cut by depreciation, a noncash charge; the payout was about 76% of free cash flow. The company repurchased no shares in fiscal 2021–2025, and its share count more than doubled from October 2021 to July 2026.
The stock has fallen hard in downturns: 48.4% in the 2008 financial crisis and 48.3% in the 2020 COVID crash, recovering about 10 and 25 months after the lows, respectively. After a 22.7% drop in 2022, it needed about 40 months, until February 2026, to regain its high. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Realty Income pay dividends monthly?
Yes. Realty Income calls itself "The Monthly Dividend Company" and pays shareholders every month rather than every quarter. Dividends per share totaled about $3.22 for fiscal 2025, and the dividend yield, or yearly dividends divided by the share price, was 6.17% as of October 30, 2026. Monthly payments can make budgeting easier for retirees who live on portfolio income, though the total paid over a year is what matters most for comparing it with other income stocks.
Does Realty Income raise its dividend every year?
Yes. According to its annual report for fiscal 2025, Realty Income has increased its dividend for over 31 consecutive years and has made 133 increases since listing on the NYSE in 1994. That record made it a member of the S&P 500 Dividend Aristocrats index. The raises tend to be small and frequent: dividends per share grew from about $2.79 in fiscal 2020 to $3.22 in fiscal 2025, roughly 2.9% a year. A long record is not a guarantee of future increases.
How does Realty Income make money?
Realty Income makes money mainly by collecting rent. As of December 31, 2025, it owned over 15,500 freestanding commercial properties in the U.S., the U.K. and eight other European countries, leased to businesses on long-term net leases, so tenants cover most taxes, insurance and maintenance. Retail properties produced 75.2% of fiscal 2025 revenue of $5.7 billion, and industrial properties 15%. It also earns income from real estate loans and similar investments, which totaled $3.1 billion at the end of 2025.
Why is Realty Income's payout ratio over 100%?
Mostly because of depreciation, an accounting charge that lowers reported earnings but uses no cash. Dividends equaled about 276% of net income in fiscal 2025, yet only about 76% of free cash flow, a cash-based measure. The same effect inflates the price-to-earnings ratio, which was 48.7 as of October 30, 2026, using fiscal 2025 earnings. Many investors judge REITs by cash-flow figures instead. A 76% cash payout leaves some cushion, though that cushion would shrink if tenants fell behind on rent.
How much did Realty Income stock fall in past crashes?
Close to half its value in the worst ones. The stock fell 48.4% from September 2008 to March 2009, then regained its high by January 2010, about 10 months after the low. In the 2020 COVID crash it dropped 48.3% and took about 25 months to recover. In 2022 it fell 22.7% between August and October and did not regain that high until February 2026, about 40 months later. A monthly dividend does not shield the stock from losses.