Q3 2026 Revenue up 10% year over year to $1.6B · 25¢ of every $1 of revenue kept as net profit · operating margin 20.7%
Realty Income made $1.6B in Q3 2026 (+10% Y/Y). Operating margin 20.7%, net earnings $404M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Revenue$1.6B
Year over year+10%
Operating margin20.7%
Net earnings$404M
Operating cash flow$926M
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Realty Income Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
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What changed this quarter
Revenue was $1.6B in Q3 2026, up 10% year over year and up 5% from the previous quarter.
Operating profit was $0.34B, a 20.7% margin (up 1.5 points year over year). Of the extra revenue versus Q3 2025, 35% reached operating profit, above the 19% margin then. Total costs grew 8% against revenue growth of 10%. Net earnings were $0.40B, up 28% year over year. The effective tax rate was 5.2%. Non-operating items added $0.12B, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.93B (down 2% year over year), 214% of net income including minority interests. Non-cash charges added back $0.65B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.04B left free cash flow of $0.89B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 3, 2026
$1.6B
+10%
20.7%
$404M
$926M
Q2 2026
10-Q
Aug 6, 2026
$1.5B
+10%
23.1%
$344M
$1.1B
Q1 2026
10-Q
May 7, 2026
$1.5B
+12%
20.1%
$312M
$875M
Q4 2025
10-K
Feb 25, 2026
$1.5B
+11%
18.0%
$296M
$1.2B
Q3 2025
10-Q
Nov 4, 2025
$1.5B
+10%
19.2%
$316M
$943M
Q2 2025
10-Q
Aug 7, 2025
$1.4B
+5%
12.6%
$197M
$1.1B
Q1 2025
10-Q
May 6, 2025
$1.4B
+10%
17.1%
$250M
$788M
Charts
Latest (Q3 2026): Y/Y +10%, Q/Q +5%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $432M, Operating cash flow $926M.+163.0% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
In this Annual Report on Form 10-K, unless the context otherwise requires, references to “Realty Income,” the “Company,” “we,” “our” or “us” refer to Realty Income Corporation and our subsidiaries. Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies ® . Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company ® ” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time.
In its own words, from its 10-K, filed Feb 25, 2026.
Realty Income against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +11%. Operating margin: 20.7% against the peers' median 20.6%.
