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Realty Income cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$887M in Q3 2026 · $4.0B over twelve months

Operating cash flow$926M
Capital spending−$38.8M
Free cash flow+$887M
Cash / net income2.1×

Analysis

In Q3 2026, Realty Income generated $926M of operating cash flow and spent $38.8M on capital projects, leaving free cash flow of $887M. That is $22.8M less than in Q3 2025 ($910M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.1B; the largest uses were real estate bought ($7.1B), dividends ($3.0B), other investing ($3.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($3.8B), partners ($3.2B); the cash balance rose by $133M.

Operating cash flow was $926M against net income of $432M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$648M, receivables −$118M, payables −$20.5M.

Free cash flow

Realty Income: free cash flow by quarterRealty Income: free cash flow by quarter$936MQ4 2024$765MQ1 2025$1.0BQ2 2025$910MQ3 2025$1.2BQ4 2025$848MQ1 2026$1.1BQ2 2026$887MQ3 2026
Operating cash flow less capital spending.
Realty Income: operating cash flow against capital spendingRealty Income: operating cash flow against capital spendingOperating cash flowCapital spending$972M$36.2MQ4 2024$788M$22.9MQ1 2025$1.1B$26.3MQ2 2025$943M$33.2MQ3 2025$1.2B$49.4MQ4 2025$875M$26.3MQ1 2026$1.1B$57.2MQ2 2026$926M$38.8MQ3 2026
Latest (Q3 2026): Operating cash flow $926M, Capital spending $38.8M.

Capital allocation, year by year

Realty Income: where the cash came from (up) and went (down), by fiscal yearRealty Income: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $1.3BFY2021: Shares issued $4.4BFY2021: Asset sales $251MFY2021: Capital spending −$19.1MFY2021: Acquisitions −$366MFY2021: Dividends −$1.2B$6.0BFY2021FY2022: Operating cash flow $2.6BFY2022: Shares issued $4.6BFY2022: Asset sales $436MFY2022: Capital spending −$95.5MFY2022: Dividends −$1.8B$7.6BFY2022FY2023: Operating cash flow $3.0BFY2023: Net borrowing $1.0BFY2023: Shares issued $5.4BFY2023: Asset sales $117MFY2023: Capital spending −$68.7MFY2023: Dividends −$2.1B$9.5BFY2023FY2024: Operating cash flow $3.6BFY2024: Net borrowing −$250MFY2024: Shares issued $1.7BFY2024: Asset sales $589MFY2024: Capital spending −$121MFY2024: Dividends −$2.7B$5.9BFY2024FY2025: Operating cash flow $4.0BFY2025: Net borrowing $1.7BFY2025: Shares issued $2.4BFY2025: Asset sales $744MFY2025: Capital spending −$132MFY2025: Dividends −$2.9B$8.8BFY2025
Over these 5 years operating cash flow totalled $14.4B; the largest uses were dividends ($10.7B) and capital spending ($436M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$369M
Debt$1.5B
Net debt$1.1B

Realty Income funds itself: free cash flow was $4.0B over the last twelve months, and $369M of cash and investments stands against $1.5B of debt.

Where the cash came from and went

Realty Income: sources (+) and uses (−) of cash, Q3 2026Realty Income: sources (+) and uses (−) of cash, Q3 2026Real estate bought−$2.0BOperating cash flow$926MPartners$833MDividends−$769MOther financing$673MAsset & business sales$527MShares issued$460MOther investing−$435MBuybacks−$189MCash drawn (+) / kept (−)$39.2MCapital spending−$38.8MExchange rates$4.0M
Realty Income: sources (+) and uses (−) of cash, TTM to Q3 2026Realty Income: sources (+) and uses (−) of cash, TTM to Q3 2026Real estate bought−$7.1BOperating cash flow$4.1BNet borrowing (+) / repaid (−)$3.8BPartners$3.2BDividends−$3.0BOther investing−$3.0BShares issued$2.1BAsset & business sales$1.2BOther financing−$939MCapital spending−$172MCash drawn (+) / kept (−)−$133MExchange rates−$2.2M

From profit to cash

Realty Income: net income to operating cash flow, Q3 2026Realty Income: net income to operating cash flow, Q3 2026Net income$432MDepreciation & amortization$648MStock-based pay$6.5MReceivables−$118MPayables−$20.5MOperating cash flow$926M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$926M−$38.8M−$189M−$769M—$460M$39.2M$887M
Q2 2026$1.1B−$57.2M−$6K−$757M$380M$824M−$91.3M$1.1B
Q1 2026$875M−$26.3M−$102M−$758M$693M−$218K−$3.3M$848M
Q4 2025$1.2B−$49.4M—−$744M$461M$802M−$77.6M$1.2B
Q3 2025$943M−$33.2M—−$738M−$300M$315M$399M$910M
Q2 2025$1.1B−$26.3M—−$727M−$500M$622M−$491M$1.0B
Q1 2025$788M−$22.9M—−$712M—$625M$145M$765M
Q4 2024$972M−$36.2M—−$692M—$933M−$47.6M$936M

Realty Income: income statement and cash flow

Realty Income, Q3 2026: revenue $1.6B (+10% year over year), operating margin 20.7%. The chart follows the revenue to costs, profit and cash.

Realty Income: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.