Filing Flows › Realty Income (O) › Q1 2025
Realty Income (O) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Realty Income (O) reported revenue of $1.4B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +3% from the quarter before. Operating margin was 17.1%, net earnings $250M (18.1% of revenue).
Realty Income, Q1 2025: revenue $1.4B (+10% year over year), operating margin 17.1%, net earnings $250M, operating cash flow $788M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +3% | +10% |
| Operating profit | $236M | +26% | +88% |
| Net earnings | $250M | +25% | +89% |
| Operating cash flow | $788M | -19% | +1% |
| Free cash flow | $214M | — | — |
What changed
Revenue was $1.4B in Q1 2025, up 10% year over year and up 3% from the previous quarter.
Operating profit was $0.24B, a 17.1% margin (up 7.1 points year over year). Of the extra revenue versus a year earlier, 92% reached operating profit, above the 10% margin then. Total costs grew 1% against revenue growth of 10%. Net earnings were $0.25B, up 89% year over year. The effective tax rate was 5.9%.
Operating cash flow was $0.79B (up 1% year over year), 313% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.08B. After distributions paid to common stockholders, net ($0.56B) and capital expenditures ($0.02B), adjusted free cash flow as the company reports it was $0.21B.
Questions
What was Realty Income's revenue in the first quarter 2025?
Realty Income (O) reported revenue of $1.4B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +3% from the quarter before.
Was Realty Income profitable in the first quarter 2025?
Operating profit was $236M (17.1% of revenue) and net earnings $250M.
Source: Realty Income 10-Q on SEC EDGAR.