Filing Flows › Realty Income (O) › Q1 2026
Realty Income (O) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Realty Income (O) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +12% from a year earlier and +4% from the quarter before. Operating margin was 20.1%, net earnings $312M (20.1% of revenue).
Realty Income, Q1 2026: revenue $1.5B (+12% year over year), operating margin 20.1%, net earnings $312M, operating cash flow $875M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +4% | +12% |
| Operating profit | $311M | +16% | +32% |
| Net earnings | $312M | +5% | +25% |
| Operating cash flow | $875M | -27% | +11% |
| Free cash flow | $245M | — | +17% |
What changed
Revenue was $1.5B in Q1 2026, up 12% year over year and up 4% from the previous quarter.
Operating profit was $0.31B, a 20.1% margin (up 3.0 points year over year). Of the extra revenue versus Q1 2025, 45% reached operating profit, above the 17% margin then. Total costs grew 8% against revenue growth of 12%. The fastest-growing cost line was General & admin (+34%). Net earnings were $0.31B, up 25% year over year. The effective tax rate was 7.5%.
Operating cash flow was $0.87B (up 11% year over year), 272% of net income including minority interests. Non-cash charges added back $0.63B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.09B. After distributions paid to common stockholders, net ($0.59B) and capital expenditures ($0.03B) and distributions paid to noncontrolling interests ($0.01B), adjusted free cash flow as the company reports it was $0.25B.
Questions
What was Realty Income's revenue in the first quarter 2026?
Realty Income (O) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +12% from a year earlier and +4% from the quarter before.
Was Realty Income profitable in the first quarter 2026?
Operating profit was $311M (20.1% of revenue) and net earnings $312M.
Source: Realty Income 10-Q on SEC EDGAR.