Filing Flows › Realty Income (O) › Q2 2025
Realty Income (O) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Realty Income (O) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +2% from the quarter before. Operating margin was 12.6%, net earnings $197M (14.0% of revenue).
Realty Income, Q2 2025: revenue $1.4B (+5% year over year), operating margin 12.6%, net earnings $197M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +2% | +5% |
| Operating profit | $178M | -24% | -27% |
| Net earnings | $197M | -21% | -24% |
| Operating cash flow | $1.1B | +35% | +8% |
| Free cash flow | $1.0B | +35% | +10% |
What changed
Revenue was $1.4B in Q2 2025, up 5% year over year and up 2% from the previous quarter.
Operating profit was $0.18B, a 12.6% margin (down 5.5 points year over year). Operating profit fell $0.06B even though revenue rose $0.07B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.20B, down 24% year over year. The effective tax rate was 10.8%. Non-operating items added $0.04B, 20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.1B (up 8% year over year), 533% of net earnings. Non-cash charges added back $0.65B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.21B. Capital expenditures of $0.03B left free cash flow of $1.0B.
Questions
What was Realty Income's revenue in the second quarter 2025?
Realty Income (O) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +2% from the quarter before.
Was Realty Income profitable in the second quarter 2025?
Operating profit was $178M (12.6% of revenue) and net earnings $197M.
Source: Realty Income 10-Q on SEC EDGAR.