Filing Flows › Realty Income (O) › Q3 2025
Realty Income (O) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Realty Income (O) reported revenue of $1.5B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +4% from the quarter before. Operating margin was 19.2%, net earnings $316M (21.5% of revenue).
Realty Income, Q3 2025: revenue $1.5B (+10% year over year), operating margin 19.2%, net earnings $316M, operating cash flow $943M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +4% | +10% |
| Operating profit | $282M | +58% | +24% |
| Net earnings | $316M | +60% | +17% |
| Operating cash flow | $943M | -11% | +12% |
| Free cash flow | $910M | -12% | +13% |
What changed
Revenue was $1.5B in Q3 2025, up 10% year over year and up 4% from the previous quarter.
Operating profit was $0.28B, a 19.2% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 39% reached operating profit, above the 17% margin then. Total costs grew 8% against revenue growth of 10%. The fastest-growing cost line was General & admin (+31%). Net earnings were $0.32B, up 17% year over year. The effective tax rate was 7.0%.
Operating cash flow was $0.94B (up 12% year over year), 297% of net earnings. Non-cash charges added back $0.63B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.03B left free cash flow of $0.91B.
Questions
What was Realty Income's revenue in the third quarter 2025?
Realty Income (O) reported revenue of $1.5B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +4% from the quarter before.
Was Realty Income profitable in the third quarter 2025?
Operating profit was $282M (19.2% of revenue) and net earnings $316M.
Source: Realty Income 10-Q on SEC EDGAR.