Filing Flows › Realty Income (O) › Q4 2025
Realty Income (O) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Realty Income (O) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +1% from the quarter before. Operating margin was 18.0%, net earnings $296M (19.9% of revenue).
Realty Income, Q4 2025: revenue $1.5B (+11% year over year), operating margin 18.0%, net earnings $296M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +1% | +11% |
| Operating profit | $267M | -5% | +44% |
| Net earnings | $296M | -6% | +48% |
| Operating cash flow | $1.2B | +28% | +24% |
| Free cash flow | $1.2B | +27% | +23% |
What changed
Revenue was $1.5B in Q4 2025, up 11% year over year and up 1% from the previous quarter.
Operating profit was $0.27B, a 18.0% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 14% margin then. Total costs grew 6% against revenue growth of 11%. The fastest-growing cost line was General & admin (+10%). Net earnings were $0.30B, up 48% year over year. The effective tax rate was 6.7%.
Operating cash flow was $1.2B (up 24% year over year), 399% of net earnings. Non-cash charges added back $0.64B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.05B left free cash flow of $1.2B.
Questions
What was Realty Income's revenue in the fourth quarter 2025?
Realty Income (O) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +1% from the quarter before.
Was Realty Income profitable in the fourth quarter 2025?
Operating profit was $267M (18.0% of revenue) and net earnings $296M.
Source: Realty Income 10-K on SEC EDGAR.