# Realty Income Corporation (O)

> Source: Nexqual · https://nexqual.com/O · data as of 2026-10-23 16:22 UTC · cite as "Nexqual, Realty Income Corporation (O), nexqual.com/O" · informational, not investment advice.

**Price:** USD 56.8 (-0.45% today) · US market open, as of October 23, 2026 at 16:22 UTC; quotes may be delayed. Prev close 57.06 · day 56.61–57.36 · 52w 53.15–67.94 · market cap $53.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.05B, net income $1.30B (21.5% margin), free cash flow $4.00B (SEC filings).
- Valuation: P/E 41.2x (avg 49.2x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold O (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $209K; 1 not under a Rule 10b5-1 plan ($209K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.72 on a 1–5 scale) (25 analysts), mean target USD 64.63 (range 59–74).
- Total return with dividends: 1Y -0.5% vs S&P 500 +14.7%; 5Y +6.4% vs S&P 500 +77.5%.
- Next earnings: 2026-11-02, EPS estimate USD 0.43, revenue estimate $1.45B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.08B | $3.34B | $4.08B | $5.27B | $5.75B | $6.05B |
| Net income | $359M | $869M | $872M | $861M | $1.06B | $1.30B |
| EPS (diluted) | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 | — |
| Free cash flow | $1.30B | $2.47B | $2.89B | $3.45B | $3.86B | $4.00B |
| Net margin | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% | 21.5% |
| Revenue growth | +26.3% | +60.7% | +22.0% | +29.2% | +9.1% | — |
| Cash + short-term investments | — | $171M | $233M | $445M | $435M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.2x · P/S 8.9x · P/FCF 13.4x · P/B 1.4x · FCF yield 7.44% · Earnings yield 2.42% · Dividend yield (paid, TTM) 5.58%
P/E at fiscal year-ends: Dec 2025 48.4x, Dec 2024 53.6x, Dec 2023 45.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold O. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $5.7M | Reduced -2.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | McLaughlin Gregory | Director | 3,475 | $209K | 9.1% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.72 on a 1–5 scale), 25 analysts; mean target USD 64.63 (low 59, high 74).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Barclays | Target lowered | Equal-Weight | $65 → $61 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $64 → $59 |
| 2026-10-19 | Mizuho | Target lowered | Neutral | $61 → $59 |
| 2026-10-02 | Truist Securities | Initiated | Hold | $60 |
| 2026-09-24 | Scotiabank | Downgrade | Sector Outperform → Sector Perform | $67 → $59 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $68 → $65 |
| 2026-09-17 | Mizuho | Target lowered | Neutral | $66 → $61 |
| 2026-09-04 | Barclays | Target lowered | Equal-Weight | $67 → $65 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $65 → $64 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $71 → $70 |
| 2026-08-07 | Evercore ISI Group | Target raised | In-Line | $67 → $68 |
| 2026-07-22 | Barclays | Target lowered | Equal-Weight | $68 → $67 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -0.5% | +6.4% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | -0.5% | +1.3% |
| Volatility (annualized) | 17.1% | 17.9% |
| Max drawdown | -18.6% (Mar 2026→Oct 2026) | -30.5% (Aug 2022→Oct 2023) |

## Peers (REIT - Retail)
SPG (Simon Property Group, Inc.) USD 211.36 -0.32% · KIM (Kimco Realty Corporation (HC)) USD 23.61 +0.06% · REG (Regency Centers Corporation) USD 74 -0.51% · FRT (Federal Realty Investment Trust) USD 108.55 -0.30% · BRX (Brixmor Property Group Inc.) USD 28.14 -0.42% · ADC (Agree Realty Corporation) USD 66.69 -0.57%

## More
Full page: https://nexqual.com/O · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in O's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/726728/000072672826000011/o-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Spirit Realty Capital | "(5)Amounts for the year ended December 31, 2024 represent rental revenue from Spirit Realty Capital, Inc. ("Spirit") properties, which were not included in our financial statements prior to the close of the merger (the "…" |
| Partner | DIGITAL REALTY TRUST, INC. (DLR) | "We own an 80.0% equity interest in a joint venture that we formed with Digital Realty Trust, Inc. in November 2023." |

Other companies that name O in their own reports (relationship from O's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Orion Properties Inc. (ONL) | 10-K 2026-03-05 | "Following completion of the merger transaction involving Realty Income and VEREIT, Inc. ("VEREIT") on November 1, 2021, Realty Income contributed the combined business comprising certain office real p…" |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail | $1.10B | 75.1% | +9.6% |
| Industrial | $219.3M | 14.9% | +8.5% |
| Other | $62.2M | 4.2% | +2.0% |
| Total revenue | $1.47B | 100% | — |
The lines above cover 94.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.41 | +6.0% | $1.45B | 2 |
| Next quarter (ends 2026-12-31) | $0.43 | $0.39 | +9.0% | $1.47B | 2 |
| Current fiscal year (ends 2026-12-31) | $1.51 | $1.57 | -3.7% | $5.78B | 9 |
| Next fiscal year (ends 2027-12-31) | $1.55 | $1.72 | -9.8% | $6.10B | 3 |