O logo Realty Income Corporation +
Ticker
O
SPG
Headquarter
San Diego ,CA
US
Indianapolis ,IN
US
CEO
Sumit Roy
David E. Simon
Industry
REIT - Retail
REIT - Retail
Stock Price
Stock Price
Market Cap
Market Cap
$61.63 B
$66.55 B
Employees
Years
  • 2024
  • 2025
  • 2026
  • 2024
  • 2025
  • 2026
Employees
  • 418.00
  • 468.00
  • 544.00
  • 3.00 K
  • 3.00 K
  • 3.60 K
Y/Y
5.82%
11.96%
16.24%
9.09%
0%
20%

Income Statement

Revenue
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Revenue
  • $3.34 B
  • $4.08 B
  • $5.27 B
  • $5.66 B
  • $5.96 B
  • $6.36 B
Y/Y
60.72%
21.99%
29.23%
6.94%
5.39%
6.72%
Revenue by Products / Services
Years
  • 2025
  • 2025
Revenue by Geography
Years
  • 2025
  • 2021
Research and Development
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Research and Development
  • -
  • -
  • -
  • -
  • -
  • -
Y/Y
0%
0%
0%
0%
0%
0%
Operating Income
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Operating Income
  • $1.31 B
  • $1.72 B
  • $2.32 B
  • $2.81 B
  • $3.09 B
  • $3.18 B
Y/Y
37.44%
31.62%
34.76%
8.65%
10.18%
2.67%
Tax Rate (%)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Tax Rate (%)
  • 4.92%
  • 5.60%
  • 7.13%
  • 3.03%
  • 0.85%
  • 0.66%
Y/Y
38.96%
13.73%
27.34%
7.88%
72.14%
21.59%
Net Income
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Net Income
  • $869.41 M
  • $872.31 M
  • $860.77 M
  • $2.28 B
  • $2.37 B
  • $4.61 B
Y/Y
141.87%
0.33%
1.32%
6.71%
3.84%
94.65%
Revenue Per Employee
Years
  • 2024
  • 2025
  • 2026
  • 2024
  • 2025
  • 2026
Revenue Per Employee
  • $12.61 M
  • -
  • -
  • $1.99 M
  • $2.12 M
  • -
Y/Y
22.12%
100%
0%
15.93%
6.72%
100%
Net Income Per Employee
Years
  • 2024
  • 2025
  • 2026
  • 2024
  • 2025
  • 2026
Net Income Per Employee
  • $2.06 M
  • -
  • -
  • $790.30 K
  • $1.54 M
  • -
Y/Y
6.75%
100%
0%
14.23%
94.65%
100%

Assets & Liabilities | Cash Flow

Total Assets
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Total Assets
  • $49.67 B
  • $57.78 B
  • $68.84 B
  • $34.28 B
  • $32.41 B
  • $40.61 B
Y/Y
15.15%
16.32%
19.13%
3.85%
5.48%
25.31%
Total Liabilities
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Total Liabilities
  • $20.83 B
  • $24.67 B
  • $29.78 B
  • $30.60 B
  • $28.81 B
  • $33.90 B
Y/Y
15.67%
18.45%
20.72%
4.83%
5.85%
17.69%
Capital Expenditures (Capex)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Capital Expenditures (Capex)
  • -
  • -
  • -
  • -$793.28 M
  • -$755.58 M
  • -
Y/Y
100%
0%
0%
22.04%
4.75%
100%

Profitability

Operating Income Margin (%)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Operating Income Margin (%)
  • 42.22%
  • 44.03%
  • 28.30%
  • 49.60%
  • 51.86%
  • 49.89%
Y/Y
7.9%
4.28%
35.73%
1.6%
4.55%
3.79%
Net Income Margin (%)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Net Income Margin (%)
  • 21.39%
  • 16.33%
  • 18.41%
  • 40.35%
  • 39.75%
  • 72.51%
Y/Y
17.75%
23.64%
12.75%
0.22%
1.47%
82.4%
EBITDA
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
EBITDA
  • $2.98 B
  • $3.60 B
  • $4.33 B
  • $4.89 B
  • $5.02 B
  • $7.78 B
Y/Y
61.03%
20.96%
20.11%
6.49%
2.68%
55.06%
Free Cash Flow (FCF)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
Free Cash Flow (FCF)
  • $2.56 B
  • $2.96 B
  • $3.57 B
  • $3.14 B
  • $3.06 B
  • -
Y/Y
96.75%
15.4%
20.77%
0.67%
2.5%
100%

Ratios

Return on Equity (ROE)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Return on Equity (ROE)
  • 2.65%
  • 2.22%
  • 2.68%
  • 75.53%
  • 80.59%
  • 0.00%
Y/Y
12.55%
16.31%
21.12%
10.8%
6.7%
100%
Return on Assets (ROA)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Return on Assets (ROA)
  • 1.51%
  • 1.25%
  • 1.45%
  • 6.66%
  • 7.32%
  • 0.00%
Y/Y
13.74%
17.17%
16.29%
2.75%
9.86%
100%
Debt to Equity
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Debt to Equity
  • 66.75%
  • 68.89%
  • 83.30%
  • 877.27%
  • 842.47%
  • 560.39%
Y/Y
3.05%
3.2%
20.92%
8.15%
3.97%
33.48%

Valuation

Enterprise Value
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value
  • $61.51 B
  • $72.95 B
  • -$434.84 M
  • $71.97 B
  • $79.54 B
  • $0.00
Y/Y
7.47%
18.6%
100.6%
13.6%
10.53%
100%
Enterprise value to Revenue
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value to Revenue
  • 15.08
  • 13.84
  • -0.08
  • 12.72
  • 13.34
  • 0.00
Y/Y
11.9%
8.22%
100.55%
6.23%
4.88%
100%
Enterprise value to EBITDA
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value to EBITDA
  • 17.07
  • 16.86
  • -0.13
  • 14.73
  • 15.85
  • 0.00
Y/Y
11.15%
1.26%
100.75%
6.68%
7.65%
100%