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Arphra AIPlain-English read on Realty Income Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.08B | $3.34B | $4.08B | $5.27B | $5.75B | $5.73B | $6.09B | $6.6B | $7.16B |
| Cost of revenue | $133.61M | $226.33M | $316.96M | $377.68M | $586.44M | $466.77M | $517.95M | $562.96M | $605.73M |
| Gross profit | $1.95B | $3.12B | $3.76B | $4.89B | $5.16B | $5.26B | $5.71B | $6.14B | $6.55B |
| Gross margin | +93.58% | +93.23% | +92.23% | +92.84% | +89.80% | +91.86% | +93.71% | +92.89% | +91.37% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $96.98M | $138.46M | $144.54M | $176.9M | $252.97M | $214.16M | $235.63M | $249.93M | $269.66M |
| Total operating expenses | $994.82M | $1.81B | $2.04B | $2.57B | $3.54B | $3.06B | $3.28B | $3.63B | $3.72B |
| Operating income | $952.04M | $1.31B | $1.72B | $2.32B | $1.63B | $2.17B | $2.38B | $2.56B | $2.71B |
| Operating margin | +45.76% | +39.13% | +42.22% | +44.03% | +28.30% | +37.82% | +39.01% | +38.81% | +37.79% |
| EBITDA | $1.85B | $2.98B | $3.6B | $4.33B | $3.55B | $4.45B | $4.83B | $5.12B | $5.39B |
| EBIT | $952.04M | $1.31B | $1.71B | $1.93B | $1.08B | $1.8B | $2B | $2.18B | $2.32B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$559.64M | -$390.9M | -$793.38M | -$1.39B | -$548.48M | — | — | — | — |
| Pre-tax income | $392.4M | $917.6M | $928.94M | $933.94M | $1.08B | $1.12B | $1.2B | $1.27B | $1.43B |
| Income tax expense | $31.66M | $45.18M | $52.02M | $66.6M | $20M | $55.82M | $57.02M | $64.02M | $67.12M |
| Earnings | |||||||||
| Net income | $359.46M | $869.41M | $872.31M | $860.77M | $1.06B | $1.07B | $1.13B | $1.22B | $1.34B |
| Net income · continuing ops | $360.75M | $872.42M | $876.91M | $867.34M | $1.06B | $1.07B | $1.13B | $1.26B | $1.31B |
| Net margin | +17.28% | +26.00% | +21.39% | +16.33% | +18.41% | +18.73% | +18.53% | +18.45% | +18.68% |
| EPS · basic | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 | $1.60 | $1.76 | $1.79 | $2.17 |
| EPS · diluted | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 | $1.60 | $1.78 | $1.82 | $2.19 |
| EPS · low estimate | — | — | — | — | — | $1.57 | $1.77 | $1.62 | $2.02 |
| EPS · high estimate | — | — | — | — | — | $1.65 | $1.84 | $1.97 | $2.31 |
| Shares · basic | 414.54M | 611.77M | 692.3M | 873.19M | 904.79M | 910.4M | 899.18M | 901.24M | 896.36M |
| Shares · diluted | 414.77M | 612.18M | 693.02M | 876.81M | 904.79M | 898.35M | 909.23M | 909.29M | 908.41M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 7 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 7 | 6 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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