Q3 25 EPS
$0.35
MISS 12.67%
Est. $0.40
Q3 25 Revenue
$1.47B
BEAT +9.04%
Est. $1.35B
vs S&P Since Q3 25
+5.1%
BEATING MARKET
O +11.8% vs S&P +6.7%
Market Reaction
Did O Beat Earnings? Q3 2025 Results
Realty Income posted a mixed third quarter, delivering a GAAP EPS of $0.35 against a consensus estimate of $0.40, a miss of 12.67%, even as revenue climbed 10.5% year-over-year to $1.47 billion, clearing the $1.35 billion estimate by roughly 9%. The … Read more Realty Income posted a mixed third quarter, delivering a GAAP EPS of $0.35 against a consensus estimate of $0.40, a miss of 12.67%, even as revenue climbed 10.5% year-over-year to $1.47 billion, clearing the $1.35 billion estimate by roughly 9%. The earnings shortfall was largely overshadowed by the operational strength beneath it: AFFO per share rose to $1.08 from $1.05 a year ago, portfolio occupancy held firm at 98.7% across 15,542 properties, and the company deployed $1.40 billion in investments at a 7.7% initial cash yield, with roughly $1.00 billion of that volume closing internationally. Same-store rental revenue grew 1.3% on a constant currency basis, and a rent recapture rate of 103.5% on re-leased properties illustrated the durability of Realty Income's net lease business model. Looking ahead, management raised its 2025 investment volume guidance to approximately $5.50 billion and tightened AFFO per share guidance to $4.25–$4.27, while also announcing its 665th consecutive monthly dividend, reinforcing its reputation as a dependable income vehicle.
Key Takeaways
- • 1.3% same store rental revenue growth driven by grocery, theaters, and convenience store industries
- • 103.5% rent recapture rate on re-leased properties
- • 7.7% initial weighted average cash yield on Q3 2025 investments
- • $1.4 billion invested during Q3 2025 with strong European volume of approximately $1.0 billion
- • 98.7% portfolio occupancy rate
- • AFFO per share growth to $1.08 from $1.05 year-over-year
O YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
O Revenue by Segment
With YoY comparisons, source: SEC Filings
“Realty Income has built a durable and diversified engine for income, which is illustrated in our third quarter results. With expanded access to diverse sources of equity and favorable investment yields across geographies, our platform continues to demonstrate differentiation in the industry. European investments remain a significant portion of our executed volume, with approximately $1.0 billion closed internationally and $380.0 million invested domestically during the quarter. Furthermore, internal portfolio growth remains steady. A 103.5% rent recapture rate on re-leased properties is a testament to Realty Income's data-driven asset management process and the stability of our well-diversified real estate portfolio.”
— Sumit Roy, Q3 2025 Earnings Press Release
O Earnings Trends
O vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
O EPS Trend
Earnings per share: estimate vs actual
O Revenue Trend
Quarterly revenue: estimate vs actual
O Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.38 | $0.32 | -16.05% | $1.49B | — |
| FY Full Year | $1.35 | $1.17 | -13.61% | $5.75B | +5.88% |
| Q3 25 MISS | $0.40 | $0.35 | -12.67% | $1.47B | +9.04% |
| Q2 25 MISS | $0.40 | $0.22 | -44.50% | $1.41B | +6.00% |
| Q1 25 MISS | $0.33 | $0.28 | -14.82% | $1.38B | +6.37% |
| Q2 24 MISS | $0.36 | $0.29 | -19.44% | $1.34B | +7.38% |