NNN REIT financials
$41.34−0.14%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $924.4M | $867.5M | $826.1M | $771.6M | $723.9M | $658.8M | $669.0M | $621.4M | $583.6M | $530.9M |
| Gross profit | $887.0M | $835.2M | $797.7M | $745.3M | $695.5M | $630.4M | $641.4M | $596.3M | $560.5M | $510.1M |
| Gross margin | 96.0% | 96.3% | 96.6% | 96.6% | 96.1% | 95.7% | 95.9% | 96.0% | 96.0% | 96.1% |
| Operating income | $539.4M | $533.8M | $505.6M | $464.0M | $423.7M | $356.4M | $382.8M | $358.4M | $336.2M | $306.4M |
| Net income | $389.8M | $396.8M | $392.3M | $334.6M | $264.2M | $210.9M | $258.2M | $258.1M | $217.2M | $200.9M |
| Net margin | 42.2% | 45.7% | 47.5% | 43.4% | 36.5% | 32.0% | 38.6% | 41.5% | 37.2% | 37.8% |
| Diluted EPS | $2.07 | $2.15 | $2.16 | $1.89 | $1.51 | $1.22 | $1.56 | $1.65 | $1.45 | $1.38 |
| EBITDA | $836.5M | $790.1M | $750.2M | $698.5M | $650.8M | $592.8M | $605.0M | $562.1M | $528.6M | $476.4M |
| Operating cash flow | $667.1M | $635.5M | $612.4M | $578.4M | $568.4M | $450.2M | $501.7M | $471.9M | $421.6M | $415.3M |
| Free cash flow | $667.1M | $635.5M | $612.4M | $578.4M | $568.4M | — | — | — | — | — |
| Diluted shares | 188.0M | 184.0M | 181.7M | 177.1M | 174.8M | 172.2M | 165.1M | 156.3M | 149.4M | 144.7M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $5.0M | $8.7M | $1.2M | $2.5M | $171.3M | $267.2M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $4.82B | $4.40B | $4.39B | $3.94B | $3.77B | $3.24B |
| Total assets | $9.38B | $8.87B | $8.66B | $8.15B | $7.75B | $7.64B |
| Total liabilities | $4.97B | $4.51B | $4.50B | $4.02B | $3.85B | $3.32B |
| Shareholders' equity | $4.41B | $4.36B | $4.16B | $4.12B | $3.90B | $4.32B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology