Jun 2026 (Q2 FY26) — Aug 5, 2026
Realty Income Q2 FY26 — Strong Investment Activity and Diversified Capital Strategy Drive AFFO Growth
Read the full callRealty Income (O) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Realty Income earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,548 | +9.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year AFFO per share | $4.38 to $4.42 | Dec 2025 | This momentum supports a $0.02 increase in our full year AFFO per share guidance midpoint to a new range of $4.44 to $4.45 | Revised Up |
| Full-year base management fee income (fund) | approximately $10 million | Dec 2025 | you expect around $10 million or so for the fund in terms of management fees | On Track |
12 of REALTY INCOME CORP's 18 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 16 more targets are in the full ledger.
Claimed
- AFFO per share grew 3.8% to $1.09 in Q2, with year-to-date growth of 5.2% to $2.22.
- Full-year 2026 AFFO per share guidance midpoint increased by $0.02 to a new range of $4.44 to $4.45.
- Full-year 2026 investment volume guidance increased from $9.5 billion to $10 billion.
- Global investments totaled $2.6 billion ($2.1 billion pro rata share) at an initial weighted average cash yield of 7.3%.
- Investment grade client exposure increased to 34% of annualized rent from 32% in Q1.
- Portfolio occupancy remained strong at 98.8%, with a blended rent recapture rate of 102.7%.
Qualified
- Acquisition cap rates during the quarter were 6.4%, lower than prior quarter, influenced by fund allocations and competitive dynamics.
- Same-store revenue growth in the 'other' category declined 5.1%, driven by a hotel asset assumed from a prior merger with non-payment of rent.
Price
$55.51 −1.02% · −$0.57
Performance −7.4% 1Y
1Y: $59.94 on 17 Oct 2025 → $55.51. High $67.56 (2 Mar 2026), low $53.35 (7 Oct 2026).
- Previous close
- $56.08
- 52-week range
- $53.35 – $67.56
- One year
- −8.46%
Overview
- Symbol
- O
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year AFFO per share | $4.38 to $4.42 | Dec 2025 | This momentum supports a $0.02 increase in our full year AFFO per share guidance midpoint to a new range of $4.44 to $4.45 | Revised Up |
| Full-year base management fee income (fund) | approximately $10 million | Dec 2025 | you expect around $10 million or so for the fund in terms of management fees | On Track |
Claimed
- AFFO per share grew 3.8% to $1.09 in Q2, with year-to-date growth of 5.2% to $2.22.
- Full-year 2026 AFFO per share guidance midpoint increased by $0.02 to a new range of $4.44 to $4.45.
- Full-year 2026 investment volume guidance increased from $9.5 billion to $10 billion.
- Global investments totaled $2.6 billion ($2.1 billion pro rata share) at an initial weighted average cash yield of 7.3%.
- Investment grade client exposure increased to 34% of annualized rent from 32% in Q1.
- Portfolio occupancy remained strong at 98.8%, with a blended rent recapture rate of 102.7%.
Qualified
- Acquisition cap rates during the quarter were 6.4%, lower than prior quarter, influenced by fund allocations and competitive dynamics.
- Same-store revenue growth in the 'other' category declined 5.1%, driven by a hotel asset assumed from a prior merger with non-payment of rent.
The full ledger
Open REALTY INCOME CORP’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Realty Income Q1 FY26 — Strong Start with Private Capital Expansion and Raised Guidance
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
Realty Income Q4 FY25 — Strategic Partnerships and Diversified Capital Drive Growth
Read the full callEvery analysed call
Realty Income earnings calls (O)
Financials
What the filings say
Net profit, year on year: +48% (quarter to dec 2025 against dec 2024).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,331 | 1,340 | 1,381 | 1,410 | 1,471 | 1,488 | 1,549 | 1,548 |
| Expenses | 1,103 | 1,154 | 1,145 | 1,232 | 1,188 | 1,221 | 1,238 | 1,190 |
| Interest | 261 | — | — | — | — | — | — | — |
| Profit before tax | 286 | 221 | 267 | 223 | 341 | 323 | 347 | 396 |
| Tax rate | 5.4% | 9.1% | 5.9% | 10.8% | 7.0% | 6.7% | 7.5% | 6.5% |
| Net profit | 269 | 200 | 250 | 197 | 316 | 296 | — | — |
| EPS ($ per share) | 0.30 | — | 0.28 | 0.22 | 0.35 | — | 0.33 | 0.37 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 10,754 | 12,874 | 14,700 | 29,578 | 34,160 | 39,630 | 47,451 | 49,862 |
| Total liabilities | 7,140 | 8,751 | 9,723 | 18,008 | 20,830 | 24,672 | 29,783 | 32,672 |
| Investments | — | 0 | — | — | — | — | — | — |
| Total assets | 15,260 | 18,555 | 20,740 | 43,138 | 49,673 | 57,779 | 68,835 | 72,796 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 941 | 1,069 | 1,116 | 1,322 | 2,564 | 2,959 | 3,573 | 3,995 |
| Cash from investing | -1,640 | -3,502 | -2,032 | -6,438 | -8,387 | -9,355 | -3,343 | -5,663 |
| Cash from financing | 708 | 2,493 | 1,692 | 4,577 | 5,738 | 6,437 | -21 | 1,678 |
| Net cash flow | 9 | 50 | 780 | -518 | -105 | 65 | 203 | 25 |
| Capital expenditure | -25 | -24 | -9 | -19 | -96 | -69 | -121 | -132 |
| Free cash flow | 915 | 1,045 | 1,107 | 1,303 | 2,468 | 2,890 | 3,452 | 3,863 |
O operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Properties | 15.6K+We have built a diversified portfolio of over 15,600 properties with high-quality clients that have proven resilient through various economic cycles, and continue to deliver stable returns.Source: earnings call transcript | 15.6K+As of quarter end, our portfolio comprised over 15,600 properties spanning 91 industries and more than 1,600 clients.Source: earnings call transcript | — | 15.5K+We're humbled by the investor reception to our values, performance track record as a public company, the best-in-class human capital and unmatched access to proprietary data and insights across a seasoned real estate portfolio of over 15,500 properties globally.Source: earnings call transcript | — | — |
| Occupancy rate | 98.7%We ended the quarter with 98.7% portfolio occupancy in line with the prior quarter.Source: earnings call transcript | 98.6%We ended the quarter with 98.6% portfolio occupancy, approximately 10 basis points ahead of the prior quarter and above the historical median of 98.2% from 2010 to 2024.Source: earnings call transcript | 98.7%We ended the quarter with 98.7% portfolio occupancy, approximately 10 basis points ahead of the prior quarter.Source: earnings call transcript | — | 98.8%Portfolio fundamentals remained strong with occupancy of 98.8% and 482 re-leased units generating a blended rent recapture rate of 102.7% with renewals at 104.6%.Source: earnings call transcript | — |
| Rent recapture rate | 107.4%Our rent recapture rate on 266 lease renewals was 107.4%, generating approximately $52 million in new annualized cash rent.Source: earnings call transcript | 103.4%During the quarter, our rent recapture rate across 346 leases was 103.4%, representing $97 million of annual cash from prior cash rents with 93% of leasing activity generated from renewals by existing clients and we remained active in our approach to optimize the portfolio.Source: earnings call transcript | 103.5%During the quarter, our rent recapture rate across 284 leases was 103.5%, representing $71 million in new cash rents, with 87% of leasing activity generated from renewals by existing clients.Source: earnings call transcript | — | 102.7%Portfolio fundamentals remained strong with occupancy of 98.8% and 482 re-leased units generating a blended rent recapture rate of 102.7% with renewals at 104.6%.Source: earnings call transcript | — |
| Properties sold | 80To that end, in the fourth quarter, we sold 80 properties for total net proceeds of $138 million of which $50 million was related to vacant properties.Source: earnings call transcript | 73In the quarter, we sold 73 properties for total net proceeds of $117 million, of which $100 million was related to vacant properties.Source: earnings call transcript | 140In the quarter, we sold 140 properties for total net proceeds of $215 million.Source: earnings call transcript | — | — | +91.8% |
| Employees | <500We'd be remiss without also acknowledging the talent, experience and commitment of almost 500 professionals globally, who dedicate themselves to growing and protecting dividends.Source: earnings call transcript | — | — | ~544End of 2025, we're about 544.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
69 filings between Nov 15, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$873.6K
3 sales by 2 insiders
Compensation
not trading decisions- 25
- Award — granted as compensation
- 41
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bushore Michelle | — | $461.9K | Apr 2, 2026 |
| McLaughlin Gregory | — | $411.6K | Sep 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | McLaughlin Gregory Director | Sale | 3,475 | $209.0K |
| Jun 27, 2026 | Redington Neale See Remarks | Tax withheld | 240 | $15.1K |
| May 21, 2026 | GILYARD REGINALD HAROLD Director | Award | 3,214 | $0 |
| May 21, 2026 | MCKEE MICHAEL D Director | Award | 3,214 | $0 |
| May 21, 2026 | Chapman A. Larry Director | Award | 3,214 | $0 |
| May 21, 2026 | LOPEZ GERARDO I Director | Award | 3,214 | $0 |
| May 21, 2026 | Preusse Mary Hogan Director | Award | 3,214 | $0 |
| May 21, 2026 | Almodovar Priscilla Director | Award | 3,214 | $0 |
| May 21, 2026 | Jacobson Jeff A Director | Award | 3,214 | $0 |
| May 21, 2026 | McLaughlin Gregory Director | Award | 3,214 | $0 |
| May 21, 2026 | Huskins Priya Cherian Director | Award | 3,214 | $0 |
| May 21, 2026 | Hourihan Kimberly Director | Award | 3,214 | $0 |
| Apr 2, 2026 | Bushore Michelle See Remarks | Sale | 7,400 | $461.9K |
| Apr 1, 2026 | McLaughlin Gregory Director | Sale | 3,275 | $202.6K |
| Feb 26, 2026 | Bushore Michelle See Remarks | Award | 7,698 | $0 |
| Feb 17, 2026 | Bushore Michelle See Remarks | Award | 7,576 | $0 |
| Feb 17, 2026 | Bushore Michelle See Remarks | Tax withheld | 6,551 | $435.6K |
| Feb 17, 2026 | Bushore Michelle See Remarks | Award | 24,290 | $0 |
| Feb 17, 2026 | Hagan Mark E EVP, Chief Investment Officer | Tax withheld | 8,141 | $541.3K |
| Feb 17, 2026 | Whyte Gregory J. EVP, Chief Operating Officer | Award | 6,978 | $0 |
| Feb 17, 2026 | Hagan Mark E EVP, Chief Investment Officer | Award | 30,194 | $0 |
| Feb 17, 2026 | Roy Sumit President, CEO & Director | Award | 103,792 | $0 |
| Feb 17, 2026 | Whyte Gregory J. EVP, Chief Operating Officer | Tax withheld | 6,114 | $406.5K |
| Feb 17, 2026 | Abraham Neil See Remarks | Tax withheld | 8,265 | $549.5K |
| Feb 17, 2026 | Whyte Gregory J. EVP, Chief Operating Officer | Award | 22,652 | $0 |
| Feb 17, 2026 | Hagan Mark E EVP, Chief Investment Officer | Award | 10,533 | $0 |
| Feb 17, 2026 | Abraham Neil See Remarks | Award | 10,706 | $0 |
| Feb 17, 2026 | Abraham Neil See Remarks | Award | 30,654 | $0 |
| Feb 17, 2026 | Redington Neale See Remarks | Award | 10,753 | $0 |
| Feb 17, 2026 | Kehle Shannon EVP, Chief People Officer | Award | 4,872 | $0 |
| Feb 17, 2026 | Roy Sumit President, CEO & Director | Tax withheld | 28,002 | $1.86M |
| Feb 17, 2026 | Pong Jonathan EVP, CFO & Treasurer | Award | 7,110 | $0 |
| Feb 17, 2026 | Kehle Shannon EVP, Chief People Officer | Tax withheld | 1,311 | $87.2K |
| Feb 17, 2026 | Kehle Shannon EVP, Chief People Officer | Award | 2,256 | $0 |
| Feb 17, 2026 | Roy Sumit President, CEO & Director | Award | 33,847 | $0 |
| Feb 15, 2026 | Pong Jonathan EVP, CFO & Treasurer | Tax withheld | 12 | $788 |
| Feb 15, 2026 | Pong Jonathan EVP, CFO & Treasurer | Tax withheld | 584 | $38.3K |
| Feb 15, 2026 | Pong Jonathan EVP, CFO & Treasurer | Tax withheld | 2,322 | $152.5K |
| Feb 15, 2026 | Kehle Shannon EVP, Chief People Officer | Tax withheld | 650 | $42.7K |
| Feb 15, 2026 | Bushore Michelle See Remarks | Tax withheld | 1,049 | $68.9K |
| Feb 15, 2026 | Bushore Michelle See Remarks | Tax withheld | 1,063 | $69.8K |
| Feb 15, 2026 | Hagan Mark E EVP, Chief Investment Officer | Tax withheld | 1,449 | $95.1K |
| Feb 15, 2026 | Hagan Mark E EVP, Chief Investment Officer | Tax withheld | 1,322 | $86.8K |
| Feb 15, 2026 | Whyte Gregory J. EVP, Chief Operating Officer | Tax withheld | 994 | $65.3K |
| Feb 15, 2026 | Whyte Gregory J. EVP, Chief Operating Officer | Tax withheld | 1,091 | $71.6K |
| Feb 15, 2026 | Kehle Shannon EVP, Chief People Officer | Tax withheld | 365 | $24.0K |
| Feb 15, 2026 | Abraham Neil See Remarks | Tax withheld | 1,480 | $97.2K |
| Feb 15, 2026 | Abraham Neil See Remarks | Tax withheld | 1,342 | $88.1K |
| Feb 15, 2026 | Redington Neale See Remarks | Tax withheld | 337 | $22.1K |
| Feb 15, 2026 | Roy Sumit President, CEO & Director | Tax withheld | 4,657 | $305.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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