AI Takeaway
Realty Income (O) delivered solid Q1 2026 results with revenue up 12.2% YoY to $1.55B and operating cash flow growing 11.0% to $874.5M, supported by continued portfolio expansion financed through significant new capital raises.
Revenue
$1.55B
++12.19% YoY
EPS (Basic)
$0.33
++17.86% YoY
Filed · Source: SEC EDGAR 10-Q filing
Total revenue grew 12.2% year-over-year to $1,548.7M in Q1 2026 from $1,380.5M in Q1 2025, reflecting Realty Income's ongoing acquisition activity and lease escalations across its net-lease portfolio.
Source: Source: 10-Q Financial Data, Income Statement
Operating cash flow increased 11.0% YoY to $874.5M, demonstrating the company's ability to convert rental income into cash efficiently, a key metric for a REIT funding its monthly dividend obligations.
Source: Source: 10-Q Financial Data, Cash Flow Statement
Investing cash outflows surged 96.3% YoY to -$2,578.9M, indicating aggressive property acquisitions in Q1 2026, funded largely by a 357.0% increase in financing cash inflows to $1,711.6M, suggesting substantial new debt or equity issuances.
Source: Source: 10-Q Financial Data, Cash Flow Statement
2 more insights available
Upgrade to unlockInvesting outflows nearly doubled YoY to -$2.58B while total liabilities grew 9.2% to $33.3B, pushing the debt-to-equity ratio to 0.85x. Continued aggressive acquisitions financed by debt could strain the balance sheet if interest rates remain elevated or capital markets tighten.
Source: Source: 10-Q Financial Data, Balance Sheet & Cash Flow Statement
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.33 versus the $0.41 analyst consensus — a -19.8% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.55B | $1.38B | +12.19% |
EPS (Basic) | $0.33 | $0.28 | +17.86% |
EPS (Diluted) | $0.33 | $0.28 | +17.86% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $74.55B | $69.76B | +6.88% |
Total Liabilities | $33.32B | $30.52B | +9.19% |
Stockholders' Equity | $39.15B | $39.03B | +0.30% |
Cash & Equivalents | $373.54M | $319.01M | +17.10% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $874.5M | $787.52M | +11.05% |
Investing Cash Flow | $-2.58B | $-1.31B | -96.32% |
Financing Cash Flow | $1.71B | $374.56M | +356.96% |
Share Buybacks | $101.91M | $0 | — |
D&A | $630.27M | $608.93M | +3.50% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Debt to Equity | $0.851 | — | — |
Other companies in Retail REITs
Realty Income reported Q1 2026 revenue of $1,548.7M, up 12.2% year-over-year, with basic EPS rising 17.9% to $0.33. Operating cash flow also grew 11.0% to $874.5M, reflecting solid performance from its net-lease property portfolio.
Yes, Realty Income grew revenue by 12.2% YoY to approximately $1.55B in Q1 2026, compared to $1.38B in Q1 2025. This growth was driven by portfolio expansion through acquisitions and contractual rent escalations.
Realty Income's balance sheet shows total assets of $74.6B against total liabilities of $33.3B, with a debt-to-equity ratio of 0.85x, indicating moderate leverage. Cash stood at $373.5M, and operating cash flow of $874.5M supports its dividend obligations comfortably.
Realty Income's investing cash outflows reached -$2,578.9M in Q1 2026, nearly double the -$1,313.6M in Q1 2025, indicating aggressive property acquisition activity. This was largely funded by $1,711.6M in financing cash inflows, a 357% increase YoY.
Key risks include rising leverage as total liabilities grew 9.2% YoY to $33.3B amid accelerated acquisitions, interest rate sensitivity given significant new debt raised in Q1 2026, and tenant credit risk across its retail and commercial net-lease portfolio. The company's limited cash balance of $373.5M relative to its $74.6B asset base also highlights dependence on capital market access.