Operating Income for Realty Income (O)
According to Realty Income's latest reported financial statements, the company's current operating income (TTM) is $1.63B USD. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Currently viewingOperating IncomeSwitch metric
TTM (last 4 quarters)
$1.63B
YoY change
-29.9%
5Y CAGR
+15.5%
Peak year (2024)
$2.32B
Cumulative operating income
$15.25B
Operating Income history chart for Realty Income (O) from 1993 to 2025
Operating Income history table for Realty Income (O) from 1993 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $1.63B | -29.9% | ||
| 2024 | $2.32B | +34.8% | ||
| 2023 | $1.72B | +31.6% | ||
| 2022 | $1.31B | +37.4% | ||
| 2021 | $952.04M | +20.2% | ||
| 2020 | $792.23M | +7.2% | ||
| 2019 | $739.13M | +15.9% | ||
| 2018 | $637.58M | +8.2% | ||
| 2017 | $589.05M | +9.4% | ||
| 2016 | $538.40M | +5.7% | ||
| 2015 | $509.42M | +12.2% | ||
| 2014 | $453.89M | +20.2% | ||
| 2013 | $377.71M | +36.0% | ||
| 2012 | $277.64M | +11.3% | ||
| 2011 | $249.40M | +18.4% | ||
| 2010 | $210.68M | +2.6% | ||
| 2009 | $205.26M | -1.7% | ||
| 2008 | $208.86M | +9.9% | ||
| 2007 | $190.07M | +22.2% | ||
| 2006 | $155.49M | +19.0% | ||
| 2005 | $130.66M | -23.4% | ||
| 2004 | $170.47M | -3.9% | ||
| 2003 | $177.43M | +11.7% | ||
| 2002 | $158.86M | +10.5% | ||
| 2001 | $143.81M | +4.6% | ||
| 2000 | $137.46M | +243.5% | ||
| 1999 | $40.01M | +1.9% | ||
| 1998 | $39.25M | -56.1% | ||
| 1997 | $89.50M | +170.1% | ||
| 1996 | $33.13M | +29.5% | ||
| 1995 | $25.58M | +82.0% | ||
| 1994 | $14.06M | -45.4% | ||
| 1993 | $25.73M | — |
Operating Income values are taken from Realty Income's reported income statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Realty Income (O) operating income totalled $1.63B – declined 29.9% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Realty Income operating income compounded at +15.5% per year, with the latest reading among the more recent periods of the dataset.
Between 2024 and 2025, Realty Income operating income declined 29.9%, falling from $2.32B to $1.63B.
The highest annual operating income of $2.32B was reported in 2024. The lowest in the available history was $14.06M in 1994.
Within Real Estate, Realty Income (O) ranks 6th among 8 peers we track. The peer median for operating income is $2.05B.
Realty Income Operating Income by Year
Realty Income Operating Income 2025: $1.63B
Realty Income operating income in 2025 was $1.63B, declined 29.9% below 2024.
Realty Income Operating Income 2024: $2.32B
Realty Income operating income in 2024 was $2.32B, surged 34.8% from 2023. This figure represents the highest annual value in the available history.
Realty Income Operating Income 2023: $1.72B
Realty Income operating income in 2023 was $1.72B, surged 31.6% from 2022.
Realty Income Operating Income 2022: $1.31B
Realty Income operating income in 2022 was $1.31B, surged 37.4% from 2021.
Realty Income Operating Income 2021: $952.04M
Realty Income operating income in 2021 was $952.04M.
See more financial history for Realty Income (O).
Sector peers — Operating Income
Companies in the same sector as Realty Income, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| American Tower Corporation (AMT) | $4.88B | Real Estate |
| Prologis, Inc. (PLD) | $3.54B | Real Estate |
| Simon Property Group, Inc. (SPG) | $3.18B | Real Estate |
| Public Storage (PSA) | $2.25B | Real Estate |
| Equinix, Inc. (EQIX) | $1.85B | Real Estate |
| CBRE Group, Inc. (CBRE) | $1.29B | Real Estate |
| Digital Realty Trust, Inc. (DLR) | $658.49M | Real Estate |
| Welltower Inc. (WELL) | $355.17M | Real Estate |
Frequently asked questions
What is Realty Income's operating income?
- Latest reported operating income for Realty Income (O) is $1.63B (period ending December 31, 2025).
How has Realty Income operating income changed year-over-year?
- Realty Income (O) operating income changed -29.9% year-over-year on the latest annual filing.
What is the long-term growth rate of Realty Income operating income?
- Realty Income (O) operating income compound annual growth rate is +15.5% over the most recent 5 years available.
When did Realty Income operating income hit its highest annual value?
- Realty Income operating income reached its highest annual value of $2.32B in 2024.
What was Realty Income operating income in 2024?
- Realty Income (O) operating income in 2024 was $2.32B.
What was Realty Income operating income in 2025?
- Realty Income (O) operating income in 2025 was $1.63B.
Metrics overview
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