How does Realty Income (O) make money?

Realty Income (O) generates revenue primarily from Product And Service, Retail, which accounted for 88.3% of total revenue in TTM through Q1 2026. The company reported $5.92B in revenue and converted 18.9% of it into net profit, equivalent to roughly $1.12B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Realty Income (O)?

Realty Income (O) reported a gross profit margin of 68.6% in TTM through Q1 2026, equivalent to $4.06B in gross profit on $5.92B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Realty Income (O)?

Realty Income (O) reported an operating profit margin of 29.3% in TTM through Q1 2026, equivalent to $1.73B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Realty Income (O)?

Realty Income (O) reported a net profit margin of 18.9% in TTM through Q1 2026, equivalent to $1.12B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Realty Income (O) profitable?

Yes. Realty Income (O) reported $1.12B in net income for TTM through Q1 2026, with a net profit margin of 18.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Realty Income (O) spend on capital expenditures?

Realty Income (O) spent $26.31M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 0.4% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Realty Income (O) generate?

Realty Income (O) generated $4.06B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 68.5%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Realty Income (O)?

Realty Income (O) had an effective tax rate of 2.6% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Realty Income (O)?

Realty Income (O) reports revenue across 2 reportable product segments, led by Product And Service, Retail at 88.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Realty Income Makes Money: 2026 Visual Revenue Map

Realty Income (O) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 7, 2026).

Realty Income discloses geographic revenue only in annual filings. to view the full breakdown.

Realty Income (O) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Realty Income (O) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Product And Service, Retail	$5.23B	88.3%
Product And Service, Industrial Segment	$690.28M	11.7%
Total	$5.92B	100%

Product And Service, Retail$5.23B
Product And Service, Industrial Segment$690.28M
Total$5.92B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Realty Income (O) reports revenue across 2 operating segments; the largest segment was Product And Service, Retail at 88.3%, followed by Product And Service, Industrial Segment (11.7%).

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