Realty Income Corporation (O) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Realty Income published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Realty Income reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is Realty Income's GAAP total revenue, which includes rent reimbursed by clients for property taxes and operating expenses. EPS is net income available to common stockholders per diluted share.
• AFFO (adjusted funds from operations) is Realty Income's own non-GAAP measure. It adds back real estate depreciation and impairments and removes gains on property sales, straight-line rent and other non-cash items.

Source: Realty Income Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Realty Income splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Realty Income's Rental (including reimbursements) revenue was $1.5 billion in Q3 2026, up 7% from $1.4 billion in Q3 2025, 92% of total revenue.
• Realty Income's Interest and dividend income on loans and preferred equity investments revenue was $105 million in Q3 2026, up 106% from $51.1 million in Q3 2025, 6% of total revenue.
• Realty Income's Interest income on financing receivables revenue was $32.2 million in Q3 2026, down 1% from $32.6 million in Q3 2025, 2% of total revenue.
• Realty Income's Other revenue was $0.6 million in Q3 2026, up 55% from $0.4 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Realty Income gives a full-year outlook only. The revised 2026 range for net income per share is $1.55 to $1.56, down from $1.59 to $1.60, while the AFFO per share range rose to $4.45 to $4.46 from $4.44 to $4.45.

In its Q3 2026 release, Realty Income said:

“we are raising our 2026 AFFO per share guidance to $4.45-$4.46 while reaffirming our $10.0 billion investment volume target, which is supported by a well-funded balance sheet.”

“Same store rent growth 1.1%-1.3%”

“Occupancy Above 98.5%”

“Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items.”

Source: Realty Income Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the O forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and net income per diluted common share, each as first reported in that quarter's release.

We do not hold a confirmed date for Realty Income's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Realty Income's total revenue was $1,621.6 million in Q3 2026, against $1,470.6 million a year earlier. Rent is almost all of it: rental revenue including client reimbursements was $1,483.8 million. Interest and dividend income on loans and preferred equity investments was $105.0 million, roughly double the $51.1 million of Q3 2025, and interest income on financing receivables was $32.2 million. (Realty Income Q3 2026 release, Nov 2, 2026)

Realty Income leases freestanding commercial properties under long-term net leases, where clients are typically responsible for most or all property-level operating expenses, including real estate taxes, insurance and maintenance. At September 30, 2026 it owned or held interests in 15,536 properties leased to 1,842 clients in 96 industries, with a weighted average remaining lease term of about 8.5 years. (Realty Income Form 10-K, 2025, Feb 25, 2026; Realty Income Q3 2026 release, Nov 2, 2026)

By annualized base rent, the portfolio was 77.0% retail, 17.0% industrial, 3.1% gaming and 1.0% data center at the end of Q3 2026. By geography it was 79.6% United States, 15.1% United Kingdom and 5.3% Continental Europe. The largest clients were Dollar General at 3.3% of annualized base rent, 7-Eleven at 3.0% and Walgreens at 2.9%. (Realty Income Q3 2026 supplemental operating and financial data, Nov 2, 2026)

The 10-Q puts most of the rental growth down to acquisitions: properties acquired during 2026 and 2025 contributed $145.9 million of rent in the quarter, against $38.7 million a year earlier, while properties sold reduced rent by $21.4 million. Same store rental revenue across 14,443 properties rose 1.1% to $1,162.0 million. The jump in loan and preferred equity income came from a portfolio that grew by approximately $2.6 billion from a year earlier through acquisitions. (Realty Income Form 10-Q, Q3 2026, Nov 3, 2026; Realty Income Q3 2026 release, Nov 2, 2026)

Realty Income's net income available to common stockholders was $403.9 million in Q3 2026, or $0.43 per share, against $315.8 million and $0.35. AFFO per share, the measure Realty Income guides on, was $1.12, up 3.7% from $1.08. The gap between the two is mostly real estate depreciation and amortization, $647.6 million of expense in the quarter, which AFFO adds back. (Realty Income Q3 2026 release, Nov 2, 2026)

GAAP results also carried $111.6 million of provisions for impairment of real estate, against $75.4 million a year earlier, which the 10-Q attributes primarily to vacant properties and expected vacancies in 2026. That was offset by a $113.9 million gain on sales of real estate from 182 properties sold for net proceeds of $526.6 million. Interest expense rose to $333.6 million from $294.5 million. (Realty Income Q3 2026 release, Nov 2, 2026; Realty Income Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted weighted average shares used for AFFO were 948,797 thousand, against 917,869 thousand a year earlier, because Realty Income funds acquisitions partly with new stock. In the quarter it raised $472.5 million from the sale of common stock at a weighted average price of $60.49 per share, and used approximately $188.7 million of a $1.0 billion convertible note offering to repurchase approximately 3.0 million shares. (Realty Income Q3 2026 release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Realty Income publishes a full-year outlook in its release. For 2026 it raised AFFO per share guidance to $4.45 to $4.46 from $4.44 to $4.45, kept same store rent growth at 1.1% to 1.3% and investment volume at $10.0 billion, and moved its occupancy outlook to above 98.5% from approximately 98.5%. Through September 30 it had reported AFFO of $3.35 per share and investment volume of $7.9 billion. (Realty Income Q3 2026 release, Nov 2, 2026)

The net income per share range was cut to $1.55 to $1.56 from $1.59 to $1.60. Realty Income notes that this figure excludes future impairments and foreign currency or derivative gains or losses, which it does not forecast. (Realty Income Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Realty Income, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Realty Income's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning O is on is O a buy or a sell?, what analysts expect next is on the O forecast, and what the company does is on the Realty Income Corporation (O) stock page.

Every number on this page can be traced to a document Realty Income published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.