Companies: 10,795·Total market cap: $144.5T
Realty Income Corporation

Realty Income Corporation

ONYSEReal Estate● Active
$60.69
$-0.15(-0.25%)
Market Cap$56.6B
P/E Ratio—
52W High$67.94
52W Low$55.57
Free Cash FlowFinancialsRevenue

Realty Income Corporation (O) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

O · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $3.99B for FY2025 (fiscal year ending 2025-12-31), up 15.7% year-over-year The FCF margin was 69.5%. Five-year CAGR stands at +29.3%.

FY2025 Free Cash Flow$3.99B▲ +15.7% YoY
Trailing 12M (TTM)$4.06Btrailing 4 quarters sum
FCF Margin69.5%$3.99B ÷ revenue
3-Year CAGR+17.4%FY2022 → FY2025
5-Year CAGR+29.3%FY2020 → FY2025
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
o free cash flow history · o free cash flow chart · o free cash flow growth rate · o free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$3.99B▲ +15.7%69.5%
FY2024$3.45B▲ +19.4%65.5%
FY2023$2.89B▲ +17.1%70.8%
FY2022$2.47B▲ +89.4%73.8%
FY2021$1.30B▲ +17.7%62.6%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
o free cash flow 2025 · o free cash flow 2024 · o free cash flow 2023 · o operating cash flow

FCF valuation metrics

Realty Income Corporation (O) trades at a FCF yield of 7.15% and a price-to-free-cash-flow ratio of 13.5x. FCF per share stands at $4.48, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
7.15%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$4.48
TTM FCF ÷ Shares Outstanding
Price / FCF
x13.5
Share Price ÷ FCF per Share
EV / FCF (TTM)
x21.6
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
o price to free cash flow · o free cash flow yield · o free cash flow per share · o price to cash flow ratio

Cash flow statement summary

For FY2025, Realty Income Corporation generated $3.99B in operating cash flow and spent 0M in capital expenditures, yielding $3.99B in free cash flow.

Operating Activities
+$3.99B
Cash from core business operations
2025-12-31
Investing Activities
−$5.66B
CapEx, acquisitions & investments
2025-12-31
Financing Activities
+$1.68B
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($3.99B) − |CapEx| (0M) = FCF ($3.99B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
o cash flow statement · o cash flow statement 2025 · o operating cash flow · o cash flow from operations

Free cash flow vs peers (Real Estate)

#CompanyFree Cash FlowYoY
#1
Realty Income Corporation
Realty Income CorporationYOU
O
$3.99B+15.7%
#2
Prologis, Inc.
Prologis, Inc.
PLD
$5.01B+2.0%#3
American Tower Corporation
American Tower Corporation
AMT
$3.78B+2.2%#4
Simon Property Group, Inc.
Simon Property Group, Inc.
SPG
$3.57B+16.6%#5
Welltower Inc.
Welltower Inc.
WELL
$2.85B+29.5%#6
Equinix, Inc.
Equinix, Inc.
EQIX
−$400.0M-318.6%
Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Realty Income Corporation (O) reported free cash flow of $3.99B for FY2025 (fiscal year ending 2025-12-31), up 15.7% year-over-year. The FCF margin was 69.5%.

Based on available data, Realty Income Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $3.99B in FY2025. The 5-year CAGR stands at +29.3%.

Realty Income Corporation's FCF yield is 7.15% and price-to-FCF ratio is 13.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

O free cash flow · 8 questions

Realty Income Corporation free cash flow was $3.99B for FY2025, up 15.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $4.06B.

O free cash flowO FCFO FCF 2025O free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Realty Income Corporation · Realty Income Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026