Global Net Lease (GNL) FY2025 results: revenue $495 million, down 13.1% on the year
Global Net Lease, Inc. (GNL) reported revenue of $495 million for fiscal 2025, the year ended 31 December 2025, down 13.1% on the year before. Net income was -$269 million, and diluted earnings per share $-1.21. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$495 million
-13.1% on the year
FY2018FY2025
Operating margin
22.4%
33.0% a year earlier
FY2018FY2025
Net income
-$269 million
FY2018FY2025
Diluted EPS
-$1.21
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Full-year AFFO reached $0.99 per share: Full-year 2025 AFFO was $221.0 million, or $0.99 per share. Fourth-quarter AFFO was $48.5 million, or $0.22 per share, against $0.34 a year earlier.
Impairments rose to $157.5 million: Full-year impairment charges were $157.5 million against $90.3 million in 2024, and fourth-quarter charges were $32.0 million. Property operating expense fell to $51.2 million from $64.3 million.
Office revenue and NOI declined: Office fourth-quarter revenue was $30.8 million against $38.8 million, and NOI was $27.0 million against $34.2 million. Full-year Office NOI was $119.4 million against $124.7 million.
Investment-grade tenant share rose: Investment-grade or implied investment-grade tenants supplied 66% of annualized straight-line rent, up from 61% a year earlier and 60% in the third quarter.
McLaren Campus sold above cost: The McLaren Campus sold at a 7.4% cash cap rate, with a gain of about £80 million, or $108 million, above its April 2021 purchase price.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
223
299
144
-25.6%
Capital expenditure
33.4
45.6
47.3
-26.8%
Free cash flow
189
254
96.4
-25.4%
Free cash flow margin
38.2%
44.5%
21.6%
Cash from investing
1,805
760
-552
+137.5%
Cash from financing
-2,064
-995
469
Depreciation and amortisation
191
217
179
-11.8%
Share-based compensation
12.5
8.9
17.3
+40.1%
Buybacks
120
0.0
0.0
Dividends paid
192
272
207
-29.5%
Dividend per share
$0.84
$1.18
$1.55
-28.4%
Diluted shares, weighted
223m
230m
143m
-3.1%
Shares outstanding at period end
216m
231m
231m
-6.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,663
2,187
2,638
-23.9%
Non-controlling interest
0.0
0.0
1.4
Debt
2,517
4,065
5,148
-38.1%
Other liabilities
167
704
312
-76.3%
Total liabilities and equity
4,347
6,956
8,099
-37.5%
Goodwill
45.9
51.4
47.0
-10.7%
Intangible assets
258
378
891
-31.8%
Cash and equivalents
180
160
122
+12.8%
Other assets
3,864
6,367
7,039
-39.3%
Total assets
4,347
6,956
8,099
-37.5%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.