NNN Reit (NNN) Q3 FY2023 earnings: revenue $205 million, up 6.0% on the year

NNN Reit, Inc. (NNN) reported revenue of $205 million for Q3 FY2023, the quarter ended 30 September 2023, up 6.0% on the same quarter a year earlier. Net income was $107 million, up 20.8% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$205 millionup 6.0%

Net income$107 millionup 20.8%

Diluted EPS$0.59

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	205	n/a	n/a	n/a
Operating income	148	n/a	n/a	n/a
Operating margin	72.0%	n/a	n/a
Interest expense	41.5	n/a	n/a	n/a
Net income	107	n/a	n/a	n/a
Net margin	52.1%	n/a	n/a
Diluted EPS	$0.59	n/a	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	192	n/a	n/a	n/a
Cash from investing	-148	n/a	n/a	n/a
Cash from financing	49.7	n/a	n/a	n/a
Depreciation and amortisation	59.5	n/a	n/a	n/a
Dividends paid	103	n/a	n/a	n/a
Dividend per share	$0.56	n/a	n/a	n/a
Diluted shares, weighted	182m	n/a	n/a	n/a
Shares outstanding at period end	182m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	4,158	n/a	n/a	n/a
Debt	4,227	n/a	n/a	n/a
Other liabilities	176	n/a	n/a	n/a
Total liabilities and equity	8,561	n/a	n/a	n/a
Cash and equivalents	77.1	n/a	n/a	n/a
Other assets	8,484	n/a	n/a	n/a
Total assets	8,561	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	205	216	215	217	219	218	231	227	230	238	240	244
Operating income	148	140	138	152	144	144	144	150	147	149	147	151
Operating margin	72%	65%	64%	70%	66%	66%	62%	66%	64%	62%	61%	62%
Interest expense	41.5	43.4	44.1	46.6	46.5	46.9	47.7	49.3	53.4	53.6	52.7	53.5
Net income	107	96.7	94.4	107	97.9	97.9	96.5	101	96.8	96.0	94.0	97.9
Net margin	52%	45%	44%	49%	45%	45%	42%	44%	42%	40%	39%	40%
Diluted EPS	$0.59	$0.53	$0.52	$0.58	$0.53	$0.52	$0.51	$0.54	$0.51	$0.51	$0.50	$0.52
Operating cash flow	192	122	191	120	207	118	203	119	218	126	187	142
Dividends paid	103	103	103	103	106	108	108	109	113	113	114	114
Shares outstanding	182m	182m	183m	184m	188m	188m	188m	188m	190m	190m	190m	192m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000950170-23-057144: the filing on EDGAR. All of NNN Reit, Inc.'s filings: EDGAR company page.

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