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NNN REIT (NNN) FY2025 results: revenue $926 million, up 6.6% on the year

NNN REIT, Inc. (NNN) reported revenue of $926 million for fiscal 2025, the year ended 31 December 2025, up 6.6% on the year before. Net income was $390 million, down 1.8%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$926 million
+6.6% on the year
FY2018FY2025
Operating margin
63.6%
66.5% a year earlier
FY2018FY2025
Net income
$390 million
-1.8% on the year
FY2018FY2025
Diluted EPS
$2.07
-3.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Annual AFFO per share rose 2.7%: Core FFO and AFFO per diluted share each rose 2.7% for 2025, to $3.41 and $3.44. Net earnings per diluted share were $2.07.
  • Net earnings fell in both periods: Net earnings were $95.9 million in the fourth quarter, against $97.9 million, and $389.8 million for 2025, against $396.8 million.
  • Occupancy rose to 98.3%: Occupancy rose 80 basis points from the prior quarter to 98.3%, with a weighted average remaining lease term of 10.2 years.
  • Acquisitions reached $931.0 million: Investments closed in 2025 totaled $931.0 million across 239 properties; the fourth quarter added $183.1 million across 55 properties.
  • Interest expense rose: Interest expense was $53.6 million in the fourth quarter, against $46.9 million, and $204.0 million for 2025, against $184.0 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

NNN REIT acquires, owns, invests in and develops properties leased mainly to tenants under long-term net leases, and it holds them mainly for investment. It is a Maryland corporation formed in 1984 as a real estate investment trust (REIT), its shares trade on the New York Stock Exchange, and its headquarters are in Orlando, Florida. Its main focus is retail properties.

NNN REIT, Inc., the 10-K for 2025

NNN REIT acquires, owns, invests in and develops properties leased mainly to tenants under long-term net leases, and it holds them mainly for investment. It is a Maryland corporation formed in 1984 as a real estate investment trust (REIT), its shares trade on the New York Stock Exchange, and its headquarters are in Orlando, Florida. Its main focus is retail properties.

Properties

As of December 31, 2025 it owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico, with approximately 39,578,000 square feet of gross leasable area. At that date 98.3 percent of the properties were leased and the weighted average remaining lease term was 10.2 years. In 2025 it acquired 239 properties and sold 116.

Leases

Its leases usually run for initial terms of 10 to 20 years on a triple-net basis, so the tenant pays the property's operating costs, including utilities, real estate taxes, insurance, maintenance, repairs and capital expenditures. Most leases include rent increases tied to the Consumer Price Index or fixed increases, and many give tenants one or more multi-year renewal options. Some leases give the tenant a right to buy the property on the same terms before it can be sold to someone else. It keeps a property until it decides a sale fits its investment objectives better. It holds an environmental insurance policy covering substantially all of its properties, and as of January 30, 2026, 67 properties were under some level of environmental remediation or monitoring.

People

As of January 30, 2026 it employed 85 associates.

From NNN REIT's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue926869828+6.6%
Operating income589578555+2.0%
Operating margin63.6%66.5%67.0%
Interest expense204184164+10.8%
Net income390397392-1.8%
Net margin42.1%45.7%47.4%
Diluted EPS$2.07$2.15$2.16-3.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow667636612+5.0%
Cash from investing-748-424-681
Cash from financing77.7-20766.6
Depreciation and amortisation268250239+7.5%
Share-based compensation14.211.812.2+20.2%
Dividends paid443420404+5.5%
Dividend per share$2.36$2.29$2.23+3.1%
Diluted shares, weighted188m184m182m+2.1%
Shares outstanding at period end190m188m182m+1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,4084,3624,157+1.1%
Debt4,8204,3744,361+10.2%
Other liabilities151137144+10.2%
Total liabilities and equity9,3798,8738,662+5.7%
Cash and equivalents5.08.71.2-42.2%
Other assets9,3748,8648,661+5.8%
Total assets9,3798,8738,662+5.7%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.