Realty Income Corp. Q3 FY2023 results: revenue $1.0 billion, up 24.1% on the year

Realty Income Corp. (O) reported revenue of $1.0 billion for Q3 FY2023, the quarter ended 30 September 2023, up 24.1% on the same quarter a year earlier. Net income was $233 million, up 6.3% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$1.0 billionup 24.1%

Net income$233 millionup 6.3%

Diluted EPS$0.33

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	1,039	n/a	n/a	n/a
Operating income	233	n/a	n/a	n/a
Operating margin	22.4%	n/a	n/a
Interest expense	184	n/a	n/a	n/a
Pre-tax income	245	n/a	n/a	n/a
Income tax	11.3	n/a	n/a	n/a
Effective tax rate	4.6%	n/a	n/a
Net income	233	n/a	n/a	n/a
Net margin	22.5%	n/a	n/a
Diluted EPS	$0.33	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	732	n/a	n/a	n/a
Capital expenditure	17.6	n/a	n/a	n/a
Free cash flow	714	n/a	n/a	n/a
Free cash flow margin	68.7%	n/a	n/a
Depreciation and amortisation	496	n/a	n/a	n/a
Share-based compensation	6.2	n/a	n/a	n/a
Dividends paid	543	n/a	n/a	n/a
Dividend per share	$0.77	n/a	n/a	n/a
Diluted shares, weighted	710m	n/a	n/a	n/a
Shares outstanding at period end	724m	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
Total assets	55,337	n/a	n/a	n/a
Cash and equivalents	344	n/a	n/a	n/a
Goodwill	3,731	n/a	n/a	n/a
Borrowings, as the company tags them	17,483	n/a	n/a	n/a
Shareholders' equity	31,657	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	1,039	1,076	1,260	1,339	1,331	1,340	1,381	1,410	1,471	1,488	1,549	1,548
Operating income	233	235	125	243	228	186	236	178	282	267	311	357
Operating margin	22%	22%	10%	18%	17%	14%	17%	13%	19%	18%	20%	23%
Interest expense	184	208	241	247	261	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	245	236	149	277	286	221	267	223	341	323	347	396
Tax rate	5%	7%	10%	6%	5%	9%	6%	11%	7%	7%	8%	7%
Net income	233	218	132	259	269	200	250	197	316	296	312	344
Net margin	22%	20%	10%	19%	20%	15%	18%	14%	21%	20%	20%	22%
Diluted EPS	$0.33	$0.30	$0.16	$0.29	$0.30	$0.23	$0.28	$0.22	$0.35	$0.32	$0.33	$0.37
Operating cash flow	732	761	779	981	841	972	788	1,061	943	1,203	875	1,145
Capital expenditure	17.6	21.6	9.6	42.0	33.6	36.2	22.9	26.3	33.2	49.4	26.3	57.2
Free cash flow	714	739	769	939	808	936	765	1,034	910	1,154	848	1,088
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	102	0.0
Dividends paid	543	556	636	676	687	692	712	727	738	744	758	757
Shares outstanding	724m	752m	871m	871m	875m	892m	903m	914m	920m	934m	932m	946m
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

* 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. 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 7 November 2023, accession 0000726728-23-000115: the filing on EDGAR. All of Realty Income Corp.'s filings: EDGAR company page.

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