NNN REIT (NNN) Financial Statements & Analysis

NNN REIT (NNN) Income Statement

NNN REIT reported revenue of $926.21M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 6.6% from $869.27M a year earlier. Net income was $389.78M, down 1.8% year over year, a net margin of 42.1%. Gross margin was 96.0% and operating margin 61.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $244.27M, up 7.7% from the same quarter a year earlier.

NNN REIT Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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NNN REIT, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	926.21	869.27	828.11	773.05	726.41	660.68	670.49	622.66	584.93
Cost of Revenue	37.38	32.32	28.38	26.28	28.39	28.36	27.66	25.10	23.11
Gross Profit	888.83	836.95	799.73	746.77	698.02	632.32	642.83	597.56	561.83
Operating Expenses
Research & Development	0.00	0.00	0.00	-	-	-	-	-	-
Selling, General & Administrative	50.53	45.05	47.50	49.22	44.64	38.24	37.91	34.25	33.81
Operating Expenses	318.96	259.08	244.63	273.37	248.93	257.83	226.31	172.80	187.67
Operating Income	569.87	577.87	555.10	482.54	449.10	374.49	416.78	424.76	337.50
Other Income/Expense
Interest Income	4.25	2.98	1.13	0.15	0.22	0.42	3.11	1.81	0.32
Interest Expense	203.96	184.02	163.90	148.07	137.87	129.43	120.02	115.85	109.11
Other Income/Expense	19.62	-181.04	-162.76	-130.47	-135.89	-145.69	-116.91	-132.28	-145.44
Income
Income Before Tax	389.78	396.84	392.34	334.62	290.11	228.80	299.61	292.49	228.72
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	389.78	396.84	392.34	334.63	264.22	228.80	299.18	292.45	264.97
Net Income - Continuous Operations	389.78	396.84	392.34	334.62	290.11	228.80	299.18	292.45	264.97
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	862.17	830.53	794.86	704.25	652.47	554.85	608.50	582.73	548.20
EBIT	593.73	580.85	556.24	480.92	447.96	-	-	-	-
Depreciation & Amortization	268.44	249.68	238.63	223.32	204.51	196.62	188.87	174.40	173.72
Earnings Per Share
Basic EPS	2.00	2.00	2.00	2.00	2.00	1.00	2.00	2.00	1.00
Diluted EPS	2.00	2.00	2.00	2.00	2.00	1.00	2.00	2.00	1.00
Basic Shares Outstanding	187.61	183.69	181.20	176.40	174.71	172.11	164.69	155.74	149.11
Diluted Shares Outstanding	187.99	184.04	181.69	177.07	174.82	172.22	165.08	156.30	149.43

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About NNN REIT Financial Statements

What was NNN REIT's revenue in fiscal 2025?

NNN REIT reported revenue of $926.21M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 6.6% from $869.27M a year earlier.

Is NNN REIT profitable?

Yes. NNN REIT earned net income of $389.78M in fiscal 2025, a net margin of 42.1%. In fiscal 2024 it earned $396.83M.

What is NNN REIT's operating margin?

NNN REIT's operating income was $569.87M on revenue of $926.21M in fiscal 2025, an operating margin of 61.5%, compared with 66.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition