Global Net Lease, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Global Net Lease, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	214	259	282	306	330	391	379	446	570	495
Cost of revenue	19.8	24.5	28.2
Gross profit	194	235	254
General and administrative	7.11	8.65	10.4	10.1	13.3	17.2	17.7	37.2	52.4	52.8
Operating expenses	154	173	208
Operating income	73.6	87.1	68	115	99.2	112	101	-15.3	188	111
Interest expense	39.1	48.5	58	64.2	71.8	94.3	97.5	179	256	195
Other non-operating income	-21.6	-60.4	-54.7	-64.1	-83.5	-88.4	-77.5	-161	-263	-225
Pre-tax income	52	26.7	13.3	50.8	15.7	23.5	23.1	-177	-74.9	-114
Income tax	4.42	3.14	2.43	4.33	4.97	12.2	11	14.5	4.45	21.8
Net income to minority interests	0.44	0.02	0	0
Net income	47.1	20.7	1.08	34.5	-7.78	-8.7	-8.36	-239	-175	-269
EBITDA	168	200	188	241	238	275	255	164	405	302
EPS, basic	0.82	0.30	0.01	0.40	-0.09	-0.20	-0.09	-1.71	-0.76	-1.21
EPS, diluted	0.82	0.30	0.01	0.39	-0.09	-0.20	-0.09	-1.71	-0.76	-1.21
Shares, basic (weighted)	56.7	66.9	69.4	85	89.5	98.3	104	143	230	223
Shares, diluted (weighted)	56.7	66.9	69.7	86.3	89.5	98.3	104	143	230	223
Dividend per share		2.13	2.13	2.13	1.73	1.60	1.60	1.55	1.18	0.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77.3	102	100	270	124	89.7	103	122	160	180
Lease right-of-use assets				50.2	58.4	52.9	49.2	77	66.2	63.4
Goodwill						22.1	21.4	47	51.4	45.9
Intangible assets	482	464	458	401	393	370	300	891	378	258
Total assets	2,891	3,039	3,309	3,702	3,967	4,183	3,962	8,099	6,956	4,347
Total liabilities	1,535	1,624	1,881	1,992	2,413	2,556	2,508	5,460	4,769	2,684
Total debt	55.4	0
Paid-in capital	1,709	1,860	2,032	2,408	2,419	2,675	2,683	4,350	4,359	4,249
Retained earnings	-346	-468	-615	-733	-897	-1,072	-1,248	-1,702	-2,150	-2,611
Other comprehensive income	-16.7	19.4	6.81	20.2	8.07	15.5	1.15	-14.1	-25.8	22.2
Shareholders' equity	1,348	1,413	1,425	1,698	1,533	1,621	1,439	2,638	2,187	1,663
Minority interests	8.2	1.08	3.26	12.3	21.8	5.92	14.9	1.4	0
Total equity	1,356	1,414	1,429	1,710	1,554	1,627	1,454	2,639	2,187	1,663
Total liabilities and equity	2,891	3,039	3,309	3,702	3,967	4,183	3,962	8,099	6,956	4,347
Shares outstanding	66.3	67.3	76.1	89.5	89.6	104	104	231	231	216

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	47.6	23.6	10.9	46.5	10.8	11.4	12	-212	-132	-225
Depreciation and amortization	94.5	113	120	126	139	163	154	179	217	191
Stock-based compensation	3.75	-3.79	2.65	9.53	10.1	11	12.1	17.3	8.93	12.5
Deferred income tax	1.9	1	3.3	-0.4	-2	-2.15	-1.96	-2.38	-0.26	11.7
Change in payables	-3.01	-0.59	8.26	-9.73	8.4	-3.53	-3.05	-9.64	-22.2	-30.4
Cash from operations	114	131	145	146	177	192	182	144	299	223
Capital expenditures	-0.2	-3.12	-1.45	-17.3
Acquisitions						0	0	-451	0	0
Purchases of investments	0
Sales and maturities of investments	0	0
Cash from investing	134	-79	-458	-294	-471	-437	-16.5	-552	760	1,805
Debt issued			0	0	500	0	0
Stock issued	0	18.3	172	258		214	0.89
Share buybacks	0	0		0	0	-0.16	-0.69	0	0	-120
Dividends paid	-120	-143	-147	-151	-155	-156	-167	-207	-272	-192
Cash from financing	-237	-30.7	312	300	141	218	-150	469	-995	-2,064
Exchange rate effect	-7.77	9.08	-2.88	19.1	4.4	-6.63	-4.41	-2.9	-2.21	5.81
Net change in cash	11.8	21.3	-1.16	152	-153	-25.8	15.5	60.9	64	-36
Free cash flow	114	128	143	129
Interest paid	36.2	43.6	49.1	58.3	66.9	82.2	87.4	137	249	169
Income taxes paid	3.78	9.44	4.35	5.04	5.46	16.8	13.7	12.5	13.1	10.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	39.6%	Operating income / revenue.
EBITDA margin	77.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.3%	Pre-tax income / revenue.
Net margin	-12.5%	Net income / revenue.
Operating cash flow margin	47.5%	Cash from operations / revenue.
Effective tax rate	373.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-3.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.4%	Net income / average total assets.
Return on invested capital (ROIC)	10.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	37.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-41.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-25.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-28.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-19.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-13.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-23.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-37.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	29.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	62.9%	Total liabilities / total assets.
Interest coverage	1.10x	Operating income / interest expense.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.46B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.18	Revenue / diluted weighted shares.
Operating cash flow per share	$1.03	Cash from operations / diluted weighted shares.
Book value per share	$7.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.94	Tangible book value / shares outstanding.
Cash per share	$0.73	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.80B	Share price x shares outstanding.
Enterprise value	$1.65B	Market cap + total debt - cash - short-term investments.
P/S	3.92x	Market cap / revenue.
P/B	1.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.23x	Market cap / tangible book value, when positive.
P/OCF	8.26x	Market cap / cash from operations, when positive.
EV/Sales	3.59x	Enterprise value / revenue.
EV/EBIT	9.05x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.65x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	9.2%	Dividends paid over the period / market cap.
Shareholder yield	14.4%	(Dividends paid + share buybacks) / market cap.

What was Global Net Lease, Inc.'s revenue in fiscal 2025?

Global Net Lease, Inc. reported revenue of $495.3M for fiscal 2025, 13.1% lower than the year before.

Was Global Net Lease, Inc. profitable in fiscal 2025?

No. It reported a net loss of $269.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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