NNN REIT, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NNN REIT, 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	534	585	623	670	661	726	773	828	869	926
General and administrative	36.5	33.8	34.2	37.7	38.2	44.6	41.7	43.7	44.3	46.9
Operating expenses	225	247	263	286	302	300	308	320	334	385
Operating income	336	374	425	417	374	449	483	555	578	589
Interest expense	96.4	109	116	120	129	138	148	164	184	204
Other non-operating income	-96.7	-109	-132	-117	-146	-159	-148	-163	-181	-200
Pre-tax income	212	229
Income tax	0	0	0	0	0
Net income	240	265	292	299	229	290	335	392	397	390
EBITDA	485	548	599	605	571	654	706	794	828	858
EPS, basic	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07
EPS, diluted	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15	2.07
Shares, basic (weighted)	144	149	156	165	172	175	176	181	184	188
Shares, diluted (weighted)	145	149	156	165	172	175	177	182	184	188
Dividend per share	1.78	1.86	1.95	2.03	2.07	2.10	2.16	2.23	2.29	2.36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	295	1.36	114	1.11	267	171	2.51	1.19	8.73	5.05
Total assets	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873	9,379
Total liabilities	2,417	2,720	2,949	3,103	3,319	3,849	4,023	4,505	4,510	4,971
Paid-in capital	3,323	3,599	3,950	4,495	4,634	4,663	4,928	4,972	5,198	5,295
Retained earnings	-319	-379	-424	-499	-645	-748	-794	-806	-829	-883
Other comprehensive income	-8.19	-13.7	-5.7	-11.1	-16.4	-15	-12.6	-10.1	-7.96	-6.32
Shareholders' equity	3,917	3,841	4,154	4,332	4,319	3,902	4,124	4,157	4,362	4,408
Minority interests	0.13	0.32	0.36	0.01	0	0	0
Total equity	3,917	3,841	4,155	4,332	4,319	3,902	4,124	4,157	4,362	4,408
Total liabilities and equity	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873	9,379
Shares outstanding	147	154	162	172	175	176	181	182	188	190

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	240	265	292	300	229	290	335	392	397	390
Depreciation and amortization	149	174	174	189	197	205	224	239	250	268
Stock-based compensation	10.8	13	9.28	10,737	14,213	14.3	15.4	12.2	11.8	14.2
Deferred income tax	0	0
Change in receivables	-0.07	-0.18	-0.2	0.92	-1.46	1.18	0.36	-0.85	0.67	-0.5
Cash from operations	415	422	472	502	450	568	578	612	636	667
Cash from investing	-780	-626	-609	-619	-143	-432	-778	-681	-424	-748
Stock issued	278	257	345	542	126	4.05	254	32.3	218	85.4
Dividends paid	-257	-277	-303	-334	-356	-367	-381	-404	-420	-443
Cash from financing	645	-89.2	250	4.53	-41.3	-232	34.7	66.6	-207	77.7
Net change in cash	280	-293	113	-113	266	-95.9	-165	-1.62	3.91	-3.24
Interest paid	91.4	104	108	116	119	123	140	148	183	184
Income taxes paid	-0.16	-0.02	0	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $41.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	63.6%	Operating income / revenue.
EBITDA margin	92.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	42.1%	Net income / revenue.
Operating cash flow margin	72.0%	Cash from operations / revenue.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	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	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	29.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.9%	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	9.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.9%	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	8.2%	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	3.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.0%	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	2.7%	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	1.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	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	0.4%	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	5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.8%	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	4.2%	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	2.1%	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	2.0%	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	1.8%	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	53.0%	Total liabilities / total assets.
Interest coverage	2.89x	Operating income / interest expense.
Tangible book value	$4.41B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.07	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.
EPS, basic	$2.07	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.93	Revenue / diluted weighted shares.
Operating cash flow per share	$3.55	Cash from operations / diluted weighted shares.
Book value per share	$23.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.21	Tangible book value / shares outstanding.
Cash per share	$0.03	(Cash + short-term investments) / shares outstanding.
Dividend per share	$2.36	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	113.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.93B	Share price x shares outstanding.
Enterprise value	$7.92B	Market cap + total debt - cash - short-term investments.
P/E	20.3x	Market cap / net income. Only when net income is positive.
P/S	8.56x	Market cap / revenue.
P/B	1.80x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.80x	Market cap / tangible book value, when positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
EV/Sales	8.55x	Enterprise value / revenue.
EV/EBIT	13.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.23x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	5.6%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.
PEG	6.61x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NNN REIT, INC.'s revenue in fiscal 2025?

NNN REIT, INC. reported revenue of $926.2M for fiscal 2025, 6.6% higher than the year before.

Was NNN REIT, INC. profitable in fiscal 2025?

Yes. Net income was $389.8M, a net margin of 42.1%.

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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