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NNN REIT, Inc. (NNN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - RETAIL · DATA UPDATED 2026-09-19

NNN REIT, Inc. (NNN) operates in the REIT - RETAIL industry and is headquartered in Orlando, United States with about 85 employees. Its market capitalization is roughly $8 billion. In the fiscal year ended 2025-12-31, NNN reported $926M in revenue and $390M in net income.

NNN REIT, Inc. is a REIT that invests in high-quality properties subjected generally to long-term, net leases with minimal ongoing capital expenditures.

Interactive charts & full statements → Open the NNN valuation workbench →

NNN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$952M	$926M	$869M	$828M	$773M	$726M	$661M	$670M	$623M	$585M	$534M	$483M	$435M	$392M	$351M	$311M	$268M	$248M	$231M	$187M	$159M
Gross Profit	$780M	$352M	$837M	$800M	$747M	$698M	$632M	$643M	$598M	$562M	$513M	$463M	$416M	$375M	$334M	$287M	$242M	$231M	$227M	$181M	$149M
Gross Margin %	81.9%	38.0%	96.3%	96.6%	96.6%	96.1%	95.7%	95.9%	96.0%	96.0%	96.1%	95.9%	95.7%	95.6%	95.3%	92.2%	90.4%	93.1%	97.9%	97.0%	93.9%
Operating Income (EBIT)	$592M	$570M	$578M	$555M	$483M	$449M	$374M	$417M	$425M	$338M	$309M	$289M	$266M	$239M	$198M	$164M	$135M	$121M	$146M	$121M	$94M
Operating Margin %	62.2%	61.5%	66.5%	67.0%	62.4%	61.8%	56.7%	62.2%	68.2%	57.7%	57.9%	59.8%	61.2%	61.0%	56.3%	52.9%	50.4%	48.6%	62.9%	64.8%	59.4%
Net Income	$385M	$390M	$397M	$392M	$335M	$290M	$229M	$299M	$292M	$265M	$240M	$198M	$191M	$160M	$142M	$92M	$73M	$55M	$123M	$157M	$183M
Net Margin %	40.4%	42.1%	45.6%	47.4%	43.3%	39.9%	34.6%	44.6%	47.0%	45.3%	44.9%	41.0%	43.8%	40.8%	40.5%	29.7%	27.3%	22.1%	53.2%	84.1%	114.9%
EBITDA	—	$860M	$831M	$795M	$707M	$633M	$555M	$609M	$583M	$548M	$485M	$423M	$381M	$340M	$281M	$219M	$180M	$162M	$194M	$154M	$112M
Earnings Per Share (EPS)	$2.04	$2.07	$2.16	$2.16	$1.92	$1.66	$1.33	$1.81	$1.87	$1.77	$1.66	$1.47	$1.53	$1.34	$1.30	$1.04	$0.88	$0.69	$1.65	$2.37	$3.14
Shares Outstanding (M)	—	188M	184M	182M	175M	175M	172M	165M	156M	149M	145M	134M	125M	120M	109M	89M	83M	80M	75M	66M	58M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$244M	$240M	$238M	$230M	$227M	$231M	$218M	$219M	$217M
Gross Profit	$236M	$231M	$92M	$221M	$218M	$221M	$207M	$211M	$210M
Gross Margin %	96.7%	95.9%	38.6%	96.0%	96.1%	95.9%	94.9%	96.7%	96.9%
Operating Income (EBIT)	$151M	$145M	$149M	$147M	$150M	$144M	$144M	$144M	$152M
Operating Margin %	61.9%	60.4%	62.3%	64.0%	66.0%	62.3%	65.8%	65.7%	70.2%
Net Income	$98M	$94M	$96M	$97M	$101M	$96M	$98M	$98M	$107M
Net Margin %	40.2%	39.1%	40.2%	42.1%	44.3%	41.8%	44.8%	44.8%	49.2%
EBITDA	—	$217M	$217M	$217M	$218M	$209M	$208M	$208M	$216M
Earnings Per Share (EPS)	$0.52	$0.50	$0.51	$0.51	$0.54	$0.52	$0.52	$0.53	$0.58
Shares Outstanding (M)	—	189M	189M	188M	187M	187M	187M	185M	183M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNN Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$673M	$667M	$636M	$612M	$578M	$568M	$450M	$502M	$472M	$422M	$415M	$341M	$297M	$274M	$228M	$183M	$188M	$150M	$237M	$130M	$19M
Capital Expenditures (CapEx)	—	$937M	$573M	$796M	$843M	$553M	$196M	$624M	$608M	$625M	$782M	$645M	$544M	$577M	$604M	$758M	$231M	$44M	$353M	$677M	$353M
Free Cash Flow (FCF)	($1.0B)	($270M)	$63M	($183M)	($265M)	$15M	$254M	($122M)	($137M)	($203M)	($367M)	($304M)	($247M)	($302M)	($375M)	($575M)	($43M)	$105M	($116M)	($547M)	($334M)
FCF Margin %	-105.7%	-29.1%	7.2%	-22.1%	-34.2%	2.1%	38.5%	-18.2%	-21.9%	-34.7%	-68.7%	-62.9%	-56.9%	-77.1%	-107.0%	-185.1%	-16.1%	42.3%	-50.1%	-293.2%	-210.3%
Dividends Paid	—	$443M	$420M	$404M	$381M	$382M	$374M	$365M	$337M	$315M	$296M	$264M	$240M	$217M	$185M	$141M	$133M	$128M	$117M	$93M	$81M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$142M	$187M	$126M	$218M	$119M	$203M	$118M	$207M	$120M
Capital Expenditures (CapEx)	—	$0M	$937M	$742M	$454M	$232M	$573M	$351M	$0M
Free Cash Flow (FCF)	$142M	$187M	($811M)	($524M)	($334M)	($28M)	($455M)	($145M)	$120M
FCF Margin %	58.2%	77.8%	-340.1%	-227.7%	-147.5%	-12.2%	-208.3%	-66.1%	55.6%
Dividends Paid	—	$114M	$113M	$113M	$109M	$108M	$108M	$106M	$103M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNN Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$9.6B	$9.4B	$8.9B	$8.7B	$8.1B	$7.8B	$7.6B	$7.4B	$7.1B	$6.6B	$6.3B	$5.5B	$4.9B	$4.5B	$4.0B	$3.4B	$2.7B	$2.6B	$2.6B	$2.5B	$1.9B
Cash & Cash Equivalents	$4M	$5M	$9M	$1M	$3M	$171M	$267M	$1M	$114M	$1M	$295M	$14M	$11M	$1M	$2M	$2M	$2M	$15M	$3M	$27M	$2M
Total Liabilities	$5.1B	$5.0B	$4.5B	$4.5B	$4.0B	$3.8B	$3.3B	$3.1B	$2.9B	$2.7B	$2.4B	$2.1B	$1.8B	$1.7B	$1.7B	$1.4B	$1.2B	$1.0B	$1.1B	$1.1B	$818M
Total Debt (Short + Long-Term)	$5.0B	$4.8B	$4.4B	$4.4B	$3.9B	$3.7B	$3.2B	$3.0B	$2.9B	$2.6B	$2.6B	$4.0B	$3.5B	$1.6B	$1.6B	$1.3B	$1.9B	$1.9B	$2.1B	$1.7B	$1.3B
Total Shareholders' Equity	$4.5B	$4.4B	$4.4B	$4.2B	$4.1B	$3.9B	$4.3B	$4.3B	$4.2B	$3.8B	$3.9B	$3.3B	$3.1B	$2.8B	$2.3B	$2.0B	$1.5B	$1.6B	$1.5B	$1.4B	$1.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NNN viewer.

NNN Metric Deep Dives

Other Companies in REIT - RETAIL

BRX · Brixmor Property — $9 billion
ADC · Agree Realty Corporation — $8 billion
MAC · Macerich Company — $7 billion
EPRT · Essential Properties Realty Trust Inc — $6 billion
KRG · Kite Realty Group Trust — $5 billion
SKT · Tanger Factory Outlet Centers Inc — $4 billion
CURB · Curbline Properties Corp. — $3 billion
AKR · Acadia Realty Trust — $3 billion

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