Realty Income (O) Q3 2026 Earnings Review: Higher cash earnings lift the outlook
Earnings results
- EPS
Actual: $0.43 GAAP · Matching consensus not provided.
- Revenue
Actual: $1.62B · Matching consensus not provided.
- Guidance mixed
GAAP EPS lowered to $1.55–1.56 from $1.59–1.60; AFFO/share raised to $4.45–4.46 from $4.44–4.45.
What the company reported
Third-quarter AFFO per share grew 3.7%, prompting a one-cent increase in both ends of annual AFFO guidance, while GAAP EPS guidance declined.
Q3 2026 earnings recap
Realty Income raised its annual property cash-earnings outlook after third-quarter growth, giving its monthly dividend more support despite a lower accounting-profit forecast.
- AFFO, an adjusted measure of property cash earnings, rose 3.7% to $1.12 per share, while GAAP profit per share increased to $0.43 from $0.35.
- Revenue grew 10.3% to $1.62 billion, outpacing per-share growth as the property portfolio and share count expanded.
- Management raised 2026 AFFO per share to $4.45–4.46 from $4.44–4.45, but cut its GAAP profit forecast to $1.55–1.56 from $1.59–1.60.
- Occupancy held at 98.8%, and quarterly dividends consumed 72.6% of AFFO, leaving room to absorb some tenant or financing pressure.
- The $57.58 November 2 close implies about 12.9 times the annual AFFO outlook midpoint and a 5.7% yield on the current annualized dividend.
- Shares closed before the release near $57.4–57.75 resistance, with $56.5–56.80 a nearby support area to watch.
The next test is whether new investments keep lifting earnings per share after borrowing costs, while tenant weakness and share issuance remain risks.
Financials, technicals and earnings
Charts through Nov 2, 2026.
Technical setup and risks
The November 2 pre-release close sits near recent resistance; sustainable per-share growth depends on acquisition returns exceeding funding costs.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.