NNN financial statements
The full income statement, balance sheet, and cash-flow statement for NNN REIT Inc. (NNN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 926M+6.6% | 869M+5.0% | 828M+7.1% | 773M+6.4% | 726M+9.9% | ||
| Lease income | 902M+6.6% | 847M+5.2% | 805M+7.1% | 752M+6.8% | 704M+10.1% | |
| 385M+15.4% | 334M+4.1% | 320M+4.1% | 308M+2.5% | 300M-0.7% | ||
| Selling, general & administrative | 46.9M+6.0% | 44.3M+1.2% | 43.7M+4.9% | 41.7M-6.6% | 44.6M+17.0% | |
| General & administrative | 46.9M+6.0% | 44.3M+1.2% | 43.7M+4.9% | 41.7M-6.6% | 44.6M+17.0% | |
| Provision for credit losses | 2.63M+244.7% | 763K-99.6% | 204M | 0.00 | 0.00-100.0% | |
| Operating income | 589M+2.0% | 578M+4.1% | 555M+15.0% | 483M+7.4% | 449M+19.9% | |
| Interest expense | 204M+10.8% | 184M+12.3% | 164M+10.7% | 148M+7.4% | 138M+6.5% | |
| Interest & investment income | 1.83M+1.9% | 1.80M-11.0% | 2.02M+40.8% | 1.44M-43.7% | 2.55M+35.0% | |
| Other non-operating income | -200M-10.3% | -181M-11.2% | -163M-10.0% | -148M+7.0% | -159M-9.1% | |
| 390M-1.8% | 397M+1.1% | 392M+17.2% | 335M+15.3% | 290M+26.8% | ||
| Preferred dividends | — | — | — | 0.00-100.0% | 15.0M-16.4% | |
| Net income to common | 390M-1.8% | 397M+1.1% | 392M+17.2% | 335M+26.6% | 264M+25.3% | |
| $2.07-3.7% | $2.15-0.5% | $2.16+14.3% | $1.89+25.2% | $1.51+23.8% | ||
| EPS (basic) | $2.07-4.2% | $2.16+0.0% | $2.16+14.3% | $1.89+25.2% | $1.51+23.8% | |
| Weighted-avg shares (basic) | 188M+2.1% | 184M+1.4% | 181M+2.7% | 176M+1.0% | 175M+1.5% | |
| Weighted-avg shares (diluted) | 188M+2.1% | 184M+1.3% | 182M+2.6% | 177M+1.3% | 175M+1.5% | |
| Dividends per share | $2.36+3.1% | $2.29+2.7% | $2.23+3.2% | $2.16+2.9% | $2.10+1.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 5.05M-42.2% | 8.73M+634.3% | 1.19M-52.5% | 2.50M-98.5% | 171M-35.9% | |
| Total assets | 9.38B+5.7% | 8.87B+2.4% | 8.66B+6.3% | 8.15B+5.1% | 7.75B+1.5% | |
| 4.97B+10.2% | 4.51B+0.1% | 4.50B+12.0% | 4.02B+4.5% | 3.85B+16.0% | ||
| Long-term debt | 4.47B+2.3% | 4.37B+3.4% | 4.23B+13.1% | 3.74B+0.1% | 3.74B+16.4% | |
| 4.41B+1.1% | 4.36B+4.9% | 4.16B+0.8% | 4.12B+5.7% | 3.90B-9.7% | ||
| Preferred stock | — | — | — | — | 0.00-100.0% | |
| Common stock | 1.90M+1.3% | 1.88M+2.8% | 1.83M+0.6% | 1.81M+3.3% | 1.76M+0.2% | |
| Additional paid-in capital | 5.30B+1.9% | 5.20B+4.5% | 4.97B+0.9% | 4.93B+5.7% | 4.66B+0.6% | |
| Retained earnings | -883M-6.4% | -829M-2.9% | -806M-1.5% | -794M-6.1% | -748M-16.0% | |
| Accumulated other comprehensive income | -6.32M+20.6% | -7.96M+21.3% | -10.1M+19.6% | -12.6M+15.9% | -15.0M+9.1% | |
| Non-controlling interest | — | — | — | 0.00-100.0% | 1.00K-75.0% | |
| Total equity incl. non-controlling | 4.41B+1.1% | 4.36B+4.9% | 4.16B+0.8% | 4.12B+5.7% | 3.90B-9.7% | |
| Total liabilities & equity | 9.38B+5.7% | 8.87B+2.4% | 8.66B+6.3% | 8.15B+5.1% | 7.75B+1.5% | |
| Common shares issued | 190M+1.3% | 188M+2.8% | 182M+0.6% | 181M+3.3% | 176M+0.2% | |
| Common shares outstanding | 190M+1.3% | 188M+2.8% | 182M+0.6% | 181M+3.3% | 176M+0.2% | |
| Shares outstanding (cover) | 190M+1.3% | 188M+2.8% | 182M+0.6% | 181M+3.3% | 176M+0.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 667M+5.0% | 636M+3.8% | 612M+5.9% | 578M+1.7% | 568M+26.3% | ||
| Depreciation & amortization | 268M+7.5% | 250M+4.6% | 239M+6.6% | 224M+9.1% | 205M+4.4% | |
| -748M-76.3% | -424M+37.7% | -681M+12.5% | -778M-79.9% | -432M-202.6% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 2.61M+37.7% | 1.90M+7.5% | 1.76M-21.4% | 2.24M-6.3% | 2.39M+378.6% | |
| 77.7M+137.5% | -207M-411.1% | 66.6M+91.8% | 34.7M+115.0% | -232M-462.8% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 85.4M-60.7% | 218M+573.0% | 32.3M-87.3% | 254M+6166.3% | 4.05M-96.8% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 443M+5.5% | 420M+3.9% | 404M+6.3% | 381M+3.6% | 367M+3.1% | |
| Net change in cash | -3.24M-182.9% | 3.91M+340.7% | -1.62M+99.0% | -165M-71.6% | -95.9M-136.0% | |
| Interest paid | 184M+0.3% | 183M+23.8% | 148M+5.6% | 140M+13.7% | 123M+3.3% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 7.53B-1.8% | 7.66B-2.6% | 7.86B-3.9% | 8.18B-3.1% | 8.44B+17.7% | |
| P/E | 19.3×+0.0% | 19.3×-5.1% | 20.4×-20.0% | 25.4×-12.6% | 29.1×-7.2% | |
| P/S | 8.1×-7.8% | 8.8×-9.2% | 9.7×-9.6% | 10.7×-7.6% | 11.6×+7.1% | |
| P/B | 1.7×-2.8% | 1.8×-7.1% | 1.9×-7.4% | 2.0×-5.7% | 2.2×+30.3% | |
| Earnings yield | 5.2%-0.0% | 5.2%+5.4% | 4.9%+25.0% | 3.9%+14.4% | 3.4%+7.7% | |
| Dividend yield | 6.0%+6.2% | 5.6%+8.3% | 5.2%+9.6% | 4.7%+8.0% | 4.4%-13.6% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NNN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NNN filings on SEC EDGAR → Not investment advice.