How NNN REIT makes money

Period

FY2025

How does NNN REIT make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

NNN REIT Inc. · FY2025 · year ended 2025-12-31

Revenue$926MGross profit$926M · 100%Cost of revenue$0 · 0%Operating income$589M · 64%Operating expenses$337M · 36%SG&A$47M · 5%Other opex$290M · 31%Pre-tax income$390M · 42%Other expense$200M · 22%Net income$390M · 42%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.