Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $534M | $585M | $623M | $670M | $661M | $726M | $773M | $828M | $869M | $926M |
| Revenue growth | — | 9.6% | 6.4% | 7.7% | -1.5% | 9.9% | 6.4% | 7.1% | 5.0% | 6.6% |
| Operating income | $336M | $374M | $425M | $417M | $374M | $449M | $483M | $555M | $578M | $589M |
| Operating margin | 63.0% | 64.0% | 68.2% | 62.1% | 56.7% | 61.8% | 62.4% | 67.0% | 66.5% | 63.6% |
| Net income | $240M | $265M | $292M | $299M | $229M | $290M | $335M | $392M | $397M | $390M |
| Net margin | 44.9% | 45.3% | 47.0% | 44.6% | 34.6% | 39.9% | 43.3% | 47.4% | 45.7% | 42.1% |
| EPS (diluted) | $1.38 | $1.45 | $1.65 | $1.56 | $1.22 | $1.51 | $1.89 | $2.16 | $2.15 | $2.07 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $415M | $422M | $472M | $502M | $450M | $568M | $578M | $612M | $636M | $667M |
| Dividends paid | $257M | $277M | $303M | $334M | $356M | $367M | $381M | $404M | $420M | $443M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $295M | $1.36M | $114M | $1.11M | $267M | $171M | $2.50M | $1.19M | $8.73M | $5.05M |
| Total assets | $6.33B | $6.56B | $7.10B | $7.43B | $7.64B | $7.75B | $8.15B | $8.66B | $8.87B | $9.38B |
| Total liabilities | $2.42B | $2.72B | $2.95B | $3.10B | $3.32B | $3.85B | $4.02B | $4.50B | $4.51B | $4.97B |
| Shareholders' equity | $3.92B | $3.84B | $4.15B | $4.33B | $4.32B | $3.90B | $4.12B | $4.16B | $4.36B | $4.41B |
| Retained earnings | -$319M | -$379M | -$424M | -$499M | -$645M | -$748M | -$794M | -$806M | -$829M | -$883M |
| Shares (wtd avg diluted) | 145M | 149M | 156M | 165M | 172M | 175M | 177M | 182M | 184M | 188M |
Every figure is extracted from NNN REIT, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.