Analyst Consensus ?
ConsensusHold33 ratings
Bullish1236.4%
Neutral1854.5%
Bearish39.1%
Realty Income Corporation · O · FY2025 Q2 · Calendar Q3 2025
Realty Income raises outlook as Europe drives Q2 investment
The current analysis supports a constructive view of Realty Income's operating trajectory: investment volume and AFFO guidance were raised, Europe is providing growth opportunities, and management highlighted liquidity and selective underwriting. The key counterweights are credit losses, interest rates, yield compression and tenant concentration.
Reported Before market openNYSEReal Estate
$49.75B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.22
Consensus $0.40
EPS surprise
-45.3%
Reported versus consensus
Reported revenue
$1.41B
Consensus $1.34B
Revenue surprise
+5.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.6%
Event window
SPY move
+1.5%
Same window
Abnormal move
+0.0%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
+0.5%
Up to 20 sessions
OSPY benchmark
Ask FN2 about O FY2025 Q2
Transcript, numbers and history already loaded
Why did O rise 1.6% after missing EPS estimates in FY2025 Q2?What changed in O's guidance and outlook in FY2025 Q2?Give me the bull and bear case for O after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the outlook moved from maintained to raised: investment volume guidance increased to about $5 billion and the low-end AFFO outlook rose to $4.24-$4.28 per share. Europe represented 76% of current-quarter investment volume versus 65% of the prior quarter's $1.4 billion deployment, and the company entered Poland while advancing the Evergreen U.S. Core Plus Fund.
Guidance delta
Management raised 2025 investment volume guidance to about $5 billion and lifted the low-end AFFO per-share outlook to $4.24-$4.28, versus the prior quarter's maintained $4.22-$4.28 outlook.
Key takeaways
- Europe contributed 76% of quarterly investment volume, with new transactions in Poland and continued industrial and retail-park activity.
- Management cited $1.2 billion of quarterly investments at a 7.2% cash yield and record $43 billion of sourced deal volume.
- Liquidity was described as robust, while the company emphasized selective acquisitions and private-capital initiatives.
Management priorities
- Expand in Europe, including Poland, the Nordics and Luxembourg.
- Pursue additional data-center and industrial assets.
- Launch and scale the Evergreen U.S. Core Plus Fund.
- Maintain a selective acquisition strategy focused on long-term risk-adjusted returns.
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Miss
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Analyst 52W Price Targets
$54.02Current
$59Low
$66.56Average
$84High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 17, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 1, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 7, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Freedom Broker | Buy | Neutral | Upgrade | May 11, 2026 |
| UBS | Buy | Buy | Maintain | Mar 9, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Feb 27, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Dec 24, 2025 |
| JP Morgan | Underweight | Neutral | Downgrade | Dec 18, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 15, 2025 |
| Wedbush | Neutral | Neutral | Maintain | May 7, 2025 |
| Stifel | Buy | Buy | Maintain | May 6, 2025 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Dec 13, 2023 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 10, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Aug 29, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 9, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 27, 2020 |
| Edward Jones | Buy | Hold | Upgrade | Feb 28, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 4, 2019 |
| Capital One Financial | Equal Weight | Underweight | Upgrade | May 8, 2019 |
| Capital One | Equal Weight | Underweight | Upgrade | May 8, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Nov 15, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Aug 29, 2018 |
| Janney Capital | Neutral | Buy | Downgrade | Aug 29, 2018 |
| Mitsubishi UFJ | Overweight | Neutral | Upgrade | Jul 10, 2018 |
| DA Davidson | Buy | Neutral | Upgrade | Mar 29, 2018 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 28, 2016 |
| Wunderlich Securities | Sell | Hold | Downgrade | Feb 16, 2016 |
| Wunderlich | Sell | Hold | Downgrade | Feb 16, 2016 |
| Goldman Sachs | Hold | Neutral | Maintain | May 23, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $54.02. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Linda Tsai | $60 | $53.53 | +11.1% | Oct 1, 2026 |
| Scotiabank | Analyst unavailable | $59 | $55.61 | +9.2% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $65 | $56.84 | +20.3% | Sep 21, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $57.15 | +12.9% | Sep 17, 2026 |
| Barclays | Richard Hightower | $65 | $61.74 | +20.3% | Sep 4, 2026 |
| Wells Fargo | Analyst unavailable | $64 | $61.28 | +18.5% | Sep 1, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $62.79 | +25.9% | Aug 7, 2026 |
| Barclays | Analyst unavailable | $67 | $64.99 | +24.0% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $63.77 | +20.3% | Jul 15, 2026 |
| Robert W. Baird | Wesley Golladay | $65 | $63.84 | +20.3% | Jul 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $70.75 | $63.04 | +31.0% | Jun 30, 2026 |
| UBS | Analyst unavailable | $67 | $60.57 | +24.0% | Jun 18, 2026 |
| Jefferies | Joe Dickstein | $69 | $61.28 | +27.7% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $66 | $62.53 | +22.2% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $63.62 | +24.0% | Apr 27, 2026 |
| Barclays | Richard Hightower | $68 | $64.92 | +25.9% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $69 | $64.71 | +27.7% | Mar 11, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $69 | $67.38 | +27.7% | Mar 2, 2026 |
| Scotiabank | Nicholas Yulico | $67 | $60.56 | +24.0% | Jan 30, 2026 |
| Deutsche Bank | Omotayo Okusanya | $69 | $61.42 | +27.7% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $55.93 | +20.3% | Dec 24, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $57.44 | +11.1% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $64 | $57.5 | +18.5% | Dec 3, 2025 |
| Wells Fargo | John Kilichowski | $60 | $56.74 | +11.1% | Nov 25, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $56.22 | +11.1% | Nov 6, 2025 |
| Barclays | Richard Hightower | $63 | $59.94 | +16.6% | Oct 20, 2025 |
| Evercore ISI | Analyst unavailable | $62 | $60.64 | +14.8% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $60.79 | +18.5% | Oct 1, 2025 |
| Scotiabank | Nicholas Yulico | $60 | $57.92 | +11.1% | Aug 28, 2025 |
| Barclays | Richard Hightower | $58 | $58.52 | +7.4% | Apr 22, 2025 |
| Barclays | Analyst unavailable | $59 | $57.76 | +9.2% | Mar 4, 2025 |
| Jefferies | Linda Tsai | $64 | $53.41 | +18.5% | Jan 1, 2025 |
| Scotiabank | Nicholas Yulico | $64 | $62.98 | +18.5% | Sep 17, 2024 |
| Stifel Nicolaus | Simon Yarmak | $70.25 | $61.83 | +30.0% | Aug 28, 2024 |
| Scotiabank | Greg McGinniss | $61 | $61.59 | +12.9% | Aug 26, 2024 |
| Wedbush | Jay Kornreich | $64 | $60.5 | +18.5% | Aug 19, 2024 |
| Stifel Nicolaus | Simon Yarmak | $67.5 | $59.18 | +24.9% | Aug 6, 2024 |
| Robert W. Baird | Wesley Golladay | $58 | $59.18 | +7.4% | Aug 6, 2024 |
| Morgan Stanley | Ronald Kamdem | $62 | $59.18 | +14.8% | Aug 6, 2024 |
| Scotiabank | Greg McGinniss | $56 | $55.1 | +3.7% | May 16, 2024 |
| Stifel Nicolaus | Simon Yarmak | $71 | $59.59 | +31.4% | Jun 30, 2023 |
| Wolfe Research | Andrew Rosivach | $84 | $72.61 | +55.5% | Apr 15, 2022 |
| Stifel Nicolaus | Simon Yarmak | $80 | $70.86 | +48.1% | Jan 10, 2022 |
| Citigroup | Michael Bilerman | $74 | $67.2 | +37.0% | Dec 13, 2021 |
| Jefferies | Jonathan Petersen | $80 | $65.03 | +48.1% | Jul 15, 2021 |
Track every rating change on O the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationKnown as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts. With a remarkable 52-year operational history, the firm (NYSE: O) has announced 608 uninterrupted monthly dividends for its common stock and has increased its dividend payout 109 times since going public in 1994. It also holds a distinguished position within the S&P 500 Dividend Aristocrats index. For additional details, please visit the company's official website at www.realtyincome.com.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-09T14:30:44.564961+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T14:30:44.562271+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.