Analyst Consensus ?
ConsensusHold33 ratings
Bullish1339.4%
Neutral1751.5%
Bearish39.1%
Realty Income Corporation · O · FY2026 Q2 · Calendar Q3 2026
Realty Income raises AFFO and acquisition guidance in Q2
The Q2 analysis supports a constructive operating thesis: Realty Income paired higher 2026 guidance with continued industrial and data-center investment, while private-capital partnerships reduced reliance on public equity. The main counterweights are competition, financing sensitivity and execution risk as newer platforms scale.
Reported After market closeNYSEReal Estate
$52.83B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.37
Consensus $0.40
EPS surprise
-7.0%
Reported versus consensus
Reported revenue
$1.43B
Consensus $1.40B
Revenue surprise
+1.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.5%
Event window
SPY move
-0.2%
Same window
Abnormal move
-0.4%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-1.0%
Up to 20 sessions
OSPY benchmark
Ask FN2 about O FY2026 Q2
Transcript, numbers and history already loaded
Why did O fall 0.5% after missing EPS estimates in FY2026 Q2?What changed in O's guidance and outlook in FY2026 Q2?Give me the bull and bear case for O after FY2026 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, management raised 2026 AFFO guidance to $4.44-$4.45 and acquisition guidance to $10 billion. The company also highlighted a $6 billion Cloud Capital hyperscale data-center joint venture, $3.2 million of Q2 Core Plus management-fee income, and public equity at 18% of investment volume.
Guidance delta
Management raised 2026 AFFO per share guidance to $4.44-$4.45 and increased full-year acquisition guidance to $10 billion.
Key takeaways
- Management cited industrial demand, lease escalators and data-center activity as growth drivers.
- A new Cloud Capital hyperscale data-center joint venture and continued private-capital activity broaden the investment platform.
- Public equity represented 18% of investment volume, while management maintained a roughly 40-basis-point credit-loss outlook.
Management priorities
- Expand the Cloud Capital data-center joint venture and pursue additional European assets.
- Deploy remaining Core Plus capital and seek further private-capital commitments.
- Recycle capital into higher-quality assets while maintaining disciplined balance-sheet growth.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$56.62Current
$60Low
$67.25Average
$84High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| 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 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 7, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jun 18, 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 $56.62. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $65 | $56.84 | +14.8% | Sep 21, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $57.15 | +7.7% | Sep 17, 2026 |
| Barclays | Richard Hightower | $65 | $61.74 | +14.8% | Sep 4, 2026 |
| Wells Fargo | Analyst unavailable | $64 | $61.28 | +13.0% | Sep 1, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $62.79 | +20.1% | Aug 7, 2026 |
| Barclays | Analyst unavailable | $67 | $64.99 | +18.3% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $63.77 | +14.8% | Jul 15, 2026 |
| Robert W. Baird | Wesley Golladay | $65 | $63.84 | +14.8% | Jul 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $70.75 | $63.04 | +24.9% | Jun 30, 2026 |
| UBS | Analyst unavailable | $67 | $60.57 | +18.3% | Jun 18, 2026 |
| Jefferies | Joe Dickstein | $69 | $61.28 | +21.9% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $66 | $62.53 | +16.6% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $63.62 | +18.3% | Apr 27, 2026 |
| Barclays | Richard Hightower | $68 | $64.92 | +20.1% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $69 | $64.71 | +21.9% | Mar 11, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $69 | $67.38 | +21.9% | Mar 2, 2026 |
| Scotiabank | Nicholas Yulico | $67 | $60.56 | +18.3% | Jan 30, 2026 |
| Deutsche Bank | Omotayo Okusanya | $69 | $61.42 | +21.9% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $55.93 | +14.8% | Dec 24, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $57.44 | +6.0% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $64 | $57.5 | +13.0% | Dec 3, 2025 |
| Wells Fargo | John Kilichowski | $60 | $56.74 | +6.0% | Nov 25, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $56.22 | +6.0% | Nov 6, 2025 |
| Barclays | Richard Hightower | $63 | $59.94 | +11.3% | Oct 20, 2025 |
| Evercore ISI | Analyst unavailable | $62 | $60.64 | +9.5% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $60.79 | +13.0% | Oct 1, 2025 |
| Scotiabank | Nicholas Yulico | $60 | $57.92 | +6.0% | Aug 28, 2025 |
| Barclays | Richard Hightower | $58 | $58.52 | +2.4% | Apr 22, 2025 |
| Barclays | Analyst unavailable | $59 | $57.76 | +4.2% | Mar 4, 2025 |
| Jefferies | Linda Tsai | $64 | $53.41 | +13.0% | Jan 1, 2025 |
| Scotiabank | Nicholas Yulico | $64 | $62.98 | +13.0% | Sep 17, 2024 |
| Stifel Nicolaus | Simon Yarmak | $70.25 | $61.83 | +24.1% | Aug 28, 2024 |
| Scotiabank | Greg McGinniss | $61 | $61.59 | +7.7% | Aug 26, 2024 |
| Wedbush | Jay Kornreich | $64 | $60.5 | +13.0% | Aug 19, 2024 |
| Stifel Nicolaus | Simon Yarmak | $67.5 | $59.18 | +19.2% | Aug 6, 2024 |
| Robert W. Baird | Wesley Golladay | $58 | $59.18 | +2.4% | Aug 6, 2024 |
| Morgan Stanley | Ronald Kamdem | $62 | $59.18 | +9.5% | Aug 6, 2024 |
| Scotiabank | Greg McGinniss | $56 | $55.1 | -1.1% | May 16, 2024 |
| Stifel Nicolaus | Simon Yarmak | $71 | $59.59 | +25.4% | Jun 30, 2023 |
| Wolfe Research | Andrew Rosivach | $84 | $72.61 | +48.3% | Apr 15, 2022 |
| Stifel Nicolaus | Simon Yarmak | $80 | $70.86 | +41.3% | Jan 10, 2022 |
| Citigroup | Michael Bilerman | $74 | $67.2 | +30.7% | Dec 13, 2021 |
| Jefferies | Jonathan Petersen | $80 | $65.03 | +41.3% | 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
All O earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the O recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-06T02:13:50.221438+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T15:40:54.263984+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T15:40:54.260176+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 2026-09-22. For educational purposes only; not investment advice.