Realty Income Corporation · O · FY2026 Q3 · Calendar Q4 2026

Realty Income raises 2026 AFFO outlook as Europe and credit broaden investment mix

Realty Income’s raised AFFO outlook and continued investment activity support a constructive operating picture, while the broader mix of European assets and credit investments adds execution, financing and market risks to monitor.

Reported After market closeNYSEReal Estate $54.48B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.43 Consensus $0.41
EPS surprise +5.7% Reported versus consensus
Reported revenue $1.62B Consensus $1.43B
Revenue surprise +13.3% Reported versus consensus

Market reaction

close-to-close (session unavailable)
Stock move +1.1% Event window
SPY move -0.5% Same window
Abnormal move +1.6% Stock minus SPY
Volume 0.9× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
OSPY benchmark

Ask FN2 about O FY2026 Q3

Transcript, numbers and history already loaded
Why did O rise 1.1% after beating EPS estimates in FY2026 Q3?What changed in O's guidance and outlook in FY2026 Q3?Give me the bull and bear case for O after FY2026 Q3 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Management raised FY2026 AFFO guidance to $4.45–$4.46 per share from the prior quarter’s $4.44–$4.45 range and reaffirmed the $10 billion investment-volume target. Q3 discussion highlighted record potential investment sourcing, the expansion of credit investments, and a new KKR joint venture focused on European retail and industrial assets.

Guidance delta

FY2026 AFFO guidance increased to $4.45–$4.46 per share. The $10 billion investment-volume target was reaffirmed; no further change to that target was reported in the supplied analysis.

Key takeaways

  • Q3 analysis reports EPS of $0.43 versus $0.4068 estimated and revenue of $1.621582 billion versus $1.430687 billion estimated.
  • Management raised FY2026 AFFO guidance and reaffirmed its investment-volume target.
  • Management cited a record $59 billion of potential investments sourced in Q3, with a 4.4% selectivity rate and 92% relationship-driven activity.
  • Credit investments represented over 10% of total investment volume and were described as delivering a 170-basis-point leverage-neutral spread.
  • Dispositions generated $527 million, supporting capital recycling; the supplied analysis also describes capital flexibility through euro-denominated debt, convertible notes and private-capital partnerships.

Management priorities

  • Increase investment activity in Europe, particularly in industrial and logistics assets.
  • Continue developing the credit-investment platform as a yield supplement.
  • Use private-capital joint ventures with institutional partners and maintain a prefunded Q4 pipeline.
  • Expand data-center exposure selectively in top-tier markets.
  • Recycle capital through dispositions and reinvestment while preserving acquisition spreads.

Follow O with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
O EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q2 '24 estimate $1.05 Q2 '24 actual $1.06, match Q3 '24 estimate $1.05 Q3 '24 actual $1.05, match Q2 '25 estimate $0.40 Q2 '25 actual $0.22, miss Q3 '25 estimate $0.40 Q3 '25 actual $0.34, miss Q4 '25 estimate $0.38 Q4 '25 actual $0.32, miss Q1 '26 estimate $0.40 Q1 '26 actual $0.33, miss Q2 '26 estimate $0.40 Q2 '26 actual $0.37, miss Q3 '26 estimate $0.41 Q3 '26 actual $0.43, beat Q4 '26 estimate $0.41 Q1 '27 estimate $0.41
Show 2 more >

Analyst Consensus ?

ConsensusHold33 ratings
Bullish1236.4%
Neutral1854.5%
Bearish39.1%

Analyst 52W Price Targets

$57.58Current
$59Low
$70.96Average
$187High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Barclays Equal Weight Equal WeightMaintainOct 20, 2026
Wells Fargo Equal Weight Equal WeightMaintainOct 19, 2026
Mizuho Neutral NeutralMaintainOct 19, 2026
Scotiabank Sector Perform Sector OutperformDowngradeSep 24, 2026
Evercore ISI Group In Line In LineMaintainSep 21, 2026
Show 28 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $57.58. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysRichard Hightower$61$55.51 +5.9%Oct 20, 2026
Mizuho SecuritiesAnalyst unavailable$187$56.08 +224.8%Oct 19, 2026
Wells FargoAnalyst unavailable$59$56.08 +2.5%Oct 19, 2026
Stifel NicolausAnalyst unavailable$63.75$54.17 +10.7%Oct 9, 2026
Truist FinancialLinda Tsai$60$53.53 +4.2%Oct 1, 2026
See 44 more

Track every rating change on O the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Known 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 earnings
-0.5%FY2026 Q2 · Calendar Q3 2026-3.5%FY2026 Q1 · Calendar Q2 2026-0.8%FY2025 Q4 · Calendar Q1 2026

Real Estate peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SBAC SBA Communications Corporation FY2026 Q3 · Calendar Q4 2026 +4.8% -1.2% SBA Communications Raises AFFO Guidance as Edge Computing Develops
CUBE CubeSmart FY2026 Q3 · Calendar Q4 2026 +2.3% +4.0% CubeSmart returns to positive NOI and FFO growth in Q3
GLPI Gaming and Leisure Properties, Inc. FY2026 Q3 · Calendar Q4 2026 -11.5% -1.3% GLPI Keeps Guidance, Advances Development Despite Bally’s Risks
FRT Federal Realty Investment Trust FY2026 Q3 · Calendar Q4 2026 +3.9% -1.1% Federal Realty raises 2026 FFO outlook as leasing stays strong
WY Weyerhaeuser Company FY2026 Q3 · Calendar Q4 2026 +128.3% +3.0% Weyerhaeuser: Timberlands Strengthen as Growth Projects Advance

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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

  1. Earnings call transcript and parsed analysis · 2026-11-03T04:05:13.527812+00:00
  2. FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
  3. Polygon adjusted daily market bars · 2026-11-03T07:10:45.915816+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T07:10:45.913142+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 2026-11-03. For educational purposes only; not investment advice.