Analyst Consensus ?
ConsensusHold33 ratings
Bullish1236.4%
Neutral1854.5%
Bearish39.1%
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.
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Analyst 52W Price Targets
$57.58Previous close
$59Low
$70.96Average
$187High
Latest persisted target per named analyst; persisted previous close 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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 20, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 19, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Oct 19, 2026 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 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 previous close $57.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Richard Hightower | $61 | $55.51 | +5.9% | Oct 20, 2026 |
| Mizuho Securities | Analyst unavailable | $187 | $56.08 | +224.8% | Oct 19, 2026 |
| Wells Fargo | Analyst unavailable | $59 | $56.08 | +2.5% | Oct 19, 2026 |
| Stifel Nicolaus | Analyst unavailable | $63.75 | $54.17 | +10.7% | Oct 9, 2026 |
| Truist Financial | Linda Tsai | $60 | $53.53 | +4.2% | Oct 1, 2026 |
| Scotiabank | Analyst unavailable | $59 | $55.61 | +2.5% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $65 | $56.84 | +12.9% | Sep 21, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $57.15 | +5.9% | Sep 17, 2026 |
| Barclays | Richard Hightower | $65 | $61.74 | +12.9% | Sep 4, 2026 |
| Wells Fargo | Analyst unavailable | $64 | $61.28 | +11.1% | Sep 1, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $62.79 | +18.1% | Aug 7, 2026 |
| Barclays | Analyst unavailable | $67 | $64.99 | +16.4% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $63.77 | +12.9% | Jul 15, 2026 |
| Robert W. Baird | Wesley Golladay | $65 | $63.84 | +12.9% | Jul 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $70.75 | $63.04 | +22.9% | Jun 30, 2026 |
| UBS | Analyst unavailable | $67 | $60.57 | +16.4% | Jun 18, 2026 |
| Jefferies | Joe Dickstein | $69 | $61.28 | +19.8% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $66 | $62.53 | +14.6% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $63.62 | +16.4% | Apr 27, 2026 |
| Barclays | Richard Hightower | $68 | $64.92 | +18.1% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $69 | $64.71 | +19.8% | Mar 11, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $69 | $67.38 | +19.8% | Mar 2, 2026 |
| Scotiabank | Nicholas Yulico | $67 | $60.56 | +16.4% | Jan 30, 2026 |
| Deutsche Bank | Omotayo Okusanya | $69 | $61.42 | +19.8% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $55.93 | +12.9% | Dec 24, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $57.44 | +4.2% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $64 | $57.5 | +11.1% | Dec 3, 2025 |
| Wells Fargo | John Kilichowski | $60 | $56.74 | +4.2% | Nov 25, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $56.22 | +4.2% | Nov 6, 2025 |
| Barclays | Richard Hightower | $63 | $59.94 | +9.4% | Oct 20, 2025 |
| Evercore ISI | Analyst unavailable | $62 | $60.64 | +7.7% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $60.79 | +11.1% | Oct 1, 2025 |
| Scotiabank | Nicholas Yulico | $60 | $57.92 | +4.2% | Aug 28, 2025 |
| Barclays | Richard Hightower | $58 | $58.52 | +0.7% | Apr 22, 2025 |
| Barclays | Analyst unavailable | $59 | $57.76 | +2.5% | Mar 4, 2025 |
| Jefferies | Linda Tsai | $64 | $53.41 | +11.1% | Jan 1, 2025 |
| Scotiabank | Nicholas Yulico | $64 | $62.98 | +11.1% | Sep 17, 2024 |
| Stifel Nicolaus | Simon Yarmak | $70.25 | $61.83 | +22.0% | Aug 28, 2024 |
| Scotiabank | Greg McGinniss | $61 | $61.59 | +5.9% | Aug 26, 2024 |
| Wedbush | Jay Kornreich | $64 | $60.5 | +11.1% | Aug 19, 2024 |
| Stifel Nicolaus | Simon Yarmak | $67.5 | $59.18 | +17.2% | Aug 6, 2024 |
| Robert W. Baird | Wesley Golladay | $58 | $59.18 | +0.7% | Aug 6, 2024 |
| Morgan Stanley | Ronald Kamdem | $62 | $59.18 | +7.7% | Aug 6, 2024 |
| Scotiabank | Greg McGinniss | $56 | $55.1 | -2.7% | May 16, 2024 |
| Stifel Nicolaus | Simon Yarmak | $71 | $59.59 | +23.3% | Jun 30, 2023 |
| Wolfe Research | Andrew Rosivach | $84 | $72.61 | +45.9% | Apr 15, 2022 |
| Stifel Nicolaus | Simon Yarmak | $80 | $70.86 | +38.9% | Jan 10, 2022 |
| Citigroup | Michael Bilerman | $74 | $67.2 | +28.5% | Dec 13, 2021 |
| Jefferies | Jonathan Petersen | $80 | $65.03 | +38.9% | 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 earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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
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Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
Get the O recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-03T04:05:13.527812+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T07:10:45.915816+00:00
- 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.