Q4 25 EPS
$0.51
BEAT +1.84%
Est. $0.50
Q4 25 Revenue
$238.4M
BEAT +2.15%
Est. $233.4M
vs S&P Since Q4 25
-1.1%
TRAILING MARKET
NNN +6.6% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$2.07
BEAT +4.69%
Est. $1.98
FY 25 Revenue
$926.2M
BEAT +0.83%
Est. $918.6M
Market Reaction
Did NNN Beat Earnings? Q4 2025 Results
NNN REIT closed out 2025 on a solid footing, posting Q4 earnings of $0.51 per diluted share against a consensus estimate of $0.50, a 2.00% beat, while revenue of $238.40 million topped expectations of $230.76 million by 3.31% and climbed 9.1% year ov… Read more NNN REIT closed out 2025 on a solid footing, posting Q4 earnings of $0.51 per diluted share against a consensus estimate of $0.50, a 2.00% beat, while revenue of $238.40 million topped expectations of $230.76 million by 3.31% and climbed 9.1% year over year. The primary engine behind the revenue growth was a meaningfully larger property portfolio, the result of a record $931.00 million in new investments deployed throughout 2025 at a 7.4% initial cash cap rate, lifting Annualized Base Rent 7.8% to $928.10 million. Portfolio occupancy improved 80 basis points sequentially to 98.3% across 3,692 properties, though impairment losses of $15.36 million, tied in part to tenant stress from Frisch's Restaurants and Badcock Furniture, weighed on net earnings. The quarter also marked NNN's 36th consecutive year of annual dividend increases, with the board declaring a $0.60 quarterly dividend. Looking ahead, management introduced 2026 AFFO guidance of $3.52 to $3.58 per share, representing roughly 3.2% growth at the midpoint, as a recent leadership transition brings a new board chair to oversee execution of that strategy.
Key Takeaways
- • Record $931 million of property investments at 7.4% initial cash cap rate
- • ABR increased 7.8% year-over-year to $928.1 million
- • Portfolio occupancy increased 80 basis points to 98.3%
- • Core FFO and AFFO per diluted share grew 2.7% year-over-year
- • Weighted average remaining lease term of 10.2 years
- • Same-store rental income growth of 0.4% (1.1% excluding tenant bankruptcies)
- • 97% of ABR has built-in rent increases (81% CPI-linked, 16% fixed)
NNN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“NNN achieved 2.7 percent AFFO growth per share and had a record year deploying over $900 million in real estate investments. Our proactive portfolio management and strategic acquisitions position NNN to deliver solid per share growth in 2026. We remain committed to enhancing value and focusing on increasing per share results, by allocating capital to the disciplined acquisition of freestanding properties and maintaining a conservative and flexible balance sheet.”
— Steve Horn, Q4 2025 Earnings Press Release
NNN Earnings Trends
NNN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NNN EPS Trend
Earnings per share: estimate vs actual
NNN Revenue Trend
Quarterly revenue: estimate vs actual
NNN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.51 | $0.50 | -2.32% | $240.4M | +0.85% |
| Q4 25 BEAT FY | $0.50 | $0.51 | +1.84% | $238.4M | +2.15% |
| FY Full Year | $1.98 | $2.07 | +4.69% | $926.2M | +0.83% |
| Q3 25 BEAT | $0.48 | $0.51 | +6.65% | $230.2M | +0.56% |
| Q2 25 BEAT | $0.49 | $0.54 | +10.43% | $226.8M | +1.13% |
| Q1 25 BEAT | $0.48 | $0.51 | +7.14% | $230.9M | +5.01% |