Q2 26 EPS
$0.52
BEAT +1.27%
Est. $0.51
Q2 26 Revenue
$244.3M
BEAT +1.21%
Est. $241.4M
vs S&P Since Q2 26
-1.3%
TRAILING MARKET
NNN -0.7% vs S&P +0.6%
Market Reaction
Did NNN Beat Earnings? Q2 2026 Results
NNN REIT delivered a clean beat across the board in Q2 2026, posting earnings per diluted share of $0.52 against a consensus estimate of $0.51 and revenue of $244.27 million, topping forecasts by 1.21% and rising 7.7% year-over-year from $226.80 mill… Read more NNN REIT delivered a clean beat across the board in Q2 2026, posting earnings per diluted share of $0.52 against a consensus estimate of $0.51 and revenue of $244.27 million, topping forecasts by 1.21% and rising 7.7% year-over-year from $226.80 million a year ago. The primary driver behind the revenue strength was robust rental income growth, which climbed to $242.68 million from $226.50 million, underpinned by a portfolio occupancy rate of 99.1%, up 110 basis points year-over-year, and annualized base rent expanding 7.3% to $959.14 million. The company acquired 89 properties for $291.01 million at a 7.3% initial cash cap rate during the quarter, accelerating portfolio expansion and prompting management to raise full-year acquisition guidance to $700 million to $800 million. Core FFO per diluted share grew 6.0% to $0.89, reflecting operational momentum that also supported the board's declaration of a $0.62 quarterly dividend, a 3.3% increase representing the company's 37th consecutive annual dividend raise.
Key Takeaways
- • Core FFO per diluted share grew 6.0% year-over-year to $0.89
- • AFFO per diluted share grew 5.9% year-over-year to $0.90
- • ABR increased 7.3% year-over-year to $959.1 million
- • Portfolio occupancy improved to 99.1%, up 110 basis points year-over-year
- • Rental income from operating leases grew to $237.2 million from $221.7 million year-over-year
- • Weighted average remaining lease term of 10.1 years
NNN Forward Guidance & Outlook
NNN raised its full-year 2026 guidance: Core FFO per share increased to $3.50–$3.54 (from $3.48–$3.54), AFFO per share increased to $3.55–$3.59 (from $3.53–$3.59), and acquisition volume guidance raised to $700–$800 million (from $550–$650 million). Disposition volume guidance was also updated to $120–$160 million (from $110–$150 million). Net earnings per share guidance (excluding gains, impairments, and severance) was narrowed to $2.01–$2.05. G&A expenses expected at $53–$55 million and real estate expenses net of tenant reimbursements at $13.5–$14.5 million.
NNN YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“NNN delivered a strong first half of the year, driven by resilient portfolio performance, disciplined execution across the organization, and a robust real estate investment pipeline built on longstanding, proven relationships. Given this momentum, we are raising our acquisition volume outlook and 2026 AFFO guidance.”
— Steve Horn, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.51 | $0.52 | +1.27% | $244.3M | +1.21% |
| 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% |