Stock Market Live June 4, 2026: S&P 500 (SPY) Fall as Broadcom Sinks
Q1 26 EPS
$1.13
Q1 26 Revenue
$1.55B
vs S&P Since Q1 26
-9.8%
TRAILING MARKET
O -6.3% vs S&P +3.5%
Market Reaction
Did O Beat Earnings? Q1 2026 Results
Realty Income delivered a robust first quarter of 2026, with adjusted funds from operations of $1.13 per share growing 6.6% year over year and revenue reaching $1.55 billion, as an aggressive acceleration in investment activity underscored the compan… Read more Realty Income delivered a robust first quarter of 2026, with adjusted funds from operations of $1.13 per share growing 6.6% year over year and revenue reaching $1.55 billion, as an aggressive acceleration in investment activity underscored the company's expanding scale. The single most consequential driver of the quarter was a surge in deployment, with Realty Income investing $2.80 billion at an initial weighted average cash yield of 7.1%, prompting management to raise its full-year investment volume target to $9.50 billion from $8.00 billion. Strategic momentum also built around the company's private capital ambitions, as the formation of a joint venture with Apollo and the $1.70 billion U.S. Core Plus Fund raise lifted third-party private capital AUM to $3.10 billion. Portfolio occupancy remained firm at 98.9%, with lease recapture rates of 103.4% signaling healthy tenant demand. Looking ahead, management lifted its full-year AFFO per share guidance to $4.41–$4.44, implying annual per share growth of 3.0% to 3.7%, while Truist Financial's recent stake increase reflects continued institutional confidence in the name.
Key Takeaways
- • AFFO per share increased 6.6% year over year to $1.13
- • Invested $2.8 billion at 7.1% initial weighted average cash yield
- • Same store rental revenue growth of 0.8% on a constant currency basis
- • Rent recapture rate of 103.4% on re-leased properties
- • Portfolio occupancy maintained at 98.9%
- • Lease termination income of $40.2 million vs $0.9 million year ago
- • Net Debt to Annualized Pro Forma Adjusted EBITDAre improved to 5.2x from 5.4x
O Forward Guidance & Outlook
Realty Income raised its 2026 AFFO per share guidance to $4.41–$4.44 (from $4.38–$4.42), reflecting projected annual per share growth of 3.0% to 3.7%. Full-year investment volume guidance was increased to $9.5 billion from $8.0 billion. Net income per share guidance was revised to $1.60–$1.63. Same store rent growth is expected at 1.0%–1.3%. Occupancy is projected at approximately 98.5%. Income tax expenses are estimated at $100–$110 million. Lease termination income guidance was raised to $45–$50 million from $30–$40 million.
O YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
O Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results underscore the strength and resiliency of our global investment and operating platforms. Importantly, we demonstrated significant progress towards a key strategic goal of diversifying our sources of permanent equity beyond the public markets. These new private capital vehicles allow us to grow with deep and stable pockets of capital, enhancing our financial returns for shareholders and expanding our ability to invest in an ever-broadening range of high-quality net lease opportunities and geographies.”
— Sumit Roy, Q1 2026 Earnings Press Release
O Earnings Trends
O vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
O EPS Trend
Earnings per share: estimate vs actual
O Revenue Trend
Quarterly revenue: estimate vs actual
O Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.13 | — | $1.55B | — |
| Q4 25 MISS FY | $0.38 | $0.32 | -16.05% | $1.49B | — |
| FY Full Year | $1.35 | $1.17 | -13.61% | $5.75B | +5.88% |
| Q3 25 MISS | $0.40 | $0.35 | -12.67% | $1.47B | +9.04% |
| Q2 25 MISS | $0.40 | $0.22 | -44.50% | $1.41B | +6.00% |
| Q1 25 MISS | $0.33 | $0.28 | -14.82% | $1.38B | +6.37% |
| Q2 24 MISS | $0.36 | $0.29 | -19.44% | $1.34B | +7.38% |