NNN
National Retail Properties Inc
NYSE: NNN · REAL ESTATE · REIT - RETAIL
$43.52
-1.18% today
Updated 2026-04-29
Market cap
$8.28B
P/E ratio
21.02
P/S ratio
8.94x
EPS (TTM)
$2.07
Dividend yield
5.36%
52W range
$38 – $46
Volume
1.5M
National Retail Properties Inc (NNN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.79M | $186.74M | $231.42M | $248.35M | $267.61M | $310.93M | $350.76M | $392.33M | $434.85M | $482.91M | $533.65M | $584.93M | $622.66M | $670.49M | $660.68M | $726.41M | $773.05M | $828.11M | $869.27M | $926.21M |
| Revenue growth (YoY) | — | +17.6% | +23.9% | +7.3% | +7.8% | +16.2% | +12.8% | +11.9% | +10.8% | +11.1% | +10.5% | +9.6% | +6.4% | +7.7% | -1.5% | +9.9% | +6.4% | +7.1% | +5.0% | +6.6% |
| Cost of revenue | $7.09M | $1.42M | $4.88M | $16.09M | $13.18M | $17.00M | $17.43M | $18.50M | $18.93M | $19.78M | $20.85M | $23.11M | $25.10M | $27.66M | $28.36M | $28.39M | $26.28M | $28.38M | $32.32M | $574.26M |
| Gross profit | $149.16M | $181.21M | $226.54M | $231.27M | $241.87M | $286.83M | $334.23M | $375.03M | $415.94M | $463.14M | $512.79M | $561.83M | $597.56M | $642.83M | $632.32M | $698.02M | $746.77M | $799.73M | $836.95M | $351.95M |
| Gross margin | 93.9% | 97.0% | 97.9% | 93.1% | 90.4% | 92.2% | 95.3% | 95.6% | 95.7% | 95.9% | 96.1% | 96.0% | 96.0% | 95.9% | 95.7% | 96.1% | 96.6% | 96.6% | 96.3% | 38.0% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $24.01M | $23.54M | $24.87M | $21.78M | $22.76M | $28.80M | $31.83M | $31.09M | $32.52M | $34.74M | $36.51M | $33.80M | $34.25M | $37.91M | $38.24M | $44.84M | $49.53M | $47.50M | $45.05M | $46.92M |
| Operating income | $94.36M | $120.91M | $145.64M | $120.68M | $134.91M | $164.43M | $197.60M | $239.25M | $266.25M | $288.65M | $309.07M | $337.50M | $424.76M | $416.78M | $374.49M | $449.10M | $482.54M | $555.10M | $577.87M | $569.87M |
| Operating margin | 59.4% | 64.7% | 62.9% | 48.6% | 50.4% | 52.9% | 56.3% | 61.0% | 61.2% | 59.8% | 57.9% | 57.7% | 68.2% | 62.2% | 56.7% | 61.8% | 62.4% | 67.0% | 66.5% | 61.5% |
| EBITDA | $111.75M | $154.40M | $193.98M | $161.86M | $180.35M | $219.22M | $280.54M | $339.52M | $381.38M | $422.63M | $484.96M | $548.20M | $582.73M | $608.50M | $554.85M | $633.20M | $706.52M | $794.86M | $830.53M | $860.48M |
| EBITDA margin | 70.4% | 82.7% | 83.8% | 65.2% | 67.4% | 70.5% | 80.0% | 86.5% | 87.7% | 87.5% | 90.9% | 93.7% | 93.6% | 90.8% | 84.0% | 87.2% | 91.4% | 96.0% | 95.5% | 92.9% |
| EBIT | $87.22M | $121.42M | $148.58M | $113.38M | $131.27M | $160.40M | $205.21M | $239.90M | $265.21M | $287.84M | $335.86M | $374.48M | $408.33M | $419.63M | $358.23M | $427.98M | $482.69M | $556.24M | $580.85M | $592.04M |
| Interest expense | $45.87M | $49.29M | $58.48M | $62.15M | $65.18M | $74.84M | $83.79M | $85.28M | $85.51M | $90.01M | $96.35M | $109.11M | $115.85M | $120.02M | $129.43M | $137.87M | $148.06M | $163.90M | $184.02M | $202.26M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $182.50M | $157.11M | $123.08M | $54.81M | $73.00M | $92.33M | $142.01M | $160.15M | $190.60M | $197.84M | $239.50M | $264.97M | $292.45M | $299.18M | $228.80M | $290.11M | $334.63M | $392.34M | $396.83M | $389.78M |
| Net income growth (YoY) | — | -13.9% | -21.7% | -55.5% | +33.2% | +26.5% | +53.8% | +12.8% | +19.0% | +3.8% | +21.1% | +10.6% | +10.4% | +2.3% | -23.5% | +26.8% | +15.3% | +17.2% | +1.1% | -1.8% |
| Profit margin | 114.9% | 84.1% | 53.2% | 22.1% | 27.3% | 29.7% | 40.5% | 40.8% | 43.8% | 41.0% | 44.9% | 45.3% | 47.0% | 44.6% | 34.6% | 39.9% | 43.3% | 47.4% | 45.7% | 42.1% |