NNN REIT, Inc.
NYSE: NNN · REAL ESTATE · REIT - RETAIL
Updated 2026-06-05
NNN REIT, Inc. (NNN) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $158.79M | $182.50M | 93.93% | 59.42% | 114.94% |
| 2007 | $186.74M | $157.11M | 97.04% | 64.75% | 84.13% |
| 2008 | $231.42M | $123.08M | 97.89% | 62.93% | 53.19% |
| 2009 | $248.35M | $54.81M | 93.12% | 48.59% | 22.07% |
| 2010 | $267.61M | $73.00M | 90.38% | 50.41% | 27.28% |
| 2011 | $310.93M | $92.33M | 92.25% | 52.88% | 29.69% |
| 2012 | $350.76M | $142.01M | 95.29% | 56.34% | 40.49% |
| 2013 | $392.33M | $160.15M | 95.59% | 60.98% | 40.82% |
| 2014 | $434.85M | $190.60M | 95.65% | 61.23% | 43.83% |
| 2015 | $482.91M | $197.84M | 95.91% | 59.77% | 40.97% |
| 2016 | $533.65M | $239.50M | 96.09% | 57.92% | 44.88% |
| 2017 | $584.93M | $264.97M | 96.05% | 57.70% | 45.30% |
| 2018 | $622.66M | $292.45M | 95.97% | 68.22% | 46.97% |
| 2019 | $670.49M | $299.18M | 95.88% | 62.16% | 44.62% |
| 2020 | $660.68M | $228.80M | 95.71% | 56.68% | 34.63% |
| 2021 | $726.41M | $290.11M | 96.09% | 61.82% | 39.94% |
| 2022 | $773.05M | $334.63M | 96.60% | 62.42% | 43.29% |
| 2023 | $828.11M | $392.34M | 96.57% | 67.03% | 47.38% |
| 2024 | $869.27M | $396.83M | 96.28% | 66.48% | 45.65% |
| 2025 | $926.21M | $389.78M | 38.00% | 61.53% | 42.08% |
Frequently asked questions
What is NNN REIT, Inc.'s revenue?
NNN REIT, Inc.'s trailing twelve-month revenue is $935.78M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NNN?
In its most recent fiscal year, NNN ran a gross margin of 38.00%, an operating margin of 61.53%, and a net margin of 42.08%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NNN generate?
NNN produced $-269.95M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NNN's balance sheet healthy?
NNN holds $5.05M in cash and equivalents against $4.47B in long-term debt, on $4.41B of shareholder equity. That debt is best read against the cash flow the business throws off each year.