Realty Income's Q2 2026 Earnings: What to Expect

Realty Income Corporation (O), headquartered in San Diego, California, is real estate partner to the world's leading companies. With a market cap of $61.3 billion, the company owns and manages a portfolio of commercial properties located across the U.S. Realty Income focuses on acquiring single-tenant retail locations, leased to regional and national chains, and under long-term net lease agreements. The REIT giant is expected to announce its fiscal second-quarter earnings for 2026 after the market closes on Wednesday, Aug. 5.

Ahead of the event, analysts expect O to report an FFO of $1.09 per share on a diluted basis, up 3.8% from $1.05 per share in the year-ago quarter. The company beat or matched the consensus estimates in three of the last four quarters while missing the forecast on another occasion. 

For the full year, analysts expect O to report FFO per share of $4.45, up 4% from $4.28 in fiscal 2025. Its FFO is expected to rise 3.4% year over year to $4.60 per share in fiscal 2027. 

O stock has underperformed the S&P 500 Index’s ($SPX) 18.4% gains over the past 52 weeks, with shares up 16.6% during this period. However, it outperformed the State Street Real Estate Select Sector SPDR ETF’s (XLRE) 8.9% gains over the same time frame.

On May 6, O shares closed up marginally after reporting its Q1 results. Its FFO of $1.13 per share surpassed Wall Street expectations of $1.10 per share. The company’s revenue was $1.55 billion, topping Wall Street forecasts of $1.50 billion. O expects full-year FFO in the range of $4.41 to $4.44 per share.

Analysts’ consensus opinion on O stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 24 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy,” 16 give a “Hold,” and one recommends a “Strong Sell.” O’s average analyst price target is $67.76, indicating a potential upside of 3.1% from the current levels.