--- title: "Realty Income: Business Model" description: "Realty Income revenue by product line from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/realty-income/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Realty Income: Business Model & Revenue Engine ## Direct Answer Realty Income reports revenue across 3 product and service lines in its fiscal 2025 Form 10-K. Product and Service Retail is the largest, with $4.3 billion of revenue (75% of the total), followed by Product and Service Industrial at $864 million (15%). ## How Does Realty Income Make Money? Product and Service Retail supplies 75% of revenue, so Realty Income's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Product and Service Industrial grew fastest (+8.7%) and Product and Service Other slowest (+3.6%), so the revenue mix tilts toward Product and Service Industrial while that gap lasts. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Product and Service Retail | $4.3 billion | $4.0 billion | 75.2% | 7.9% | | Product and Service Industrial | $864 million | $795 million | 15.0% | 8.7% | | Product and Service Other | $247 million | $239 million | 4.3% | 3.6% | ![Bar chart of Realty Income revenue by product line for fiscal 2025: Product and Service Retail 75.2%, Product and Service Industrial 15.0%, Product and Service Other 4.3%.](https://www.getswoopr.com/images/charts/realty-income-business-model-segment-mix.webp) *Realty Income revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 95% of Realty Income's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Realty Income reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0000726728-26-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Realty Income's main products and services? In its fiscal 2025 Form 10-K, Realty Income reports revenue for Product and Service Retail, Product and Service Industrial and Product and Service Other. ### Which part of Realty Income brings in the most revenue? Product and Service Retail, with $4.3 billion of revenue in fiscal 2025, or 75% of the total. ### Where does Realty Income report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 25, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: REALTY INCOME CORP Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/726728/000072672826000011/o-20251231.htm) - [SEC EDGAR: REALTY INCOME CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=726728&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Realty Income company dossier](https://www.getswoopr.com/stocks/companies/realty-income/) - [Realty Income financial metrics](https://www.getswoopr.com/stocks/companies/realty-income/metrics/) - [Realty Income financial risk indicators](https://www.getswoopr.com/stocks/companies/realty-income/risks/) - [Realty Income peer comparison](https://www.getswoopr.com/stocks/companies/realty-income/competitors/) - [Realty Income business model and revenue mix](https://www.getswoopr.com/stocks/companies/realty-income/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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