# NNN REIT, Inc.: overview

NNN · NYSE · CIK 751364 · [Real estate](/sectors/real-estate.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/nnn.md) · [Financials](/companies/nnn/financials.md) · [Filings](/companies/nnn/filings.md) · [Insiders](/companies/nnn/insiders.md)

Latest reported revenue: [$244.3m](/filings/0001193125-26-333967.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 5, 2026 (XBRL us-gaap:Revenues, accession 0001193125-26-333967).

## Last eight quarters

| Line item | Unit | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [217](/filings/0000950170-25-102429.md) | [219](/filings/0001193125-25-263643.md) | [218 d](/filings/0001193125-26-045617.md) | [231](/filings/0000950170-25-061454.md) | [227](/filings/0001193125-26-333967.md) | [230](/filings/0001193125-25-263643.md) | [238 d](/filings/0001193125-26-045617.md) | [244](/filings/0001193125-26-333967.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [70.2%](/filings/0000950170-25-102429.md) | [65.7%](/filings/0001193125-25-263643.md) | [65.8% d](/filings/0001193125-26-045617.md) | [62.3%](/filings/0000950170-25-061454.md) | [66.0%](/filings/0001193125-26-333967.md) | [64.0%](/filings/0001193125-25-263643.md) | [62.3% d](/filings/0001193125-26-045617.md) | [62.0%](/filings/0001193125-26-333967.md) |
| Net margin | % | [49.2%](/filings/0000950170-25-102429.md) | [44.8%](/filings/0001193125-25-263643.md) | [44.8% d](/filings/0001193125-26-045617.md) | [41.8%](/filings/0000950170-25-061454.md) | [44.3%](/filings/0001193125-26-333967.md) | [42.1%](/filings/0001193125-25-263643.md) | [40.2% d](/filings/0001193125-26-045617.md) | [40.1%](/filings/0001193125-26-333967.md) |
| Diluted EPS | $ per share | [0.58](/filings/0000950170-25-102429.md) | [0.53](/filings/0001193125-25-263643.md) | not reported | [0.51](/filings/0000950170-25-061454.md) | [0.54](/filings/0001193125-26-333967.md) | [0.51](/filings/0001193125-25-263643.md) | not reported | [0.52](/filings/0001193125-26-333967.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [726](/filings/0000950170-24-012540.md) | [773](/filings/0000950170-25-017472.md) | [828](/filings/0001193125-26-045617.md) | [869](/filings/0001193125-26-045617.md) | [926](/filings/0001193125-26-045617.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [61.8%](/filings/0000950170-24-012540.md) | [62.4%](/filings/0000950170-25-017472.md) | [67.0%](/filings/0001193125-26-045617.md) | [66.5%](/filings/0001193125-26-045617.md) | [63.6%](/filings/0001193125-26-045617.md) |
| Net margin | % | [39.9%](/filings/0000950170-24-012540.md) | [43.3%](/filings/0000950170-25-017472.md) | [47.4%](/filings/0001193125-26-045617.md) | [45.7%](/filings/0001193125-26-045617.md) | [42.1%](/filings/0001193125-26-045617.md) |
| Diluted EPS | $ per share | [1.51](/filings/0000950170-24-012540.md) | [1.89](/filings/0000950170-25-017472.md) | [2.16](/filings/0001193125-26-045617.md) | [2.15](/filings/0001193125-26-045617.md) | [2.07](/filings/0001193125-26-045617.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/nnn/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.24bn | 26,708,613 |  | Added +780,005 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $780.7m | 16,778,215 |  | Added +169,434 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $532.2m | 11,436,861 |  | Reduced −7,799,724 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $528.0m | 11,346,545 |  | Added +14,751 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $454.7m | 9,773,107 |  | Added +5,915,740 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $398.2m | 8,557,962 |  | Added +84,053 |
| [VICTORY CAPITAL MANAGEMENT INC](/funds/1040188.md) | 2026-06-30 | $281.6m | 6,051,488 |  | Reduced −2,267,194 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $205.0m | 4,403,909 |  | Added +53,850 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $177.3m | 3,810,780 |  | Added +885,619 |
| [FEDERATED HERMES, INC.](/funds/1056288.md) | 2026-06-30 | $145.5m | 3,127,776 |  | Added +96,121 |

## Recent filings

[All 1,328 filings](/companies/nnn/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-17 | 20:30 ET | [8-K](/filings/0001193125-26-354148.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-354148 |
| 2026-08-07 | 10:00 ET | [8-K](/filings/0001193125-26-338984.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-338984 |
| 2026-08-05 | 12:35 ET | [10-Q](/filings/0001193125-26-333967.md) | Quarterly report, period 2026-06-30 | 0001193125-26-333967 |
| 2026-08-05 | 12:30 ET | [8-K](/filings/0001193125-26-333958.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-333958 |
| 2026-06-23 | 20:34 ET | [8-K](/filings/0001193125-26-279573.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation | 0001193125-26-279573 |
| 2026-05-12 | 20:24 ET | [8-K](/filings/0001193125-26-219553.md) | 5.07 Shareholder vote results | 0001193125-26-219553 |
| 2026-04-30 | 12:33 ET | [10-Q](/filings/0001193125-26-194215.md) | Quarterly report, period 2026-03-31 | 0001193125-26-194215 |
| 2026-04-30 | 12:30 ET | [8-K](/filings/0001193125-26-194205.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-194205 |
| 2026-03-23 | 12:00 ET | [DEF 14A](/filings/0001193125-26-118585.md) | Proxy statement, period 2026-05-12 | 0001193125-26-118585 |
| 2026-02-19 | 21:35 ET | [8-K](/filings/0001193125-26-059530.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-059530 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-045617.md), filed Feb 11, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/359746ea-b729-497d-bf11-466d4104e052)

## About the filer

- CIK: 751364
- Tickers: NNN
- Exchange: NYSE
- SIC code: 6798 Real Estate Investment Trusts
- State of incorporation: MD
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:23 ET. No prices; not investment advice.