Global Net Lease

GNL · NYSE · Real Estate · Financials, fiscal 2016 to 2025

GNL · Last close · November 6, 2026

$6.85

Global Net Lease's revenue fell 13.1% to $495 million in fiscal 2025. Its operating margin was 22.4%, down from 33.0% a year earlier. Free cash flow was $189 million, down 25.4%. It paid out $312 million in dividends and buybacks, 165% of free cash flow. The diluted share count fell 3.1%.

Global Net Lease, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001628280-26-011696 Updated November 5, 2026

Revenue

$495M

13.1%

Operating margin

22.4%

10.6 pts

Net income

−$226M

Free cash flow

$189M

25.4%

Return on capital

5.0%

1.5 pts

Market cap

$1.5B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Global Net Lease does

Global Net Lease is a real estate investment trust, or REIT, that owns properties leased to single tenants under net leases, where the tenant covers most property costs. It is managed internally and owns buildings across the United States and Canada and in Western and Northern Europe.

It earns money from rent. Its portfolio is split into three reportable segments by type of property: industrial and distribution, retail and office, with industrial and distribution the largest by rent. Most of its rent comes from North America, with the rest from Europe.

In 2023 it completed mergers that bought The Necessity Retail REIT and made it internally managed. In 2025 it sold a group of multi-tenant retail properties to RCG Venture Holdings. Its recent focus has been on lowering its debt through selected sales, mainly of assets it sees as non-core.

Its biggest risks, as it describes them

A major tenant defaulting, or a tenant in a single-tenant property being unable to pay rent.
Not having enough cash to keep paying dividends at their current level.
Risks from owning properties outside the U.S., including changes in currency values.
Single-tenant properties and other real estate that can be hard to sell or re-lease.
Falling demand for office space, and the shift of retail shopping online.

From Global Net Lease's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2019, earnings per share fell 21.9% a year and net income 0.4% a year, as new shares raised the share count by 52% and diluted each share's earnings. Global Net Lease then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	90	103	122	160	180
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−90	−103	−122	−160	−180
Net debt to EBITDA	−0.3x	−0.4x	−0.7x	−0.4x	−0.6x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	1.2x	1.0x	−0.1x	0.7x	0.6x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Global Net Lease's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Global Net Lease's projections

Insider trades

No officer, director or 10% owner of Global Net Lease reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	39.3%	72.4%	25.2%
Altman Z''	—	—	—
Accruals ratio	−5.9%	−5.7%	−7.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Global Net Lease side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Global Net Lease	FY25	−13.1%	22.4%	38.2%	5.0%	−0.6x	—
Essential Properties Realty Trust	FY25	24.8%	64.1%	—	5.8%	4.9x	—	Compare
American Assets Trust	FY25	−4.7%	33.5%	21.8%	5.4%	5.8x	—	Compare
Lexington Realty Trust	FY25	−2.3%	—	—	5.4%	3.1x	—	Compare
W. P. Carey	FY25	8.4%	—	—	4.6%	6.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	214	259	282	306	330	391	379	446	570	495
Revenue growth	4.3%	21.1%	8.8%	8.5%	7.8%	18.5%	−3.2%	17.7%	27.8%	−13.1%
Gross profit	194	235	254	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	74	87	68	115	99	112	100	−15	188	111
Net income	47	24	11	46	11	11	12	−212	−132	−226
Diluted EPS (US$)	0.82	0.30	0.01	0.39	−0.09	−0.20	−0.09	−1.71	−0.76	−1.21
Diluted shares (millions)	57	67	70	86	90	98	104	143	230	223
Cash flow
Cash from operations	114	131	145	146	177	192	182	144	300	223
Capital expenditure	0	3	2	17	6	8	30	47	46	33
Free cash flow	114	128	143	129	170	185	152	96	254	189
Dividends paid	120	143	147	151	155	156	167	207	272	192
Share buybacks	0	0	0	0	0	0	1	0	0	120
Acquisitions	0	0	0	0	0	0	0	451	0	0
Stock-based compensation	4	−4	3	10	10	11	12	17	9	12
Balance sheet at fiscal year end
Cash and short-term investments	77	102	100	270	124	90	103	122	160	180
Debt incl. finance leases	55	0	0	0	0	0	0	0	0	0
Total assets	2,892	3,039	3,310	3,702	3,967	4,183	3,962	8,099	6,956	4,347
Total liabilities	1,536	1,624	1,881	1,992	2,413	2,556	2,508	5,460	4,769	2,684
Shareholders' equity	1,348	1,413	1,426	1,698	1,532	1,621	1,439	2,638	2,187	1,664
Margins and ratios
Gross margin	90.8%	90.6%	90.0%	—	—	—	—	—	—	—
Operating margin	34.4%	33.6%	24.1%	37.5%	30.1%	28.6%	26.5%	−3.4%	33.0%	22.4%
Net margin	22.0%	9.1%	3.9%	15.2%	3.3%	2.9%	3.2%	−47.5%	−23.1%	−45.5%
Free cash flow margin	53.3%	49.3%	50.7%	42.0%	51.6%	47.2%	40.1%	21.6%	44.5%	38.2%
Rule of 40 (growth + FCF margin)	57.6%	70.4%	59.6%	50.5%	59.4%	65.7%	36.9%	39.3%	72.4%	25.2%
Return on capital	5.4%	5.8%	4.2%	7.6%	4.7%	3.8%	3.6%	−0.6%	6.5%	5.0%
Return on equity	3.7%	1.7%	0.8%	3.0%	0.7%	0.7%	0.8%	−10.4%	−5.5%	−11.7%
Return on assets	1.7%	0.8%	0.3%	1.3%	0.3%	0.3%	0.3%	−3.5%	−1.8%	−4.0%
Net debt to EBITDA	−0.1x	−0.5x	−0.5x	−1.1x	−0.5x	−0.3x	−0.4x	−0.7x	−0.4x	−0.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Global Net Lease's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Global Net Lease.