Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 46.86% is 16% above its 5-year average of 40.39%, near the high end of its 5-year range (-18.32%–48.61%).
As of the fiscal period ended Tuesday, March 31, 2026. 44.42% above its 12-month average of 32.45%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
46.86%
OPERATING MARGIN AVG TTM
32.45%
OPERATING MARGIN AVG 3Y
43.72%
OPERATING MARGIN AVG 5Y
43.32%
OPERATING MARGIN AVG 10Y
45.99%
OPERATING MARGIN AVG 15Y
46.63%
OPERATING MARGIN AVG 20Y
52.39%
CURRENT VS TTM AVG
+44.42%
CURRENT VS 3Y AVG
+7.18%
CURRENT VS 5Y AVG
+8.16%
CURRENT VS 10Y AVG
+1.88%
CURRENT VS 15Y AVG
+0.49%
CURRENT VS 20Y AVG
-10.55%
SECTOR MEDIAN · REAL ESTATE
28.86%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+62.36%
vs the sector median at left
Realty Income Corporation
Market Cap
$59.56B
Operating Margin
46.86%
TTM Avg
32.45%
3Y Avg
43.72%
5Y Avg
43.32%
Market Cap
$69.75B
Operating Margin
17.87%
TTM Avg
9.63%
3Y Avg
10.35%
5Y Avg
11.89%
Market Cap
$74.38B
Operating Margin
48.28%
TTM Avg
50.88%
3Y Avg
50.05%
5Y Avg
48.36%
Market Cap
$80.78B
Operating Margin
44.40%
TTM Avg
45.23%
3Y Avg
37.52%
5Y Avg
36.57%
Market Cap
$36.39B
Operating Margin
18.01%
TTM Avg
18.39%
3Y Avg
18.54%
5Y Avg
19.29%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Realty Income Corporation (O) | $59.56B | 46.86% | 32.45% | 43.72% | 43.32% |
| Public Storage (PSA)vs › | $60.45B | 48.30% | 46.80% | 49.20% | 49.19% |
| Digital Realty Trust, Inc. (DLR)vs › | $69.75B | 17.87% | 9.63% | 10.35% | 11.89% |
| Ventas, Inc. (VTR)vs › | $45.46B | 6.61% | 14.00% | 12.24% | 12.59% |
| Simon Property Group, Inc. (SPG)vs › | $74.38B | 48.28% | 50.88% | 50.05% | 48.36% |
| CBRE Group, Inc. (CBRE)vs › | $42.51B | 3.61% | 3.57% | 3.89% | 4.25% |
| American Tower Corporation (AMT)vs › | $80.78B | 44.40% | 45.23% | 37.52% | 36.57% |
| Iron Mountain Incorporated (IRM)vs › | $36.39B | 18.01% | 18.39% | 18.54% | 19.29% |
| Crown Castle Inc. (CCI)vs › | $33.34B | 47.74% | 2.01% | 18.16% | 22.69% |
| Extra Space Storage Inc. (EXR)vs › | $31.28B | 43.37% | 41.87% | 45.48% | 48.48% |
Gross Margin
89.8%
Operating Margin
46.9%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 46.86% |
| 2025-12-31 | -18.32% |
| 2025-09-30 | 45.84% |
| 2025-06-30 | 42.87% |
| 2025-03-31 | 44.97% |
| 2024-12-31 | 43.89% |
| 2024-09-30 | 44.67% |
| 2024-06-30 | 43.28% |
| 2024-03-31 | 43.57% |
| 2023-12-31 | 44.65% |
| 2023-09-30 | 42.06% |
| 2023-06-30 | 40.76% |
| 2023-03-31 | 41.23% |
| 2022-12-31 | 38.69% |
| 2022-09-30 | 39.59% |
| 2022-06-30 | 38.83% |
| 2022-03-31 | 39.46% |
| 2021-12-31 | 40.21% |
| 2021-09-30 | 48.50% |
| 2021-06-30 | 47.90% |
| 2021-03-31 | 48.61% |
| 2020-12-31 | 47.65% |
| 2020-09-30 | 47.84% |
| 2020-06-30 | 48.43% |
| 2020-03-31 | 49.04% |
| 2019-12-31 | 50.15% |
| 2019-09-30 | 50.24% |
| 2019-06-30 | 47.91% |
| 2019-03-31 | 50.82% |
| 2018-12-31 | 44.65% |
| 2018-09-30 | 49.98% |
| 2018-06-30 | 48.86% |
| 2018-03-31 | 48.68% |
| 2017-12-31 | 48.85% |
| 2017-09-30 | 48.29% |
| 2017-06-30 | 48.24% |
| 2017-03-31 | 48.41% |
| 2016-12-31 | 48.33% |
| 2016-09-30 | 48.88% |
| 2016-06-30 | 48.72% |
| 2016-03-31 | 49.33% |
| 2015-12-31 | 50.09% |
| 2015-09-30 | 50.27% |
| 2015-06-30 | 49.32% |
| 2015-03-31 | 49.42% |
| 2014-12-31 | 46.47% |
| 2014-09-30 | 49.49% |
| 2014-06-30 | 49.88% |
| 2014-03-31 | 48.81% |
| 2013-12-31 | 44.03% |
| 2013-09-30 | 47.58% |
| 2013-06-30 | 49.72% |
| 2013-03-31 | 49.89% |
| 2012-12-31 | 58.35% |
| 2012-09-30 | 59.11% |
| 2012-06-30 | 59.55% |
| 2012-03-31 | 59.13% |
| 2011-12-31 | 60.77% |
| 2011-09-30 | 62.01% |
| 2011-06-30 | 62.35% |
| 2011-03-31 | 62.81% |
| 2010-12-31 | 65.39% |
| 2010-09-30 | 63.32% |
| 2010-06-30 | 61.67% |
| 2010-03-31 | 61.60% |
| 2009-12-31 | 64.44% |
| 2009-09-30 | 64.24% |
| 2009-06-30 | 63.25% |
| 2009-03-31 | 62.25% |
| 2008-12-31 | 63.70% |
| 2008-09-30 | 63.65% |
| 2008-06-30 | 63.47% |
| 2008-03-31 | 64.65% |
| 2007-12-31 | 65.46% |
| 2007-09-30 | 63.43% |
| 2007-06-30 | 63.65% |
| 2007-03-31 | 65.98% |
| 2006-12-31 | 67.32% |
| 2006-09-30 | 64.32% |
| 2006-06-30 | 64.49% |
| 2006-03-31 | 65.82% |
| 2005-12-31 | 66.68% |
| 2005-09-30 | 66.05% |
| 2005-06-30 | 65.94% |
| 2005-03-31 | 27.04% |
| 2004-12-31 | 29.43% |
| 2004-09-30 | 67.30% |
| 2004-06-30 | 67.59% |
| 2004-03-31 | 26.35% |
| 2003-12-31 | 109.32% |
| 2003-09-30 | 32.31% |
| 2003-06-30 | 67.74% |
| 2003-03-31 | 67.74% |
| 2002-12-31 | 69.13% |
| 2002-09-30 | 68.13% |
| 2002-06-30 | 67.59% |
