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Financials · BNL

Broadstone Net Lease Inc. (BNL) financials

For the twelve months ended Sep 30, 2026, Broadstone Net Lease Inc. reported $483.87M of revenue and $146.89M of net income.

Revenue, TTM
$483.87M
Revenue growth, YoY
+8.0%
Net income, TTM
$146.89M
Net income growth, YoY
+62.9%
Net margin
30.4%
Free cash flow, TTM
$262.93M
EPS, diluted, TTM
$0.76
EPS growth, YoY
+65.2%
Cash
$12.19M
Total debt
$2.90B
P/E
22.89
P/S
6.95
Market cap
$3.36B
Annual revenue$454.14M
FY2016FY2025
Annual net income$96.50M
FY2016FY2025
Annual free cash flow$269.79M
FY2016FY2025

BNL revenue and earnings growth

BNL revenueQ3 2026$121.87M

Quarter YoY
+6.7%
QoQ
-0.4%
FY YoY
+5.2%
5Y CAGR
+7.1%
10Y CAGR
+16.6%

BNL revenue was $121.87M in fiscal Q3 2026 (ended Sep 30, 2026), up 6.7% from a year earlier and down 0.4% from the prior quarter. For the full fiscal 2025 it was $454.14M, up 5.2% from fiscal 2024. Compound annual growth was +7.1% over 5 years and +16.6% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 11 fiscal years on file.

BNL net incomeQ3 2026$27.12M

Quarter YoY
+2.5%
QoQ
-32.6%
FY YoY
-40.6%
5Y CAGR
+13.5%
10Y CAGR
+17.5%

BNL net income was $27.12M in fiscal Q3 2026 (ended Sep 30, 2026), up 2.5% from a year earlier and down 32.6% from the prior quarter. For the full fiscal 2025 it was $96.50M, down 40.6% from fiscal 2024. Compound annual growth was +13.5% over 5 years and +17.5% over 10 years. It rose in 8 of the last 10 fiscal years.

BNL EPSQ3 2026$0.14

Quarter YoY
+0.0%
QoQ
-33.3%
FY YoY
-41.9%
5Y CAGR
+2.6%

BNL diluted EPS was $0.14 in fiscal Q3 2026 (ended Sep 30, 2026), up 0.0% from a year earlier and down 33.3% from the prior quarter. For the full fiscal 2025 it was $0.50, down 41.9% from fiscal 2024. Compound annual growth was +2.6% over 5 years.

BNL free cash flowQ3 2026$63.85M

Quarter YoY
+10.0%
QoQ
+37.7%
FY YoY
+4.0%
5Y CAGR
+9.9%
10Y CAGR
+25.4%

BNL free cash flow was $63.85M in fiscal Q3 2026 (ended Sep 30, 2026), up 10.0% from a year earlier and up 37.7% from the prior quarter. For the full fiscal 2025 it was $269.79M, up 4.0% from fiscal 2024. Compound annual growth was +9.9% over 5 years and +25.4% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 11 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$454.14M$431.80M$442.89M$407.51M$382.88M$321.64M$298.81M$237.48M$181.56M$142.87M
Selling, general and admin$38.88M$37.99M$39.42M$37.38M$36.37M$27.99M$5.46M$6.16M$4.94M$2.79M
Operating income--------$84.88M$63.64M
Interest expense$94.47M$74.08M$80.05M$78.65M$64.15M$76.14M$72.53M$52.85M$34.75M$29.96M
Income tax$1.15M$1.18M$763.0K-------
Net income$96.50M$162.44M$155.48M$122.11M$102.43M$51.18M$79.39M$69.38M$54.80M$36.35M
EPS, basic$0.51$0.86$0.83$0.72$0.67$0.44$0.83$0.86$0.80$0.69
EPS, diluted$0.50$0.86$0.83$0.72$0.67$0.44$0.83$0.86$0.80$0.69
Diluted shares197.6M196.6M196.3M180.2M164.0M128.8M102.9M87.6M74.3M58.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$30.54M$14.85M$19.49M$21.79M$21.67M$100.49M$12.46M$18.61M$9.36M$21.64M
Goodwill$339.77M$339.77M$339.77M$339.77M$339.77M$339.77M$0---
Total assets$5.72B$5.22B$5.27B$5.46B$4.62B$4.26B$3.92B$3.10B$2.58B$1.95B
Total debt$2.52B$1.92B$1.92B$2.03B$1.70B$1.55B$1.99B$1.45B$1.18B-
Total liabilities$2.68B$2.07B$2.07B$2.20B$1.88B$1.78B$2.14B$1.57B$1.29B$953.52M
Shareholders' equity$2.90B$3.14B$3.19B$3.26B$2.74B$2.48B$1.78B$1.53B$1.28B$998.54M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$299.50M$276.25M$271.07M$255.91M$244.94M$179.03M$147.36M$128.01M$97.94M$67.19M
Capital expenditures$29.71M$16.80M$46.25M$31.37M$1.60M$10.81M$5.05M$5.15M$6.78M$1.94M
Free cash flow$269.79M$259.46M$224.82M$224.54M$243.34M$168.22M$142.31M$122.86M$91.16M$65.25M
Investing cash flow-$675.27M-$59.70M$24.34M-$859.64M-$582.30M-$60.24M-$831.71M-$510.46M-$611.84M-$470.57M
Financing cash flow$393.43M-$221.19M-$334.82M$636.00M$254.41M-$28.38M$685.67M$391.34M$500.89M$399.35M
Dividends paid$218.78M$216.76M$207.52M$181.22M$154.46M$71.53M$61.96M$51.84M$44.54M$35.73M
Share repurchases------$34.60M$10.20M$9.44M$8.15M
Stock-based compensation$9.60M$7.36M$6.36M$5.32M$4.67M$1.99M----
Depreciation and amortization$159.62M$151.76M$152.78M$150.00M$128.89M$131.57M$105.41M$83.69M$62.76M$45.84M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY5.2%-2.5%8.7%6.4%19.0%7.6%25.8%30.8%27.1%45.7%
Net income growth, YoY-40.6%4.5%27.3%19.2%100.1%-35.5%14.4%26.6%50.7%88.5%
EPS growth, YoY-41.9%3.6%15.3%7.5%52.3%-47.0%-3.5%7.2%16.3%-
Operating margin--------46.8%44.5%
Net margin21.2%37.6%35.1%30.0%26.8%15.9%26.6%29.2%30.2%25.4%
Free cash flow margin59.4%60.1%50.8%55.1%63.6%52.3%47.6%51.7%50.2%45.7%
Return on equity3.3%5.2%4.9%3.7%3.7%2.1%4.5%4.5%4.3%3.6%
Return on assets1.7%3.1%3.0%2.2%2.2%1.2%2.0%2.2%2.1%1.9%
Debt to equity0.870.610.600.620.620.621.120.950.92-

Source: XBRL data Broadstone Net Lease Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 4-for-1, first reported Nov 5, 2020.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

BNL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
BNL$483.87M+8.0%$146.89M30.4%$3.36B
WELL$13.79B+39.2%$1.67B12.1%$179.74B
PLD$8.95B+6.7%$3.71B41.5%$120.67B
EQIX$10.06B+11.1%$1.65B16.4%$100.25B
AMT$11.01B+5.3%$3.31B30.1%$87.55B
SPG$7.15B+16.2%$4.51B63.0%$73.91B
DLR$6.34B+12.6%$1.38B21.7%$65.90B
PSA$5.03B+5.2%$1.90B37.8%$63.05B
O$6.21B+10.8%$1.36B21.8%$56.15B

BNL FAQ

8 questions
  • What is BNL revenue?
    Broadstone Net Lease Inc. (BNL) reported $483.87M of revenue for the twelve months ended Sep 30, 2026. That is up 8.0% from the year before. Revenue for fiscal 2025 was $454.14M.
  • Is BNL profitable?
    Yes. Broadstone Net Lease Inc. earned $146.89M in net income for the twelve months ended Sep 30, 2026, a net margin of 30.4%.
  • How much cash and debt does BNL have?
    Broadstone Net Lease Inc. reported $12.19M in cash and cash equivalents and $2.90B of debt on its most recent balance sheet in SEC filings.
  • How fast is BNL revenue growing?
    Broadstone Net Lease Inc.'s revenue changed +5.2% in fiscal 2025, to $454.14M. Its compound annual growth rate was +7.1% over 5 years and +16.6% over 10 years.
  • What is BNL free cash flow?
    Broadstone Net Lease Inc. generated $262.93M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $306.46M less capital expenditures.
  • What is BNL earnings per share?
    Diluted earnings per share were $0.76 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did BNL last report financial results?
    The latest statements here come from Broadstone Net Lease Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this BNL financial data come from?
    Quantisnow builds these statements from the structured XBRL data Broadstone Net Lease Inc. files with the SEC. It is provided for information only and is not investment advice.