Income Statement

Revenue

+20%

+40%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	25	26	26	25	27	27	27	27	28	29	31	32	32	31	32	33	39	42	45	46	45	46	46	52	54	57	62	64	63	62	62	62	63	63	64	65	67	68	72	76	77	79	82	84	85	89	86	86	84	82	84	86	87	87	87	90	92	94	96	96	99	103	107	109	109	109	108	116	119	122	125	120	124	126	128	129	130	132	133	138	140	144	147	148	150	154	158	164	169	176	181	184	188	190	197	204
Revenue	82 N/A	84 +4%	89 +5%	84 -6%	90 +7%	92 +2%	96 +4%	101 +5%	111 +10%	120 +8%	125 +5%	127 +2%	125 -2%	122 -2%	119 -2%	109 -8%	133 +22%	138 +3%	136 -1%	136 0%	141 +4%	150 +7%	169 +13%	179 +6%	185 +3%	198 +7%	211 +7%	227 +7%	232 +2%	234 +1%	238 +2%	244 +3%	251 +3%	258 +2%	259 +0%	255 -1%	268 +5%	278 +4%	289 +4%	259 -10%	323 +25%	319 -1%	328 +3%	333 +2%	336 +1%	362 +8%	378 +5%	394 +4%	405 +3%	415 +2%	424 +2%	435 +3%	447 +3%	459 +3%	472 +3%	483 +2%	494 +2%	507 +3%	519 +2%	534 +3%	548 +3%	563 +3%	576 +2%	585 +2%	596 +2%	606 +2%	614 +1%	623 +1%	634 +2%	643 +1%	656 +2%	671 +2%	682 +2%	681 0%	671 -1%	661 -2%	665 +1%	681 +2%	703 +3%	726 +3%	737 +1%	749 +2%	762 +2%	773 +1%	787 +2%	799 +1%	810 +1%	828 +2%	839 +1%	1 069 +27%	1 082 +1%	869 -20%	1 100 +27%	895 -19%	906 +1%	926 +2%
Gross Profit
Cost of Revenue	(1)	(2)	(2)	(4)	(2)	(2)	(4)	(7)	(9)	(12)	(12)	(12)	(10)	(8)	(7)	(6)	(6)	(7)	(7)	(7)	(7)	(8)	(8)	(8)	(9)	(9)	(9)	(10)	(11)	(12)	(21)	(29)	(35)	(44)	(44)	(45)	(47)	(52)	(56)	(15)	(63)	(78)	(66)	(17)	(62)	(36)	(37)	(19)	(19)	(19)	(19)	(19)	(19)	(19)	(20)	(20)	(20)	(20)	(20)	(21)	(22)	(23)	(23)	(23)	(23)	(24)	(24)	(25)	(26)	(27)	(28)	(28)	(28)	(28)	(28)	(28)	(28)	(29)	(29)	(28)	(28)	(27)	(27)	(26)	(26)	(27)	(27)	(28)	(29)	(36)	(37)	(32)	(42)	(37)	(38)	(37)
Gross Profit	80 N/A	83 +3%	87 +5%	80 -9%	88 +11%	90 +2%	91 +2%	93 +2%	102 +9%	106 +4%	112 +6%	115 +3%	117 +1%	114 -2%	112 -2%	104 -8%	127 +23%	131 +3%	129 -2%	129 0%	133 +3%	143 +7%	161 +13%	172 +6%	177 +3%	189 +7%	202 +7%	217 +7%	221 +2%	222 +0%	217 -2%	216 -1%	216 +0%	214 -1%	214 +0%	210 -2%	221 +5%	226 +2%	233 +3%	244 +5%	260 +7%	241 -7%	262 +8%	316 +21%	274 -13%	326 +19%	341 +5%	375 +10%	386 +3%	395 +2%	404 +2%	416 +3%	428 +3%	439 +3%	453 +3%	463 +2%	474 +2%	488 +3%	499 +2%	513 +3%	526 +3%	540 +3%	553 +2%	562 +2%	573 +2%	583 +2%	590 +1%	598 +1%	607 +2%	616 +1%	628 +2%	643 +2%	654 +2%	653 0%	643 -1%	632 -2%	637 +1%	652 +2%	674 +3%	698 +4%	709 +2%	721 +2%	735 +2%	747 +2%	761 +2%	772 +1%	783 +1%	800 +2%	811 +1%	1 033 +27%	1 046 +1%	837 -20%	1 058 +26%	858 -19%	868 +1%	889 +2%
Operating Income
Operating Expenses	(29)	(30)	(20)	(27)	(23)	(26)	(30)	(35)	(38)	(39)	(40)	(40)	(60)	(53)	(46)	(41)	(43)	(45)	(45)	(54)	(48)	(49)	(52)	(56)	(59)	(63)	(66)	(69)	(69)	(69)	(68)	(69)	(69)	(69)	(71)	(74)	(74)	(76)	(80)	(86)	(91)	(99)	(104)	(108)	(58)	(62)	(68)	(132)	(137)	(141)	(147)	(149)	(153)	(159)	(164)	(170)	(173)	(177)	(189)	(192)	(197)	(202)	(203)	(208)	(212)	(214)	(209)	(209)	(211)	(214)	(221)	(227)	(230)	(233)	(235)	(235)	(237)	(242)	(245)	(250)	(252)	(256)	(261)	(266)	(273)	(277)	(280)	(282)	(284)	(361)	(366)	(294)	(372)	(304)	(308)	(315)
Selling, General & Administrative	(7)	(8)	(9)	(16)	(12)	(14)	(18)	(22)	(23)	(23)	(23)	(23)	(22)	(22)	(22)	(22)	(24)	(26)	(24)	(24)	(24)	(23)	(23)	(24)	(26)	(26)	(26)	(25)	(23)	(22)	(22)	(22)	(22)	(22)	(23)	(23)	(24)	(25)	(26)	(29)	(30)	(30)	(32)	(32)	(33)	(35)	(33)	(31)	(32)	(30)	(32)	(33)	(32)	(32)	(33)	(35)	(35)	(36)	(37)	(37)	(36)	(36)	(35)	(34)	(34)	(34)	(35)	(34)	(35)	(36)	(36)	(38)	(38)	(38)	(39)	(38)	(40)	(42)	(44)	(45)	(44)	(42)	(41)	(42)	(43)	(44)	(44)	(44)	(44)	(58)	(59)	(44)	(57)	(44)	(44)	(47)
Depreciation & Amortization	(10)	(10)	(11)	(11)	(11)	(12)	(12)	(13)	(14)	(15)	(16)	(17)	(16)	(16)	(16)	(16)	(18)	(20)	(21)	(22)	(24)	(26)	(29)	(31)	(33)	(37)	(40)	(44)	(46)	(46)	(46)	(46)	(47)	(47)	(48)	(47)	(50)	(52)	(54)	(57)	(61)	(66)	(69)	(74)	(80)	(84)	(92)	(99)	(104)	(109)	(113)	(116)	(120)	(127)	(130)	(135)	(137)	(140)	(145)	(149)	(155)	(159)	(169)	(174)	(178)	(180)	(174)	(174)	(176)	(179)	(185)	(189)	(192)	(195)	(196)	(197)	(197)	(199)	(201)	(205)	(208)	(215)	(220)	(224)	(230)	(233)	(236)	(239)	(240)	(303)	(307)	(250)	(314)	(260)	(263)	(268)
Other Operating Expenses	(12)	(12)	0	0	0	0	0	0	0	0	0	0	(22)	(15)	(8)	(2)	0	0	0	(9)	0	0	0	(1)	0	0	0	(1)	0	0	0	(1)	0	0	0	(4)	0	0	0	(1)	0	(3)	(3)	(3)	54	57	57	(1)	(1)	(2)	(2)	(0)	(0)	(0)	(1)	(1)	(1)	(1)	(7)	(7)	(7)	(6)	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	0
Operating Income	51 N/A	52 +3%	68 +29%	53 -22%	65 +24%	64 -2%	61 -4%	59 -4%	64 +9%	69 +8%	73 +6%	76 +3%	55 -28%	61 +12%	67 +9%	63 -6%	85 +35%	86 +2%	84 -2%	75 -11%	86 +15%	94 +9%	109 +16%	116 +6%	117 +1%	126 +7%	136 +8%	148 +8%	153 +3%	153 +1%	149 -3%	147 -1%	147 N/A	145 -2%	144 -1%	137 -5%	147 +8%	150 +2%	153 +2%	158 +3%	169 +7%	142 -16%	158 +11%	207 +31%	215 +4%	264 +23%	274 +4%	244 -11%	250 +3%	255 +2%	258 +1%	267 +4%	275 +3%	280 +2%	289 +3%	293 +1%	301 +3%	311 +3%	310 0%	320 +3%	329 +3%	338 +3%	349 +3%	354 +1%	361 +2%	369 +2%	381 +3%	389 +2%	396 +2%	401 +1%	407 +2%	416 +2%	424 +2%	420 -1%	408 -3%	397 -3%	400 +1%	410 +3%	429 +4%	448 +5%	457 +2%	465 +2%	474 +2%	481 +1%	488 +1%	496 +2%	504 +2%	517 +3%	527 +2%	672 +28%	680 +1%	543 -20%	687 +26%	554 -19%	560 +1%	573 +2%
Pre-Tax Income
Interest Income Expense	(25)	(26)	(26)	(21)	(26)	(25)	(24)	(23)	(24)	(26)	(27)	(29)	(6)	(14)	(22)	(31)	(36)	(39)	(42)	(31)	(29)	(30)	(31)	(47)	(49)	(53)	(58)	(61)	(60)	(60)	(60)	(61)	(61)	(62)	(63)	(64)	(65)	(67)	(70)	(74)	(76)	(78)	(80)	(82)	(83)	(87)	(85)	(84)	(83)	(81)	(84)	(85)	(87)	(87)	(87)	(90)	(92)	(94)	(96)	(96)	(99)	(102)	(106)	(109)	(109)	(109)	(108)	(114)	(116)	(118)	(120)	(117)	(122)	(125)	(127)	(129)	(130)	(132)	(133)	(138)	(140)	(144)	(147)	(148)	(150)	(153)	(157)	(163)	(168)	(217)	(222)	(181)	(228)	(188)	(193)	(200)
Non-Reccuring Items	0	0	(13)	(2)	(5)	(5)	(2)	(2)	0	(3)	(3)	(4)	(4)	(2)	(2)	0	(5)	(7)	(6)	6	(0)	2	0	(0)	(1)	(1)	(1)	4	6	(2)	(1)	(33)	(39)	(31)	(31)	(8)	(8)	(9)	(9)	1	1	1	(2)	(4)	(6)	(6)	(3)	(4)	(1)	(1)	(1)	(1)	(1)	(4)	(4)	(4)	(4)	(7)	(12)	16	(12)	(14)	(9)	20	(18)	(15)	(18)	18	(38)	(28)	(33)	1	(16)	(43)	(40)	(40)	(49)	(32)	(22)	(20)	(2)	(5)	(6)	2	6	26	41	38	38	44	32	35	35	27	25	17
Gain/Loss on Disposition of Assets	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	(0)	0	0	0	(2)	(0)	(0)	(1)	(1)	5	5	8	10	20	21	23	(1)	25	27	26	0	61	62	73	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26	22	8	(0)	(0)	(0)	(0)	0	0	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	(0)
Pre-Tax Income	28 N/A	27 -2%	29 +6%	30 +4%	35 +18%	34 -2%	35 +3%	33 -6%	40 +20%	40 +1%	42 +6%	43 +2%	44 +1%	46 +4%	42 -7%	32 -25%	43 +35%	40 -7%	37 -7%	50 +36%	56 +12%	66 +16%	79 +21%	69 -13%	67 -2%	72 +7%	78 +7%	90 +16%	98 +8%	91 -7%	88 -3%	53 -40%	47 -12%	52 +11%	50 -4%	66 +33%	75 +13%	75 +0%	74 -1%	85 +14%	95 +11%	66 -30%	76 +16%	121 +59%	126 +4%	171 +35%	184 +8%	154 -16%	164 +6%	171 +4%	172 +1%	180 +4%	192 +7%	195 +1%	206 +6%	208 +1%	225 +8%	231 +3%	226 -2%	240 +6%	242 +1%	249 +3%	259 +4%	265 +2%	295 +11%	307 +4%	328 +7%	293 -11%	269 -8%	278 +3%	262 -6%	300 +14%	285 -5%	252 -12%	241 -4%	229 -5%	220 -4%	247 +12%	274 +11%	290 +6%	315 +9%	316 +0%	322 +2%	335 +4%	344 +3%	368 +7%	386 +5%	392 +2%	397 +1%	499 +26%	490 -2%	397 -19%	493 +24%	393 -20%	392 0%	390 0%
Net Income
Tax Provision	0	0	0	3	1	1	2	3	3	3	3	3	2	2	2	3	4	7	10	11	12	11	10	8	10	9	9	7	5	4	3	1	1	(0)	(1)	(1)	(0)	(0)	(0)	(1)	(1)	(1)	7	7	8	8	(0)	(0)	(1)	(1)	(1)	0	(0)	1	0	(10)	(10)	(10)	(10)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Income from Continuing Operations	28	27	29	33	36	36	37	36	43	43	45	46	46	48	44	35	47	47	47	62	69	77	89	77	77	81	87	98	103	95	90	54	47	52	49	66	75	75	74	84	94	65	83	128	134	178	184	154	163	170	171	180	192	195	206	198	215	220	216	240	242	249	259	265	295	307	328	293	269	278	262	300	285	252	241	229	220	247	274	290	315	316	322	335	344	368	386	392	397	499	490	397	493	393	392	390
Income to Minority Interest	0	0	0	0	0	0	0	0	0	1	(1)	(1)	(1)	(2)	0	(0)	(3)	(3)	(1)	(2)	2	2	(0)	0	1	1	1	(0)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(0)	(1)	0	0	0	0	(0)	(0)	0	0	0	0	0	(1)	(1)	(1)	(1)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	(0)	(0)	(0)	(0)	0	0	0	0	(0)	(0)	(0)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Equity Earnings Affiliates	1	3	3	2	4	3	5	4	5	5	5	5	5	3	2	1	0	0	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	4	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	29 N/A	31 +8%	31 +0%	44 +41%	42 -5%	40 -3%	47 +17%	49 +4%	55 +11%	55 N/A	56 +2%	59 +6%	69 +16%	85 +23%	85 -1%	84 -1%	81 -3%	133 +64%	139 +4%	177 +28%	180 +2%	148 -18%	173 +17%	147 -15%	135 -8%	116 -14%	97 -16%	110 +13%	105 -5%	93 -11%	87 -7%	48 -45%	38 -21%	41 +8%	39 -3%	66 +68%	70 +7%	70 +0%	72 +3%	85 +18%	91 +7%	61 -33%	72 +20%	121 +67%	125 +4%	169 +34%	170 +1%	132 -23%	137 +4%	141 +3%	145 +3%	154 +7%	165 +7%	166 +0%	173 +4%	162 -7%	179 +10%	185 +3%	180 -2%	200 +11%	190 -5%	196 +3%	207 +5%	217 +5%	260 +20%	272 +5%	293 +8%	258 -12%	234 -9%	242 +3%	227 -6%	258 +13%	247 -4%	218 -12%	212 -3%	210 -1%	202 -4%	228 +13%	255 +12%	264 +3%	293 +11%	298 +2%	308 +3%	334 +8%	343 +3%	368 +7%	386 +5%	392 +2%	396 +1%	498 +26%	489 -2%	396 -19%	492 +24%	392 -20%	391 0%	389 0%
EPS (Diluted)	0.71 N/A	0.76 +7%	0.77 +1%	1.08 +40%	1.02 -6%	1.1 +8%	1.16 +5%	1.11 -4%	1.08 -3%	1.03 -5%	1.11 +8%	1.14 +3%	1.28 +12%	1.52 +19%	1.51 -1%	1.57 +4%	1.46 -7%	2.19 +50%	2.5 +14%	3.04 +22%	2.97 -2%	2.18 -27%	2.57 +18%	2.22 -14%	1.86 -16%	1.58 -15%	1.43 -9%	1.47 +3%	1.33 -10%	1.18 -11%	1.11 -6%	0.58 -48%	0.45 -22%	0.48 +7%	0.47 -2%	0.79 +68%	0.83 +5%	0.83 N/A	1.04 +25%	0.95 -9%	0.85 -11%	0.53 -38%	0.65 +23%	1.1 +69%	1.08 -2%	1.33 +23%	1.4 +5%	1.09 -22%	1.12 +3%	1.14 +2%	1.15 +1%	1.23 +7%	1.24 +1%	1.24 N/A	1.28 +3%	1.2 -6%	1.24 +3%	1.28 +3%	1.22 -5%	1.38 +13%	1.3 -6%	1.33 +2%	1.39 +5%	1.45 +4%	1.68 +16%	1.7 +1%	1.86 +9%	1.65 -11%	1.44 -13%	1.51 +5%	1.39 -8%	1.56 +12%	1.44 -8%	1.28 -11%	1.23 -4%	1.22 -1%	1.17 -4%	1.32 +13%	1.47 +11%	1.51 +3%	1.67 +11%	1.65 -1%	1.74 +5%	1.89 +9%	1.91 +1%	2 +5%	2.13 +6%	2.16 +1%	2.18 +1%	2.73 +25%	2.67 -2%	2.15 -19%	2.63 +22%	2.1 -20%	2.09 0%	2.07 -1%

Income Statement Balance Sheet Cash Flow Statement

NNN REIT Inc
SWB:CZ2

Income Statement

Earnings Waterfall
NNN REIT Inc

Income Statement
NNN REIT Inc

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NNN REIT Inc SWB:CZ2

Income Statement

Earnings Waterfall NNN REIT Inc

Income Statement NNN REIT Inc

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NNN REIT Inc
SWB:CZ2

Earnings Waterfall
NNN REIT Inc

Income Statement
NNN REIT Inc