Nnn Reit (NNN) Operating Margin (2009 - 2026)
Nnn Reit's (NNN) quarterly Operating Margin came in at 61.0% in Q1 2026, down 132.0% YoY from 190.61% in Q1 2025, and down 2.12% on a QoQ basis from 62.32% in Q4 2025.
Nnn Reit (NNN) Operating Margin (2009 - 2026) Analysis & Trends
Nnn Reit (NNN) has 18 years of Operating Margin data on file, last reported at 61.0% in Q1 2026.
- Quarterly Operating Margin fell 132.0% year-over-year to 61.0% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 63.29% (down 265.0% YoY) and the FY2025 annual result came in at 63.64%, down 283.0% from the prior year.
- Operating Margin slipped to 61.0% in Q1 2026, from 62.32% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 71.99% in Q3 2023 to a low of 58.1% in Q2 2022.
- A 5-year average of 64.67% and a median of 64.6% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin jumped 1035 bps — and 2024, when it tumbled 631 bps.
- Tracing NNN's Operating Margin over 5 years: stood at 64.63% in 2022, then declined by 0 bps to 64.6% in 2023, then advanced by 2 bps to 65.79% in 2024, then slipped by 5 bps to 62.32% in 2025, then decreased by 2 bps to 61.0% in 2026.
- The last three Operating Margin figures came in at 61.0% (Q1 2026), 62.32% (Q4 2025), and 63.99% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Simon Property | 72.55 Bn | 72.55 Bn | 1.76 Bn | 49.72% |
| 2 | Realty Income | 57.92 Bn | 57.92 Bn | - | - |
| 3 | Kimco Realty | 16.13 Bn | 16.13 Bn | 455.67 Mn | 35.61% |
| 4 | Federal Realty Investment Trust | 10.07 Bn | 10.07 Bn | 271.22 Mn | 41.30% |
| 5 | Agree Realty | 8.88 Bn | 8.86 Bn | - | 46.47% |
| 6 | Nnn Reit | 8.69 Bn | 8.69 Bn | - | 61.97% |
| 7 | Macerich | 6.68 Bn | 6.68 Bn | 171.77 Mn | -42.31% |
| 8 | Essential Properties Realty Trust | 6.54 Bn | 6.54 Bn | - | 64.50% |
| 9 | Kite Realty Group Trust | 5.31 Bn | 5.31 Bn | - | - |
| 10 | Phillips Edison & Company | 5.02 Bn | 5.02 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 61.97% |
| Mar 31, 2026 | 61.00% |
| Dec 31, 2025 | 62.32% |
| Sep 30, 2025 | 63.99% |
| Jun 30, 2025 | 66.05% |
| Mar 31, 2025 | 62.31% |
| Dec 31, 2024 | 65.79% |
| Sep 30, 2024 | 65.68% |
| Jun 30, 2024 | 70.23% |
| Mar 31, 2024 | 64.21% |
| Dec 31, 2023 | 64.60% |
| Sep 30, 2023 | 71.99% |
| Jun 30, 2023 | 68.46% |
| Mar 31, 2023 | 63.21% |
| Dec 31, 2022 | 64.63% |
| Sep 30, 2022 | 64.79% |
| Jun 30, 2022 | 58.10% |
| Mar 31, 2022 | 62.03% |
| Dec 31, 2021 | 60.98% |
| Sep 30, 2021 | 64.53% |