NYSE · Financial Statements

Broadstone Net Lease, Inc. (BNL) Financial Statements

$17.36 NYSE: BNL Market Cap $3.33B

Broadstone Net Lease, Inc. most recently reported annual revenue of $459.0M, net profit of $103.0M. Revenue grew at an average annual rate of 7.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Broadstone Net Lease, Inc.: Revenue rose from $143.0M in 2016 to $459.0M in 2025, a change of +221.0% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 44.5% to 49.7%, a shift of +5.2 percentage points; the most recent year shows net profit of $103.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$143.0M$182.0M$237.0M$299.0M$324.0M$383.0M$409.0M$448.0M$439.0M$459.0M
Operating Expenses$79.0M$94.0M$127.0M$160.0M$184.0M$187.0M$215.0M$226.0M$226.0M$231.0M
Operating Profit$64.0M$87.0M$111.0M$138.0M$140.0M$196.0M$194.0M$222.0M$213.0M$228.0M
Operating Margin44.5%48.2%46.6%46.3%43.2%51.1%47.3%49.6%48.5%49.7%
Other Income$-23.0M$-28.0M$-36.0M$-51.0M$-83.0M$-79.0M$-68.0M$-57.0M$-49.0M$-121.0M
Interest$30.0M$35.0M$53.0M$73.0M$76.0M$64.0M$79.0M$80.0M$74.0M$94.0M
Depreciation$46.0M$62.0M$84.0M$109.0M$133.0M$132.0M$155.0M$159.0M$156.0M$164.0M
Profit Before Tax$40.0M$60.0M$75.0M$88.0M$57.0M$117.0M$125.0M$166.0M$164.0M$107.0M
Tax$0$0$0$2.8M$1.6M$1.4M$1.0M$460,000$720,000$1.1M
Net Profit$36.0M$55.0M$69.0M$79.0M$51.0M$102.0M$116.0M$157.0M$156.0M$103.0M
EPS$0.26$0.37$0.45$0.52$0.44$0.67$0.72$0.83$0.86$0.50
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$110.0M$110.0M$109.0M$107.0M$110.0M$113.0M$112.0M$113.0M$115.0M$119.0M$121.0M$122.0M
Operating Expenses$54.0M$60.0M$57.0M$54.0M$55.0M$60.0M$58.0M$57.0M$57.0M$59.0M$58.0M$70.0M
Operating Profit$55.0M$50.0M$53.0M$53.0M$55.0M$52.0M$54.0M$56.0M$58.0M$61.0M$63.0M$52.0M
Operating Margin50.3%45.8%48.1%49.8%49.8%46.5%48.3%49.4%50.3%50.7%52.2%42.5%
Interest$20.0M$19.0M$19.0M$18.0M$18.0M$20.0M$20.0M$21.0M$28.0M$25.0M$25.0M$26.0M
Profit Before Tax$51.0M$8.0M$67.0M$36.0M$38.0M$23.0M$18.0M$23.0M$26.0M$35.0M$47.0M$41.0M
Tax$200,000$-3.3M$610,000$1.5M$-770,000$2.3M$1.9M$850,000$800,000$1.1M$670,000$850,000
Net Profit$48.0M$8.0M$63.0M$35.0M$37.0M$22.0M$17.0M$24.0M$25.0M$33.0M$46.0M$40.0M
EPS$0.26$0.03$0.35$0.19$0.19$0.13$0.09$0.11$0.14$0.16$0.23$0.21

Over the 10 years reported for Broadstone Net Lease, Inc., borrowings increased from $867.0M in 2016 to $2.6B in 2025, cash stood at $31.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 285.65 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.0B$2.6B$3.1B$3.9B$4.3B$4.6B$5.5B$5.3B$5.2B$5.7B
Current Assets$67.0M$70.0M$92.0M$98.0M$204.0M$140.0M$159.0M$174.0M$181.0M$4.9B
Cash$22.0M$9.0M$19.0M$12.0M$100.0M$22.0M$22.0M$19.0M$15.0M$31.0M
Inventory$-10.0M$-11.0M$-18.0M$0$0$0$0$0$0$0
Receivables$43.0M$59.0M$70.0M$85.0M$104.0M$118.0M$137.0M$154.0M$166.0M$4.0M
Fixed Assets$11.0M$14.0M$14.0M$13.0M$11.0M$10.0M$9.0M$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$10.0M$10.0M$-3.1B$0$0$0$0$0$0$4.8B
Other Assets$0$0$0$0$340.0M$340.0M$340.0M$340.0M$340.0M$340.0M
Total Liabilities$954.0M$1.3B$1.6B$2.1B$1.8B$1.9B$2.2B$2.1B$2.1B$2.7B
Current Liabilities$121.0M$297.0M$173.0M$238.0M$79.0M$90.0M$109.0M$110.0M$113.0M$17.0M
Borrowings$867.0M$1.2B$1.4B$2.1B$1.6B$1.7B$2.0B$1.9B$1.9B$2.6B
Other Liabilities$87.0M$117.0M$122.0M$65.0M$159.0M$188.0M$172.0M$164.0M$162.0M$68.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$912.0M$1.2B$1.4B$1.7B$2.3B$2.6B$3.1B$3.0B$3.0B$2.9B

For Broadstone Net Lease, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $270.0M; free cash flow was positive in 10 of 10 years; financing activities used $6.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$67.0M$98.0M$128.0M$147.0M$179.0M$245.0M$256.0M$271.0M$276.0M$299.0M
Investing Cash Flow$-942.0M$-1.2B$-1.1B$-837.0M$-71.0M$-584.0M$-891.0M$-22.0M$-76.0M$-705.0M
Financing Cash Flow$230.0M$246.0M$195.0M$258.0M$-13.0M$258.0M$477.0M$-11.0M$-11.0M$-6.0M
Net Cash Flow$-4.0M$-12.0M$9.0M$1.0M$90.0M$-83.0M$32.0M$-39.0M$-5.0M$18.0M
Free Cash Flow$65.0M$91.0M$123.0M$142.0M$168.0M$243.0M$225.0M$225.0M$259.0M$270.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.61
EV / EBITDA14.82
FCF Yield7.45%
Quick Ratio22.61
Interest Coverage2.24
Return 1Y21.73%
Return 3Y60.42%
Return 5Y9.06%

Broadstone Net Lease, Inc. (BNL) financials — frequently asked questions

What is Broadstone Net Lease, Inc.'s annual revenue?

Broadstone Net Lease, Inc. (BNL) reported annual revenue of $459.0M in its most recent fiscal year.

What is Broadstone Net Lease, Inc.'s net profit?

Broadstone Net Lease, Inc. (BNL) reported net profit of $103.0M in its most recent fiscal year.

What is BNL EV/EBITDA?

Broadstone Net Lease, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 14.82.

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