Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes were attributable to the following (in thousands):

	Years ended December 31,
	2025		2024		2023
Domestic	$	791,719	$	666,110	$	755,872
Foreign	363,410		267,832		173,063
Total income before taxes	$	1,155,129	$	933,942	$	928,935

Schedule of Provision for Income Taxes

Provision for income taxes consisted of the following (in thousands):

	Years ended December 31,
	2025		2024		2023
Current
Federal	$	—	$	(407)	$	792
State and local	14,450		8,783		10,139
Foreign	70,293		54,673		41,086
Total current	$	84,743	$	63,049	$	52,017
Deferred
Federal	$	—	$	—	$	—
State and local	—		—		—
Foreign	603		3,552		4
Total deferred	$	603	$	3,552	$	4
Total provision for income taxes	$	85,346	$	66,601	$	52,021

Schedule of Income Taxes Paid

The following table summarizes our supplemental cash flow information during the periods indicated below (in thousands):

	Years ended December 31,
	2025		2024		2023
Supplemental disclosures:
Cash paid for interest	$	1,072,484	$	970,009	$	692,004
Cash paid for income taxes	$	49,785	$	32,278	$	12,283
Non-cash activities:
Net (decrease) increase in fair value of derivatives	$	(163,318)	$	64,092	$	(116,145)
Term loans assumed at fair value	$	—	$	1,300,000	$	—
Notes payable assumed at fair value	$	—	$	2,481,486	$	—
Increase in noncontrolling interests from property acquisitions	$	—	$	—	$	39,156
Issuance/conversion of common partnership units of Realty Income, L.P.	$	—	$	47,253	$	—

Income taxes paid for the year ended December 31, 2025 are as follows (in thousands):

	Year ended December 31,
	2025
Federal	$	(233)
State and Local	$	16,827
United Kingdom	$	30,665
Other	2,526
Total Foreign	$	33,191
Total income taxes paid	$	49,785