In the latest period of Q4'25, Realty Income Corp's (O) gross margin remained stable at 92.7%, reflecting consistent cost management in its core operations. Operating margin stood at 41.9%, showing a slight uptick from the prior quarter, while net profit margin was 19.9%, indicating ongoing pressures from taxes and other expenses but a recovery from Q2'25's low of 14.0%. Over the period from Q1'23 to Q4'25, gross margin exhibited remarkable stability, fluctuating narrowly between 90.7% and 93.2% with no significant trends, underscoring the company's resilient revenue-to-cost structure in the REIT sector. Operating margin showed moderate volatility, peaking at 42.5% in Q3'25 after dipping to 30.3% in Q1'24, driven by operational efficiencies and occasional cost headwinds. Net profit margin trended lower overall, averaging around 18% but with notable declines to 10.3% in Q1'24 and 14.0% in Q2'25, highlighting sensitivity to interest expenses and economic factors amid rising rates, though recent quarters suggest stabilization.