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Agree Realty (ADC) Financials

Agree Realty logo
$74.69 -0.42 (-0.55%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$74.74 +0.04 (+0.05%)
As of 08/14/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Agree Realty

Annual Income Statements for Agree Realty

This table shows Agree Realty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 39 45 58 58 80 91 120 145 163 182 197
Consolidated Net Income / (Loss)		 40 46 59 59 81 92 123 153 171 190 205
Net Income / (Loss) Continuing Operations		 40 46 59 59 81 92 123 153 171 190 205
Total Pre-Tax Income 		40 52 63 73 114 133 190 218 254 302 340
Total Revenue		 70 92 112 137 201 257 354 435 539 617 718
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 70 92 112 137 201 257 354 435 539 617 718
Other Non-Interest Income		 70 91 112 137 187 249 339 430 537 617 718
Total Non-Interest Expense		 30 40 49 64 86 123 164 217 285 315 378
Net Occupancy & Equipment Expense		 2.37 3.14 3.61 5.65 6.75 9.02 14 19 25 26 34
Other Operating Expenses		 11 13 18 23 32 44 52 64 77 86 98
Depreciation Expense		 16 23 27 33 46 67 96 134 176 207 239
Impairment Charge		 - 0.00 0.00 2.32 1.61 4.14 1.92 1.02 7.18 7.22 12
Other Special Charges		 - - - - - - - - - -12 -5.42
Income Tax Expense		 - 0.15 0.23 0.52 0.54 1.09 2.40 2.86 2.91 4.31 1.74
Other Gains / (Losses), net		 -0.35 -5.71 -3.94 -14 -33 -40 -65 -62 -81 -108 -134
Preferred Stock Dividends Declared		 - - - - 0.00 0.00 2.15 7.44 7.44 7.44 7.44
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.74 0.68 0.68 0.63 0.68 0.59 0.60 0.60 0.59 0.64 0.64
Basic Earnings per Share		 $2.17 $1.97 $2.09 $1.80 $1.96 $1.76 $1.79 $1.84 $1.70 $1.79 $1.77
Weighted Average Basic Shares Outstanding		 18.00M 22.87M 27.63M 32.07M 40.58M 51.84M 66.80M 78.66M 95.19M 101.10M 110.72M
Diluted Earnings per Share		 $2.16 $1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77
Weighted Average Diluted Shares Outstanding		 18.07M 22.96M 27.70M 32.40M 41.22M 52.40M 67.14M 79.16M 95.44M 101.88M 111.20M
Weighted Average Basic & Diluted Shares Outstanding		 18M 22.90M 27.80M 32.30M 45.57M 63.47M 71.29M 90.17M 100.52M 107.25M 120.03M
Cash Dividends to Common per Share		 - - - - - - $2.41 $2.81 $2.67 $2.99 $3.07

Quarterly Income Statements for Agree Realty

This table shows Agree Realty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 44 43 53 43 43 45 47 50 54 60 53
Consolidated Net Income / (Loss)		 46 45 55 45 45 47 49 52 56 62 55
Net Income / (Loss) Continuing Operations		 46 45 55 45 45 47 49 52 56 62 55
Total Pre-Tax Income 		69 70 82 74 75 79 82 87 92 99 95
Total Revenue		 146 152 160 156 161 169 176 184 187 201 207
Net Interest Income / (Expense)		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 146 152 160 156 161 169 176 184 187 201 207
Net Realized & Unrealized Capital Gains on Investments		 1.55 2.10 7.16 1.85 0.41 - - 0.92 - - 2.01
Other Non-Interest Income		 144 149 153 154 161 169 176 183 190 201 205
Total Non-Interest Expense		 77 81 78 82 86 90 94 97 95 102 112
Net Occupancy & Equipment Expense		 6.84 7.37 6.49 6.02 6.47 8.38 8.42 8.24 8.73 9.64 9.51
Other Operating Expenses		 20 21 21 22 23 23 25 24 26 27 27
Depreciation Expense		 47 48 50 52 57 56 59 61 63 67 69
Impairment Charge		 2.67 4.53 0.00 2.69 - 4.33 2.96 2.98 1.60 1.40 5.90
Income Tax Expense		 0.71 1.15 1.00 1.08 1.08 0.83 0.43 0.23 0.26 0.50 0.38
Other Gains / (Losses), net		 -22 -24 -26 -29 -29 -31 -32 -35 -36 -36 -40
Preferred Stock Dividends Declared		 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.15 0.16 0.19 0.15 0.14 0.15 0.16 0.16 0.17 0.18 0.16
Basic Earnings per Share		 $0.43 $0.43 $0.53 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 $0.44
Weighted Average Basic Shares Outstanding		 95.19M 100.28M 100.35M 100.38M 101.10M 107.05M 109.76M 111.28M 110.72M 119.86M 120.00M
Diluted Earnings per Share		 $0.43 $0.43 $0.52 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 $0.44
Weighted Average Diluted Shares Outstanding		 95.44M 100.34M 100.45M 101.72M 101.88M 107.55M 110.38M 111.51M 111.20M 120.38M 120.49M
Weighted Average Basic & Diluted Shares Outstanding		 100.52M 100.63M 100.62M 103.52M 107.25M 110.02M 110.67M 114.93M 120.03M 120.10M 124.38M

Annual Cash Flow Statements for Agree Realty

This table details how cash moves in and out of Agree Realty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -2.69 31 25 -4.81 -12 -34 37 -16 -14 -8.13 14
Net Cash From Operating Activities		 45 62 82 93 127 143 246 362 392 432 504
Net Cash From Continuing Operating Activities		 45 62 82 93 127 143 246 362 392 432 504
Net Income / (Loss) Continuing Operations		 40 46 59 59 81 92 123 153 171 190 205
Consolidated Net Income / (Loss)		 40 46 59 59 81 92 123 153 171 190 205
Depreciation Expense		 12 15 27 33 46 67 96 134 176 207 239
Amortization Expense		 5.65 8.85 6.07 12 15 17 27 37 38 40 44
Non-Cash Adjustments to Reconcile Net Income		 -9.96 -7.37 -12 -8.23 -8.54 -34 -2.08 17 1.52 -1.77 16
Changes in Operating Assets and Liabilities, net		 -2.30 -0.82 2.48 -4.39 -7.62 -3.45 3.15 21 5.42 -2.64 0.34
Net Cash From Investing Activities		 -203 -298 -319 -568 -668 -1,300 -1,387 -1,616 -1,275 -885 -1,543
Net Cash From Continuing Investing Activities		 -203 -298 -319 -568 -668 -1,300 -1,387 -1,616 -1,275 -885 -1,543
Purchase of Investment Securities		 -231 -326 -363 -634 -733 -1,348 -1,443 -1,661 -1,206 -880 -1,440
Sale and/or Maturity of Investments		 28 29 44 66 65 48 56 45 14 94 42
Other Investing Activities, net		 - - - - - - - - -82 -100 -145
Net Cash From Financing Activities		 155 267 262 470 529 1,123 1,178 1,238 869 445 1,053
Net Cash From Continuing Financing Activities		 155 267 262 470 529 1,123 1,178 1,238 869 445 1,053
Issuance of Debt		 261 372 100 230 195 1,093 1,235 1,333 1,581 1,517 29,355
Issuance of Common Equity		 92 228 223 340 473 896 745 1,258 690 403 904
Repayment of Debt		 -163 -288 -3.15 -28 -43 -744 -767 -1,119 -1,110 -1,148 -28,847
Repurchase of Common Equity		 0.00 -0.71 -1.11 -1.15 -1.41 -1.64 -1.81 -1.91 -2.68 -2.28 -3.74
Payment of Dividends		 -33 -42 -55 -68 -90 -116 -196 -228 -285 -311 -348
Other Financing Activities, Net		 -1.53 -3.21 -1.00 -2.56 -4.14 -4.74 -7.75 -3.68 -4.56 -13 -7.93
Cash Interest Paid		 12 14 17 23 30 38 56 59 71 102 129
Cash Income Taxes Paid		 0.16 0.15 0.26 0.45 0.67 1.15 1.82 2.40 3.07 3.71 1.61

Quarterly Cash Flow Statements for Agree Realty

This table details how cash moves in and out of Agree Realty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 8.14 0.91 8.82 -11 -6.84 4.77 -2.26 7.97 3.74 11 -10
Net Cash From Operating Activities		 98 99 97 140 91 127 120 147 111 145 131
Net Cash From Continuing Operating Activities		 98 99 97 140 91 127 120 147 111 145 131
Net Income / (Loss) Continuing Operations		 46 45 55 45 45 47 49 52 56 62 55
Consolidated Net Income / (Loss)		 46 45 55 45 45 47 49 52 56 62 55
Depreciation Expense		 47 48 50 52 57 56 59 61 63 67 69
Amortization Expense		 8.75 9.56 9.68 10 10 10 10 11 12 13 13
Non-Cash Adjustments to Reconcile Net Income		 4.58 2.01 -7.86 1.95 6.59 2.68 14 0.39 -1.86 -2.23 2.57
Changes in Operating Assets and Liabilities, net		 -4.17 -5.90 -10 30 -20 11 -13 21 -18 5.69 -8.87
Net Cash From Investing Activities		 -191 -122 -164 -247 -348 -381 -345 -444 -373 -430 -483
Net Cash From Continuing Investing Activities		 -191 -122 -164 -247 -348 -381 -345 -444 -373 -430 -483
Purchase of Investment Securities		 -202 -129 -200 -254 -379 -360 -326 -405 -349 -413 -458
Sale and/or Maturity of Investments		 11 21 36 6.89 31 2.38 5.78 15 19 11 30
Other Investing Activities, net		 - -14 - - - -23 -24 -54 -43 -29 -54
Net Cash From Financing Activities		 101 24 76 95 250 259 223 306 265 296 342
Net Cash From Continuing Financing Activities		 101 24 76 95 250 259 223 306 265 296 342
Issuance of Debt		 226 200 570 273 474 474 6,274 12,801 9,806 12,791 30,501
Issuance of Common Equity		 -0.09 0.00 - 175 228 183 41 252 428 0.00 313
Repayment of Debt		 -48 -97 -412 -267 -371 -310 -6,003 -12,659 -9,875 -12,392 -30,374
Repurchase of Common Equity		 -0.01 -2.18 -0.01 -0.07 -0.02 -3.65 -0.01 -0.06 -0.03 -6.06 -0.01
Payment of Dividends		 -76 -77 -77 -77 -80 -84 -86 -87 -91 -97 -97
Other Financing Activities, Net		 -0.30 -0.29 -4.33 -8.13 -0.24 -0.50 -3.96 -0.75 -2.72 -0.44 -0.63
Cash Interest Paid		 40 12 44 6.52 61 12 47 13 57 14 56
Cash Income Taxes Paid		 0.02 2.69 1.41 -0.40 0.02 0.76 1.83 -1.31 0.33 -0.04 1.08

Annual Balance Sheets for Agree Realty

This table presents Agree Realty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 790 1,142 1,495 2,028 2,665 3,886 5,227 6,713 7,775 8,486 9,798
Cash and Due from Banks		 2.71 33 51 54 16 6.14 43 28 11 6.40 16
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 699 950 1,214 1,661 2,219 3,304 4,367 5,741 6,743 7,418 8,573
Intangible Assets		 77 140 195 280 344 474 672 799 854 865 1,001
Other Assets		 9.99 16 32 33 87 102 145 145 167 197 208
Total Liabilities & Shareholders' Equity		 790 1,142 1,495 2,028 2,665 3,886 5,227 6,713 7,775 8,486 9,798
Total Liabilities		 336 456 583 790 973 1,360 1,808 2,083 2,575 2,976 3,526
Short-Term Debt		 18 14 14 19 89 92 160 100 227 158 321
Other Short-Term Payables		 13 18 27 42 74 106 87 106 127 144 172
Long-Term Debt		 299 387 506 701 783 1,126 1,528 1,840 2,184 2,627 2,974
Other Long-Term Liabilities		 5.84 35 33 27 27 36 33 37 37 46 60
Total Equity & Noncontrolling Interests		 454 686 911 1,238 1,692 2,526 3,419 4,630 5,200 5,511 6,271
Total Preferred & Common Equity		 451 683 909 1,236 1,689 2,524 3,418 4,629 5,199 5,510 6,271
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 175 175 175 175 175
Total Common Equity		 451 683 909 1,236 1,689 2,524 3,243 4,454 5,024 5,335 6,096
Common Stock		 483 712 936 1,278 1,753 2,652 3,396 4,659 5,354 5,766 6,679
Accumulated Other Comprehensive Income / (Loss)		 -3.13 -0.54 1.38 1.42 -6.49 -36 -5.50 24 17 40 36
Other Equity Adjustments		 -28 -29 -29 -43 -57 -91 -147 -228 -346 -471 -619
Noncontrolling Interest		 2.50 2.53 2.53 2.41 2.23 1.76 1.63 1.39 0.94 0.62 0.17

Quarterly Balance Sheets for Agree Realty

This table presents Agree Realty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 6,986 7,272 7,647 7,869 8,001 8,184 8,801 9,085 9,484 10,180 10,587
Cash and Due from Banks		 12 8.07 6.38 6.31 9.64 13 7.92 5.82 14 25 13
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 6,012 6,274 6,614 6,821 6,953 7,128 7,697 7,959 8,297 8,886 9,244
Intangible Assets		 804 826 849 841 838 838 897 923 967 1,033 1,079
Other Assets		 159 164 177 200 201 205 199 197 206 236 251
Total Liabilities & Shareholders' Equity		 6,986 7,272 7,647 7,869 8,001 8,184 8,801 9,085 9,484 10,180 10,587
Total Liabilities		 2,189 2,294 2,402 2,689 2,838 2,890 3,156 3,430 3,611 3,941 4,067
Short-Term Debt		 196 303 49 330 43 49 322 247 389 470 497
Other Short-Term Payables		 116 112 132 138 132 169 158 - 192 186 175
Long-Term Debt		 1,840 1,841 2,183 2,184 2,626 2,627 2,628 2,973 2,973 3,224 3,324
Other Long-Term Liabilities		 36 38 37 37 37 45 47 211 57 62 71
Total Equity & Noncontrolling Interests		 4,798 4,978 5,245 5,179 5,163 5,295 5,645 5,654 5,873 6,239 6,520
Total Preferred & Common Equity		 4,797 4,977 5,244 5,179 5,162 5,294 5,644 5,654 5,873 6,239 6,520
Preferred Stock		 175 175 175 175 175 175 175 175 175 175 175
Total Common Equity		 4,622 4,802 5,069 5,004 4,987 5,119 5,469 5,479 5,698 6,064 6,345
Common Stock		 4,853 5,060 5,352 5,354 5,357 5,535 5,948 5,993 6,248 6,677 6,993
Accumulated Other Comprehensive Income / (Loss)		 23 26 33 27 31 18 29 32 32 41 50
Other Equity Adjustments		 -254 -284 -316 -378 -401 -434 -508 -545 -581 -653 -698
Noncontrolling Interest		 1.30 1.21 1.11 0.88 0.82 0.67 0.47 0.36 0.26 0.09 -0.01

Annual Metrics And Ratios for Agree Realty

This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.17 $1.97 $2.09 $1.80 $1.96 $1.76 $1.79 $1.84 $1.70 $1.79 $1.77
Adjusted Weighted Average Basic Shares Outstanding		 18.00M 22.87M 27.63M 32.07M 40.58M 51.84M 66.80M 78.66M 95.19M 101.10M 110.72M
Adjusted Diluted Earnings per Share		 $2.16 $1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77
Adjusted Weighted Average Diluted Shares Outstanding		 18.07M 22.96M 27.70M 32.40M 41.22M 52.40M 67.14M 79.16M 95.44M 101.88M 111.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.70M 26.15M 30.99M 37.54M 45.57M 63.47M 71.29M 90.17M 100.52M 107.25M 120.03M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Agree Realty

This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 120,028,299.00 120,102,901.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 120,028,299.00 120,102,901.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.52 0.46
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 25.03% 19.69% 22.66% 14.17% 10.59% 12.13% 10.83% 17.90% - 18.71% 18.00%
EBITDA Growth		 19.23% 15.92% 24.43% 15.19% 13.41% 12.58% 6.45% 17.26% - 23.03% 17.53%
EBIT Growth		 20.32% 16.51% 33.00% 18.02% 8.90% 11.63% 0.05% 17.22% - 25.23% 16.23%
NOPAT Growth		 20.61% 16.11% 32.90% 17.64% 8.46% 12.29% 0.76% 18.63% - 25.92% 16.37%
Net Income Growth		 12.33% 7.76% 33.89% 6.89% -1.57% 4.74% -10.13% 17.41% - 31.99% 11.06%
EPS Growth		 -2.27% -2.27% 23.81% 2.44% -4.65% -2.33% -17.31% 7.14% - 19.05% 2.33%
Operating Cash Flow Growth		 5.19% 9.53% 8.29% 27.85% -6.75% 27.74% 6.06% 13.92% - 14.61% 9.47%
Free Cash Flow Firm Growth		 30.89% 36.82% 45.25% 58.24% 37.18% -4.16% -52.69% -181.15% - -50.53% -42.88%
Invested Capital Growth		 15.84% 12.58% 9.97% 6.59% 9.00% 11.71% 13.30% 15.88% - 15.56% 16.53%
Revenue Q/Q Growth		 6.52% 4.00% 5.40% -2.22% 3.18% 5.46% 4.18% 4.02% - 7.22% 3.14%
EBITDA Q/Q Growth		 5.88% 2.67% 10.57% -4.16% 4.24% 1.92% 4.54% 5.58% - 6.05% -0.13%
EBIT Q/Q Growth		 9.67% 1.91% 16.27% -9.18% 1.20% 4.46% 4.21% 6.41% - 6.62% -3.29%
NOPAT Q/Q Growth		 9.78% 1.29% 16.75% -9.38% 1.22% 4.86% 4.76% 6.69% - 6.38% -3.18%
Net Income Q/Q Growth		 10.67% -2.36% 21.99% -18.91% 1.91% 3.90% 4.68% 5.93% - 10.71% -11.93%
EPS Q/Q Growth		 4.88% 0.00% 20.93% -19.23% -2.38% 2.44% 2.38% 4.65% - 6.38% -12.00%
Operating Cash Flow Q/Q Growth		 -10.79% 5.24% -5.98% 44.83% -34.93% 38.58% -5.54% 22.46% - 30.40% -9.77%
Free Cash Flow Firm Q/Q Growth		 3.12% 18.71% 20.41% 33.37% -45.73% -34.79% -16.67% -22.68% - -5.23% -10.74%
Invested Capital Q/Q Growth		 1.78% 1.09% 1.79% 1.77% 4.09% 3.60% 3.25% 4.07% - 3.83% 4.12%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 85.91% 84.81% 88.96% 87.20% 88.10% 85.15% 85.44% 86.73% - 88.65% 85.84%
EBIT Margin		 47.47% 46.52% 51.32% 47.66% 46.75% 46.31% 46.32% 47.39% - 49.08% 46.02%
Profit (Net Income) Margin		 31.64% 29.70% 34.38% 28.51% 28.16% 27.75% 27.88% 28.39% - 30.99% 26.46%
Tax Burden Percent		 66.64% 63.85% 66.99% 59.81% 60.23% 59.91% 60.18% 59.91% - 63.14% 57.50%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 1.02% 1.63% 1.22% 1.45% 1.43% 1.05% 0.52% 0.26% - 0.51% 0.39%
Return on Invested Capital (ROIC)		 3.57% 3.55% 4.03% 3.73% 3.64% 3.64% 3.66% 3.80% - 3.95% 3.73%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.55% 2.49% 2.94% 2.55% 2.53% 2.52% 2.57% 2.65% - 2.88% 2.59%
Return on Net Nonoperating Assets (RNNOA)		 1.13% 1.13% 1.40% 1.19% 1.23% 1.27% 1.40% 1.43% - 1.61% 1.50%
Return on Equity (ROE)		 4.70% 4.69% 5.42% 4.92% 4.87% 4.91% 5.06% 5.24% - 5.56% 5.23%
Cash Return on Invested Capital (CROIC)		 -11.13% -8.24% -5.74% -2.59% -4.87% -7.30% -8.80% -10.98% - -10.56% -11.40%
Operating Return on Assets (OROA)		 3.53% 3.53% 3.99% 3.69% 3.61% 3.59% 3.60% 3.71% - 3.88% 3.66%
Return on Assets (ROA)		 2.36% 2.26% 2.67% 2.21% 2.18% 2.15% 2.17% 2.22% - 2.45% 2.10%
Return on Common Equity (ROCE)		 4.53% 4.52% 5.23% 4.75% 4.71% 4.75% 4.90% 5.07% - 5.40% 5.08%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 3.36% 3.64% 3.60% 0.00% 3.40% 3.30% 3.31% - 3.53% 3.46%
Net Operating Profit after Tax (NOPAT)		 68 69 81 73 74 78 82 87 - 98 95
NOPAT Margin		 46.99% 45.76% 50.69% 46.97% 46.08% 45.82% 46.08% 47.26% - 48.83% 45.84%
Net Nonoperating Expense Percent (NNEP)		 1.03% 1.07% 1.08% 1.18% 1.11% 1.12% 1.09% 1.15% - 1.08% 1.14%
SG&A Expenses to Revenue		 4.69% 4.87% 4.06% 3.85% 4.02% 4.93% 4.75% 4.48% - 4.80% 4.59%
Operating Expenses to Revenue		 52.53% 53.48% 48.68% 52.34% 53.25% 53.69% 53.68% 52.61% - 50.92% 53.98%
Earnings before Interest and Taxes (EBIT)		 69 70 82 74 75 79 82 87 - 99 95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 125 129 142 136 142 145 151 160 - 178 178
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.20 1.13 1.25 1.48 1.36 1.51 1.46 1.38 - 1.49 1.43
Price to Tangible Book Value (P/TBV)		 1.44 1.36 1.50 1.77 1.63 1.81 1.76 1.66 - 1.80 1.73
Price to Revenue (P/Rev)		 11.16 10.01 10.46 12.36 11.56 12.80 12.06 11.36 - 12.06 11.64
Price to Earnings (P/E)		 37.05 34.08 34.57 41.54 39.99 45.02 44.90 42.24 - 42.68 41.84
Dividend Yield		 4.87% 5.23% 4.80% 3.96% 4.27% 3.91% 4.17% 4.30% - 4.12% 4.15%
Earnings Yield		 2.70% 2.93% 2.89% 2.41% 2.50% 2.22% 2.23% 2.37% - 2.34% 2.39%
Enterprise Value to Invested Capital (EV/IC)		 1.13 1.08 1.15 1.31 1.23 1.33 1.28 1.23 - 1.30 1.26
Enterprise Value to Revenue (EV/Rev)		 15.94 14.77 15.23 16.99 16.26 17.61 17.16 16.45 - 17.19 16.73
Enterprise Value to EBITDA (EV/EBITDA)		 18.35 17.14 17.60 19.58 18.63 20.17 19.85 19.05 - 19.63 19.14
Enterprise Value to EBIT (EV/EBIT)		 33.80 31.52 31.77 35.19 33.82 36.71 36.71 35.22 - 35.78 35.01
Enterprise Value to NOPAT (EV/NOPAT)		 34.19 31.92 32.17 35.66 34.31 37.19 37.12 35.50 - 35.92 35.14
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.95 20.80 22.17 23.75 23.66 24.80 24.44 23.51 - 24.67 24.50
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.46 0.49 0.52 0.51 0.51 0.52 0.57 0.57 - 0.59 0.59
Long-Term Debt to Equity		 0.42 0.42 0.51 0.50 0.48 0.47 0.53 0.51 - 0.52 0.51
Financial Leverage		 0.44 0.46 0.47 0.47 0.49 0.50 0.54 0.54 - 0.56 0.58
Leverage Ratio		 1.47 1.49 1.51 1.50 1.52 1.54 1.58 1.58 - 1.60 1.62
Compound Leverage Factor		 1.47 1.49 1.51 1.50 1.52 1.54 1.58 1.58 - 1.60 1.62
Debt to Total Capital		 31.68% 32.68% 34.08% 33.57% 33.58% 34.32% 36.28% 36.41% - 37.19% 36.95%
Short-Term Debt to Total Capital		 2.98% 4.29% 0.55% 0.61% 1.90% 3.75% 2.78% 4.21% - 4.73% 4.81%
Long-Term Debt to Total Capital		 28.69% 28.39% 33.53% 32.96% 31.67% 30.58% 33.50% 32.19% - 32.46% 32.14%
Preferred Equity to Total Capital		 2.30% 2.27% 2.23% 2.20% 2.11% 2.04% 1.97% 1.89% - 1.76% 1.69%
Noncontrolling Interests to Total Capital		 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 66.01% 65.03% 63.68% 64.23% 64.31% 63.64% 61.74% 61.70% - 61.05% 61.36%
Debt to EBITDA		 5.15 5.17 5.19 5.03 5.08 5.22 5.61 5.63 - 5.62 5.59
Net Debt to EBITDA		 5.12 5.16 5.17 5.00 5.06 5.21 5.60 5.60 - 5.58 5.57
Long-Term Debt to EBITDA		 4.66 4.49 5.11 4.94 4.79 4.65 5.18 4.98 - 4.91 4.86
Debt to NOPAT		 9.59 9.63 9.49 9.16 9.35 9.63 10.48 10.48 - 10.29 10.27
Net Debt to NOPAT		 9.54 9.61 9.46 9.11 9.33 9.60 10.47 10.44 - 10.22 10.23
Long-Term Debt to NOPAT		 8.68 8.37 9.34 8.99 8.82 8.58 9.68 9.27 - 8.98 8.93
Noncontrolling Interest Sharing Ratio		 3.58% 3.53% 3.47% 3.34% 3.28% 3.25% 3.25% 3.14% - 2.95% 2.88%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -972 -790 -629 -419 -611 -823 -960 -1,178 - -1,239 -1,372
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.08 - 0.08 0.08
Fixed Asset Turnover		 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 - 0.09 0.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,611 7,694 7,832 7,970 8,296 8,595 8,874 9,236 - 9,932 10,341
Invested Capital Turnover		 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 - 0.08 0.08
Increase / (Decrease) in Invested Capital		 1,041 860 710 492 685 901 1,042 1,265 - 1,337 1,467
Enterprise Value (EV)		 8,597 8,334 9,045 10,418 10,223 11,396 11,399 11,386 - 12,891 13,080
Market Capitalization		 6,022 5,650 6,210 7,580 7,268 8,279 8,010 7,862 - 9,048 9,097
Book Value per Share		 $49.98 $49.89 $49.56 $50.87 $51.54 $51.00 $49.80 $51.49 - $50.52 $52.83
Tangible Book Value per Share		 $41.49 $41.51 $41.23 $42.55 $43.18 $42.63 $41.41 $42.75 - $41.91 $43.84
Total Capital		 7,611 7,694 7,832 7,970 8,296 8,595 8,874 9,236 - 9,932 10,341
Total Debt		 2,411 2,514 2,669 2,676 2,785 2,950 3,220 3,362 - 3,693 3,821
Total Long-Term Debt		 2,184 2,184 2,626 2,627 2,627 2,628 2,973 2,973 - 3,224 3,324
Net Debt		 2,400 2,508 2,659 2,662 2,779 2,942 3,214 3,349 - 3,668 3,809
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 22 24 26 29 29 31 32 35 - 36 40
Net Nonoperating Obligations (NNO)		 2,411 2,514 2,669 2,676 2,785 2,950 3,220 3,362 - 3,693 3,821
Total Depreciation and Amortization (D&A)		 56 58 60 62 67 66 69 72 - 79 82
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.43 $0.43 $0.53 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 $0.44
Adjusted Weighted Average Basic Shares Outstanding		 95.19M 100.28M 100.35M 100.38M 101.10M 107.05M 109.76M 111.28M 110.72M 119.86M 120.00M
Adjusted Diluted Earnings per Share		 $0.43 $0.43 $0.52 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 $0.44
Adjusted Weighted Average Diluted Shares Outstanding		 95.44M 100.34M 100.45M 101.72M 101.88M 107.55M 110.38M 111.51M 111.20M 120.38M 120.49M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 100.52M 100.63M 100.62M 103.52M 107.25M 110.02M 110.67M 114.93M 120.03M 120.10M 124.38M
Normalized Net Operating Profit after Tax (NOPAT)		 71 74 81 76 74 82 85 90 - 97 101
Normalized NOPAT Margin		 48.80% 48.70% 50.69% 48.67% 46.08% 48.35% 47.75% 48.88% - 48.42% 48.68%
Pre Tax Income Margin		 47.47% 46.52% 51.32% 47.66% 46.75% 46.31% 46.32% 47.39% - 49.08% 46.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 167.18% 170.60% 160.84% 161.03% 163.85% 165.76% 175.53% 173.51% - 164.10% 165.21%
Augmented Payout Ratio		 168.75% 171.90% 162.04% 162.23% 165.05% 167.71% 177.54% 175.44% - 166.90% 167.94%

Financials Breakdown Chart

Key Financial Trends

Agree Realty (NYSE: ADC) has shown a steady, income-producing profile over the last several years, with revenue, earnings, and operating cash flow generally trending higher. The company’s balance sheet has also expanded as it added assets and used debt and equity financing to support growth. That said, the latest quarter shows some pressure from higher leverage, ongoing dividend commitments, and a large investment portfolio that can create volatility in reported results.

  • Revenue has grown meaningfully over time. Q1 2026 revenue was $200.8 million, up from $169.2 million in Q1 2025 and $151.5 million in Q1 2024, showing a clear multi-year upward trend.
  • Net income continues to rise. Common shareholder earnings increased to $60.2 million in Q1 2026 from $45.1 million in Q1 2025 and $43.0 million in Q1 2024.
  • Operating cash flow remains strong. Q1 2026 operating cash flow was $145.2 million, compared with $126.7 million in Q1 2025 and $99.2 million in Q1 2024.
  • Depreciation and amortization add substantial non-cash support to cash generation. These add-backs continue to help convert reported earnings into stronger operating cash flow.
  • Book equity has expanded. Total common equity rose to $6.06 billion in Q1 2026 from $5.47 billion in Q1 2025 and $4.62 billion in Q1 2024.
  • The asset base has grown steadily. Total assets increased to $10.18 billion in Q1 2026 from $8.80 billion in Q1 2025 and $7.87 billion in Q1 2024.
  • EPS has improved only modestly. Basic EPS was $0.50 in Q1 2026 versus $0.42 in Q1 2025 and $0.43 in Q1 2024, suggesting earnings growth is positive but not dramatic on a per-share basis.
  • Share count has moved up over time. Weighted average diluted shares were 120.4 million in Q1 2026, up from 107.5 million in Q1 2025 and 100.3 million in Q1 2024, which can dilute per-share growth.
  • Cash balances are small relative to the balance sheet. Cash and equivalents were only $25.1 million at the end of Q1 2026, so liquidity depends more on ongoing cash flow and financing access than on cash reserves.
  • Debt has increased. Total debt in Q1 2026 was about $3.69 billion, up from roughly $3.36 billion in Q1 2025 and $2.96 billion in Q1 2024, indicating greater leverage.

One important takeaway is that Agree Realty’s business is still generating strong cash flow and earnings growth, but it is also funding expansion with substantial debt and equity issuance. That is common for a real estate company, but it means investors should watch leverage, dividend coverage, and interest expense trends closely.

Another notable point is the company’s large gap between reported net income and recurring operating cash flow. For a REIT-like business, depreciation helps explain part of that gap, but investors should still focus on whether cash from operations continues to cover dividends and growth spending.

Overall, the long-term trend looks positive but capital-intensive: growing assets, growing earnings, and strong operating cash flow, balanced against rising debt and ongoing dilution from equity financing.

08/15/26 05:17 PM ETAI Generated. May Contain Errors.

Agree Realty Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Agree Realty's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Agree Realty's net income appears to be on an upward trend, with a most recent value of $204.99 million in 2025, rising from $39.76 million in 2015. The previous period was $189.83 million in 2024. Check out Agree Realty's forecast to explore projected trends and price targets.

Over the last 10 years, Agree Realty's total revenue changed from $69.97 million in 2015 to $718.40 million in 2025, a change of 926.8%.

Agree Realty's total liabilities were at $3.53 billion at the end of 2025, a 18.5% increase from 2024, and a 948.6% increase since 2015.

In the past 10 years, Agree Realty's cash and equivalents has ranged from $2.71 million in 2015 to $53.96 million in 2018, and is currently $16.30 million as of their latest financial filing in 2025.


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Financial statements for NYSE:ADC last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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