Agree Realty (ADC) financial statements
Agree Realty reported revenue of $718M in fiscal 2025, up 25.7% a year over 9 years.
Net income was $204M and the operating margin 47.4%, against 56.4% in 2016.
The diluted share count rose 384% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Agree Realty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $111M | $137M | $187M | $248M | $339M | $430M | $537M | $617M | $718M |
| Selling, general and admin | $8M | $9M | $12M | $16M | $21M | $25M | $30M | $35M | $37M | $44M |
| Operating income | $52M | $63M | $73M | $114M | $133M | $190M | $218M | $254M | $302M | $340M |
| Interest expense | $15M | $18M | $25M | $33M | $40M | $50M | $63M | $81M | $109M | $135M |
| Income tax | $153,000 | $227,000 | $516,000 | $538,000 | $1M | $2M | $3M | $3M | $4M | $2M |
| Net income | $45M | $58M | $58M | $80M | $91M | $122M | $152M | $170M | $189M | $204M |
| EPS (diluted) | $1.97 | $2.08 | $1.78 | $1.93 | $1.74 | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
| Diluted shares | 23M | 28M | 32M | 41M | 52M | 67M | 79M | 95M | 102M | 111M |
| Operating margin | 56.4% | 56.9% | 53.3% | 61.1% | 53.6% | 56.1% | 50.8% | 47.3% | 49.0% | 47.4% |
| Net margin | 49.3% | 52.5% | 42.5% | 42.8% | 36.8% | 36.1% | 35.5% | 31.6% | 30.7% | 28.5% |
Balance sheet
Fiscal years, from Agree Realty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $33M | $51M | $54M | $16M | $6M | $43M | $28M | $11M | $6M | $16M |
| Property, plant and equipment | $943M | $1.2B | $1.6B | — | — | — | — | — | — | — |
| Total assets | $1.1B | $1.5B | $2.0B | $2.7B | $3.9B | $5.2B | $6.7B | $7.8B | $8.5B | $9.8B |
| Total liabilities | $456M | $583M | $790M | $973M | $1.4B | $1.8B | $2.1B | $2.6B | $3.0B | $3.5B |
| Shareholders' equity | $683M | $909M | $1.2B | $1.7B | $2.5B | $3.4B | $4.6B | $5.2B | $5.5B | $6.3B |
| Net debt | -$33M | -$51M | -$54M | -$16M | -$6M | -$43M | -$28M | -$11M | -$6M | -$16M |
Cash flow
Fiscal years, from Agree Realty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $62M | $82M | $93M | $127M | $143M | $246M | $362M | $392M | $432M | $504M |
| Capital spending | — | — | $608M | $703M | $1.3B | $1.4B | $1.6B | $1.2B | $874M | — |
| Free cash flow | — | — | -$515M | -$576M | -$1.2B | -$1.1B | -$1.2B | -$808M | -$443M | — |
| Stock-based compensation | $2M | $2M | $3M | $4M | $5M | $5M | $6M | $8M | $11M | $13M |
| Dividends paid | $42M | $55M | $68M | $90M | $116M | $194M | $220M | $278M | $304M | $341M |
| Share buybacks (net) | -$712,000 | -$1M | -$1M | -$1M | -$2M | -$2M | -$2M | -$3M | -$2M | -$4M |
| Free cash flow margin | — | — | -376.3% | -307.7% | -470.0% | -337.3% | -288.1% | -150.4% | -71.7% | — |
| Dividends per share | $1.83 | $1.99 | $2.09 | $2.19 | $2.22 | $2.89 | $2.78 | $2.91 | $2.98 | $3.06 |
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What was Agree Realty's revenue in 2025?
$718M in fiscal 2025, from its 10-K filing.
From Agree Realty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.