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Agree Realty (ADC)

NYSE Real Estate Retail REITs S&P MidCap 400
$69.87
-0.59 (-0.84%)
Close of Nov 06, 2026 · end-of-day data
Source: Agree Realty's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue$91.53M$111.52M$137.12M$187.48M$248.57M$339.32M$429.81M$537.50M$617.10M$718.40M
Operating income$51.66M$62.96M$73.01M$114.39M$133.13M$190.27M$218.09M$254.39M$302.24M$340.39M
Interest expense$15.34M$18.14M$24.87M$33.09M$40.10M$50.38M$63.44M$81.12M$108.90M$134.61M
Income tax$153.00K$227.00K$516.00K$538.00K$1.09M$2.40M$2.86M$2.91M$4.31M$1.74M
Net income$45.12M$58.11M$58.17M$80.08M$91.38M$122.27M$152.44M$169.96M$189.20M$204.35M
EBITDA$75.07M$89.62M$106.04M$160.10M$199.89M$286.00M$351.65M$430.66M$509.23M$579.70M
EPS (basic)$1.97$2.09$1.80$1.96$1.76$1.79$1.84$1.70$1.79$1.77
EPS (diluted)$1.97$2.08$1.78$1.93$1.74$1.78$1.83$1.70$1.78$1.77
Diluted shares22.96M27.70M32.40M41.22M52.40M67.14M79.16M95.44M101.88M111.20M
Operating margin56.4%56.5%53.2%61.0%53.6%56.1%50.7%47.3%49.0%47.4%
Net margin49.3%52.1%42.4%42.7%36.8%36.0%35.5%31.6%30.7%28.4%

Balance sheet

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$33.40M$50.81M$53.95M$15.60M$6.14M$43.25M$27.76M$10.91M$6.40M$16.30M
Total assets$1.14B$1.49B$2.03B$2.66B$3.89B$5.23B$6.71B$7.77B$8.49B$9.80B
Long-term debt$404.05M$522.40M$724.06M—$1.23B$1.69B————
Total debt$404.05M$522.40M$724.06M—$1.23B$1.69B————
Total liabilities$456.46M$583.44M$789.70M$972.97M$1.36B$1.81B$2.08B$2.57B$2.98B$3.53B
Shareholders' equity$682.98M$908.66M$1.24B$1.69B$2.52B$3.42B$4.63B$5.20B$5.51B$6.27B

Cash flow

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$61.73M$82.20M$93.25M$126.71M$142.96M$246.31M$362.12M$391.60M$431.97M$504.14M
Capital expenditures——$608.30M$702.90M$1.31B$1.39B$1.60B$1.20B$874.50M—
Free cash flow$61.73M$82.20M-$515.05M-$576.19M-$1.17B-$1.14B-$1.24B-$808.40M-$442.53M$504.14M
Investing cash flow-$297.55M-$319.10M-$568.12M-$667.52M-$1.30B-$1.39B-$1.62B-$1.27B-$885.41M-$1.54B
Financing cash flow$266.50M$262.28M$470.06M$528.99M$1.12B$1.18B$1.24B$869.01M$445.31M$1.05B
Dividends paid$42.06M$55.15M$67.64M$90.26M$116.11M$194.30M$220.30M$277.68M$303.60M$340.65M
Share buybacks$712.00K$1.11M$1.15M$1.41M$1.64M$1.81M$1.91M$2.68M$2.28M$3.74M
Stock-based compensation$2.26M$2.39M$2.95M$3.98M$4.70M$4.80M$6.46M$8.34M$10.80M$12.99M
Depreciation & amortization$23.41M$26.66M$33.03M$45.70M$66.76M$95.73M$133.57M$176.28M$206.99M$239.31M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.