Agree Realty Corporation (ADC)

Agree Realty Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Property Revenue	749.73	718.16	616.82	537.4	429.63	339.07
Service and Other Revenue	0.32	0.24	0.27	0.09	0.18	0.26
Revenue	750.05	718.4	617.1	537.5	429.81	339.32
Revenue Growth (YoY)	17.78%	16.42%	14.81%	25.05%	26.67%	36.51%
Property Expenses	37.24	35.92	27.97	26.63	20.2	15.55
Total Property Expenses	37.24	35.92	27.97	26.63	20.2	15.55
Property Taxes	55.43	52.23	46.88	40.09	32.08	25.51
Gross Profit	657.38	630.25	542.25	470.78	377.53	298.26
Selling, General & Admin	44.77	44.06	37.23	34.79	30.12	25.46
Depreciation & Amortization Expenses	250.25	239.31	206.99	176.28	133.57	95.73
Other Operating Expenses	8.94	11.87	7.22	7.18	1.02	1.92
Operating Income	353.41	335.01	290.8	252.54	212.83	175.16
Net Gains on Disposal of Properties	6.84	5.39	11.44	1.85	5.26	15.11
Interest Expense	-139.82	-134.61	-108.9	-81.12	-63.44	-50.38
Other Non-Operating Income (Expense)	1.05	0.94	0.8	0.19	1.25	14.61
Total Non-Operating Income (Expense)	-131.93	-128.29	-96.66	-79.08	-56.93	-20.65
Pretax Income	221.48	206.72	194.14	173.46	155.9	154.51
Provision for Income Taxes	1.41	1.74	4.31	2.91	2.86	2.4
Net Income	211.97	196.91	181.76	162.52	145	120.13
Minority Interest in Earnings	0.67	0.64	0.64	0.59	0.6	0.6
Net Income Attributable to Preferred Dividends	7.44	7.44	7.44	7.44	7.44	2.15
Net Income to Common	211.97	196.91	181.76	162.52	145	120.13
Net Income Growth	15.26%	8.34%	11.84%	12.08%	20.71%	31.45%
Shares Outstanding (Basic)	114	111	101	95	79	67
Shares Outstanding (Diluted)	114	111	102	95	79	67
Shares Change (YoY)	10.34%	9.15%	6.75%	21.33%	17.75%	28.87%
EPS (Basic)	1.85	1.77	1.79	1.70	1.84	1.79
EPS (Diluted)	1.85	1.77	1.78	1.70	1.84	1.79
EPS Growth	4.52%	-0.56%	4.71%	-7.61%	2.79%	1.70%
Shares Outstanding	120.1	120.03	107.25	100.52	90.17	71.29
Free Cash Flow	-1,121	-1,081	-547.77	-897.24	-1,299	-1,196
Free Cash Flow Per Share	-9.80	-9.72	-5.38	-9.40	-16.51	-17.91
Dividends Per Share	3.108	3.081	3.000	2.919	2.805	2.604
Dividend Growth	0.88%	2.70%	2.77%	4.06%	7.72%	8.27%
Gross Margin	87.64%	87.73%	87.87%	87.59%	87.84%	87.90%
Operating Margin	47.12%	46.63%	47.12%	46.98%	49.52%	51.62%
Profit Margin	29.34%	28.53%	30.76%	31.73%	35.60%	36.21%
FCF Margin	-149.44%	-150.48%	-88.77%	-166.93%	-302.17%	-352.56%
EBITDA	649.81	618.14	537.35	466.65	383.8	297.53
EBITDA Margin	86.64%	86.04%	87.08%	86.82%	89.29%	87.68%
EBIT	353.41	335.01	290.8	252.54	212.83	175.16
EBIT Margin	47.12%	46.63%	47.12%	46.98%	49.52%	51.62%
Effective Tax Rate	0.64%	0.84%	2.22%	1.68%	1.83%	1.55%

Updated Apr 21, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q