Agree Realty Corporation (ADC)

Agree Realty Cash Flow 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
Net Income	220.07	204.99	189.83	170.55	153.04	122.88
Depreciation & Amortization	296.4	283.13	246.55	214.11	170.97	122.37
Stock-Based Compensation	13.4	12.99	10.81	8.34	6.46	4.8
Other Adjustments	-9.44	2.68	-12.57	-6.82	10.31	-7.38
Change in Receivables	-6.05	1.18	-12.09	-5.09	0.8	-4.45
Changes in Accounts Payable	12.76	5.74	14.25	10.38	15.05	10.83
Changes in Other Operating Activities	-11.5	-6.58	-4.8	0.12	4.89	-3.23
Operating Cash Flow	522.64	504.14	431.97	391.6	362.12	246.32
Operating Cash Flow Growth	10.91%	16.71%	10.31%	8.14%	47.02%	72.30%
Capital Expenditures	-1,643	-1,585	-979.74	-1,289	-1,661	-1,443
Sale of Property, Plant & Equipment	51.04	42.07	94.33	13.84	44.91	56
Investing Cash Flow	-1,592	-1,543	-885.41	-1,275	-1,616	-1,387
Short-Term Debt Issued	41,025	28,958	1,072	1,231	1,035	594
Short-Term Debt Repaid	-40,877	-28,796	-1,141	-1,104	-1,095	-526
Net Short-Term Debt Issued (Repaid)	147.65	162.5	-69	127	-60	68
Long-Term Debt Issued	448.59	397.19	350	444.72	297.51	640.62
Long-Term Debt Repaid	24.96	-1.03	-50.96	-5.53	-24.49	-242.33
Net Long-Term Debt Issued (Repaid)	473.55	396.16	299.04	439.2	273.02	398.3
Issuance of Common Stock	721.22	904.31	402.94	689.9	1,258	744.85
Repurchase of Common Stock	-6.15	-3.74	-2.28	-2.68	-1.91	-1.81
Net Common Stock Issued (Repurchased)	715.07	900.57	400.66	687.21	1,256	743.03
Issuance of Preferred Stock	-	-	-	-	-	170.31
Net Preferred Stock Issued (Repurchased)	-	-	-	-	-	170.31
Common Dividends Paid	-353.71	-340.65	-303.6	-277.68	-220.3	-194.3
Preferred Share Dividends Paid	-7.44	-7.44	-7.44	-7.44	-7.44	-
Other Financing Activities	-4.56	-10.69	-7.9	-12.96	-3.68	-7.75
Financing Cash Flow	1,090	1,053	445.31	869.01	1,238	1,178
Net Cash Flow	20.04	14.22	-8.13	-14.39	-16.34	37.3
Free Cash Flow	-1,121	-1,081	-547.77	-897.24	-1,299	-1,196
FCF Margin	-149.44%	-150.48%	-88.77%	-166.93%	-302.17%	-352.56%
Free Cash Flow Per Share	-9.80	-9.72	-5.38	-9.40	-16.51	-17.91
Levered Free Cash Flow	-512.67	-547.33	-311.94	-335.51	-1,112	-726.23
Unlevered Free Cash Flow	-994.67	-970.71	-439.39	-815.92	-1,261	-1,140

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

SEC Filings: 10-K · 10-Q