ADC · Agree Realty Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.81M | - | $183.22M | $175.53M | $169.16M | - | $154.33M | $152.57M | $149.45M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $11.48M | - | $10.89M | $11.33M | $10.77M | - | $9.11M | $9.71M | $9.52M | - |
| Total Operating Expenses | $104.48M | - | $97.02M | $95.03M | $91.24M | - | $81.68M | $77.78M | $81.00M | - |
| D&A | $66.70M | - | $61.18M | $58.94M | $55.76M | - | $51.50M | $50.45M | $48.46M | - |
| Operating Income | $98.55M | - | $87.26M | $82.01M | $78.70M | - | $74.44M | $81.97M | $70.50M | - |
| Interest Expense | $35.97M | - | $35.21M | $32.27M | $24.45M | - | $20.80M | $19.95M | $24.45M | - |
| Income Tax | $500.0K | - | $225.0K | $425.0K | $825.0K | - | $1.08M | $1.00M | $1.15M | - |
| Net Income | $62.05M | - | $52.12M | $49.20M | $47.00M | - | $44.38M | $54.72M | $44.86M | - |
| EPS - Basic | $0.50 | - | $0.45 | $0.43 | $0.42 | - | $0.42 | $0.53 | $0.43 | - |
| EPS - Diluted | $0.50 | - | $0.45 | $0.43 | $0.42 | - | $0.42 | $0.52 | $0.43 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.08M | $16.30M | $13.70M | $5.82M | $7.92M | $6.40M | $13.24M | $9.64M | $6.31M | $10.91M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $10.18B | $9.80B | $9.48B | $9.08B | $8.80B | $8.49B | $8.18B | $8.00B | $7.87B | $7.77B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.94B | $3.53B | $3.61B | $3.43B | $3.16B | $2.98B | $2.89B | $2.84B | $2.69B | $2.57B |
| Stockholders' Equity | $6.24B | $6.27B | $5.87B | $5.65B | $5.64B | $5.51B | $5.29B | $5.16B | $5.18B | $5.20B |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $145.16M | - | - | - | $126.66M | - | - | - | $103.14M | - |
| Investing Cash Flow | ($430.17M) | - | - | - | ($380.86M) | - | - | - | ($125.97M) | - |
| Financing Cash Flow | $295.60M | - | - | - | $258.97M | - | - | - | $23.73M | - |
| CapEx | - | - | - | - | - | - | $216.00M | $187.60M | $128.30M | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | ($25.16M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 49.1% | - | 47.6% | 46.7% | 46.5% | - | 48.2% | 53.7% | 47.2% | - |
| EBITDA margin | 82.3% | - | 81.0% | 80.3% | 79.5% | - | 81.6% | 86.8% | 79.6% | - |
| Net margin | 30.9% | - | 28.4% | 28.0% | 27.8% | - | 28.8% | 35.9% | 30.0% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | -16.8% | - |
| FCF / Net income | - | - | - | - | - | - | - | - | -0.56 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 5.7% | - | 5.9% | 6.5% | 6.4% | - | 5.9% | 6.4% | 6.4% | - |
| Effective tax rate | 0.8% | - | 0.4% | 0.9% | 1.7% | - | 2.4% | 1.8% | 2.5% | - |
| Return on assets | 0.6% | - | 0.5% | 0.5% | 0.5% | - | 0.5% | 0.7% | 0.6% | - |
| Return on equity | 1.0% | - | 0.9% | 0.9% | 0.8% | - | 0.8% | 1.1% | 0.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 2.7x | - | 2.5x | 2.5x | 3.2x | - | 3.6x | 4.1x | 2.9x | - |
| Equity multiplier | 1.63 | 1.56 | 1.61 | 1.61 | 1.56 | 1.54 | 1.55 | 1.55 | 1.52 | 1.50 |
| Liabilities / Assets | 0.39 | 0.36 | 0.38 | 0.38 | 0.36 | 0.35 | 0.35 | 0.35 | 0.34 | 0.33 |
| Efficiency | ||||||||||
| Asset turnover | 0.02 | - | 0.02 | 0.02 | 0.02 | - | 0.02 | 0.02 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 150.8x | - | 157.9x | 169.9x | 183.8x | - | 179.4x | 119.1x | 132.8x | - |
| P / B | 1.5x | - | 1.3x | 1.4x | 1.5x | - | 1.4x | 1.2x | 1.1x | - |
| P / S | 45.2x | - | 43.2x | 45.9x | 49.1x | - | 49.6x | 40.8x | 38.3x | - |
| EV / EBITDA | 54.8x | - | 53.3x | 57.2x | 61.7x | - | 60.7x | 46.9x | 48.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 18.7% | - | 18.7% | 15.0% | 13.2% | - | 12.8% | 17.5% | 18.0% | - |
| Revenue CAGR (3y) | 16.6% | - | 18.5% | 18.7% | 19.8% | - | 20.8% | 22.7% | 24.3% | - |
| Revenue CAGR (5y) | 20.9% | - | 23.5% | 25.0% | 24.8% | - | 26.3% | 27.7% | 28.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 25.2% | - | 17.2% | 0.0% | 11.6% | - | 18.0% | 33.0% | 16.5% | - |
| Net income growth (YoY) | 32.0% | - | 17.4% | -10.1% | 4.8% | - | 6.9% | 33.9% | 7.8% | - |
| EPS growth (YoY) | 19.0% | - | 7.1% | -17.3% | -2.3% | - | 2.4% | 23.8% | -2.3% | - |
| EPS CAGR (3y) | 4.4% | - | -0.7% | -1.5% | -4.4% | - | -6.9% | 15.2% | -3.6% | - |
| EPS CAGR (5y) | 0.8% | - | 2.9% | -1.8% | -1.8% | - | -2.6% | 2.9% | -2.2% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 88.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 10.5% | 13.8% | 10.9% | 9.5% | 9.0% | 6.0% | 0.9% | 3.7% | 8.0% | 12.3% |
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing AGREE REALTY CORP against the 5 most active filers in the same SIC group.
Dividends
$3.13/share trailing 12 months · +3.3% YoY
| Ex-date | Per share |
|---|---|
| May 29, 2026 | $0.2670 |
| Apr 30, 2026 | $0.2670 |
| Mar 31, 2026 | $0.2620 |
| Feb 27, 2026 | $0.2620 |
| Jan 30, 2026 | $0.2620 |
| Dec 31, 2025 | $0.2620 |
| Nov 28, 2025 | $0.2620 |
| Oct 31, 2025 | $0.2620 |
| Sep 30, 2025 | $0.2560 |
| Aug 29, 2025 | $0.2560 |
| Jul 31, 2025 | $0.2560 |
| Jun 30, 2025 | $0.2560 |
| May 30, 2025 | $0.2560 |
| Apr 30, 2025 | $0.2560 |
| Mar 31, 2025 | $0.2530 |
| Feb 28, 2025 | $0.2530 |
| Jan 31, 2025 | $0.2530 |
| Dec 31, 2024 | $0.2530 |
| Nov 29, 2024 | $0.2530 |
| Oct 31, 2024 | $0.2530 |
| Sep 30, 2024 | $0.2500 |
| Aug 30, 2024 | $0.2500 |
| Jul 31, 2024 | $0.2500 |
| Jun 28, 2024 | $0.2500 |