Agree Realty Corporation (ADC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.47	$0.47	0.0%	—	$205.1M	—
Q1 26	$0.47	$0.49	+4.3%	—	$200.8M	—
Q4 25	$0.47	$0.47	0.0%	—	$190.5M	—
Q3 25	$0.46	$0.47	+2.2%	—	$183.2M	—
Q2 25	$0.46	$0.46	0.0%	—	$175.5M	—
Q1 25	$0.43	$0.46	+7.0%	—	$169.2M	—
Q4 24	$0.44	$0.41	-6.8%	—	$160.7M	—
Q3 24	$0.43	$0.4	-7.0%	—	$154.3M	—
Q2 24	$0.45	$0.45	0.0%	—	$152.6M	—
Q1 24	$0.46	$0.47	+2.2%	—	$149.5M	—
Q4 23	$0.46	$0.47	+2.2%	—	$144.2M	—
Q3 23	$0.42	$0.37	-11.9%	—	$136.8M	—
Q2 23	$0.43	$0.42	-2.3%	—	$129.9M	—
Q1 23	$0.44	$0.44	0.0%	—	$126.6M	—
Q4 22	$0.42	$0.44	+4.8%	—	$116.5M	—
Q3 22	$0.44	$0.46	+4.5%	—	$110.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.77	—	—	$718.4M	—
FY24	—	$1.79	—	—	$617.1M	—
FY23	—	$1.7	—	—	$537.5M	—
FY22	—	$1.84	—	—	$429.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$91.5M	$111.5M	$137.1M	$187.5M	$248.6M	$339.3M	$429.8M	$537.5M	$617.1M	$718.4M
YoY change	+30.8%	+21.8%	+23%	+36.7%	+32.6%	+36.5%	+26.7%	+25.1%	+14.8%	+16.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	91.5M	111.5M	137.1M	187.5M	248.6M	339.3M	429.8M	537.5M	617.1M	718.4M
Cost of revenue	8.6M	12.5M	17M	23.5M	31.8M	41.1M	52.3M	66.7M	74.8M	88.1M
Gross profit	82.9M	99M	120.1M	164M	216.8M	298.3M	377.5M	470.8M	542.2M	630.3M
Gross margin	90.6%	88.8%	87.6%	87.5%	87.2%	87.9%	87.8%	87.6%	87.9%	87.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.9M	9.4M	11.8M	15.6M	20.8M	25.5M	30.1M	34.8M	37.2M	44.1M
Operating expenses	7.9M	9.4M	11.8M	15.6M	20.8M	25.5M	30.1M	34.8M	37.2M	44.1M
Operating income	51.7M	63M	75.3M	102.7M	129.3M	177.1M	213.8M	259.7M	298M	346.9M
Operating margin	56.4%	56.5%	54.9%	54.8%	52%	52.2%	49.8%	48.3%	48.3%	48.3%
Non-operating income, net	9.6M	14.2M	8.9M	11.7M	3.9M	-1.4M	5.5M	-5.1M	5M	-5.5M
Pretax income	46M	59M	59.3M	81.3M	93.1M	125.3M	155.9M	173.5M	194.1M	206.7M
Income tax	153K	227K	516K	538K	1.1M	2.4M	2.9M	2.9M	4.3M	1.7M
Net income	45.8M	58.8M	58.8M	80.8M	92M	122.9M	153M	170.5M	189.8M	205M
Net margin	50%	52.7%	42.9%	43.1%	37%	36.2%	35.6%	31.7%	30.8%	28.5%
EBITDA	65.4M	80.5M	110.2M	150.2M	211.9M	297.3M	381.9M	469.3M	539M	623.5M
EPS	1.97	2.09	1.8	1.96	1.76	1.79	1.84	1.7	1.79	1.77
Diluted EPS	1.97	2.08	1.78	1.93	1.74	1.78	1.83	1.7	1.78	1.77

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	136.8M	144.2M	149.5M	152.6M	154.3M	160.7M	169.2M	175.5M	183.2M	190.5M	200.8M	205.1M
Cost of revenue	16.1M	17.9M	18.5M	17.6M	18.4M	20.4M	20.4M	21.8M	22M	24M	24.9M	25.4M
Gross profit	120.8M	126.2M	131M	135M	136M	140.4M	148.8M	153.7M	161.3M	166.5M	175.9M	179.7M
Gross margin	88.3%	87.6%	87.6%	88.4%	88.1%	87.3%	88%	87.6%	88%	87.4%	87.6%	87.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.8M	8.7M	9.5M	9.7M	9.1M	8.9M	10.8M	11.3M	10.9M	11.1M	11.5M	12M
Operating expenses	8.8M	8.7M	9.5M	9.7M	9.1M	8.9M	10.8M	11.3M	10.9M	11.1M	11.5M	12M
Operating income	66.3M	70.3M	73M	74.8M	75.3M	74.9M	82.3M	83.5M	89.2M	92M	97.7M	98.7M
Operating margin	48.5%	48.8%	48.8%	49%	48.8%	46.6%	48.6%	47.5%	48.7%	48.3%	48.7%	48.1%
Non-operating income, net	-3.1M	-1.1M	-2.4M	7.5M	-796K	642K	-3.5M	-1.4M	-1.5M	846K	973K	-3.2M
Pretax income	42.4M	46.8M	46.2M	55.9M	45.6M	46.5M	48M	49.8M	52.5M	56.5M	62.7M	55.2M
Income tax	709K	709K	1.1M	1M	1.1M	1.1M	825K	425K	225K	260K	500K	375K
Net income	41.7M	46.1M	45M	54.9M	44.5M	45.4M	47.1M	49.4M	52.3M	56.2M	62.2M	54.8M
Net margin	30.4%	32%	30.1%	36%	28.9%	28.2%	27.9%	28.1%	28.5%	29.5%	31%	26.7%
EBITDA	120.3M	125M	129.8M	133.9M	135.2M	140.1M	146.6M	151M	160.3M	165.6M	175.8M	179.7M
EPS	0.41	0.44	0.43	0.53	0.42	0.42	0.42	0.43	0.45	0.47	0.5	0.44
Diluted EPS	0.41	0.44	0.43	0.52	0.42	0.41	0.42	0.43	0.45	0.47	0.5	0.44

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	7.1B	8B	8.4B
Enterprise value	—	—	—	—	—	—	—	—	9.9B	11.3B	12.4B
Shares outstanding	22.9M	27.6M	32.1M	40.6M	51.8M	66.8M	78.7M	95.2M	101.1M	110.7M	110.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	37.5	38.9	36.3
P/S	—	—	—	—	—	—	—	—	11.5	11.1	10.8
P/B	—	—	—	—	—	—	—	—	1.29	1.27	1.32
EV/EBITDA	—	—	—	—	—	—	—	—	18.5	18.1	18.3
EV/Sales	—	—	—	—	—	—	—	—	16.1	15.7	15.9
Earnings yield	—	—	—	—	—	—	—	—	2.67%	2.57%	2.76%
FCF yield	—	—	—	—	—	—	—	—	6.06%	6.32%	5.33%
PEG	—	—	—	—	—	—	—	—	—	—	15.6

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	90.6%	88.8%	87.6%	87.5%	87.2%	87.9%	87.8%	87.6%	87.9%	87.7%	87.6%
Operating margin	56.4%	56.5%	54.9%	54.8%	52%	52.2%	49.8%	48.3%	48.3%	48.3%	48.1%
Net margin	50%	52.7%	42.9%	43.1%	37%	36.2%	35.6%	31.7%	30.8%	28.5%	28.8%
ROE	6.68%	6.45%	4.75%	4.77%	3.64%	3.59%	3.31%	3.28%	3.44%	3.27%	3.7%
ROA	4.01%	3.93%	2.9%	3.03%	2.37%	2.35%	2.28%	2.19%	2.24%	2.09%	2.4%
ROIC	4.83%	4.5%	3.88%	3.87%	3.34%	3.32%	3.21%	3.36%	3.5%	3.58%	3.61%
Return on tangible assets	5.31%	5.32%	4.01%	4.08%	3.13%	3.16%	2.99%	2.81%	2.81%	2.63%	2.68%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.15	2.48	1.79	0.98	0.44	1.2	0.89	0.8	0.78	0.83	0.27
Quick ratio	2.15	2.4	1.79	0.93	0.44	1.2	0.89	0.8	0.78	0.83	0.87
Debt / equity	0.61	0.59	0.6	0.57	0.52	0.54	0.42	0.46	0.51	0.53	0.59
Debt / assets	0.36	0.36	0.36	0.36	0.34	0.35	0.29	0.31	0.33	0.34	0.37
Net debt / EBITDA	5.83	6	6.22	6.3	6.15	6.07	5.01	5.11	5.24	5.35	5.69
Interest coverage	—	—	—	—	3.32	3.49	3.46	3.14	2.78	2.54	2.53
Effective tax rate	0.33%	0.38%	0.87%	0.66%	1.17%	1.92%	1.83%	1.68%	2.22%	0.84%	0.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4	4.04	4.28	4.62	4.8	5.08	5.46	5.65	6.1	6.49	6.69
EPS (basic)	1.97	2.09	1.8	1.96	1.76	1.79	1.84	1.7	1.79	1.77	1.77
EPS (diluted)	1.97	2.08	1.78	1.93	1.74	1.78	1.83	1.7	1.78	1.77	1.86
Book value per share	30	33	38.6	41.7	48.7	51.2	58.9	54.6	54.5	56.6	51.1
FCF per share	2.7	2.98	2.91	3.12	2.76	3.69	4.6	4.11	4.27	4.55	4.43
Cash per share	1.46	1.84	1.68	0.38	0.12	0.65	0.35	0.11	0.06	0.15	0.26

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	91.8%	93.8%	115%	111.8%	126.2%	159.4%	148.8%	167.2%	163.9%	169.8%	168.9%
Dividend yield	—	—	—	—	—	—	—	—	4.37%	4.36%	4.76%

Yield

4.76%

trailing twelve months

Frequency

Monthly

Last dividend

$0.267

ex-dividend Aug 31, 2026

Payout ratio

169%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.267
Jul 31, 2026	$0.267
Jun 30, 2026	$0.267

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$136.8M	$144.2M	$149.5M	$152.6M	$154.3M	$160.7M	$169.2M	$175.5M	$183.2M	$190.5M	$200.8M	$205.1M
YoY change	+24.3%	+23.7%	+18%	+17.5%	+12.8%	+11.5%	+13.2%	+15%	+18.7%	+18.5%	+18.7%	+16.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	33.4M	50.8M	54M	15.6M	6.1M	43.3M	27.8M	10.9M	6.4M	16.3M
Receivables	11.5M	15.5M	21.5M	26.8M	37.8M	53.4M	65.8M	83M	106.4M	122.5M
Inventory	0	2.4M	0	3.8M	—	—	—	—	—	—
Total current assets	44.9M	76.7M	75.5M	72.7M	47M	104.4M	94.8M	101.1M	112.8M	143.1M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	279.7M	390.3M	560.3M	687M	947.2M	1.3B	1.6B	1.7B	1.7B	2B
Total assets	1.1B	1.5B	2B	2.7B	3.9B	5.2B	6.7B	7.8B	8.5B	9.8B
Accounts payable	5.5M	11.2M	21M	49M	71.4M	70M	83.7M	101.4M	116.3M	139.4M
Short-term debt	14M	14M	19M	89M	92M	160M	—	—	—	—
Total current liabilities	20.9M	30.9M	42.1M	74M	105.9M	86.9M	106.1M	126.9M	144.1M	171.5M
Long-term debt	400.9M	519.6M	720.4M	872.3M	1.2B	1.7B	1.9B	2.4B	2.8B	3.4B
Total liabilities	456.5M	583.4M	789.7M	973M	1.4B	1.8B	2.1B	2.6B	3B	3.5B
Shareholders' equity	685.5M	911.2M	1.2B	1.7B	2.5B	3.4B	4.6B	5.2B	5.5B	6.3B
Total debt	414.9M	533.6M	739.4M	961.3M	1.3B	1.8B	1.9B	2.4B	2.8B	3.4B
Net debt	381.5M	482.8M	685.5M	945.7M	1.3B	1.8B	1.9B	2.4B	2.8B	3.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.4M	10.9M	6.3M	9.6M	13.2M	6.4M	7.9M	5.8M	13.7M	16.3M	25.1M	12.5M
Receivables	77.7M	83M	91.3M	94.9M	98.2M	106.4M	105.5M	108.1M	117.6M	122.5M	129.6M	131.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	87.3M	101.1M	112.2M	119.1M	125.1M	112.8M	117.9M	117M	134.5M	143.1M	160.8M	152.4M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B	1.9B	2B	2.1B	2.2B
Total assets	7.6B	7.8B	7.9B	8B	8.2B	8.5B	8.8B	9.1B	9.5B	9.8B	10.2B	10.6B
Accounts payable	106.8M	101.4M	112.4M	106.1M	142.2M	116.3M	129.7M	132.1M	161.8M	139.4M	154.1M	141.2M
Short-term debt	—	—	—	—	—	—	—	247M	—	—	—	—
Total current liabilities	131.9M	126.9M	137.9M	131.9M	168.8M	144.1M	158.2M	408.1M	191.7M	171.5M	186.2M	175.1M
Long-term debt	2.2B	2.4B	2.6B	2.7B	2.7B	2.8B	3B	3B	3.4B	3.4B	3.8B	3.9B
Total liabilities	2.4B	2.6B	2.7B	2.8B	2.9B	3B	3.2B	3.4B	3.6B	3.5B	3.9B	4.1B
Shareholders' equity	5.2B	5.2B	5.2B	5.2B	5.3B	5.5B	5.6B	5.7B	5.9B	6.3B	6.2B	6.5B
Total debt	2.2B	2.4B	2.6B	2.7B	2.7B	2.8B	3B	3.3B	3.4B	3.4B	3.8B	3.9B
Net debt	2.2B	2.4B	2.5B	2.7B	2.7B	2.8B	3B	3.3B	3.4B	3.3B	3.7B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	45.8M	58.8M	58.8M	80.8M	92M	122.9M	153M	170.5M	189.8M	205M
Depreciation & amortization	23.4M	31.8M	43.7M	59.2M	82.6M	120M	166.9M	209.4M	240.2M	275.7M
Stock-based compensation	2.3M	2.4M	2.9M	4M	4.7M	4.8M	6.5M	8.3M	10.8M	13M
Change in working capital	-2.1M	1.3M	-5.8M	-10.4M	-5M	3.1M	20.7M	-5M	-16.9M	344K
Operating cash flow	70.1M	95.2M	100.7M	134.9M	168M	242.6M	338M	375.9M	417.6M	504.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	28.2M	43.8M	64.5M	65.1M	46.5M	55.5M	44.4M	13.4M	91.9M	40.4M
Dividends paid	-42.1M	-55.1M	-67.6M	-90.3M	-116.1M	-195.8M	-227.7M	-285.1M	-311M	-348.1M
Share repurchases	-712K	-1.1M	-1.1M	-1.4M	-1.6M	-1.8M	-1.9M	-2.7M	-2.3M	-3.7M
Financing cash flow	266.5M	262.3M	470.1M	529M	382.7M	651.6M	142.5M	-235M	445.3M	1.1B
Net change in cash	364.9M	401.3M	635.3M	728.9M	597.1M	949.7M	525M	154.3M	954.8M	1.6B
Free cash flow	61.7M	82.2M	93.2M	126.7M	143M	246.3M	362.1M	391.6M	432M	504.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	41.7M	46.1M	45M	54.9M	44.5M	45.4M	47.1M	49.4M	52.3M	56.2M	62.2M	54.8M
Depreciation & amortization	53.9M	54.7M	56.8M	58.8M	59.8M	64.9M	64.3M	67.5M	70.5M	73.4M	77.4M	80.3M
Stock-based compensation	2.2M	2.2M	2.4M	2.8M	2.8M	2.8M	3.1M	3.3M	3.3M	3.3M	3.5M	3.8M
Change in working capital	-1.6M	6M	-1.9M	5.4M	-2.9M	2.3M	10.8M	-5.6M	-7M	9.9M	5.7M	6M
Operating cash flow	94.6M	107.1M	100.7M	119.8M	102.8M	114M	123.1M	112.5M	146.5M	111.3M	145.2M	131M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	67K	10.3M	20.8M	35.2M	6M	29.9M	2.3M	5.6M	13.8M	18.8M	11M	29M
Dividends paid	-72.3M	-75.9M	-76.6M	-77M	-77.3M	-80.1M	-83.7M	-86M	-87M	-91.3M	-96.8M	-97.5M
Share repurchases	-57K	-12K	-2.2M	-7K	-72K	-19K	-3.6M	-9K	-61K	-25K	-6.1M	-10K
Financing cash flow	940.6M	-1.1B	-73.3M	-535.9M	95.4M	250.1M	259M	223.1M	305.8M	265.4M	295.6M	341.8M
Net change in cash	1B	-1B	48.3M	-380.9M	204.2M	394.1M	384.3M	341.1M	466M	395.5M	451.8M	501.8M
Free cash flow	109.9M	98M	103.1M	101M	128.6M	91.4M	126.7M	119.6M	146.5M	111.3M	145.2M	131M

Agree Realty Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement