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Agree Realty Corporation (ADC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - RETAIL · DATA UPDATED 2026-09-19

Agree Realty Corporation (ADC) operates in the REIT - RETAIL industry and is headquartered in Royal Oak, United States with about 90 employees. Its market capitalization is roughly $8 billion. In the fiscal year ended 2025-12-31, ADC reported $718M in revenue and $204M in net income.

Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants.

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ADC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$779M	$718M	$617M	$537M	$430M	$339M	$249M	$187M	$137M	$112M	$92M	$70M	$54M	$44M	$35M	$30M	$27M	$34M	$36M	$34M	$33M
Gross Profit	$683M	$630M	$542M	$471M	$378M	$298M	$217M	$164M	$120M	$99M	$83M	$64M	$49M	$40M	$31M	$27M	$24M	$31M	$33M	$34M	$33M
Gross Margin %	87.7%	87.7%	87.9%	87.6%	87.8%	87.9%	87.2%	87.5%	87.6%	88.8%	90.6%	90.9%	90.8%	91.6%	90.4%	88.5%	88.6%	88.7%	92.8%	100.0%	100.0%
Operating Income (EBIT)	$377M	$340M	$302M	$254M	$218M	$190M	$133M	$114M	$73M	$63M	$52M	$40M	$28M	$25M	$19M	$15M	$9M	$21M	$21M	$21M	$20M
Operating Margin %	48.4%	47.4%	49.0%	47.3%	50.7%	56.1%	53.6%	61.0%	53.2%	56.5%	56.4%	57.3%	52.1%	58.4%	56.0%	50.7%	32.1%	59.9%	60.2%	60.0%	60.2%
Net Income	$225M	$204M	$189M	$170M	$152M	$122M	$91M	$80M	$58M	$58M	$45M	$39M	$18M	$20M	$18M	$10M	$15M	$18M	$15M	$15M	$14M
Net Margin %	28.9%	28.4%	30.7%	31.6%	35.5%	36.0%	36.8%	42.7%	42.4%	52.1%	49.3%	55.8%	34.5%	45.2%	52.1%	31.6%	54.9%	52.3%	42.1%	44.9%	42.5%
EBITDA	—	$617M	$543M	$464M	$386M	$296M	$216M	$162M	$119M	$95M	$75M	$57M	$42M	$34M	$27M	$23M	$21M	$27M	$27M	$26M	$25M
Earnings Per Share (EPS)	$1.92	$1.84	$1.86	$1.78	$1.93	$1.82	$1.74	$1.94	$1.80	$2.10	$1.97	$2.16	$1.24	$1.50	$1.62	$0.99	$1.54	$2.14	$1.79	$2.01	$1.83
Shares Outstanding (M)	—	111M	102M	95M	79M	67M	52M	41M	32M	28M	23M	18M	15M	13M	11M	10M	10M	8M	8M	8M	8M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ADC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$205M	$201M	$190M	$183M	$176M	$169M	$161M	$154M	$153M
Gross Profit	$180M	$176M	$166M	$161M	$154M	$149M	$140M	$136M	$135M
Gross Margin %	87.8%	87.6%	87.4%	88.0%	87.6%	87.9%	87.3%	88.1%	88.4%
Operating Income (EBIT)	$99M	$99M	$92M	$87M	$82M	$79M	$75M	$74M	$82M
Operating Margin %	48.3%	49.1%	48.5%	47.6%	46.7%	46.5%	46.9%	48.2%	53.7%
Net Income	$55M	$62M	$56M	$52M	$49M	$47M	$45M	$44M	$55M
Net Margin %	26.8%	31.0%	29.4%	28.4%	28.0%	27.8%	28.1%	28.7%	35.9%
EBITDA	—	$139M	$166M	$158M	$150M	$143M	$140M	$134M	$141M
Earnings Per Share (EPS)	$0.44	$0.52	$0.49	$0.47	$0.46	$0.44	$0.43	$0.44	$0.54
Shares Outstanding (M)	—	120M	115M	112M	108M	108M	105M	102M	100M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ADC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$534M	$504M	$432M	$392M	$362M	$246M	$143M	$127M	$93M	$82M	$62M	$45M	$35M	$30M	$21M	$25M	$26M	$24M	$22M	$22M	$20M
Capital Expenditures (CapEx)	—	$1.6B	$977M	$1.3B	$1.7B	$1.4B	$1.3B	$733M	$633M	$363M	$326M	$0M	$160M	$91M	$85M	$37M	$39M	$9M	$21M	$20M	$9M
Free Cash Flow (FCF)	—	($1.1B)	($545M)	($897M)	($1.3B)	($1.2B)	($1.2B)	($606M)	($539M)	($281M)	($264M)	$45M	($125M)	($61M)	($63M)	($12M)	($13M)	$15M	$1M	$2M	$11M
FCF Margin %	—	-150.2%	-88.4%	-166.9%	-302.1%	-352.4%	-484.1%	-323.2%	-393.4%	-251.7%	-288.5%	63.8%	-232.8%	-140.1%	-182.8%	-38.4%	-46.4%	43.1%	1.4%	5.5%	33.4%
Dividends Paid	—	$348M	$311M	$285M	$228M	$196M	$116M	$90M	$68M	$55M	$42M	$33M	$25M	$21M	$18M	$17M	$19M	$17M	$17M	$16M	$16M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ADC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$131M	$145M	$111M	$147M	$120M	$127M	$91M	$129M	$113M
Capital Expenditures (CapEx)	—	$412M	$1.6B	$1.2B	$734M	$383M	$977M	$599M	$0M
Free Cash Flow (FCF)	—	($267M)	($1.5B)	($1.0B)	($614M)	($256M)	($886M)	($470M)	$113M
FCF Margin %	—	-133.1%	-772.9%	-570.5%	-349.8%	-151.6%	-551.2%	-304.8%	73.9%
Dividends Paid	—	$97M	$91M	$87M	$86M	$84M	$80M	$77M	$77M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ADC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$10.6B	$9.8B	$8.5B	$7.8B	$6.7B	$5.2B	$3.9B	$2.7B	$2.0B	$1.5B	$1.1B	$793M	$594M	$463M	$370M	$294M	$285M	$262M	$262M	$239M	$224M
Cash & Cash Equivalents	$12M	$16M	$6M	$11M	$28M	$43M	$6M	$16M	$54M	$51M	$33M	$3M	$5M	$15M	$1M	$2M	$1M	$1M	$1M	$1M	$0M
Total Liabilities	$4.1B	$3.5B	$3.0B	$2.6B	$2.1B	$1.8B	$1.4B	$973M	$790M	$583M	$426M	$339M	$238M	$171M	$172M	$132M	$118M	$122M	$124M	$102M	$87M
Total Debt (Short + Long-Term)	$3.9B	$6.2B	$2.8B	$2.4B	$3.8B	$1.7B	$1.2B	$872M	$722M	$520M	$404M	$323M	$224M	$168M	$43.7B	$177M	$72M	$130M	$130M	$769M	$756M
Total Shareholders' Equity	$6.5B	$6.3B	$5.5B	$5.2B	$4.6B	$3.4B	$2.5B	$1.7B	$1.2B	$911M	$686M	$454M	$356M	$292M	$198M	$162M	$164M	$137M	$133M	$132M	$130M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive ADC viewer.

ADC Metric Deep Dives

Other Companies in REIT - RETAIL

BRX · Brixmor Property — $9 billion
NNN · NNN REIT, Inc. — $8 billion
MAC · Macerich Company — $7 billion
EPRT · Essential Properties Realty Trust Inc — $6 billion
KRG · Kite Realty Group Trust — $5 billion
SKT · Tanger Factory Outlet Centers Inc — $4 billion
CURB · Curbline Properties Corp. — $3 billion
AKR · Acadia Realty Trust — $3 billion

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