What is Agree Rlty Corp's earnings per share (EPS)?

Agree Rlty Corp (ADC) reported diluted earnings per share of $1.77 for fiscal year 2025. This represents a -0.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Agree Rlty Corp Financials

ADC

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Agree Rlty Corp (ADC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ADC FY2025 2026-07-25

Growth is funded mainly by external capital while cash from operations increasingly supports dividends but not asset expansion.

By FY2025, operating cash flow reached $504M, enough to cover dividends paid of $341M, but expansion still depended on outside funding because investing cash outflow was $1.54B and was only partly bridged by $1.05B of financing inflow. The important shift is that internal cash now better supports the payout, while balance-sheet growth still relies on recurring access to capital.

The notable pattern is high operating margins near 47.0% to 49.0% alongside return on assets holding around 2.1% to 2.3%; profit on reported revenue looks strong, but each incremental dollar of earnings sits on a very large asset base. That points to an asset-heavy income model where scale accumulates on the balance sheet faster than it turns into high asset returns.

Interest expense rose from $109M in FY2024 to $135M in FY2025, while net income increased more modestly from $189M to $204M. With debt-to-equity edging from 0.5x to 0.6x and net margin slipping from 30.7% to 28.5%, a larger share of growth is being absorbed by financing costs rather than widening profitability.

Financial Health Signals

Financial Health Score 44/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Agree Rlty Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/6

Agree Rlty Corp passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.47x

For every $1 of reported earnings, Agree Rlty Corp generates $2.47 in operating cash flow ($504.1M OCF vs $204.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.5x

Agree Rlty Corp earns $2.5 in operating income for every $1 of interest expense ($340.4M vs $134.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$718.4M

YoY+16.4%

5Y CAGR+23.6%

10Y CAGR+26.2%

Agree Rlty Corp generated $718.4M in revenue in fiscal year 2025. This represents an increase of 16.4% from the prior year.

EBITDA

$579.7M

YoY+13.8%

5Y CAGR+23.7%

10Y CAGR+26.2%

Agree Rlty Corp's EBITDA was $579.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.8% from the prior year.

Net Income

$204.3M

YoY+8.0%

5Y CAGR+17.5%

10Y CAGR+18.0%

Agree Rlty Corp reported $204.3M in net income in fiscal year 2025. This represents an increase of 8.0% from the prior year.

EPS (Diluted)

$1.77

YoY-0.6%

5Y CAGR+0.3%

10Y CAGR-2.0%

Agree Rlty Corp earned $1.77 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 0.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$16.3M

YoY+154.6%

5Y CAGR+21.6%

10Y CAGR+19.6%

Agree Rlty Corp held $16.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.08

YoY+2.7%

Agree Rlty Corp paid $3.08 per share in dividends in fiscal year 2025. This represents an increase of 2.7% from the prior year.

Shares Outstanding

120M

YoY+11.9%

5Y CAGR+14.9%

10Y CAGR+19.3%

Agree Rlty Corp had 120M shares outstanding in fiscal year 2025. This represents an increase of 11.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

47.4%

YoY-1.6pp

5Y CAGR-6.2pp

10Y CAGR-10.0pp

Agree Rlty Corp's operating margin was 47.4% in fiscal year 2025, reflecting core business profitability. This is down 1.6 percentage points from the prior year.

Net Margin

28.4%

YoY-2.2pp

5Y CAGR-8.3pp

10Y CAGR-27.3pp

Agree Rlty Corp's net profit margin was 28.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.

Return on Equity

3.3%

YoY-0.2pp

5Y CAGR-0.4pp

10Y CAGR-5.4pp

Agree Rlty Corp's ROE was 3.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.7M

YoY+64.0%

5Y CAGR+17.9%

Agree Rlty Corp spent $3.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 64.0% from the prior year.

Capital Expenditures

N/A

ADC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$718.4M+16.4%	$617.1M+14.8%	$537.5M+25.1%	$429.8M+26.7%	$339.3M+36.5%	$248.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$44.1M+18.3%	$37.2M+7.0%	$34.8M+15.5%	$30.1M+18.3%	$25.5M+22.4%	$20.8M
Operating Income	$340.4M+12.6%	$302.2M+18.8%	$254.4M+16.6%	$218.1M+14.6%	$190.3M+42.9%	$133.1M
Interest Expense	$134.6M+23.6%	$108.9M+34.3%	$81.1M+27.9%	$63.4M+25.9%	$50.4M+25.6%	$40.1M
Income Tax	$1.7M-59.7%	$4.3M+48.0%	$2.9M+1.7%	$2.9M+19.1%	$2.4M+121.1%	$1.1M
Net Income	$204.3M+8.0%	$189.2M+11.3%	$170.0M+11.5%	$152.4M+24.7%	$122.3M+33.8%	$91.4M
EPS (Diluted)	$1.77-0.6%	$1.78+4.7%	$1.70-7.1%	$1.83+2.8%	$1.78+2.3%	$1.74

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$200.8M+5.4%	$190.5M+4.0%	$183.2M+4.4%	$175.5M+3.8%	$169.2M+5.2%	$160.7M+4.1%	$154.3M+1.2%	$152.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.5M+3.7%	$11.1M+1.7%	$10.9M-3.9%	$11.3M+5.2%	$10.8M+21.1%	$8.9M-2.4%	$9.1M-6.1%	$9.7M
Operating Income	$98.6M+6.6%	$92.4M+5.9%	$87.3M+6.4%	$82.0M+4.2%	$78.7M+4.5%	$75.3M+1.2%	$74.4M-9.2%	$82.0M
Interest Expense	$36.0M-1.1%	$36.4M+3.3%	$35.2M+9.1%	$32.3M+4.9%	$30.8M+5.7%	$29.1M+0.5%	$28.9M+9.6%	$26.4M
Income Tax	$500K+92.3%	$260K+15.6%	$225K-47.1%	$425K-48.5%	$825K-23.3%	$1.1M-0.1%	$1.1M+7.3%	$1.0M
Net Income	$62.1M+10.7%	$56.0M+7.5%	$52.1M+5.9%	$49.2M+4.7%	$47.0M+3.9%	$45.2M+1.9%	$44.4M-18.9%	$54.7M
EPS (Diluted)	$0.50	N/A	$0.45+4.7%	$0.43+2.4%	$0.42	N/A	$0.42-19.2%	$0.52

ADC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.8B+15.5%	$8.5B+9.2%	$7.8B+15.8%	$6.7B+28.4%	$5.2B+34.5%	$3.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$16.3M+154.6%	$6.4M-41.3%	$10.9M-60.7%	$27.8M-35.8%	$43.3M+604.8%	$6.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$122.5M+15.1%	$106.4M+28.3%	$83.0M+26.0%	$65.8M+23.2%	$53.4M+41.4%	$37.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.5B+18.5%	$3.0B+15.6%	$2.6B+23.6%	$2.1B+15.2%	$1.8B+32.9%	$1.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	$1.7B+38.2%	$1.2B
Total Equity	$6.3B+13.8%	$5.5B+6.0%	$5.2B+12.3%	$4.6B+35.4%	$3.4B+35.4%	$2.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$10.2B+3.9%	$9.8B+3.3%	$9.5B+4.4%	$9.1B+3.2%	$8.8B+3.7%	$8.5B+3.7%	$8.2B+2.3%	$8.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$25.1M+53.9%	$16.3M+19.0%	$13.7M+135.2%	$5.8M-26.4%	$7.9M+23.7%	$6.4M-51.7%	$13.2M+37.3%	$9.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$129.6M+5.8%	$122.5M+4.1%	$117.6M+8.8%	$108.1M+2.5%	$105.5M-0.9%	$106.4M+8.4%	$98.2M+3.5%	$94.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.9B+11.8%	$3.5B-2.3%	$3.6B+5.3%	$3.4B+8.7%	$3.2B+6.0%	$3.0B+3.0%	$2.9B+1.8%	$2.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.2B-0.5%	$6.3B+6.8%	$5.9B+3.9%	$5.7B+0.2%	$5.6B+2.4%	$5.5B+4.1%	$5.3B+2.6%	$5.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ADC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$504.1M+16.7%	$432.0M+10.3%	$391.6M+8.1%	$362.1M+47.0%	$246.3M+72.3%	$143.0M
Capital Expenditures	N/A	$874.5M-27.1%	$1.2B-25.0%	$1.6B+15.1%	$1.4B+6.1%	$1.3B
Free Cash Flow	N/A	-$442.5M+45.3%	-$808.4M+34.7%	-$1.2B-8.2%	-$1.1B+2.0%	-$1.2B
Investing Cash Flow	-$1.5B-74.3%	-$885.4M+30.6%	-$1.3B+21.1%	-$1.6B-16.5%	-$1.4B-6.7%	-$1.3B
Financing Cash Flow	$1.1B+136.5%	$445.3M-48.8%	$869.0M-29.8%	$1.2B+5.1%	$1.2B+4.9%	$1.1B
Dividends Paid	$340.7M+12.2%	$303.6M+9.3%	$277.7M+26.0%	$220.3M+13.4%	$194.3M+67.3%	$116.1M
Share Buybacks	$3.7M+64.0%	$2.3M-15.0%	$2.7M+40.4%	$1.9M+5.5%	$1.8M+10.5%	$1.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$145.2M+30.4%	$111.3M-24.0%	$146.5M+22.5%	$119.6M-5.5%	$126.7M+38.6%	$91.4M-28.9%	$128.6M+14.0%	$112.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$343.1M+58.8%	$216.0M+15.1%	$187.6M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$251.7M-188.0%	-$87.4M-16.8%	-$74.8M
Investing Cash Flow	-$430.2M-15.3%	-$373.0M+16.0%	-$444.3M-28.8%	-$345.0M+9.4%	-$380.9M-9.3%	-$348.3M-48.2%	-$235.0M-30.5%	-$180.1M
Financing Cash Flow	$295.6M+11.4%	$265.4M-13.2%	$305.8M+37.1%	$223.1M-13.9%	$259.0M+3.5%	$250.1M+162.3%	$95.4M+25.3%	$76.1M
Dividends Paid	$94.9M+6.1%	$89.5M+5.1%	$85.2M+1.2%	$84.2M+2.8%	$81.9M+4.6%	$78.3M+3.7%	$75.5M+0.4%	$75.2M
Share Buybacks	$6.1M+24132.0%	$25K-59.0%	$61K+577.8%	$9K-99.8%	$3.6M+19084.2%	$19K-73.6%	$72K+928.6%	$7K

ADC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	47.4%-1.6pp	49.0%+1.7pp	47.3%-3.4pp	50.7%-5.3pp	56.1%+2.5pp	53.6%
Net Margin	28.4%-2.2pp	30.7%-1.0pp	31.6%-3.9pp	35.5%-0.6pp	36.0%-0.7pp	36.8%
Return on Equity	3.3%-0.2pp	3.4%+0.2pp	3.3%-0.0pp	3.3%-0.3pp	3.6%-0.0pp	3.6%
Return on Assets	2.1%-0.1pp	2.2%+0.0pp	2.2%-0.1pp	2.3%-0.1pp	2.3%0.0pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.56+0.0	0.54+0.0	0.50+0.0	0.45-0.0	0.50+0.0	0.49
FCF Margin	N/A	-71.7%+78.7pp	-150.4%+137.6pp	-288.0%+49.0pp	-337.0%+132.5pp	-469.5%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	49.1%+0.6pp	48.5%+0.9pp	47.6%+0.9pp	46.7%+0.2pp	46.5%-0.4pp	46.9%-1.4pp	48.2%-5.5pp	53.7%
Net Margin	30.9%+1.5pp	29.4%+1.0pp	28.4%+0.4pp	28.0%+0.3pp	27.8%-0.4pp	28.1%-0.6pp	28.7%-7.1pp	35.9%
Return on Equity	1.0%+0.1pp	0.9%0.0pp	0.9%+0.0pp	0.9%+0.0pp	0.8%0.0pp	0.8%-0.0pp	0.8%-0.2pp	1.1%
Return on Assets	0.6%+0.0pp	0.6%+0.0pp	0.5%0.0pp	0.5%+0.0pp	0.5%0.0pp	0.5%-0.0pp	0.5%-0.1pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.63+0.1	0.56-0.1	0.610.0	0.61+0.0	0.56+0.0	0.540.0	0.550.0	0.55
FCF Margin	N/A	N/A	N/A	N/A	N/A	-156.6%-100.0pp	-56.6%-7.6pp	-49.0%

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Frequently Asked Questions

What is Agree Rlty Corp's annual revenue?

Agree Rlty Corp (ADC) reported $718.4M in total revenue for fiscal year 2025. This represents a 16.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Agree Rlty Corp's revenue growing?

Agree Rlty Corp (ADC) revenue grew by 16.4% year-over-year, from $617.1M to $718.4M in fiscal year 2025.

Is Agree Rlty Corp profitable?

Yes, Agree Rlty Corp (ADC) reported a net income of $204.3M in fiscal year 2025, with a net profit margin of 28.4%.

What is Agree Rlty Corp's EBITDA?

Agree Rlty Corp (ADC) had EBITDA of $579.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Agree Rlty Corp's operating margin?

Agree Rlty Corp (ADC) had an operating margin of 47.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Agree Rlty Corp's net profit margin?

Agree Rlty Corp (ADC) had a net profit margin of 28.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Agree Rlty Corp pay dividends?

Yes, Agree Rlty Corp (ADC) paid $3.08 per share in dividends during fiscal year 2025.

What is Agree Rlty Corp's return on equity (ROE)?

Agree Rlty Corp (ADC) has a return on equity of 3.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Agree Rlty Corp's operating cash flow?

Agree Rlty Corp (ADC) generated $504.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Agree Rlty Corp's total assets?

Agree Rlty Corp (ADC) had $9.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Agree Rlty Corp buy back shares?

Yes, Agree Rlty Corp (ADC) spent $3.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Agree Rlty Corp have outstanding?

Agree Rlty Corp (ADC) had 120M shares outstanding as of fiscal year 2025.

What is Agree Rlty Corp's debt-to-equity ratio?

Agree Rlty Corp (ADC) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Agree Rlty Corp's return on assets (ROA)?

Agree Rlty Corp (ADC) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Agree Rlty Corp's Piotroski F-Score?

Agree Rlty Corp (ADC) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Agree Rlty Corp's earnings high quality?

Agree Rlty Corp (ADC) has an earnings quality ratio of 2.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Agree Rlty Corp cover its interest payments?

Agree Rlty Corp (ADC) has an interest coverage ratio of 2.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Agree Rlty Corp?

Agree Rlty Corp (ADC) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.