What is Agree Realty Corporation's earnings per share (EPS)?

Agree Realty Corporation (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 Realty Corporation (ADC) Financials

ADC

Trailing 12 months to June 30, 2026

Revenue $779.6M +18.2% YoY

Net Income $224.9M +21.0% YoY

EPS (Diluted) $1.86 +10.7% YoY

Operating Cash Flow $534.0M +14.5% YoY

Market Cap $8.8B as of Sep 14, 2026

Price / Sales 11.3x on $779.6M revenue, trailing 12 months to June 30, 2026

Price / Earnings 39.3x on $224.9M net income, trailing 12 months to June 30, 2026

Price / Book 1.4x on $6.5B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ADC SEC filings page.

Agree Realty Corporation (ADC) reported $779.6M in revenue over the twelve months to Jun 30, 2026, up 18.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-08-29

Asset expansion funded by rising leverage is the dominant mechanic, while depreciation supports cash conversion as returns gradually compress.

Operating cash flow exceeded net income in both FY2024 and FY2025, so reported earnings understate cash generated before reinvestment. In FY2024, $432M of operating cash flow could not absorb $875M of capital spending, showing that cash conversion is not the same as distributable cash when asset investment is heavy.

The asset base expanded materially between FY2021 and FY2025, but return on assets fell from 2.3% to 2.1%. That pairing suggests scale is expanding faster than earnings productivity, rather than producing a clear lift in the earnings yield on assets.

In FY2025, investing cash flow was -$1.5B against financing cash flow of $1.1B, indicating expansion depended on capital raised outside operations. Debt-to-equity rose from 0.5x in FY2021 to 0.6x in FY2025, making the funding mix incrementally more leveraged as assets grew.

Financial Health Signals

Financial Health Score 47/100

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 Realty Corporation'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 Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Agree Realty Corporation scores 94/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Agree Realty Corporation scores 67/100 on it among other REITs.

Leverage

Not available for Agree Realty Corporation, and counted as zero in the overall score.

Interest Cov.

Agree Realty Corporation's operating income of $340.4M covered its interest expense of $134.6M 2.53 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Agree Realty Corporation scores 65/100 among other REITs.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Agree Realty Corporation scores 10/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Agree Realty Corporation scores 45/100 on it among other REITs.

Piotroski F-Score Partial

4/6

Agree Realty Corporation 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 Realty Corporation 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

2.53x

Agree Realty Corporation earns $2.53 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

$205.1M

YoY+16.8%

QoQ+2.1%

5Y CAGR+20.0%

10Y CAGR+25.1%

Agree Realty Corporation generated $205.1M in revenue in Q2 2026. This represents an increase of 16.8% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.

EBITDA

$164.4M

YoY+16.6%

QoQ-0.5%

5Y CAGR+17.5%

Agree Realty Corporation's EBITDA was $164.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.6% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Net Income

$54.7M

YoY+11.1%

QoQ-11.9%

5Y CAGR+19.6%

10Y CAGR+17.8%

Agree Realty Corporation reported $54.7M in net income in Q2 2026. This represents an increase of 11.1% from the same quarter a year earlier. Against the prior quarter it is down 11.9%.

EPS (Diluted)

$0.44

YoY+2.3%

QoQ-12.0%

5Y CAGR+5.3%

10Y CAGR-0.9%

Agree Realty Corporation earned $0.44 per diluted share (EPS) in Q2 2026. This represents an increase of 2.3% from the same quarter a year earlier. Against the prior quarter it is down 12.0%.

Cash & Balance Sheet

Cash & Debt

$12.5M

YoY+114.9%

QoQ-50.1%

5Y CAGR-41.1%

10Y CAGR+12.0%

Agree Realty Corporation held $12.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.80

YoY+4.3%

QoQ+1.9%

Agree Realty Corporation paid $0.80 per share in dividends in Q2 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.

Shares Outstanding

124M

YoY+12.4%

QoQ+3.6%

5Y CAGR+12.5%

10Y CAGR+18.1%

Agree Realty Corporation had 124M shares outstanding in Q2 2026. This represents an increase of 12.4% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

46.5%

YoY-0.3pp

QoQ-2.6pp

5Y change-14.2pp

Agree Realty Corporation's operating margin was 46.5% in Q2 2026, reflecting core business profitability. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.

Net Margin

26.7%

YoY-1.4pp

QoQ-4.2pp

5Y change-0.4pp

10Y change-22.2pp

Agree Realty Corporation's net profit margin was 26.7% in Q2 2026, showing the share of revenue converted to profit. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.2 percentage points.

Return on Equity

0.8%

YoY0.0pp

QoQ-0.2pp

5Y change+0.1pp

10Y change-1.1pp

Agree Realty Corporation's ROE was 0.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$10K

YoY+11.1%

QoQ-99.8%

Agree Realty Corporation spent $10K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 11.1% from the same quarter a year earlier. Against the prior quarter it is down 99.8%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

ADC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ADC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$779.6M	$718.4M+16.4%	$617.1M+14.8%	$537.5M+25.1%	$429.8M+26.7%	$339.3M+36.5%	$248.6M+32.6%	$187.5M+36.7%	$137.1M+23.0%	$111.5M+21.8%	$91.5M+30.8%	$70.0M+30.6%	$53.6M+23.1%	$43.5M+25.7%	$34.6M+14.4%	$30.3M
SG&A Expenses	$45.4M	$44.1M+18.3%	$37.2M+7.0%	$34.8M+15.5%	$30.1M+18.3%	$25.5M+22.4%	$20.8M+33.6%	$15.6M+32.4%	$11.8M+24.7%	$9.4M+19.9%	$7.9M+12.5%	$7.0M+5.4%	$6.6M+11.4%	$6.0M+4.8%	$5.7M+0.4%	$5.7M
Operating Income	$373.6M	$340.4M+12.6%	$302.2M+18.8%	$254.4M+16.6%	$218.1M+14.6%	$190.3M+42.9%	$133.1M+16.4%	$114.4M+56.7%	$73.0M+16.0%	$63.0M+21.9%	$51.7M+28.8%	$40.1M+43.8%	$27.9M+9.7%	$25.4M+31.2%	$19.4M+26.4%	$15.3M
EBITDA	N/A	$579.7M+13.8%	$509.2M+18.2%	$430.7M+22.5%	$351.7M+23.0%	$286.0M+43.1%	$199.9M+24.9%	$160.1M+51.0%	$106.0M+18.3%	$89.6M+19.4%	$75.1M+32.6%	$56.6M+45.1%	$39.0M+15.0%	$33.9M+32.4%	$25.6M+24.8%	$20.5M
Interest Expense	$147.8M	$134.6M+23.6%	$108.9M+34.3%	$81.1M+27.9%	$63.4M+25.9%	$50.4M+25.6%	$40.1M+21.2%	$33.1M+33.1%	$24.9M+37.1%	$18.1M+18.2%	$15.3M+24.7%	$12.3M+43.3%	$8.6M+32.6%	$6.5M+26.1%	$5.1M+29.8%	$4.0M
Income Tax	$1.4M	$1.7M-59.7%	$4.3M+48.0%	$2.9M+1.7%	$2.9M+19.1%	$2.4M+121.1%	$1.1M+101.9%	$538K+4.3%	$516K+127.3%	$227K+48.4%	$153K	N/A	N/A	N/A	N/A	N/A
Net Income	$224.9M	$204.3M+8.0%	$189.2M+11.3%	$170.0M+11.5%	$152.4M+24.7%	$122.3M+33.8%	$91.4M+14.1%	$80.1M+37.7%	$58.2M+0.1%	$58.1M+28.8%	$45.1M+15.6%	$39.0M+111.0%	$18.5M-6.0%	$19.7M+9.0%	$18.0M+89.0%	$9.6M
EPS (Basic)	N/A	$1.77-1.1%	$1.79+5.3%	$1.70-7.6%	$1.84+2.8%	$1.79+1.7%	$1.76-10.2%	$1.96+8.9%	$1.80-13.9%	$2.09+6.1%	$1.97-9.2%	$2.17+75.0%	$1.24-17.9%	$1.51-7.4%	$1.63+64.6%	$0.99
EPS (Diluted)	$1.86	$1.77-0.6%	$1.78+4.7%	$1.70-7.1%	$1.83+2.8%	$1.78+2.3%	$1.74-9.8%	$1.93+8.4%	$1.78-14.4%	$2.08+5.6%	$1.97-8.8%	$2.16+74.2%	$1.24-17.3%	$1.50-7.4%	$1.62+63.6%	$0.99
Diluted Shares (Avg)	N/A	111M+9.2%	102M+6.7%	95M+20.6%	79M+17.9%	67M+28.1%	52M+27.1%	41M+27.2%	32M+17.0%	28M+20.6%	23M+27.1%	18M+20.7%	15M+13.8%	13M+18.1%	11M+15.0%	10M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$205.1M+16.8%	$200.8M+18.7%	$190.5M+18.5%	$183.2M+18.7%	$175.5M+15.0%	$169.2M+13.2%	$160.7M+11.5%	$154.3M+12.8%
SG&A Expenses	$12.0M+5.5%	$11.5M+6.6%	$11.1M+24.4%	$10.9M+19.5%	$11.3M+16.7%	$10.8M+13.2%	$8.9M+2.2%	$9.1M+3.1%
Operating Income	$95.3M+16.2%	$98.6M+25.2%	$92.4M+22.7%	$87.3M+17.2%	$82.0M0.0%	$78.7M+11.6%	$75.3M+8.9%	$74.4M+18.0%
EBITDA	$164.4M+16.6%	$165.3M+22.9%	$155.9M+18.2%	$148.4M+17.9%	$140.9M+6.4%	$134.5M+13.0%	$131.9M+13.3%	$125.9M+15.9%
Interest Expense	$40.3M+24.8%	$36.0M+16.9%	$36.4M+25.0%	$35.2M+21.7%	$32.3M+22.2%	$30.8M+25.8%	$29.1M+30.1%	$28.9M+39.1%
Income Tax	$375K-11.8%	$500K-39.4%	$260K-75.8%	$225K-79.1%	$425K-57.7%	$825K-28.2%	$1.1M+51.8%	$1.1M+51.9%
Net Income	$54.7M+11.1%	$62.1M+32.0%	$56.0M+23.9%	$52.1M+17.4%	$49.2M-10.1%	$47.0M+4.8%	$45.2M-1.6%	$44.4M+6.9%
EPS (Basic)	$0.44+2.3%	$0.50+19.0%	$0.47+14.6%	$0.45+7.1%	$0.43-18.9%	$0.42-2.3%	$0.41-6.8%	$0.42+2.4%
EPS (Diluted)	$0.44+2.3%	$0.50+19.0%	$0.47+14.6%	$0.45+7.1%	$0.43-17.3%	$0.42-2.3%	$0.41-6.8%	$0.42+2.4%
Diluted Shares (Avg)	120M+9.2%	120M+11.9%	N/A	112M+9.6%	110M+9.9%	108M+7.2%	N/A	102M+4.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

ADC Balance Sheet

ADC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$9.8B+15.5%	$8.5B+9.2%	$7.8B+15.8%	$6.7B+28.4%	$5.2B+34.5%	$3.9B+45.8%	$2.7B+31.4%	$2.0B+35.7%	$1.5B+30.9%	$1.1B+44.6%	$789.9M+33.1%	$593.6M+28.3%	$462.7M+25.0%	$370.1M+25.9%	$293.9M
Cash & Equivalents	$16.3M+154.6%	$6.4M-41.3%	$10.9M-60.7%	$27.8M-35.8%	$43.3M+604.8%	$6.1M-60.7%	$15.6M-71.1%	$54.0M+6.2%	$50.8M+52.1%	$33.4M+1131.4%	$2.7M-49.8%	$5.4M-62.9%	$14.5M+1044.6%	$1.3M-36.6%	$2.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$122.5M+15.1%	$106.4M+28.3%	$83.0M+26.0%	$65.8M+23.2%	$53.4M+41.4%	$37.8M+41.0%	$26.8M+24.4%	$21.5M+39.2%	$15.5M+34.2%	$11.5M+55.5%	$7.4M+64.6%	$4.5M+38.2%	$3.3M+51.1%	$2.2M+169.4%	$802K
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$3.5B+18.5%	$3.0B+15.6%	$2.6B+23.6%	$2.1B+15.2%	$1.8B+32.9%	$1.4B+39.8%	$973.0M+23.2%	$789.7M+35.4%	$583.4M+27.8%	$456.5M+35.7%	$336.3M+41.6%	$237.5M+39.3%	$170.5M-0.9%	$172.1M+30.7%	$131.7M
Long-Term Debt	N/A	N/A	N/A	N/A	$1.7B+38.2%	$1.2B	N/A	$724.1M+38.6%	$522.4M+29.3%	$404.1M+26.4%	$319.6M+44.1%	$221.8M+40.0%	$158.4M+34.9%	$117.4M	N/A
Total Equity	$6.3B+13.8%	$5.5B+6.0%	$5.2B+12.3%	$4.6B+35.4%	$3.4B+35.4%	$2.5B+49.4%	$1.7B+36.7%	$1.2B+36.0%	$908.7M+33.0%	$683.0M+51.4%	$451.1M+27.6%	$353.6M+22.1%	$289.6M+48.3%	$195.3M+22.4%	$159.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$32.6M-36.5%	-$23.9M-12.8%	-$21.2M-1.2%	-$20.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$10.6B+16.5%	$10.2B+15.7%	$9.8B+15.5%	$9.5B+15.9%	$9.1B+13.5%	$8.8B+11.8%	$8.5B+9.2%	$8.2B+7.0%
Cash & Equivalents	$12.5M+114.9%	$25.1M+216.8%	$16.3M+154.6%	$13.7M+3.5%	$5.8M-39.6%	$7.9M+25.4%	$6.4M-41.3%	$13.2M+107.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$131.2M+21.4%	$129.6M+22.9%	$122.5M+15.1%	$117.6M+19.8%	$108.1M+14.0%	$105.5M+15.5%	$106.4M+28.3%	$98.2M+26.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$4.1B+18.6%	$3.9B+24.9%	$3.5B+18.5%	$3.6B+25.0%	$3.4B+20.9%	$3.2B+17.3%	$3.0B+15.6%	$2.9B+20.3%
Total Equity	$6.5B+15.3%	$6.2B+10.5%	$6.3B+13.8%	$5.9B+10.9%	$5.7B+9.5%	$5.6B+9.0%	$5.5B+6.0%	$5.3B+0.9%

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.

ADC Cash Flow Statement

ADC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$534.0M	$504.1M+16.7%	$432.0M+10.3%	$391.6M+8.1%	$362.1M+47.0%	$246.3M+72.3%	$143.0M+12.8%	$126.7M+35.9%	$93.2M+13.4%	$82.2M+33.2%	$61.7M+38.2%	$44.7M+27.3%	$35.1M+18.6%	$29.6M+39.5%	$21.2M-16.8%	$25.5M
Depreciation & Amortization	N/A	$239.3M+15.6%	$207.0M+17.4%	$176.3M+32.0%	$133.6M+39.5%	$95.7M+43.4%	$66.8M+46.1%	$45.7M+38.4%	$33.0M+23.9%	$26.7M+13.9%	$23.4M+42.0%	$16.5M+48.5%	$11.1M+30.8%	$8.5M+36.0%	$6.2M+20.0%	$5.2M
Stock-Based Compensation	N/A	$13.0M+20.2%	$10.8M+29.6%	$8.3M+29.0%	$6.5M+34.7%	$4.8M+2.0%	$4.7M+18.1%	$4.0M+35.0%	$2.9M+23.2%	$2.4M+6.0%	$2.3M+13.3%	$2.0M+0.3%	$2.0M+9.6%	$1.8M+9.4%	$1.7M+21.5%	$1.4M
Capital Expenditures	N/A	N/A	$874.5M-27.1%	$1.2B-25.0%	$1.6B+15.1%	$1.4B+6.1%	$1.3B+86.4%	$702.9M+15.6%	$608.3M	N/A	N/A	N/A	N/A	$75.9M+18.3%	$64.2M+80.0%	$35.7M
Free Cash Flow	N/A	N/A	-$442.5M+45.3%	-$808.4M+34.7%	-$1.2B-8.2%	-$1.1B+2.0%	-$1.2B-102.5%	-$576.2M-11.9%	-$515.1M	N/A	N/A	N/A	N/A	-$46.3M-7.8%	-$43.0M-322.8%	-$10.2M
Investing Cash Flow	-$1.7B	-$1.5B-74.3%	-$885.4M+30.6%	-$1.3B+21.1%	-$1.6B-16.5%	-$1.4B-6.7%	-$1.3B-94.7%	-$667.5M-17.5%	-$568.1M-78.0%	-$319.1M-7.2%	-$297.6M-46.7%	-$202.8M-37.3%	-$147.7M-73.2%	-$85.3M-23.1%	-$69.3M-136.8%	-$29.3M
Financing Cash Flow	$1.2B	$1.1B+136.5%	$445.3M-48.8%	$869.0M-29.8%	$1.2B+5.1%	$1.2B+4.9%	$1.1B+112.2%	$529.0M+12.5%	$470.1M+79.2%	$262.3M-1.6%	$266.5M+71.5%	$155.4M+50.2%	$103.5M+50.1%	$68.9M+45.7%	$47.3M+816.2%	$5.2M
Dividends Paid	$365.2M	$340.7M+12.2%	$303.6M+9.3%	$277.7M+26.0%	$220.3M+13.4%	$194.3M+67.3%	$116.1M+28.6%	$90.3M+33.4%	$67.6M+22.7%	$55.1M+31.1%	$42.1M+27.5%	$33.0M+29.9%	$25.4M+21.8%	$20.9M+18.1%	$17.7M+5.1%	$16.8M
Share Buybacks	$6.2M	$3.7M+64.0%	$2.3M-15.0%	$2.7M+40.4%	$1.9M+5.5%	$1.8M+10.5%	$1.6M+16.7%	$1.4M+22.8%	$1.1M+3.1%	$1.1M+56.0%	$712K	$0	$0	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$131.0M+9.5%	$145.2M+14.6%	$111.3M+21.8%	$146.5M+13.9%	$119.6M+6.1%	$126.7M+27.7%	$91.4M-6.7%	$128.6M+17.1%
Depreciation & Amortization	$69.1M+17.2%	$66.7M+19.6%	$63.4M+12.1%	$61.2M+18.8%	$58.9M+16.8%	$55.8M+15.0%	$56.6M+19.7%	$51.5M+12.9%
Stock-Based Compensation	N/A	$3.5M+12.9%	N/A	N/A	N/A	$3.1M+29.0%	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$343.1M+80.6%	$216.0M-46.0%
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$251.7M-173.6%	-$87.4M+69.8%
Investing Cash Flow	-$482.8M-40.0%	-$430.2M-12.9%	-$373.0M-7.1%	-$444.3M-89.1%	-$345.0M-91.5%	-$380.9M-212.2%	-$348.3M-82.1%	-$235.0M+44.1%
Financing Cash Flow	$341.8M+53.3%	$295.6M+14.1%	$265.4M+6.1%	$305.8M+220.7%	$223.1M+193.0%	$259.0M+991.2%	$250.1M+146.6%	$95.4M-68.7%
Dividends Paid	$95.6M+13.6%	$94.9M+15.9%	$89.5M+14.3%	$85.2M+12.8%	$84.2M+12.0%	$81.9M+9.6%	$78.3M+5.6%	$75.5M+7.1%
Share Buybacks	$10K+11.1%	$6.1M+66.2%	$25K+31.6%	$61K-15.3%	$9K+28.6%	$3.6M+67.0%	$19K+58.3%	$72K+26.3%

ADC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ADC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	47.4%-1.6pp	49.0%+1.7pp	47.3%-3.4pp	50.7%-5.3pp	56.1%+2.5pp	53.6%-7.5pp	61.0%+7.8pp	53.2%-3.2pp	56.5%0.0pp	56.4%-0.9pp	57.3%+5.2pp	52.1%-6.3pp	58.4%+2.5pp	56.0%+5.3pp	50.7%
Net Margin	28.4%-2.2pp	30.7%-1.0pp	31.6%-3.9pp	35.5%-0.6pp	36.0%-0.7pp	36.8%-5.9pp	42.7%+0.3pp	42.4%-9.7pp	52.1%+2.8pp	49.3%-6.5pp	55.8%+21.2pp	34.5%-10.7pp	45.2%-6.9pp	52.1%+20.6pp	31.6%
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%-1.1pp	4.7%0.0pp	4.7%-1.7pp	6.4%-0.2pp	6.6%-2.0pp	8.6%+3.4pp	5.2%-1.6pp	6.8%-2.4pp	9.2%+3.2pp	6.0%
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%-0.7pp	3.0%+0.1pp	2.9%-1.0pp	3.9%-0.1pp	4.0%-1.0pp	4.9%+1.8pp	3.1%-1.1pp	4.3%-0.6pp	4.9%+1.6pp	3.3%
Debt-to-Equity	0.560.0x	0.540.0x	0.500.0x	0.450.0x	0.500.0x	0.49-0.1x	0.580.0x	0.590.0x	0.570.0x	0.59-0.1x	0.71+0.1x	0.63+0.1x	0.55-0.1x	0.60-0.2x	0.83
Asset Turnover	0.070.0x	0.070.0x	0.070.0x	0.060.0x	0.060.0x	0.060.0x	0.070.0x	0.070.0x	0.070.0x	0.080.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.10
FCF Margin	N/A	-71.7%	-150.4%	-288.0%	-337.0%	-469.5%	-307.3%	-375.6%	N/A	N/A	N/A	N/A	-106.5%	-124.1%	-33.6%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	46.5%-0.3pp	49.1%+2.6pp	48.5%+1.7pp	47.6%-0.6pp	46.7%-7.0pp	46.5%-0.7pp	46.9%-1.1pp	48.2%+2.1pp
Net Margin	26.7%-1.4pp	30.9%+3.1pp	29.4%+1.3pp	28.4%-0.3pp	28.0%-7.8pp	27.8%-2.2pp	28.1%-3.7pp	28.7%-1.6pp
Return on Equity	0.8%0.0pp	1.0%+0.2pp	0.9%+0.1pp	0.9%+0.1pp	0.9%-0.2pp	0.8%0.0pp	0.8%-0.1pp	0.8%0.0pp
Return on Assets	0.5%0.0pp	0.6%+0.1pp	0.6%0.0pp	0.5%0.0pp	0.5%-0.1pp	0.5%0.0pp	0.5%-0.1pp	0.5%0.0pp
Debt-to-Equity	0.620.0x	0.63+0.1x	0.560.0x	0.61+0.1x	0.61+0.1x	0.560.0x	0.540.0x	0.55+0.1x
Asset Turnover	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-156.6%	-56.6%

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Agree Realty Corporation ADC	FY2025	$718.4M	$204.3M	28.4%	$8.8B	47/100
NNN REIT, Inc. NNN	FY2025	$926.2M	$389.8M	42.1%	$8.4B	75/100
BRIXMOR PROPERTY GROUP INC. BRX	FY2025	$1.4B	$386.2M	28.2%	$8.8B	36/100
Federal Realty Investment Trust FRT	FY2025	$1.3B	$411.1M	32.1%	$9.9B	63/100
Essential Properties Realty Trust, Inc. EPRT	FY2025	$561.2M	$253.0M	45.1%	$6.2B	79/100
Kite Realty Group Trust KRG	FY2025	$844.4M	$298.7M	35.4%	$5.2B	41/100

Where Agree Realty Corporation Ranks

Frequently Asked Questions

What is Agree Realty Corporation's annual revenue?

Agree Realty Corporation (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 Realty Corporation's revenue growing?

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

Is Agree Realty Corporation profitable?

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

What is Agree Realty Corporation's EBITDA?

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

What is Agree Realty Corporation's operating margin?

Agree Realty Corporation (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 Realty Corporation's net profit margin?

Agree Realty Corporation (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 Realty Corporation pay dividends?

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

What is Agree Realty Corporation's return on equity (ROE)?

Agree Realty Corporation (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 Realty Corporation's operating cash flow?

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

What are Agree Realty Corporation's total assets?

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

Does Agree Realty Corporation buy back shares?

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

How many shares does Agree Realty Corporation have outstanding?

Agree Realty Corporation (ADC) had 120M shares outstanding as of fiscal year 2025.

What is Agree Realty Corporation's debt-to-equity ratio?

Agree Realty Corporation (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 Realty Corporation's return on assets (ROA)?

Agree Realty Corporation (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 Realty Corporation's P/E ratio?

Agree Realty Corporation (ADC) trades at 39.3x earnings, its market capitalization divided by net income of $224.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $8.8B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Agree Realty Corporation's price-to-sales ratio?

Agree Realty Corporation (ADC) trades at 11.3x sales, its market capitalization divided by revenue of $779.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $8.8B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Agree Realty Corporation's Piotroski F-Score?

Agree Realty Corporation (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 Realty Corporation's earnings high quality?

Agree Realty Corporation (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 Realty Corporation cover its interest payments?

Agree Realty Corporation (ADC) has an interest coverage ratio of 2.53x, 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 Realty Corporation?

Agree Realty Corporation (ADC) scores 47 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.