Agree Realty Corporation
NYSE: ADC · REAL ESTATE · REIT - RETAIL
Updated 2026-06-05
Agree Realty Corporation (ADC) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.91M | $34.47M | $35.65M | $34.40M | $27.42M | $30.26M | $34.62M | $43.52M | $53.56M | $69.97M | $91.53M | $111.52M | $137.12M | $187.48M | $248.57M | $339.32M | $429.81M | $537.50M | $617.10M | $718.40M |
| Revenue growth (YoY) | — | +4.7% | +3.4% | -3.5% | -20.3% | +10.4% | +14.4% | +25.7% | +23.1% | +30.6% | +30.8% | +21.8% | +23.0% | +36.7% | +32.6% | +36.5% | +26.7% | +25.1% | +14.8% | +16.4% |
| Cost of revenue | $13.09M | $13.79M | $2.58M | $3.89M | $3.12M | $3.47M | $3.33M | $3.66M | $4.92M | $6.38M | $8.60M | $12.47M | $17.01M | $23.51M | $31.75M | $41.06M | $52.28M | $66.72M | $74.85M | $88.15M |
| Gross profit | $32.91M | $34.47M | $33.07M | $30.51M | $24.30M | $26.79M | $31.30M | $39.86M | $48.64M | $63.59M | $82.93M | $99.05M | $120.11M | $163.97M | $216.82M | $298.26M | $377.53M | $470.78M | $542.25M | $630.25M |
| Gross margin | 100.0% | 100.0% | 92.8% | 88.7% | 88.6% | 88.5% | 90.4% | 91.6% | 90.8% | 90.9% | 90.6% | 88.8% | 87.6% | 87.5% | 87.2% | 87.9% | 87.8% | 87.6% | 87.9% | 87.7% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $4.02M | $4.46M | $6.94M | $4.56M | $5.00M | $5.66M | $5.68M | $5.95M | $6.63M | $6.99M | $8.02M | $9.95M | $12.16M | $15.57M | $20.79M | $25.46M | $30.12M | $34.79M | $37.23M | $44.06M |
| Operating income | $19.82M | $20.68M | $21.46M | $20.59M | $8.81M | $15.33M | $19.37M | $25.42M | $27.89M | $40.11M | $51.66M | $62.96M | $73.01M | $114.39M | $133.13M | $190.27M | $218.09M | $254.39M | $302.24M | $340.39M |
| Operating margin | 60.2% | 60.0% | 60.2% | 59.9% | 32.1% | 50.7% | 56.0% | 58.4% | 52.1% | 57.3% | 56.4% | 56.5% | 53.2% | 61.0% | 53.6% | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% |
| EBITDA | $24.81M | $25.88M | $27.02M | $26.59M | $21.19M | $23.09M | $26.88M | $34.16M | $42.01M | $56.60M | $75.07M | $94.71M | $119.02M | $161.90M | $215.80M | $295.67M | $386.24M | $463.95M | $543.26M | $617.06M |
| EBITDA margin | 75.4% | 75.1% | 75.8% | 77.3% | 77.3% | 76.3% | 77.6% | 78.5% | 78.4% | 80.9% | 82.0% | 84.9% | 86.8% | 86.4% | 86.8% | 87.1% | 89.9% | 86.3% | 88.0% | 85.9% |
| EBIT | $19.82M | $20.68M | $21.46M | $20.59M | $14.97M | $15.93M | $19.37M | $25.42M | $30.91M | $40.11M | $51.66M | $62.96M | $75.33M | $102.70M | $133.16M | $175.66M | $219.33M | $254.58M | $303.04M | $341.34M |
| Interest expense | $0.00 | $4.90M | $5.18M | $4.63M | $4.71M | $4.73M | $5.13M | $6.47M | $8.59M | $12.30M | $15.34M | $18.14M | $24.87M | $33.09M | $40.10M | $50.38M | $63.44M | $81.12M | $108.90M | $134.61M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $13.97M | $15.48M | $15.02M | $17.99M | $15.07M | $9.55M | $18.05M | $19.68M | $18.49M | $39.02M | $45.12M | $58.11M | $58.17M | $80.08M | $91.38M | $122.27M | $152.44M | $169.96M | $189.20M | $204.35M |
| Net income growth (YoY) | — | +10.8% | -3.0% | +19.8% | -16.3% | -36.6% | +89.0% | +9.0% | -6.0% | +111.0% | +15.6% | +28.8% | +0.1% | +37.7% | +14.1% | +33.8% | +24.7% | +11.5% | +11.3% | +8.0% |
| Profit margin | 42.5% | 44.9% | 42.1% | 52.3% | 54.9% | 31.6% | 52.1% | 45.2% | 34.5% | 55.8% | 49.3% | 52.1% | 42.4% | 42.7% | 36.8% | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
Frequently asked questions
What is Agree Realty Corporation's revenue?
Agree Realty Corporation's trailing twelve-month revenue is $750.04M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is ADC?
In its most recent fiscal year, ADC ran a gross margin of 87.73%, an operating margin of 47.38%, and a net margin of 28.45%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does ADC generate?
ADC produced $-1.08B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is ADC's balance sheet healthy?
ADC holds $16.30M in cash and equivalents against $3.29B in long-term debt, on $6.27B of shareholder equity. That debt is best read against the cash flow the business throws off each year.