ADC
Agree Realty Corporation
NYSE: ADC · REAL ESTATE · REIT - RETAIL
$76.35
-0.65% today
Updated 2026-04-29
Market cap
$9.20B
P/E ratio
41.27
P/S ratio
12.26x
EPS (TTM)
$1.85
Dividend yield
4.04%
52W range
$68 – $82
Volume
1.2M
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% |