AGREE REALTY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AGREE REALTY CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	91.5	112	137	187	249	339	430	537	617	718
General and administrative	7.86	9.43	11.8	15.6	20.8	25.5	30.1	34.8	37.2	44.1
Operating income	51.7	63	73	114	133	190	218	254	302	340
Interest expense	15.3	18.1	24.9	33.1	40.1	50.4	63.4	81.1	109	135
Other non-operating income		0.35	0	0	0.02	0	1.25	0.19	0.8	0.94
Income tax	0.15	0.23	0.52	0.54	1.09	2.4	2.86	2.91	4.31	1.74
Net income to minority interests	0.68	0.68	0.63	0.68	0.59	0.6	0.6	0.59	0.64	0.64
Net income	45.1	58.1	58.2	80.1	91.4	122	152	170	189	204
EBITDA	75.1	89.6	106	160	200	286	352	431	509	580
EPS, basic	1.97	2.09	1.80	1.96	1.76	1.79	1.84	1.70	1.79	1.77
EPS, diluted	1.97	2.08	1.78	1.93	1.74	1.78	1.83	1.70	1.78	1.77
Shares, basic (weighted)	22.9	27.6	32.1	40.6	51.8	66.8	78.7	95.2	101	111
Shares, diluted (weighted)	23	27.7	32.4	41.2	52.4	67.1	79.2	95.4	102	111
Dividend per share						2.41	2.81	2.92	3.00	3.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33.4	50.8	54	15.6	6.14	43.3	27.8	10.9	6.4	16.3
Property, plant and equipment	943	1,189	1,648
Lease right-of-use assets				16	44.5	59.7	60.9	60.2	47.5	46.5
Intangible assets	113	168	257	317	438	639	763	817	819	941
Total assets	1,142	1,495	2,028	2,665	3,886	5,227	6,713	7,775	8,486	9,798
Total liabilities	456	583	790	973	1,360	1,808	2,083	2,575	2,976	3,526
Total debt	404	522	724		1,225	1,694
Paid-in capital	712	936	1,278	1,753	2,652	3,396	4,659	5,354	5,766	6,679
Other comprehensive income	-0.54	1.38	1.42	-6.49	-36.3	-5.5	23.6	16.6	40.1	35.5
Shareholders' equity	683	909	1,236	1,689	2,524	3,418	4,629	5,199	5,510	6,271
Minority interests	2.53	2.53	2.41	2.23	1.76	1.63	1.39	0.94	0.62	0.17
Total equity	686	911	1,238	1,692	2,526	3,419	4,630	5,200	5,511	6,271
Total liabilities and equity	1,142	1,495	2,028	2,665	3,886	5,227	6,713	7,775	8,486	9,798
Shares outstanding	26.2	31	37.5	45.6	60	71.3	90.2	101	107	120

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	45.8	58.8	58.8	80.8	92	123	153	171	190	205
Depreciation and amortization	23.4	26.7	33	45.7	66.8	95.7	134	176	207	239
Stock-based compensation	2.26	2.39	2.95	3.98	4.7	4.8	6.46	8.34	10.8	13
Change in receivables	-4.12	-4.22	-6.86	-6.07	-4.17	-4.45	0.8	-5.09	-12.1	1.18
Change in payables	1.98	6.25	2.93	0.61	2.22	10.8	15	10.4	14.3	5.74
Cash from operations	61.7	82.2	93.2	127	143	246	362	392	432	504
Capital expenditures			-608	-703	-1,310	-1,390	-1,600	-1,200	-875
Cash from investing	-298	-319	-568	-668	-1,300	-1,387	-1,616	-1,275	-885	-1,543
Debt repaid						0	0	0
Stock issued	228	223	340	473	896	745	1,258	690	403	904
Share buybacks	-0.71	-1.11	-1.15	-1.41	-1.64	-1.81	-1.91	-2.68	-2.28	-3.74
Dividends paid	-42.1	-55.1	-67.6	-90.3	-116	-194	-220	-278	-304	-341
Cash from financing	267	262	470	529	1,123	1,178	1,238	869	445	1,053
Net change in cash	30.7	25.4	-4.81	-11.8	-34.2	37.3	-16.3	-14.4	-8.13	14.2
Free cash flow			-515	-576	-1,167	-1,144	-1,238	-808	-443
Interest paid	13.8	17.3	23	29.9	37.7	56.2	58.8	70.8	102	129
Income taxes paid	0.15	0.26	0.45	0.67	1.15	1.82	2.4	3.07	3.71	1.61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $67.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	47.9%	Operating income / revenue.
EBITDA margin	81.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	28.8%	Net income / revenue.
Operating cash flow margin	68.5%	Cash from operations / revenue.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	4.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	33.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	28.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	13.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	9.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	12.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	38.4%	Total liabilities / total assets.
Interest coverage	2.53x	Operating income / interest expense.
Goodwill and intangibles / assets	9.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.47	Revenue / diluted weighted shares.
Operating cash flow per share	$4.43	Cash from operations / diluted weighted shares.
Book value per share	$52.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$44.31	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	162.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.39B	Share price x shares outstanding.
Enterprise value	$8.38B	Market cap + total debt - cash - short-term investments.
P/E	37.3x	Market cap / net income. Only when net income is positive.
P/S	10.8x	Market cap / revenue.
P/B	1.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.52x	Market cap / tangible book value, when positive.
P/OCF	15.7x	Market cap / cash from operations, when positive.
EV/Sales	10.7x	Enterprise value / revenue.
EV/EBIT	22.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.4%	Dividends paid over the period / market cap.
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.

What was AGREE REALTY CORP's revenue in fiscal 2025?

AGREE REALTY CORP reported revenue of $718.4M for fiscal 2025, 16.4% higher than the year before.

Was AGREE REALTY CORP profitable in fiscal 2025?

Yes. Net income was $204.3M, a net margin of 28.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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