Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 16.4% Revenue growth, 20253 Where the money goes Where each dollar of revenue went, fiscal 2025 Other costs Profit
Other costs 71¢ $512.3M Income tax 0¢ $1.7M Profit 28¢ $204.3M Out of $718.4M in revenue.3
Where each dollar of operating cash went, fiscal 2025 Dividends paid Kept or used elsewhere
Dividends paid 68¢ $340.7M Share buybacks 1¢ $3.7M Kept or used elsewhere 32¢ $159.7M Out of $504.1M of cash from operations.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 6 7 3 $718.4M in 2025+283% since 2019 0 $200.0M $400.0M $600.0M $800.0M 2019: $187.5M $187.5M 2019 2020: $248.6M $248.6M 2020 +33% 2021: $339.3M $339.3M 2021 +37% 2022: $429.8M $429.8M 2022 +27% 2023: $537.5M $537.5M 2023 +25% 2024: $617.1M $617.1M 2024 +15% 2025: $718.4M $718.4M 2025 +16% Operating income4 5 6 7 3 $340.4M in 2025+198% since 2019 0 $100.0M $200.0M $300.0M $400.0M 2019: $114.4M $114.4M 2019 2020: $133.1M $133.1M 2020 +16% 2021: $190.3M $190.3M 2021 +43% 2022: $218.1M $218.1M 2022 +15% 2023: $254.4M $254.4M 2023 +17% 2024: $302.2M $302.2M 2024 +19% 2025: $340.4M $340.4M 2025 +13% Net income4 5 6 7 3 $204.3M in 2025+155% since 2019 0 $100.0M $200.0M $300.0M 2019: $80.1M $80.1M 2019 2020: $91.4M $91.4M 2020 +14% 2021: $122.3M $122.3M 2021 +34% 2022: $152.4M $152.4M 2022 +25% 2023: $170.0M $170.0M 2023 +11% 2024: $189.2M $189.2M 2024 +11% 2025: $204.3M $204.3M 2025 +8%
Revenue8 9 $205.1M in Q2 FY2026+2% since Q1 FY2026 0 $100.0M $200.0M $300.0M Q1 FY2026: $200.8M $200.8M Q1 FY2026 Q2 FY2026: $205.1M $205.1M Q2 FY2026 +2% Operating income8 9 $95.3M in Q2 FY2026−3% since Q1 FY2026 0 $25.0M $50.0M $75.0M $100.0M Q1 FY2026: $98.6M $98.6M Q1 FY2026 Q2 FY2026: $95.3M $95.3M Q2 FY2026 −3% Net income8 9 $54.7M in Q2 FY2026−12% since Q1 FY2026 0 $20.0M $40.0M $60.0M $80.0M Q1 FY2026: $62.1M $62.1M Q1 FY2026 Q2 FY2026: $62.2M $62.2M Q2 FY2026 +0% Q2 FY2026: $54.7M $54.7M Q2 FY2026 −12%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Revenue $187.5M4 $248.6M5 $339.3M6 $429.8M7 $537.5M3 $617.1M3 $718.4M3 Operating income $114.4M4 $133.1M5 $190.3M6 $218.1M7 $254.4M3 $302.2M3 $340.4M3 Interest $33.1M4 $40.1M5 $50.4M6 $63.4M6 $81.1M6 Income tax $538.0K4 $1.1M5 $2.4M6 $2.9M7 $2.9M3 $4.3M3 $1.7M3 Net income $80.1M4 $91.4M5 $122.3M6 $152.4M7 $170.0M3 $189.2M3 $204.3M3 Earnings per share $1.964 $1.765 $1.796 $1.847 $1.703 $1.793 $1.773 Earnings per share (diluted) $1.934 $1.745 $1.786 $1.837 $1.703 $1.783 $1.773
Total assets10 4 5 6 7 3 $9.8B in 2025+268% since 2019 0 $2.5B $5.0B $7.5B $10.0B 2019: $2.7B $2.7B 2019 2020: $3.9B $3.9B 2020 +46% 2021: $5.2B $5.2B 2021 +34% 2022: $6.7B $6.7B 2022 +28% 2023: $7.8B $7.8B 2023 +16% 2024: $8.5B $8.5B 2024 +9% 2025: $9.8B $9.8B 2025 +15% Total liabilities10 4 5 6 7 3 $3.5B in 2025+262% since 2019 0 $1.0B $2.0B $3.0B $4.0B 2019: $973.0M $973.0M 2019 2020: $1.4B $1.4B 2020 +40% 2021: $1.8B $1.8B 2021 +33% 2022: $2.1B $2.1B 2022 +15% 2023: $2.6B $2.6B 2023 +24% 2024: $3.0B $3.0B 2024 +16% 2025: $3.5B $3.5B 2025 +19% Shareholders’ equity10 4 5 6 7 3 $6.3B in 2025+271% since 2019 0 $2.0B $4.0B $6.0B $8.0B 2019: $1.7B $1.7B 2019 2020: $2.5B $2.5B 2020 +49% 2021: $3.4B $3.4B 2021 +35% 2022: $4.6B $4.6B 2022 +35% 2023: $5.2B $5.2B 2023 +12% 2024: $5.5B $5.5B 2024 +6% 2025: $6.3B $6.3B 2025 +14% Cash10 4 5 6 7 3 $16.3M in 2025+4% since 2019 0 $20.0M $40.0M $60.0M 2019: $15.6M $15.6M 2019 2020: $6.1M $6.1M 2020 −61% 2021: $43.3M $43.3M 2021 +605% 2022: $27.8M $27.8M 2022 −36% 2023: $10.9M $10.9M 2023 −61% 2024: $6.4M $6.4M 2024 −41% 2025: $16.3M $16.3M 2025 +155% Long-term debt10 4 $1.7B in 2021+38% since 2020 0 $500.0M $1.0B $1.5B $2.0B 2020: $1.2B $1.2B 2020 2021: $1.7B $1.7B 2021 +38%
Total assets8 9 $10.6B in Q2 FY2026+8% since Q1 FY2025 0 $5.0B $10.0B $15.0B Q1 FY2025: $9.8B $9.8B Q1 FY2025 Q2 FY2025: $9.8B $9.8B Q2 FY2025 +0% Q1 FY2026: $10.2B $10.2B Q1 FY2026 +4% Q2 FY2026: $10.6B $10.6B Q2 FY2026 +4% Total liabilities8 9 $4.1B in Q2 FY2026+15% since Q1 FY2025 0 $2.0B $4.0B $6.0B Q1 FY2025: $3.5B $3.5B Q1 FY2025 Q2 FY2025: $3.5B $3.5B Q2 FY2025 +0% Q1 FY2026: $3.9B $3.9B Q1 FY2026 +12% Q2 FY2026: $4.1B $4.1B Q2 FY2026 +3% Shareholders’ equity8 9 $6.5B in Q2 FY2026+4% since Q1 FY2025 0 $2.0B $4.0B $6.0B $8.0B Q1 FY2025: $6.3B $6.3B Q1 FY2025 Q2 FY2025: $6.3B $6.3B Q2 FY2025 +0% Q1 FY2026: $6.2B $6.2B Q1 FY2026 −1% Q2 FY2026: $6.2B $6.2B Q2 FY2026 +0% Q2 FY2026: $6.5B $6.5B Q2 FY2026 +5% Cash8 9 $12.5M in Q2 FY2026−23% since Q1 FY2025 0 $10.0M $20.0M $30.0M Q1 FY2025: $16.3M $16.3M Q1 FY2025 Q2 FY2025: $16.3M $16.3M Q2 FY2025 +0% Q1 FY2026: $25.1M $25.1M Q1 FY2026 +54% Q2 FY2026: $12.5M $12.5M Q2 FY2026 −50%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash $15.6M10 $6.1M4 $43.3M5 $27.8M6 $10.9M7 $6.4M3 $16.3M3 Total assets $2.7B10 $3.9B4 $5.2B5 $6.7B6 $7.8B7 $8.5B3 $9.8B3 Long-term debt $1.2B10 $1.7B4 Total liabilities $973.0M10 $1.4B4 $1.8B5 $2.1B6 $2.6B7 $3.0B3 $3.5B3 Shareholders’ equity $1.7B10 $2.5B4 $3.4B5 $4.6B6 $5.2B7 $5.5B3 $6.3B3 Shares outstanding 45.6M shares10 60.0M shares4 71.3M shares5 90.2M shares6 100.5M shares7 107.2M shares3 120.0M shares3
Cash from operations4 5 6 7 3 $504.1M in 2025+298% since 2019 0 $200.0M $400.0M $600.0M 2019: $126.7M $126.7M 2019 2020: $143.0M $143.0M 2020 +13% 2021: $246.3M $246.3M 2021 +72% 2022: $362.1M $362.1M 2022 +47% 2023: $391.6M $391.6M 2023 +8% 2024: $432.0M $432.0M 2024 +10% 2025: $504.1M $504.1M 2025 +17% Capital spending10 4 5 6 7 $874.5M in 2024+24% since 2019 0 $500.0M $1.0B $1.5B $2.0B 2019: $702.9M $702.9M 2019 2020: $1.3B $1.3B 2020 +86% 2021: $1.4B $1.4B 2021 +6% 2022: $1.6B $1.6B 2022 +15% 2023: $1.2B $1.2B 2023 −25% 2024: $874.5M $874.5M 2024 −27% Free cash flow4 5 6 7 3 -$442.5M in 2024−23% since 2019 -$1.5B -$1.0B -$500.0M 0 2019: -$576.2M -$576.2M 2019 2020: -$1.2B -$1.2B 2020 +103% 2021: -$1.1B -$1.1B 2021 −2% 2022: -$1.2B -$1.2B 2022 +8% 2023: -$808.4M -$808.4M 2023 −35% 2024: -$442.5M -$442.5M 2024 −45% Dividends paid4 5 6 7 3 $340.7M in 2025+277% since 2019 0 $100.0M $200.0M $300.0M $400.0M 2019: $90.3M $90.3M 2019 2020: $116.1M $116.1M 2020 +29% 2021: $194.3M $194.3M 2021 +67% 2022: $220.3M $220.3M 2022 +13% 2023: $277.7M $277.7M 2023 +26% 2024: $303.6M $303.6M 2024 +9% 2025: $340.7M $340.7M 2025 +12% Share buybacks4 5 6 7 3 $3.7M in 2025+166% since 2019 0 $1.0M $2.0M $3.0M $4.0M 2019: $1.4M $1.4M 2019 2020: $1.6M $1.6M 2020 +17% 2021: $1.8M $1.8M 2021 +10% 2022: $1.9M $1.9M 2022 +5% 2023: $2.7M $2.7M 2023 +40% 2024: $2.3M $2.3M 2024 −15% 2025: $3.7M $3.7M 2025 +64%
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash from operations $126.7M4 $143.0M5 $246.3M6 $362.1M7 $391.6M3 $432.0M3 $504.1M3 Capital spending $702.9M10 $1.3B4 $1.4B5 $1.6B6 $1.2B7 $874.5M7 Free cash flow -$576.2M -$1.2B -$1.1B -$1.2B -$808.4M -$442.5M Dividends paid $90.3M4 $116.1M5 $194.3M6 $220.3M7 $277.7M3 $303.6M3 $340.7M3 Share buybacks $1.4M4 $1.6M5 $1.8M6 $1.9M7 $2.7M3 $2.3M3 $3.7M3 Dividend per share $2.416 $2.817 $2.923 $3.003 $3.083
Compare AGREE REALTY CORP with another company
Recent filings
Oct 2, 2026 8-K Sep 23, 2026 4 Sep 22, 2026 8-K Sep 18, 2026 424B5 Sep 17, 2026 4 Sep 17, 2026 4 Sep 17, 2026 424B5 Sep 17, 2026 FWP Sep 17, 2026 FWP Sep 2, 2026 4 Aug 31, 2026 4 Aug 21, 2026 4 Jul 30, 2026 8-K Jul 30, 2026 10-Q Jul 2, 2026 8-K
Every filing from the last three years, summarized . The full record is on SEC EDGAR.1