ADC
$67.08+1.91%
Agree Realty CorporationStock · Real EstateUS REITs · 0.5% of VNQUS Stock Market · 0.01% of VTIRussell 1000 · 0.01% of IWBRussell 3000 · 0.01% of IWV
ADC financial statements
The full income statement, balance sheet, and cash-flow statement for Agree Realty Corporation (ADC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-09 103.5M2024-12 107.2M2025-03 110.0M2025-06 110.7M2025-09 114.9M2025-12 120.0M2026-03 120.1M2026-06 124.4M2026-09 130.1M+25.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 718M+16.4% | 617M+14.8% | 537M+25.1% | 430M+26.7% | 339M+36.5% | ||
| Lease income | 738M+15.6% | 638M+14.3% | 558M+23.9% | 450M+27.7% | 353M+37.1% | |
| Selling, general & administrative | 44.1M+18.3% | 37.2M+7.0% | 34.8M+15.5% | 30.1M+18.3% | 25.5M+22.4% | |
| General & administrative | 44.1M+18.3% | 37.2M+7.0% | 34.8M+15.5% | 30.1M+18.3% | 25.5M+22.4% | |
| Provision for credit losses | — | — | — | -400K | — | |
| Operating income | 340M+12.6% | 302M+18.8% | 254M+16.6% | 218M+14.6% | 190M+42.9% | |
| Interest expense | 135M+23.6% | 109M+34.3% | 81.1M+27.9% | 63.4M+25.9% | 50.4M+25.6% | |
| Other non-operating income | 941K+17.8% | 799K+322.8% | 189K-84.8% | 1.25M | 0.00-100.0% | |
| Income tax | 1.74M-59.7% | 4.31M+48.0% | 2.91M+1.7% | 2.86M+19.1% | 2.40M+121.1% | |
| 204M+8.0% | 189M+11.3% | 170M+11.5% | 152M+24.7% | 122M+33.8% | ||
| Net income to non-controlling interest | 640K+0.8% | 635K+8.0% | 588K-1.7% | 598K-0.8% | 603K+2.0% | |
| Preferred dividends | 7.44M+0.0% | 7.44M+0.0% | 7.44M+0.0% | 7.44M+246.2% | 2.15M | |
| Net income to common | 197M+8.3% | 182M+11.8% | 163M+12.1% | 145M+20.7% | 120M+31.5% | |
| $1.77-0.6% | $1.78+4.7% | $1.70-7.1% | $1.83+2.8% | $1.78+2.3% | ||
| EPS (basic) | $1.77-1.1% | $1.79+5.3% | $1.70-7.6% | $1.84+2.8% | $1.79+1.7% | |
| Weighted-avg shares (basic) | 111M+9.5% | 101M+6.2% | 95.2M+21.0% | 78.7M+17.7% | 66.8M+28.9% | |
| Weighted-avg shares (diluted) | 111M+9.2% | 102M+6.7% | 95.4M+20.6% | 79.2M+17.9% | 67.1M+28.1% | |
| Dividends per share | $3.08+2.7% | $3.00+2.8% | $2.92+4.1% | $2.81+16.6% | $2.41+31.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 16.3M+154.6% | 6.40M-41.3% | 10.9M-60.7% | 27.8M-35.8% | 43.3M+604.8% | |
| 9.80B+15.5% | 8.49B+9.2% | 7.77B+15.8% | 6.71B+28.4% | 5.23B+34.5% | ||
| Operating lease right-of-use | 46.5M-2.1% | 47.5M-21.1% | 60.2M-1.1% | 60.9M+2.0% | 59.7M+34.2% | |
| Intangible assets | 941M+14.9% | 819M+0.2% | 817M+7.1% | 763M+19.4% | 639M+45.9% | |
| 3.53B+18.5% | 2.98B+15.6% | 2.57B+23.6% | 2.08B+15.2% | 1.81B+32.9% | ||
| Long-term debt | 2.58B+15.5% | 2.24B+24.7% | 1.79B+0.1% | 1.79B+5.8% | 1.69B+38.2% | |
| Operating lease liability (total) | 20.1M+12.7% | 17.8M+5.3% | 16.9M-2.8% | 17.4M-2.6% | 17.9M+6.1% | |
| Finance lease liability (total) | 3.17M-0.9% | 3.20M-47.0% | 6.04M-1.4% | 6.13M-1.3% | 6.21M | |
| 6.27B+13.8% | 5.51B+6.0% | 5.20B+12.3% | 4.63B+35.4% | 3.42B+35.4% | ||
| Preferred stock | 175M+0.0% | 175M+0.0% | 175M+0.0% | 175M+0.0% | 175M | |
| Common stock | 12.0K+20.0% | 10.0K+0.0% | 10.0K+11.1% | 9.00K+28.6% | 7.00K+16.7% | |
| Additional paid-in capital | 6.68B+15.8% | 5.77B+7.7% | 5.35B+14.9% | 4.66B+37.2% | 3.40B+28.0% | |
| Accumulated other comprehensive income | 35.5M-11.4% | 40.1M+142.1% | 16.6M-29.7% | 23.6M+528.0% | -5.50M+84.8% | |
| Non-controlling interest | 168K-72.7% | 615K-34.7% | 942K-32.3% | 1.39M-14.5% | 1.63M-7.5% | |
| Total equity incl. non-controlling | 6.27B+13.8% | 5.51B+6.0% | 5.20B+12.3% | 4.63B+35.4% | 3.42B+35.4% | |
| Total liabilities & equity | 9.80B+15.5% | 8.49B+9.2% | 7.77B+15.8% | 6.71B+28.4% | 5.23B+34.5% | |
| Common shares issued | 120M+11.9% | 107M+6.7% | 101M+11.5% | 90.2M+26.5% | 71.3M+18.8% | |
| Common shares outstanding | 120M+11.9% | 107M+6.7% | 101M+11.5% | 90.2M+26.5% | 71.3M+18.8% | |
| Shares outstanding (cover) | 120M+11.9% | 107M+6.7% | 101M+11.5% | 90.2M+26.5% | 71.3M+12.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 504M+16.7% | 432M+10.3% | 392M+8.1% | 362M+47.0% | 246M+72.3% | ||
| Depreciation & amortization | 239M+15.6% | 207M+17.4% | 176M+32.0% | 134M+39.5% | 95.7M+43.4% | |
| Share-based compensation | 13.0M+20.2% | 10.8M+29.6% | 8.34M+29.0% | 6.46M+34.7% | 4.80M+2.0% | |
| Change in receivables | -1.18M-109.8% | 12.1M+137.7% | 5.09M+736.5% | -799K-118.0% | 4.45M+6.8% | |
| Change in payables | 5.74M-59.7% | 14.3M+37.2% | 10.4M-31.0% | 15.0M+39.0% | 10.8M+388.6% | |
| -1.54B-74.3% | -885M+30.6% | -1.27B+21.1% | -1.62B-16.5% | -1.39B-6.7% | ||
| Capital expenditure | 1.44B+64.4% | 875M-27.1% | 1.20B-25.0% | 1.60B+15.1% | 1.39B+6.1% | |
| Free cash flow | -934M-111.1% | -443M+45.3% | -808M+34.7% | -1.24B-8.2% | -1.14B+2.0% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 1.05B+136.5% | 445M-48.8% | 869M-29.8% | 1.24B+5.1% | 1.18B+4.9% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 904M+124.4% | 403M-41.6% | 690M-45.2% | 1.26B+68.9% | 745M-16.9% | |
| Common stock repurchased | 3.74M+64.0% | 2.28M-15.0% | 2.68M+40.4% | 1.91M+5.5% | 1.81M+10.5% | |
| Dividends paid | 341M+12.2% | 304M+9.3% | 278M+26.0% | 220M+13.4% | 194M+67.3% | |
| Interest paid | 129M+26.9% | 102M+43.8% | 70.8M+20.4% | 58.8M+4.7% | 56.1M+48.9% | |
| Income taxes paid | 1.61M-56.5% | 3.71M+21.0% | 3.06M+28.0% | 2.40M+31.9% | 1.82M+57.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 8.65B+14.4% | 7.56B+19.4% | 6.33B+0.7% | 6.28B+23.5% | 5.09B+20.4% | |
| P/E | 42.3×+5.9% | 39.9×+4.1% | 38.4×-11.7% | 43.4×+4.4% | 41.6×-10.0% | |
| P/S | 12.0×-1.7% | 12.2×-1.3% | 12.4×-20.1% | 15.5×+3.6% | 15.0×-11.8% | |
| P/B | 1.4×+0.5% | 1.4×+13.6% | 1.2×-12.7% | 1.4×-7.2% | 1.5×-11.1% | |
| Earnings yield | 2.4%-5.6% | 2.5%-3.9% | 2.6%+13.2% | 2.3%-4.2% | 2.4%+11.2% | |
| Dividend yield | 4.3%+0.4% | 4.3%-8.2% | 4.6%+17.3% | 4.0%+17.3% | 3.4%+22.7% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: ADC’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ADC filings on SEC EDGAR → Not investment advice.