How Agree Realty makes money

Period

FY2025

How does Agree Realty make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Agree Realty Corporation · FY2025 · year ended 2025-12-31

Revenue$718MGross profit$718M · 100%Cost of revenue$0 · 0%Operating income$340M · 47%Operating expenses$378M · 53%SG&A$44M · 6%Other opex$334M · 46%Pre-tax income$206M · 29%Other expense$134M · 19%Net income$204M · 28%Income tax$0 · 0%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.