Agree Realty Corporation (ADC)

ADC Financials

ADC Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Gross Profit	657.375M	175.904M	166.493M	161.250M	153.728M	148.781M	140.368M	135.961M	134.952M
Revenue	750.045M	200.807M	190.489M	183.222M	175.527M	169.160M	160.734M	154.332M	152.575M
Cost of Goods Sold	92.670M	24.903M	23.996M	21.972M	21.799M	20.379M	20.366M	18.371M	17.623M
Gross Profit Margin	87.6%	87.6%	87.4%	88.0%	87.6%	88.0%	87.3%	88.1%	88.4%
Total Operating Expenses	297.124M	77.351M	74.061M	73.990M	71.722M	70.085M	65.033M	61.518M	52.985M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	44.768M	11.477M	11.072M	10.887M	11.332M	10.771M	8.897M	9.114M	9.707M
Operating Income (EBIT)	360.251M	98.553M	92.432M	87.260M	82.006M	78.696M	75.335M	74.443M	81.967M
Operating Margin	49.1%	49.1%	48.5%	47.6%	46.7%	46.5%	46.9%	48.2%	53.7%
Income Before Tax (EBT)	257.304M	98.553M	56.469M	52.504M	49.778M	47.973M	46.452M	45.605M	55.917M
Interest Income	—	—	—	—	—	—	—	—	—
Interest Expense	139.818M	35.970M	36.362M	35.212M	32.274M	30.764M	29.095M	28.942M	26.416M
Other Income/Expense	-102.947M	0.00	-35.963M	-34.756M	-32.228M	-30.723M	-28.883M	-28.838M	-26.050M
Net Income	219.583M	62.231M	56.037M	52.117M	49.198M	46.996M	45.239M	44.375M	54.724M
Income Tax Expense	410K	-500K	260K	225K	425K	825K	1.075M	1.077M	1.004M
Net Profit Margin	31.0%	31.0%	29.4%	28.4%	28.0%	27.8%	28.1%	28.8%	35.9%
EBITDA	613.288M	139.268M	166.254M	158.239M	149.527M	143.038M	140.463M	134.345M	141.084M
EBITDA Margin	69.4%	69.4%	87.3%	86.4%	85.2%	84.6%	87.4%	87.0%	92.5%
Depreciation & Amortization	278.120M	66.699M	73.423M	70.523M	67.475M	64.301M	64.916M	59.798M	58.751M
EPS Basic	1.86	0.50	0.47	0.45	0.44	0.42	0.42	0.42	0.53
EPS Diluted	1.86	0.50	0.47	0.45	0.44	0.42	0.41	0.42	0.52
Shares Outstanding	119.856M	119.856M	114.696M	111.277M	107.049M	107.049M	103.336M	100.383M	100.350M
Diluted Shares Outstanding	120.376M	120.376M	114.998M	111.512M	107.547M	107.547M	104.699M	101.715M	100.455M

ADC Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Gross Profit	630.251M	542.246M	470.778M	377.533M	298.262M	216.816M	163.967M	120.111M
Revenue	718.398M	617.095M	537.495M	429.814M	339.323M	248.568M	187.478M	137.122M
Cost of Goods Sold	88.147M	74.849M	66.717M	52.281M	41.061M	31.752M	23.511M	17.011M
Gross Profit Margin	87.7%	87.9%	87.6%	87.8%	87.9%	87.2%	87.5%	87.6%
Total Operating Expenses	289.856M	240.003M	216.391M	159.448M	107.993M	83.684M	49.572M	47.105M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	44.062M	37.233M	34.788M	30.121M	25.456M	20.793M	15.566M	12.165M
Operating Income (EBIT)	340.395M	302.243M	254.387M	218.085M	190.269M	133.132M	114.395M	73.006M
Operating Margin	47.4%	49.0%	47.3%	50.7%	56.1%	53.6%	61.0%	53.2%
Income Before Tax (EBT)	206.724M	194.138M	173.457M	155.895M	125.277M	93.058M	81.301M	59.314M
Interest Income	—	—	—	—	—	—	—	—
Interest Expense	134.612M	108.904M	81.119M	63.435M	50.378M	40.097M	33.094M	24.872M
Other Income/Expense	-133.671M	-108.105M	-80.930M	-62.190M	-64.992M	-40.074M	-33.094M	-13.692M
Net Income	204.349M	189.197M	169.959M	152.437M	122.273M	91.381M	80.081M	58.172M
Income Tax Expense	1.735M	4.306M	2.910M	2.860M	2.401M	1.086M	538K	516K
Net Profit Margin	28.4%	30.7%	31.6%	35.5%	36.0%	36.8%	42.7%	42.4%
EBITDA	617.058M	543.265M	463.949M	386.237M	295.668M	215.798M	161.902M	119.023M
EBITDA Margin	85.9%	88.0%	86.3%	89.9%	87.1%	86.8%	86.4%	86.8%
Depreciation & Amortization	275.722M	240.223M	209.373M	166.907M	120.013M	82.643M	59.204M	43.698M
EPS Basic	1.77	1.79	1.70	1.84	1.79	1.76	1.96	1.81
EPS Diluted	1.77	1.78	1.70	1.83	1.78	1.74	1.93	1.80
Shares Outstanding	110.723M	101.099M	95.191M	78.659M	66.802M	51.838M	40.577M	32.070M
Diluted Shares Outstanding	111.201M	101.876M	95.437M	79.164M	67.139M	52.397M	41.224M	32.401M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Agree Realty Corporation

Agree Realty Corporation functions as a publicly traded Real Estate Investment Trust (REIT), concentrating its efforts on the acquisition and development of commercial properties. These assets are primarily net-leased to leading companies within the retail sector. As of September 30, 2020, the firm oversaw a substantial portfolio of 1,027 properties, which were distributed across 45 U.S. states and encompassed a total gross leasable area of approximately 21.0 million square feet. Shares of Agree Realty's common stock are available for trade on the New York Stock Exchange, identified by the ticker symbol ADC.

Royal Oak, MI

75 employees

www.agreerealty.com

Real Estate / REIT - Retail

Sector: Real Estate
Industry: REIT - Retail
CEO: Joel N. Agree

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