Agree Realty financials
$67.30−0.27%
Close Sep 28, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $718.4M | $617.1M | $537.5M | $429.8M | $339.3M | $248.6M | $187.5M | $137.1M | $111.5M | $91.5M |
| Gross profit | $718.4M | $617.1M | $537.5M | $429.8M | $339.3M | $239.5M | $180.7M | $131.5M | $107.9M | $89.0M |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.4% | 96.4% | 95.9% | 96.8% | 97.3% |
| Operating income | $335.0M | $290.8M | $252.5M | $212.8M | $175.2M | $125.1M | $101.1M | $73.0M | $63.0M | $51.6M |
| Net income | $196.9M | $181.8M | $162.5M | $145.0M | $120.1M | $91.4M | $80.1M | $58.2M | $58.1M | $45.1M |
| Net margin | 27.4% | 29.5% | 30.2% | 33.7% | 35.4% | 36.8% | 42.7% | 42.4% | 52.1% | 49.3% |
| Diluted EPS | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 | $1.74 | $1.93 | $1.78 | $2.08 | $1.97 |
| EBITDA | $586.2M | $505.0M | $436.0M | $380.7M | $297.1M | $211.9M | $161.9M | $119.0M | $94.7M | $75.0M |
| Operating cash flow | $504.1M | $432.0M | $391.6M | $362.1M | $246.3M | $143.0M | $126.7M | $93.2M | $82.2M | $61.7M |
| Free cash flow | $358.7M | $331.9M | $309.2M | $280.2M | $204.9M | $123.3M | $102.3M | $71.8M | $38.9M | $33.8M |
| Diluted shares | 111.2M | 101.9M | 95.4M | 79.2M | 67.1M | 52.4M | 41.2M | 32.4M | 27.7M | 23.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $16.3M | $6.4M | $10.9M | $27.8M | $43.3M | $6.1M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $2.97B | $2.63B | $2.41B | $1.94B | $1.69B | $1.22B |
| Total assets | $9.80B | $8.49B | $7.77B | $6.71B | $5.23B | $3.89B |
| Total liabilities | $3.53B | $2.98B | $2.57B | $2.08B | $1.81B | $1.36B |
| Shareholders' equity | $6.27B | $5.51B | $5.20B | $4.63B | $3.42B | $2.53B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology