Agree Realty Corporation (ADC) — Financial statements
Income statement, balance sheet, and cash flow for Agree Realty Corporation — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 718↑16.4% | 617↑14.8% | 537↑25.1% | 430↑26.7% | 339 | |
| Cost of Revenue | 88↑17.8% | 75↑12.2% | 67↑27.6% | 52↑27.3% | 41 | |
| Gross Profit | 630↑16.2% | 542↑15.2% | 471↑24.7% | 378↑26.6% | 298 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 44↑18.3% | 37↑7.0% | 35↑15.5% | 30↑18.3% | 25 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 44↑18.3% | 37↑7.0% | 35↑15.5% | 30↑18.3% | 25 | |
| Other Expenses | 246↑21.2% | 203↑11.7% | 182↑40.4% | 129↑56.7% | 83 | |
| Operating Expenses | 290↑20.8% | 240↑10.9% | 216↑35.7% | 159↑47.6% | 108 | |
| Total Costs & Expenses | 378↑20.1% | 315↑11.2% | 283↑33.7% | 212↑42.0% | 149 | |
| Operating Results | ||||||
| Operating Income | 340↑12.6% | 302↑18.8% | 254↑16.6% | 218↑14.6% | 190 | |
| Depreciation & Amortization | 276↑14.8% | 240↑14.7% | 209↑25.4% | 167↑39.1% | 120 | |
| EBITDA | 617↑13.6% | 543↑17.1% | 464↑20.1% | 386↑30.6% | 296 | |
| EBIT | 341↑12.6% | 303↑19.0% | 255↑16.1% | 219↑24.9% | 176 | |
| Interest & Other Income | ||||||
| Net Interest Income | -135↓23.6% | -109↓34.3% | -81↓27.9% | -63↓25.9% | -50 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 135↑23.6% | 109↑34.3% | 81↑27.9% | 63↑25.9% | 50 | |
| Non-Operating Income | -0.94↓17.8% | -0.80↓322.8% | -0.19↑84.8% | -1↓108.5% | 15 | |
| Other Income / Expenses | -134↓23.6% | -108↓33.6% | -81↓30.1% | -62↑4.3% | -65 | |
| Income Before Tax | 207↑6.5% | 194↑11.9% | 173↑11.3% | 156↑24.4% | 125 | |
| Income Tax Expense | 2↓59.7% | 4↑48.0% | 3↑1.7% | 3↑19.1% | 2 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 205↑8.0% | 190↑11.3% | 171↑11.4% | 153↑24.5% | 123 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 204↑8.0% | 189↑11.3% | 170↑11.5% | 152↑24.7% | 122 | |
| Bottom-Line Net Income | 196↑8.4% | 181↑11.8% | 162↑12.1% | 145↑20.8% | 120 | |
| EPS (Basic) | 1.77↓1.1% | 1.79↑5.3% | 1.70↓7.6% | 1.84↑2.8% | 1.79 | |
| EPS (Diluted) | 1.77↓0.6% | 1.78↑4.7% | 1.70↓7.1% | 1.83↑2.8% | 1.78 | |
| Weighted Average Shares | 111↑9.5% | 101↑6.2% | 95↑21.0% | 79↑17.7% | 67 | |
| Weighted Average Diluted Shares | 111↑9.2% | 102↑6.7% | 95↑20.6% | 79↑17.9% | 67 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.