Revenue growth reached 18.7% in 2026Q1, while the triple-net lease structure continues to support robust NOI margins consistently hovering near 88%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 750.04M | 718.4M | 617.1M | 537.5M | 429.81M | 339.32M | 248.57M | 187.48M | 137.12M | 111.52M | 91.53M | 69.97M | 53.56M | 43.52M | 34.62M | 30.26M | 27.42M | 34.4M | 35.65M | 34.47M | 32.91M | 31.58M | 28.94M | 26.22M | 23.06M | 22.19M | 22.55M | 21.9M | 19.8M | 18.4M | 16.29M |
| Revenue Growth % | 17.78% | 16.42% | 14.81% | 25.05% | 26.67% | 36.51% | 32.59% | 36.72% | 22.96% | 21.84% | 30.82% | 30.63% | 23.07% | 25.69% | 14.41% | 10.36% | -20.29% | -3.51% | 3.44% | 4.74% | 4.21% | 9.12% | 10.36% | 13.72% | 3.92% | -1.61% | 2.99% | 10.61% | 7.61% | 12.94% | 18.05% |
| Property Operating Expenses | 92.67M | 88.15M | 74.85M | 66.72M | 52.28M | 41.06M | 31.75M | 23.51M | 17.01M | 12.47M | 8.6M | 6.38M | 4.92M | 3.66M | 3.33M | 3.47M | 3.12M | 3.89M | 2.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 657.38M | 630.25M | 542.25M | 470.78M | 377.53M | 298.26M | 216.82M | 163.97M | 120.11M | 99.05M | 82.93M | 63.59M | 48.64M | 39.86M | 31.3M | 26.79M | 24.3M | 30.51M | 33.07M | 34.47M | 32.91M | 31.58M | 28.94M | 26.22M | 23.06M | 22.19M | 22.55M | 21.9M | 19.8M | 18.4M | 16.29M |
| NOI Margin % | 87.64% | 87.73% | 87.87% | 87.59% | 87.84% | 87.9% | 87.23% | 87.46% | 87.59% | 88.82% | 90.61% | 90.88% | 90.82% | 91.6% | 90.39% | 88.54% | 88.62% | 88.69% | 92.77% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 297.12M | 289.86M | 240M | 216.39M | 159.45M | 107.99M | 83.68M | 49.57M | 47.1M | 36.09M | 31.27M | 23.47M | 20.75M | 14.44M | 11.92M | 11.46M | 15.5M | 9.92M | 11.61M | 13.79M | 13.09M | 13.37M | 11.32M | 11.23M | 7.44M | 7.09M | 7.85M | 8.34M | 7.42M | 6.84M | 6.21M |
| G&A Expenses | 44.77M | 44.06M | 37.23M | 34.79M | 30.12M | 25.46M | 20.79M | 15.57M | 12.16M | 9.95M | 8.02M | 6.99M | 6.63M | 5.95M | 5.68M | 5.66M | 5M | 5.42M | 4.36M | 4.46M | 4.02M | 4.19M | 2.85M | 2.28M | 2.01M | 1.81M | 1.56M | 1.42M | 1.17M | 1.11M | 1.1M |
| EBITDA | 638.37M | 616.12M | 542.47M | 463.76M | 384.99M | 310.28M | 215.78M | 173.6M | 116.7M | 94.71M | 75.07M | 56.6M | 38.99M | 34.16M | 26.88M | 22.49M | 15.03M | 26.59M | 27.02M | 25.88M | 24.81M | 23.15M | 17.83M | 19.81M | 19.84M | 19.32M | 18.76M | 17.36M | 15.88M | 14.76M | 13.11M |
| EBITDA Margin % | 85.11% | 85.76% | 87.91% | 86.28% | 89.57% | 91.44% | 86.81% | 92.6% | 85.11% | 84.93% | 82.02% | 80.9% | 72.81% | 78.5% | 77.63% | 74.33% | 54.79% | 77.29% | 75.78% | 75.08% | 75.39% | 73.31% | 61.6% | 75.56% | 86.04% | 87.08% | 83.19% | 79.26% | 80.21% | 80.22% | 80.47% |
| Depreciation & Amortization | 278.12M | 275.72M | 240.22M | 209.37M | 166.91M | 120.01M | 82.64M | 59.2M | 43.7M | 31.75M | 23.41M | 16.49M | 11.1M | 8.74M | 7.5M | 7.16M | 6.22M | 6M | 5.56M | 5.2M | 4.99M | 4.95M | 204.99K | 4.82M | 4.22M | 4.22M | 4.06M | 3.8M | 3.5M | 3.2M | 3.03M |
| D&A / Revenue % | 37.08% | 38.38% | 38.93% | 38.95% | 38.83% | 35.37% | 33.25% | 31.58% | 31.87% | 28.47% | 25.57% | 23.56% | 20.73% | 20.09% | 21.67% | 23.66% | 22.68% | 17.43% | 15.59% | 15.09% | 15.16% | 15.66% | 0.71% | 18.39% | 18.3% | 19.02% | 17.98% | 17.35% | 17.68% | 17.39% | 18.59% |
| Operating Income | 360.25M | 340.39M | 302.24M | 254.39M | 218.09M | 190.27M | 133.13M | 114.39M | 73.01M | 62.96M | 51.66M | 40.11M | 27.89M | 25.42M | 19.37M | 15.33M | 8.81M | 20.59M | 21.46M | 20.68M | 19.82M | 18.21M | 17.62M | 14.99M | 15.62M | 15.1M | 14.71M | 13.56M | 12.38M | 11.56M | 10.08M |
| Operating Margin % | 48.03% | 47.38% | 48.98% | 47.33% | 50.74% | 56.07% | 53.56% | 61.02% | 53.24% | 56.46% | 56.44% | 57.33% | 52.08% | 58.41% | 55.95% | 50.66% | 32.11% | 59.86% | 60.19% | 59.99% | 60.23% | 57.65% | 60.89% | 57.17% | 67.75% | 68.06% | 65.21% | 61.91% | 62.53% | 62.83% | 61.88% |
| Interest Expense | 4M | 134.61M | 108.9M | 81.12M | 63.44M | 50.38M | 40.1M | 33.09M | 24.87M | 18.14M | 15.34M | 12.3M | 8.59M | 6.47M | 5.13M | 4.73M | 4.71M | 4.63M | 5.18M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.54x | 2.78x | 3.14x | 3.46x | 3.49x | 3.32x | 3.10x | 3.03x | 3.47x | 3.37x | 3.26x | 3.60x | 3.93x | 3.77x | 3.37x | 3.18x | 4.44x | 4.14x | 4.22x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 25.08M | -941K | -799K | -189K | -1.25M | 14.61M | -23K | 11.7M | -2.32M | 0 | 0 | 0 | -3.02M | 0 | 0 | -600K | -6.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.73M | -10.93M | -2.82M | -15.34M | -13.52M | -12.44M | 0 |
| Pretax Income | 257.3M | 206.72M | 194.14M | 173.46M | 155.9M | 125.28M | 93.06M | 81.3M | 59.31M | 59.02M | 45.95M | 39.76M | 18.78M | 18.94M | 14.24M | 13.74M | 5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 34.31% | 28.78% | 31.46% | 32.27% | 36.27% | 36.92% | 37.44% | 43.37% | 43.26% | 52.92% | 50.2% | 56.83% | 35.06% | 43.53% | 41.13% | 45.39% | 19.49% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 410K | 1.74M | 4.31M | 2.91M | 2.86M | 2.4M | 1.09M | 538K | 516K | 0 | 0 | 0 | 8.87M | -728.73K | -3.13M | 9.7M | 6.51M | -9.82M | -13.2M | 5.2M | 5.84M | 6.58M | 5M | 7.14M | 6.85M | 6.82M | 7.61M | 6.75M | 6.29M | 6.34M | 6.35M |
| Effective Tax Rate % | 0.16% | 0.84% | 2.22% | 1.68% | 1.83% | 1.92% | 1.17% | 0.66% | 0.87% | 0% | 0% | 0% | 47.26% | -3.85% | -21.95% | 70.59% | 121.76% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | 219.58M | 204.35M | 189.2M | 169.96M | 152.44M | 122.27M | 91.38M | 80.08M | 58.17M | 58.11M | 45.12M | 39.02M | 18.49M | 19.68M | 18.05M | 9.55M | 15.07M | 17.99M | 15.02M | 15.48M | 13.97M | 16.05M | 13.12M | 10.47M | 8.77M | 8.07M | 7.1M | 6.81M | 6.09M | 5.22M | 3.73M |
| Net Margin % | 29.28% | 28.45% | 30.66% | 31.62% | 35.47% | 36.03% | 36.76% | 42.71% | 42.42% | 52.11% | 49.29% | 55.77% | 34.52% | 45.21% | 52.13% | 31.56% | 54.94% | 52.31% | 42.12% | 44.92% | 42.46% | 50.82% | 45.35% | 39.93% | 38.04% | 36.35% | 31.47% | 31.08% | 30.74% | 28.37% | 22.92% |
| Net Income Growth % | 14.76% | 8.01% | 11.32% | 11.49% | 24.67% | 33.81% | 14.11% | 37.66% | 0.1% | 28.8% | 15.63% | 111.04% | -6.03% | 9.01% | 88.98% | -36.61% | -16.27% | 19.82% | -3.01% | 10.79% | -12.92% | 22.29% | 25.32% | 19.37% | 8.76% | 13.63% | 4.28% | 11.82% | 16.6% | 39.8% | 16.69% |
| Funds From Operations (FFO) | 497.7M | 480.07M | 429.42M | 379.33M | 319.34M | 242.29M | 174.02M | 139.28M | 101.87M | 89.86M | 68.53M | 55.5M | 29.59M | 28.42M | 25.55M | 16.71M | 21.29M | 23.99M | 20.57M | 20.68M | 18.96M | 20.99M | 13.33M | 15.29M | 12.99M | 12.29M | 11.15M | 10.61M | 9.59M | 8.42M | 6.76M |
| FFO Margin % | 66.36% | 66.83% | 69.59% | 70.57% | 74.3% | 71.4% | 70.01% | 74.29% | 74.29% | 80.58% | 74.87% | 79.33% | 55.25% | 65.3% | 73.8% | 55.22% | 77.63% | 69.74% | 57.71% | 60% | 57.63% | 66.48% | 46.05% | 58.32% | 56.34% | 55.37% | 49.45% | 48.43% | 48.42% | 45.76% | 41.51% |
| FFO Growth % | 53.91% | 11.8% | 13.2% | 18.78% | 31.8% | 39.23% | 24.94% | 36.73% | 13.36% | 31.14% | 23.46% | 87.57% | 4.13% | 11.21% | 52.91% | -21.5% | -11.27% | 16.61% | -0.52% | 9.06% | -9.67% | 57.51% | -12.86% | 17.72% | 5.73% | 10.16% | 5.16% | 10.64% | 13.85% | 24.51% | 16.6% |
| FFO per Share | 4.13 | 4.32 | 4.22 | 3.97 | 4.03 | 3.61 | 3.32 | 3.38 | 3.14 | 3.24 | 2.98 | 3.07 | 1.98 | 2.16 | 2.29 | 1.73 | 2.18 | 2.85 | 2.46 | 2.68 | 2.48 | 2.80 | 2.06 | 2.91 | 2.92 | 2.78 | 2.53 | 2.43 | 2.20 | 2.28 | 2.55 |
| FFO Payout Ratio % | 71.07% | 70.96% | 70.7% | 73.2% | 68.99% | 80.19% | 66.72% | 64.8% | 66.4% | 61.37% | 61.38% | 59.44% | 85.85% | 73.4% | 69.12% | 100.55% | 86.18% | 71.4% | 82.23% | 79.77% | 86.55% | 75.16% | 104.09% | 70.46% | 72.41% | 76.15% | 83.5% | 87.68% | 95.97% | 89.07% | 87.24% |
| EPS (Diluted) | 1.82 | 1.77 | 1.78 | 1.70 | 1.83 | 1.78 | 1.74 | 1.93 | 1.80 | 2.08 | 1.97 | 2.16 | 1.24 | 1.50 | 1.62 | 0.99 | 1.54 | 2.14 | 1.91 | 2.01 | 1.83 | 2.14 | 2.03 | 1.63 | 1.97 | 1.81 | 1.61 | 1.56 | 1.40 | 1.41 | 1.41 |
| EPS Growth % | 5.08% | -0.56% | 4.71% | -7.1% | 2.81% | 2.3% | -9.84% | 7.22% | -13.46% | 5.58% | -8.8% | 74.19% | -17.33% | -7.41% | 63.64% | -35.71% | -28.04% | 12.04% | -4.98% | 9.84% | -14.49% | 5.42% | 24.54% | -17.26% | 8.84% | 12.42% | 3.21% | 11.43% | -0.71% | 0% | 14.63% |
| EPS (Basic) | - | 1.77 | 1.79 | 1.70 | 1.84 | 1.79 | 1.76 | 1.96 | 1.81 | 2.09 | 1.97 | 2.17 | 1.24 | 1.51 | 1.63 | 0.99 | 1.54 | 2.20 | 1.91 | 2.02 | 1.84 | 2.15 | 2.03 | 1.63 | 1.99 | 1.81 | 1.61 | 1.56 | 1.40 | 1.41 | 1.41 |
| Diluted Shares Outstanding | 120.38M | 111.2M | 101.88M | 95.44M | 79.16M | 67.14M | 52.4M | 41.22M | 32.4M | 27.7M | 22.96M | 18.07M | 14.97M | 13.16M | 11.14M | 9.68M | 9.76M | 8.42M | 8.38M | 7.72M | 7.64M | 7.5M | 6.46M | 5.26M | 4.45M | 4.42M | 4.41M | 4.36M | 4.36M | 3.69M | 2.65M |
Rising Cost of Debt
As reported in recent financial statements, ADC achieved a revenue growth rate of 18.7% in 2026Q1, reflecting a consistent upward trajectory in top-line performance driven by the aggressive, yet selective, acquisition of high-quality retail assets across the United States to bolster its long-term contractual rental income streams.
The consistent double-digit revenue growth suggests that the company is successfully deploying capital into its core net-lease strategy despite a challenging interest rate environment. Investors should monitor whether this pace of expansion can be maintained without compromising the credit quality of the underlying tenant base.
Based on the provided quarterly data, ADC maintains a robust NOI margin that has consistently hovered near 88%, underscoring the efficiency of the triple-net lease structure which effectively insulates the landlord from the volatility of property-level operating expenses such as taxes, insurance, and routine maintenance costs.
The stability of these margins indicates that the company's operational model remains highly predictable and shielded from inflationary pressures on property expenses. This high-margin profile provides a significant buffer for the company to absorb potential fluctuations in corporate-level overhead or interest expense volatility.
According to the company's reported figures, FFO per share reached 1.07 in 2026Q1, demonstrating a steady growth trend that appears to validate the company's reliance on ATM equity programs to fund its portfolio expansion while maintaining a disciplined approach to managing its weighted average cost of capital.
The FFO trajectory suggests that management is successfully balancing external growth with the need to prevent excessive dilution for existing shareholders. However, the recent volatility in FFO growth rates warrants further investigation into the timing of capital raises and the subsequent deployment of those funds into income-producing assets.
As evidenced by the 2026Q1 AFFO figure of negative 283.4 million, there is a significant divergence between GAAP-based earnings and actual cash availability, which appears to be driven by substantial non-cash adjustments and capital expenditures that are not fully captured in the headline FFO or net income metrics.
This discrepancy highlights the necessity of looking beyond standard REIT earnings metrics to understand the true cash-generating capacity of the portfolio. Investors should monitor these adjustments closely, as they may indicate higher-than-anticipated recurring maintenance CAPEX or other cash outflows that could impact the long-term sustainability of the dividend.
Quick answers to the most common questions about buying ADC stock.
For fiscal year 2025, Agree Realty Corporation (ADC) reported total revenue of $718.4M. This represents a 4309.7% increase compared to $16.3M in 1996.
Agree Realty Corporation (ADC) is profitable, generating $204.3M in net income for the fiscal year ending 2025 with a net profit margin of 28.4%.
Agree Realty Corporation (ADC) reported an operating income of $340.4M, resulting in an operating profit margin of 47.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Agree Realty Corporation (ADC) generated $630.3M in gross profit for the year, representing a gross profit margin of 87.7%. This demonstrates the company's core pricing power and production efficiency.