Agree Realty Corporation (ADC) Quarterly Income Statement

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Agree Realty Corporation (ADC) quarterly income statement — complete revenue, gross profit & net income history

Quarterly statement

ADC Income Statement

Agree Realty Corporation (ADC) annual income statement — 30-year revenue, gross profit & net income history

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21

Revenue	205.1M	200.81M	190.49M	183.22M	175.53M	169.16M	160.73M	154.33M	152.57M	149.45M	144.16M	136.81M	129.9M	126.62M	116.53M	110.06M	104.88M	98.34M	91.41M	87.54M
Revenue Growth %	16.85%	18.71%	18.51%	18.72%	15.04%	13.19%	11.49%	12.81%	17.46%	18.03%	23.71%	24.3%	23.86%	28.75%	27.48%	25.74%	27.05%	26.36%	28%	37.18%
Property Operating Expenses	164.15M	24.9M	24M	21.97M	21.8M	20.38M	20.37M	18.37M	17.62M	18.49M	17.92M	16.05M	16.11M	16.64M	13.38M	13.49M	12.93M	12.49M	11.17M	10.55M
Net Operating Income (NOI)	40.95M	175.9M	166.49M	161.25M	153.73M	148.78M	140.37M	135.96M	134.95M	130.96M	126.25M	120.76M	113.8M	109.97M	103.16M	96.58M	91.95M	85.85M	80.24M	76.99M
NOI Margin %	19.97%	87.6%	87.4%	88.01%	87.58%	87.95%	87.33%	88.1%	88.45%	87.63%	87.57%	88.27%	87.6%	86.85%	88.52%	87.75%	87.67%	87.3%	87.78%	87.95%
Operating Expenses	-57.73M	77.35M	74.06M	73.99M	71.72M	70.08M	65.03M	61.52M	52.98M	60.47M	57.07M	57.68M	52.17M	49.47M	45.66M	39.26M	39.61M	34.91M	33.31M	26.7M
G&A Expenses	11.96M	11.48M	11.07M	10.89M	11.33M	10.77M	8.9M	9.11M	9.71M	9.52M	8.7M	8.84M	8.42M	8.82M	7.86M	6.99M	7.65M	7.62M	6.65M	5.69M
EBITDA	168.38M	165.25M	165.85M	157.78M	149.48M	143M	140.25M	134.24M	140.72M	127.25M	123.91M	116.99M	113.09M	109.76M	103.87M	100.84M	92.6M	87.68M	81.26M	81.39M
EBITDA Margin %	82.1%	82.29%	87.07%	86.12%	85.16%	84.53%	87.26%	86.98%	92.23%	85.15%	85.95%	85.51%	87.06%	86.69%	89.14%	91.62%	88.29%	89.16%	88.89%	92.98%
Depreciation & Amortization	69.69M	66.7M	73.42M	70.52M	67.47M	64.3M	64.92M	59.8M	58.75M	56.76M	54.74M	53.92M	51.46M	49.26M	46.38M	43.53M	40.26M	36.74M	34.22M	31.1M
D&A / Revenue %	33.98%	33.22%	38.54%	38.49%	38.44%	38.01%	40.39%	38.75%	38.51%	37.98%	37.97%	39.41%	39.62%	38.9%	39.8%	39.55%	38.39%	37.36%	37.43%	35.53%
Operating Income	98.69M	98.55M	92.43M	87.26M	82.01M	78.7M	75.33M	74.44M	81.97M	70.5M	69.18M	63.08M	61.63M	60.51M	57.49M	57.31M	52.34M	50.94M	47.04M	50.29M
Operating Margin %	48.12%	49.08%	48.52%	47.63%	46.72%	46.52%	46.87%	48.24%	53.72%	47.17%	47.98%	46.1%	47.44%	47.79%	49.34%	52.07%	49.91%	51.8%	51.46%	57.45%
Interest Expense	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Interest Coverage	2.42x	2.02x	2.55x	2.49x	2.54x	2.56x	2.60x	2.58x	3.12x	2.89x	3.09x	3.04x	3.09x	3.36x	3.48x	3.35x	3.37x	3.66x	3.69x	3.85x
Non-Operating Income	4.61M	25.98M	-399K	-456K	-46K	-41K	-212K	-104K	-366K	-117K	-5K	-94K	-43K	-48K	-1.11M	-132K	0	0	-1.32M	0
Pretax Income	55.18M	98.55M	56.47M	52.5M	49.78M	47.97M	46.45M	45.6M	55.92M	46.16M	46.81M	42.37M	41.72M	42.56M	41.76M	40.3M	36.83M	37.01M	33.82M	37.22M
Pretax Margin %	26.91%	49.08%	29.64%	28.66%	28.36%	28.36%	28.9%	29.55%	36.65%	30.89%	32.47%	30.97%	32.12%	33.61%	35.84%	36.61%	35.12%	37.63%	37%	42.52%
Income Tax	375K	-500K	260K	225K	425K	825K	1.07M	1.08M	1M	1.15M	709K	709K	709K	783K	723K	720K	698K	719K	517K	390K
Effective Tax Rate %	0.68%	-0.51%	0.46%	0.43%	0.85%	1.72%	2.31%	2.36%	1.8%	2.49%	1.51%	1.67%	1.7%	1.84%	1.73%	1.79%	1.9%	1.94%	1.53%	1.05%
Net Income	54.65M	62.23M	56.04M	52.12M	49.2M	47M	45.24M	44.38M	54.72M	44.86M	45.95M	41.52M	40.87M	41.61M	40.93M	39.42M	35.97M	36.11M	33.15M	36.66M
Net Margin %	26.65%	30.99%	29.42%	28.44%	28.03%	27.78%	28.15%	28.75%	35.87%	30.02%	31.88%	30.35%	31.46%	32.87%	35.12%	35.82%	34.3%	36.72%	36.26%	41.88%
Net Income Growth %	11.09%	32.42%	23.87%	17.45%	-10.1%	4.76%	-1.56%	6.87%	33.9%	7.8%	12.29%	5.32%	13.61%	15.23%	23.46%	7.53%	60.97%	19.93%	40.39%	72.29%
Funds From Operations (FFO)	124.34M	128.93M	129.46M	122.64M	116.67M	111.3M	110.16M	104.17M	113.47M	101.62M	100.69M	95.44M	92.33M	90.87M	87.3M	82.95M	76.23M	72.85M	67.37M	67.77M
FFO Margin %	60.63%	64.21%	67.96%	66.94%	66.47%	65.79%	68.53%	67.5%	74.37%	67.99%	69.85%	69.76%	71.08%	71.77%	74.92%	75.37%	72.69%	74.08%	73.7%	77.41%
FFO Growth %	6.58%	15.84%	17.53%	17.73%	2.82%	9.53%	9.4%	9.15%	22.9%	11.83%	15.34%	15.05%	21.11%	24.73%	29.59%	22.41%	50.09%	29.27%	39.86%	59.18%
FFO per Share	1.03	1.07	1.13	1.10	1.08	1.03	1.05	1.02	1.13	1.01	1.00	0.98	0.99	1.00	0.98	1.03	1.01	1.02	0.95	0.97
FFO Payout Ratio %	76.88%	73.63%	69.1%	69.44%	72.13%	73.56%	71.05%	72.44%	66.24%	73.52%	73.57%	73.85%	73.56%	71.75%	72.44%	67.56%	68.54%	66.95%	72.28%	66.44%
EPS (Diluted)	0.44	0.50	0.47	0.45	0.44	0.42	0.41	0.42	0.52	0.43	0.44	0.41	0.42	0.44	0.44	0.49	0.45	0.48	0.44	0.52
EPS Growth %	0%	19.05%	14.63%	7.14%	-15.38%	-2.33%	-6.82%	2.44%	23.81%	-2.27%	0%	-16.33%	-6.67%	-8.33%	0%	-5.77%	32.35%	0%	4.76%	33.33%
EPS (Basic)	0.44	0.50	0.47	0.45	0.44	0.42	0.42	0.42	0.53	0.43	0.44	0.41	0.42	0.44	0.44	0.49	0.45	0.48	0.44	0.52
Diluted Shares Outstanding	120.49M	120.38M	115M	111.51M	107.55M	107.55M	104.7M	101.72M	100.45M	100.34M	100.4M	97.35M	93.13M	90.55M	88.81M	80.59M	75.57M	71.34M	70.61M	69.59M