AGREE REALTY CORP
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $718.2M | $616.8M | $537.4M | $429.6M | $339.1M |
| Operating income | $340.4M | $302.2M | $254.4M | $218.1M | $190.3M |
| Interest expense | $134.6M | $108.9M | $81.1M | $63.4M | $50.4M |
| Income tax expense | $1.7M | $4.3M | $2.9M | $2.9M | $2.4M |
| Net income | $204.3M | $189.2M | $170.0M | $152.4M | $122.3M |
| Balance Sheet | |||||
| Cash and equivalents | $16.3M | $6.4M | $10.9M | $27.8M | $43.3M |
| Total assets | $9.8B | $8.5B | $7.8B | $6.7B | $5.2B |
| Total liabilities | $3.5B | $3.0B | $2.6B | $2.1B | $1.8B |
| Total debt | $3.3B | $2.8B | $2.4B | $2.0B | $1.7B |
| Stockholders' equity | $6.3B | $5.5B | $5.2B | $4.6B | $3.4B |
| Cash Flow Statement | |||||
| Cash from operations | $504.1M | $432.0M | $391.6M | $362.1M | $246.3M |
| Depreciation and amortization | $239.3M | $207.0M | $176.3M | $133.6M | $95.7M |
| Stock-based compensation | $13.0M | $10.8M | $8.3M | $6.5M | $4.8M |
| Capital expenditure | — | $874.5M | $1.2B | $1.6B | $1.4B |
| Free cash flow | — | -$442.5M | -$808.4M | -$1.2B | -$1.1B |
| Dividends paid | $340.7M | $303.6M | $277.7M | $220.3M | $194.3M |
| Share repurchases | $3.7M | $2.3M | $2.7M | $1.9M | $1.8M |
| Impairments | — | — | — | $1.0M | $1.9M |
Shares outstanding 120.1M · Free float 98.2%
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.