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REITs · Real Estate · Fiscal year ends Dec 31
Agree Realty reported revenue of $718M in the fiscal year ended Dec 2025, up 16.4% from the year before. Operating income was $340M, an operating margin of 47.4%, and net income was $204M. Operating cash flow of $504M less capital expenditure of $836M left free cash flow of −$332M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 339 | 430 | 537 | 617 | 718 |
| Operating income | 190 | 218 | 254 | 302 | 340 |
| Interest expense | 50.4 | 63.4 | 81.1 | 109 | 135 |
| Income tax | 2.4 | 2.9 | 2.9 | 4.3 | 1.7 |
| Net income | 122 | 152 | 170 | 189 | 204 |
| Diluted EPS | 1.78 | 1.83 | 1.70 | 1.78 | 1.77 |
| Diluted shares | 67.1 | 79.2 | 95.4 | 102 | 111 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 43.3 | 27.8 | 10.9 | 6.4 | 16.3 |
| Total assets | 5,227 | 6,713 | 7,775 | 8,486 | 9,798 |
| Deferred revenue | 13.5 | 18.1 | 21.9 | 33.1 | 36.2 |
| Long-term debt | 1,694 | – | – | – | – |
| Total liabilities | 1,808 | 2,083 | 2,575 | 2,976 | 3,526 |
| Shareholders' equity | 3,418 | 4,629 | 5,199 | 5,510 | 6,271 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 246 | 362 | 392 | 432 | 504 |
| Capital expenditure | 1,390 | 1,600 | 1,200 | 875 | 836 |
| Free cash flow | −1,144 | −1,238 | −808 | −443 | −332 |
| Depreciation & amortisation | 95.7 | 134 | 176 | 207 | 239 |
| Stock-based compensation | 4.8 | 6.5 | 8.3 | 10.8 | 13.0 |
| Share buybacks | 1.8 | 1.9 | 2.7 | 2.3 | 3.7 |
| Dividends paid | 194 | 220 | 278 | 304 | 341 |
| Dividend per share | 2.41 | 2.81 | 2.92 | 3.00 | 3.08 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.7% | 25.1% | 14.8% | 16.4% |
| Operating income growth (YoY) | – | 14.6% | 16.6% | 18.8% | 12.6% |
| EPS growth (YoY) | – | 2.8% | −7.1% | 4.7% | −0.6% |
| Operating margin | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% |
| Net margin | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
| Return on equityBlank when equity is negative | 3.6% | 3.3% | 3.3% | 3.4% | 3.3% |
| Free cash flow margin | −337.0% | −288.0% | −150.4% | −71.7% | −46.2% |
| Cash conversion (CFO ÷ net income) | 2.01x | 2.38x | 2.30x | 2.28x | 2.47x |
| Interest cover | 3.78x | 3.44x | 3.14x | 2.78x | 2.53x |
| Debt ÷ equity | 0.50x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,650 | – | – | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.