Agree Realty Corporation (ADC) quarterly income statement — complete revenue, gross profit & net income history
| Metric | 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 | Q2'21 |
|---|
| Revenue | 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 | 82.55M |
| Revenue Growth % | 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% | 43.47% |
| Property Operating Expenses | 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 | 9.76M |
| Net Operating Income (NOI) | 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 | 72.78M |
| NOI Margin % | 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% | 88.18% |
| Operating Expenses | 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 | 22.68M |
| G&A Expenses | 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 | 6.24M |
| EBITDA | 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 | 78.56M |
| EBITDA Margin % | 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% | 95.17% |
| Depreciation & Amortization | 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 | 28.45M |
| D&A / Revenue % | 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% | 34.46% |
| Operating Income | 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 | 50.11M |
| Operating Margin % | 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% | 60.7% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 2.02x | 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 | 2.83x |
| Non-Operating Income | 25.98M | -399K | -456K | -46K | -41K | -212K | -104K | -366K | -117K | -5K | -94K | -43K | -48K | -1.11M | -132K | 0 | 0 | -1.32M | 0 | 14.61M |
| Pretax Income | 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 | 22.95M |
| Pretax Margin % | 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% | 27.8% |
| Income Tax | -500K | 260K | 225K | 425K | 825K | 1.07M | 1.08M | 1M | 1.15M | 709K | 709K | 709K | 783K | 723K | 720K | 698K | 719K | 517K | 390K | 485K |
| Effective Tax Rate % | -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% | 2.11% |
| Net Income | 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 | 22.35M |
| Net Margin % | 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% | 27.07% |
| Net Income Growth % | 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% | -11.53% |
| Funds From Operations (FFO) | 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 | 50.79M |
| FFO Margin % | 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% | 61.53% |
| FFO Growth % | 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% | 13.77% |
| FFO per Share | 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 | 0.78 |
| FFO Payout Ratio % | 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% | 81.02% |
| EPS (Diluted) | 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 | 0.34 |
| EPS Growth % | 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% | -27.66% |
| EPS (Basic) | 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 | 0.34 |
| Diluted Shares Outstanding | 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 | 65.19M |