AGREE REALTY CORP — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that AGREE REALTY CORP filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $718.40M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $617.10M | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | $537.50M | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | $429.81M | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | $339.32M | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | $248.57M | Feb 14, 2023 |
| FY2019 | Dec 31, 2019 | $52.14M | Feb 20, 2020 |
| FY2019 | Sep 30, 2019 | $48.08M | Feb 20, 2020 |
| FY2019 | Jun 30, 2019 | $44.92M | Feb 20, 2020 |
| FY2019 | Mar 31, 2019 | $42.35M | Feb 20, 2020 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $204.35M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $189.20M | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | $169.96M | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | $152.44M | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | $122.27M | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | $91.38M | Feb 14, 2023 |
| FY2019 | Dec 31, 2019 | $22.56M | Feb 20, 2020 |
| FY2019 | Sep 30, 2019 | $20.61M | Feb 20, 2020 |
| FY2019 | Jun 30, 2019 | $18.56M | Feb 20, 2020 |
| FY2019 | Mar 31, 2019 | $18.35M | Feb 20, 2020 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $340.40M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $302.24M | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | $254.39M | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | $218.09M | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | $190.27M | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | $133.13M | Feb 14, 2023 |
| FY2021 | Dec 31, 2019 | $114.40M | Feb 22, 2022 |
| FY2020 | Dec 31, 2018 | $73.01M | Feb 18, 2021 |
| FY2019 | Dec 31, 2017 | $62.96M | Feb 20, 2020 |
| FY2018 | Dec 31, 2016 | $51.66M | Feb 21, 2019 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $504.14M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $431.97M | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | $391.60M | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | $362.12M | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | $246.32M | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | $142.96M | Feb 14, 2023 |
| FY2021 | Dec 31, 2019 | $126.71M | Feb 22, 2022 |
| FY2020 | Dec 31, 2018 | $93.25M | Feb 18, 2021 |
| FY2019 | Dec 31, 2017 | $82.20M | Feb 20, 2020 |
| FY2018 | Dec 31, 2016 | $61.74M | Feb 21, 2019 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2024 | Dec 31, 2024 | $874.50M | Feb 11, 2025 |
| FY2024 | Dec 31, 2023 | $1.20B | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | $1.60B | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | $1.39B | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | $1.31B | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | $702.90M | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | $608.30M | Feb 20, 2020 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $9.80B | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $8.49B | Feb 10, 2026 |
| FY2024 | Dec 31, 2023 | $7.77B | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | $6.71B | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | $5.23B | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | $3.89B | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | $2.66B | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | $2.03B | Feb 20, 2020 |
| FY2018 | Dec 31, 2017 | $1.49B | Feb 21, 2019 |
| FY2017 | Dec 31, 2016 | $1.14B | Feb 22, 2018 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $3.53B | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $2.98B | Feb 10, 2026 |
| FY2024 | Dec 31, 2023 | $2.57B | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | $2.08B | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | $1.81B | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | $1.36B | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | $972.97M | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | $789.70M | Feb 20, 2020 |
| FY2018 | Dec 31, 2017 | $583.44M | Feb 21, 2019 |
| FY2017 | Dec 31, 2016 | $456.46M | Feb 22, 2018 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $6.27B | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $5.51B | Feb 10, 2026 |
| FY2024 | Dec 31, 2023 | $5.20B | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | $4.63B | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | $3.42B | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | $2.52B | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | $1.69B | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | $1.24B | Feb 20, 2020 |
| FY2018 | Dec 31, 2017 | $908.66M | Feb 21, 2019 |
| FY2017 | Dec 31, 2016 | $682.98M | Feb 22, 2018 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2014 | Dec 31, 2014 | ($32.58M) | Mar 6, 2015 |
| FY2014 | Dec 31, 2013 | ($23.88M) | Mar 6, 2015 |
| FY2013 | Dec 31, 2012 | ($21.17M) | Mar 7, 2014 |
| FY2012 | Dec 31, 2011 | ($20.92M) | Mar 11, 2013 |
| FY2011 | Dec 31, 2010 | ($14.70M) | Mar 12, 2012 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $16.30M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $6.40M | Feb 10, 2026 |
| FY2024 | Dec 31, 2023 | $10.91M | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | $27.76M | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | $43.25M | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | $6.14M | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | $15.60M | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | $53.96M | Feb 20, 2020 |
| FY2018 | Dec 31, 2017 | $50.81M | Feb 21, 2019 |
| FY2017 | Dec 31, 2016 | $33.40M | Feb 22, 2018 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2021 | Dec 31, 2021 | $1.69B | Feb 22, 2022 |
| FY2020 | Dec 31, 2020 | $1.23B | Feb 18, 2021 |
| FY2018 | Dec 31, 2018 | $724.06M | Feb 21, 2019 |
| FY2017 | Dec 31, 2017 | $522.40M | Feb 22, 2018 |
| FY2016 | Dec 31, 2016 | $404.05M | Feb 23, 2017 |
| FY2015 | Dec 31, 2015 | $319.58M | Mar 11, 2016 |
| FY2014 | Dec 31, 2014 | $221.76M | Mar 6, 2015 |
| FY2013 | Dec 31, 2013 | $158.40M | Mar 7, 2014 |
| FY2012 | Dec 31, 2012 | $117.38M | Mar 11, 2013 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1 | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | 1 | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | 1 | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | 1 | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | 1 | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | 1 | Feb 14, 2023 |
| FY2019 | Dec 31, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Sep 30, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Jun 30, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Mar 31, 2019 | 0 | Feb 20, 2020 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1 | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | 1 | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | 1 | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | 1 | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | 1 | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | 1 | Feb 14, 2023 |
| FY2019 | Dec 31, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Sep 30, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Jun 30, 2019 | 0 | Feb 20, 2020 |
| FY2019 | Mar 31, 2019 | 0 | Feb 20, 2020 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 120.03M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | 107.25M | Feb 10, 2026 |
| FY2024 | Dec 31, 2023 | 100.52M | Feb 11, 2025 |
| FY2023 | Dec 31, 2022 | 90.17M | Feb 13, 2024 |
| FY2022 | Dec 31, 2021 | 71.29M | Feb 14, 2023 |
| FY2021 | Dec 31, 2020 | 60.02M | Feb 22, 2022 |
| FY2020 | Dec 31, 2019 | 45.57M | Feb 18, 2021 |
| FY2019 | Dec 31, 2018 | 37.55M | Feb 20, 2020 |
| FY2018 | Dec 31, 2017 | 31.00M | Feb 21, 2019 |
| FY2017 | Dec 31, 2016 | 26.16M | Feb 22, 2018 |
Dividends Paid
Cash dividends distributed to common shareholders during the period. Shown as a positive value despite being a cash outflow in the SEC filing.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $340.65M | Feb 10, 2026 |
| FY2025 | Dec 31, 2024 | $303.60M | Feb 10, 2026 |
| FY2025 | Dec 31, 2023 | $277.68M | Feb 10, 2026 |
| FY2024 | Dec 31, 2022 | $220.30M | Feb 11, 2025 |
| FY2023 | Dec 31, 2021 | $194.30M | Feb 13, 2024 |
| FY2022 | Dec 31, 2020 | $116.11M | Feb 14, 2023 |
| FY2021 | Dec 31, 2019 | $90.26M | Feb 22, 2022 |
| FY2020 | Dec 31, 2018 | $67.64M | Feb 18, 2021 |
| FY2019 | Dec 31, 2017 | $55.15M | Feb 20, 2020 |
| FY2018 | Dec 31, 2016 | $42.06M | Feb 21, 2019 |