ADC AGREE REALTY CORP

Overview and Growth

Fiscal 2025 results for AGREE REALTY CORP combined $718.40M of revenue with net income of $204.35M and an operating cash inflow of $504.14M. The $718.40M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 16.4% above fiscal 2024 revenue of $617.10M, marking a year-over-year increase. The company reported diluted EPS of $1.77, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $1.78 in fiscal 2024, the current result was 0.6% lower. Diluted shares averaged 111.20M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 9.2% from 101.88M in fiscal 2024, leaving the current share base higher year over year. The company employed $9.80B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.07x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $340.39M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 47.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $204.35M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 28.4%, meaning that this portion of revenue remained as net income after all recognized expenses. EBITDA was $579.70M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. The company recognized $1.74M of income tax for the period, completing the transition from pretax income to net income. Return on period-end equity was 3.3%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 2.1%, showing earnings relative to the full balance sheet. Current net income of $204.35M was above fiscal 2024 net income of $189.20M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $9.80B asset base was financed through $3.53B of liabilities and $6.27B of equity. The company held $16.30M in cash and equivalents, a narrower liquidity measure than total current assets. Book equity represented 64.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 36.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 0.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 15.5% higher than fiscal 2024 assets of $8.49B, measuring the company’s own balance-sheet change. Reported equity changed 13.8% from $5.51B in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 154.6% higher than fiscal 2024 cash of $6.40M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $504.14M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 2.47x of net income, showing how strongly accounting earnings converted into cash from operations. Compared with $431.97M in fiscal 2024, current operating cash flow of $504.14M was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.