Revenue
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Agree Realty Corp (ADC)
Price$70.07Cached quote
Net income
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Free cash flow
2009
2010
2011
2012
2013
2018
2019
2020
2021
2022
2023
2024
2025
Total cash / debt
CashTotal debt
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Financial statements
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $718.2M | $616.8M | $537.4M | $429.6M | $339.1M | $248.3M | $187.3M | $136.9M | $110.7M | $91.5M | $70.0M | $53.6M | $43.5M | $34.6M | $30.3M | $27.4M | $32.0M |
| Operating expenses | $283.4M | $244.2M | $211.1M | $163.7M | — | — | — | $64.1M | — | $39.9M | $29.9M | $25.7M | $18.1M | $15.3M | $14.9M | $18.6M | $13.4M |
| Operating income | $340.4M | $302.2M | $254.4M | $218.1M | $190.3M | $133.1M | $114.4M | $73.0M | $63.0M | $51.7M | $40.1M | $27.9M | $25.4M | $19.4M | $15.3M | $8.8M | $18.6M |
| Operating margin | 47.40% | 49.00% | 47.34% | 50.76% | 56.12% | 53.62% | 61.08% | 53.33% | 56.88% | 56.44% | 57.33% | 52.08% | 58.41% | 55.95% | 50.66% | 32.11% | 58.08% |
| EBITDA | $579.7M | $509.2M | $430.7M | $351.7M | $286.0M | $199.9M | $160.1M | $106.0M | $89.6M | $75.1M | $56.6M | $39.0M | $33.9M | $25.6M | $20.5M | $13.1M | $23.5M |
| EBITDA margin | 80.72% | 82.56% | 80.14% | 81.85% | 84.35% | 80.50% | 85.49% | 77.46% | 80.97% | 82.02% | 80.90% | 72.81% | 77.92% | 73.98% | 67.85% | 47.91% | 73.57% |
| Net income | $204.3M | $189.2M | $170.0M | $152.4M | $122.3M | $91.4M | $80.1M | $58.2M | $58.1M | $45.1M | $39.0M | $18.5M | $19.7M | $18.0M | $9.6M | $15.1M | $17.0M |
| Net profit margin | 28.45% | 30.67% | 31.63% | 35.48% | 36.06% | 36.80% | 42.76% | 42.50% | 52.50% | 49.29% | 55.77% | 34.52% | 45.21% | 52.13% | 31.56% | 54.94% | 53.31% |
| Basic EPSper basic share | $1.77 | $1.79 | $1.70 | $1.84 | $1.79 | $1.76 | $1.96 | $1.80 | $2.09 | $1.97 | $2.17 | $1.24 | $1.51 | $1.63 | $0.99 | $1.65 | $2.15 |
| Diluted EPSper diluted share | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 | $1.74 | $1.93 | $1.78 | $2.08 | $1.97 | $2.16 | $1.24 | $1.50 | $1.62 | $0.99 | $1.64 | $2.14 |
Owners
Reported shareholders
Reported holdings Number of shares
View holders
| Holder | Shares held |
|---|---|
BlackRock, Inc. | 19.11M |
COHEN & STEERS, INC. | 16.4M |
VANGUARD PORTFOLIO MANAGEMENT LLC | 10.59M |
STATE STREET CORP | 5.86M |
VANGUARD CAPITAL MANAGEMENT LLC | 5.41M |
PRINCIPAL FINANCIAL GROUP INC | 4.66M |
CENTERSQUARE INVESTMENT MANAGEMENT LLC | 3.73M |
TWO SIGMA INVESTMENTS, LP | 3.54M |
Daiwa Securities Group Inc. | 2.92M |
GEODE CAPITAL MANAGEMENT, LLC | 2.78M |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 2.2M |
Zimmer Partners, LP | 1.84M |
DIMENSIONAL FUND ADVISORS LP | 1.79M |
PRUDENTIAL FINANCIAL INC | 1.79M |
BANK OF AMERICA CORP /DE/ | 1.73M |
MILLENNIUM MANAGEMENT LLC | 1.58M |
NORGES BANK | 1.55M |
MORGAN STANLEY | 1.53M |
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 1.52M |
RAYMOND JAMES FINANCIAL INC | 1.43M |
Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.
Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data
Insider buys & sells
| Transaction | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| Jun 4, 2026Form 4 | AGREE RICHARDEXECUTIVE CHAIRMAN OF BOARD | BuyCommon Shares · indirect | 5.0K | $71.41 | $357.1K | 90.5K |
| May 15, 2026Form 4 | RAKOLTA JOHN JRDirector | BuyCommon Shares | 20.0K | $74.57 | $1.49M | 595.8K |
| May 14, 2026Form 4 | Lehmkuhl GregDirector | BuyCommon Shares | 750 | $75.09 | $56.3K | 34.5K |
| May 14, 2026Form 4 | Agree JoeyPRESIDENT & CEO | BuyCommon Shares | 13.3K | $75.41 | $1.00M | 675.1K |
| Apr 1, 2026Form 4 | RAKOLTA JOHN JRDirector | BuyCommon Shares · indirect | 146 | $75.69 | $11.1K | 146 |
Community posts
Agree Realty prices $400 million of long-term unsecured debt
Agree Realty’s ($ADC) operating partnership priced $400 million of senior unsecured notes due in 2036. The notes carry a 5.650% coupon and were issued at 98.497% of face value, producing a 5.849% yield. Earlier interest-rate hedges reduce t ...
