AGREE REALTY CORPORATION (ADC) — financial distillation
Annual history (10-K)
Quarterly history (10-Q)
Two headline lines are shown to start. Click any item in a legend to add or remove it — every figure on the chart is one the table below also carries, for the period it names.
In brief, from the full filed history
- Revenue grew from $32.0M (period ending 2009-12-31) to $718.2M (period ending 2025-12-31) — a 21.5% annual pace across 16 year(s) of filed history.
- Net margin compressed from 53.3% to 28.5% over that same span.
- Across 49 tracked quarters, the strongest was $205.0M (quarter ending 2026-06-30) and the weakest was $8.8M (quarter ending 2010-06-30).
Annual — most recent 10-K
| Line | Value | Period ends | Form | Filing |
|---|---|---|---|---|
| Revenue | $718.2M | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Operating income | $340.4M | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Net income | $204.3M | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Diluted EPS | $1.77 | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Total assets | $9.80B | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Total liabilities | $3.53B | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Cash & equivalents | $16.3M | 2025-12-31 | 10-K | 0000917251-26-000013 |
| Operating cash flow | $504.1M | 2025-12-31 | 10-K | 0000917251-26-000013 |
Quarterly — most recent 10-Q
| Line | Value | Period ends | Form | Filing |
|---|---|---|---|---|
| Revenue | $205.0M | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Operating income | $95.3M | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Net income | $54.7M | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Diluted EPS | $0.44 | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Total assets | $10.59B | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Total liabilities | $4.07B | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Cash & equivalents | $12.5M | 2026-06-30 | 10-Q | 0000917251-26-000063 |
| Operating cash flow | $145.2M | 2026-03-31 | 10-Q | 0000917251-26-000047 |
Reading
The figures above are taken directly from filings with the U.S. Securities and Exchange Commission. The reading below was generated by a local language model from only those figures; it introduces no numbers of its own. It is not investment advice.
Agree Realty Corporation (ADC) operates in the real estate sector, specifically focusing on property acquisitions and leasing for income generation. The company’s scale is evident in its total assets of $10.59 billion as of the most recent quarter, underscoring a substantial and diversified real estate portfolio. Over the past 16 years, ADC’s revenue has grown at an impressive 21.5% annual pace, escalating from $32.0 million in 2009 to $718.2 million in 2025. This growth trajectory demonstrates a successful expansion strategy and market acceptance of their properties.
However, the company’s net margin has experienced compression during this period, shrinking from 53.3% to 28.5%. This suggests that while revenue has increased significantly, the proportion of net income relative to revenue has declined. Investors should monitor whether ADC can improve its operational efficiency and control costs to stabilize or enhance its net margins in future filings.
In terms of liquidity, ADC maintained $12.5 million in cash and equivalents as of the latest quarter, which is lower than the $16.3 million reported at year-end 2025. This reduction might warrant attention from investors concerned about the company’s short-term financial flexibility. Going forward, it would be prudent to observe how ADC manages its cash resources and whether it can sustain or improve upon its operating cash flow performance, which stood at $145.2 million for the quarter ending March 31, 2026.
Source: SEC EDGAR company facts for CIK 0000917251 · filings index