Agree Realty Corporation
Real EstateNYSE:ADC · New York Stock Exchange
+$1.05 today
Vol 0.83M · Avg 1.29M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$750.0M of revenue converted into $219.6M of net income for the selected period. Gross margin is 87.6% and net margin is 29.2%, showing how much revenue survives after costs and taxes. EPS is $1.86, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $718.4M +16.4% | $617.1M +14.8% | $537.5M +25.1% | $429.8M +26.7% | $339.3M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $88.1M +17.8% | $74.8M +12.2% | $66.7M +27.6% | $52.3M +27.3% | $41.1M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $630.3M +16.2% | $542.2M +15.2% | $470.8M +24.7% | $377.5M +26.6% | $298.3M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 87.7% -0.1pp | 87.9% +0.3pp | 87.6% -0.2pp | 87.8% -0.1pp | 87.9% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $44.1M +18.3% | $37.2M +7.0% | $34.8M +15.5% | $30.1M +18.3% | $25.5M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $289.9M +20.8% | $240.0M +10.9% | $216.4M +35.7% | $159.4M +47.6% | $108.0M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $275.7M +14.8% | $240.2M +14.7% | $209.4M +25.4% | $166.9M +39.1% | $120.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $617.1M +13.6% | $543.3M +17.1% | $463.9M +20.1% | $386.2M +30.6% | $295.7M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 85.9% -2.1pp | 88.0% +1.7pp | 86.3% -3.5pp | 89.9% +2.7pp | 87.1% | 5.6% | 46.3% | 42.0% |
| Operating Income | $340.4M +12.6% | $302.2M +18.8% | $254.4M +16.6% | $218.1M +14.6% | $190.3M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 47.4% -1.6pp | 49.0% +1.7pp | 47.3% -3.4pp | 50.7% -5.3pp | 56.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $134.6M +23.6% | $108.9M +34.3% | $81.1M +27.9% | $63.4M +25.9% | $50.4M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$133.7M -23.6% | -$108.1M -33.6% | -$80.9M -30.1% | -$62.2M +4.3% | -$65.0M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $206.7M +6.5% | $194.1M +11.9% | $173.5M +11.3% | $155.9M +24.4% | $125.3M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 28.8% -2.7pp | 31.5% -0.8pp | 32.3% -4.0pp | 36.3% -0.6pp | 36.9% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $1.7M -59.7% | $4.3M +48.0% | $2.9M +1.7% | $2.9M +19.1% | $2.4M | $1.3B | -$1.6B | $745.2M |
| Net Income | $204.3M +8.0% | $189.2M +11.3% | $170.0M +11.5% | $152.4M +24.7% | $122.3M | $4.9B | $4.8B | $4.7B |
| Net Margin | 28.4% -2.2pp | 30.7% -1.0pp | 31.6% -3.8pp | 35.5% -0.6pp | 36.0% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $2 -1.1% | $2 +5.3% | $2 -7.6% | $2 +2.8% | $2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $2 -0.6% | $2 +4.7% | $2 -7.1% | $2 +2.8% | $2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $110.7M +9.5% | $101.1M +6.2% | $95.2M +21.0% | $78.7M +17.7% | $66.8M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $111.2M +9.2% | $101.9M +6.7% | $95.4M +20.6% | $79.2M +17.9% | $67.1M | $1.2B | $924.4M | $678.0M |
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How much revenue does ADC generate?
Agree Realty Corporation (ADC) reported $718.40M of revenue in fiscal 2025.
Is ADC profitable?
Agree Realty Corporation (ADC) reported $204.35M of net income, with a net margin of 28.4%.
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