Financials in USD. Standardized financial statements.
A compact view of how Agree Realty Corporation turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue? | $718.40M | $617.10M | $537.50M | $429.81M | $339.32M | $248.57M | $187.48M | $137.12M | $111.52M | $91.53M |
| Revenue Growth? | +16.4% | +14.8% | +25.1% | +26.7% | +36.5% | +32.6% | +36.7% | +23.0% | +21.8% | 0.0% |
| Cost of Revenue? | $88.15M | $74.85M | $66.72M | $52.28M | $41.06M | $31.75M | $23.51M | $17.01M | $12.47M | $8.60M |
| Gross Profit? | $630.25M | $542.25M | $470.78M | $377.53M | $298.26M | $216.82M | $163.97M | $120.11M | $99.05M | $82.93M |
| Gross Margin? | +87.7% | +87.9% | +87.6% | +87.8% | +87.9% | +87.2% | +87.5% | +87.6% | +88.8% | +90.6% |
| Operating Expenses? | $289.86M | $240.00M | $216.39M | $159.45M | $107.99M | $83.68M | $49.57M | $47.10M | $36.09M | $31.27M |
| Operating Income? | $340.39M | $302.24M | $254.39M | $218.09M | $190.27M | $133.13M | $114.39M | $73.01M | $62.96M | $51.66M |
| EBITDA? | $617.06M | $543.26M | $463.95M | $386.24M | $295.67M | $215.80M | $161.90M | $119.02M | $94.71M | $75.07M |
| Income Before Tax | $206.72M | $194.14M | $173.46M | $155.90M | $125.28M | $93.06M | $81.30M | $59.31M | $59.02M | $45.95M |
| Income Tax Expense | $1.74M | $4.31M | $2.91M | $2.86M | $2.40M | $1.09M | $538,000 | $516,000 | $0 | $0 |
| Net Income? | $204.35M | $189.20M | $169.96M | $152.44M | $122.27M | $91.38M | $80.08M | $58.17M | $58.11M | $45.12M |
| EPS? | $1.77 | $1.79 | $1.70 | $1.84 | $1.79 | $1.76 | $1.96 | $1.81 | $2.09 | $1.97 |
| Diluted EPS? | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 | $1.74 | $1.93 | $1.80 | $2.08 | $1.97 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality