ADC · XBRL financial data

Agree Realty financial statements, every quarter

The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal quarters (ADC's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Revenue	144*	149	153	154	161*	169	176	183	190*	201	205	214
General and administrative	9*	10	10	9	9*	11	11	11	11*	11	12	12
Operating income (loss)	69*	70	82	74	75*	79	82	87	92*	99	95	110
Interest expense	22*	24	26	29	29*	31	32	35	36*	36	40	41
Other income (expense)	0*	0	0	0	0*	0	0	0	0*	0	0	0
Income tax expense (benefit)	1*	1	1	1	1*	1	0	0	0*	1	0	0
Net income (loss)	46*	45	55	44	45*	47	49	52	56*	62	55	68
Earnings per share, basic USD per share	0.46*	0.43	0.53	0.42	0.44*	0.42	0.43	0.45	0.49*	0.50	0.44	0.53
Earnings per share, diluted USD per share	0.46*	0.43	0.52	0.42	0.43*	0.42	0.43	0.45	0.49*	0.50	0.44	0.53
Weighted average shares, basic millions of shares	100*	100	100	100	103*	107	110	111	115*	120	120	124
Weighted average shares, diluted millions of shares	101*	100	100	102	105*	108	110	112	115*	120	120	125

Fiscal quarters (ADC's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Cash and cash equivalents	11	6	10	13	6	8	6	14	16	25	13	81
Right-of-use asset	60	60	60	61	48	49	46	46	47	47	47	47
Total assets	7,775	7,869	8,001	8,184	8,486	8,801	9,085	9,484	9,798	10,180	10,587	10,951
Commercial paper	—	—	—	—	—	0	—	—	—	—	—	—
Total liabilities	2,575	2,689	2,838	2,890	2,976	3,156	3,430	3,611	3,526	3,941	4,067	4,008
Total stockholders' equity	5,199	5,179	5,162	5,294	5,510	5,644	5,654	5,873	6,271	6,239	6,520	6,943
Total liabilities and equity	7,775	7,869	8,001	8,184	8,486	8,801	9,085	9,484	9,798	10,180	10,587	10,951
Common shares outstanding (cover page) millions of shares	101	101	101	104	107	110	111	115	120	120	124	130

Fiscal quarters (ADC's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Net income (loss)	46*	45	55	44	45*	47	49	52	56*	62	55	68
Stock-based compensation	2*	2	3*	3*	3*	3	3*	3*	3*	4	4*	4*
Net cash from operating activities	98*	103	97*	140*	91*	127	120*	147*	111*	145	131*	185*
Purchases of property and equipment	190*	128	188	216	343*	—	—	—	—	—	—	—
Net cash from investing activities	(191)*	(126)	(164)*	(247)*	(348)*	(381)	(345)*	(444)*	(373)*	(430)	(483)*	(332)*
Proceeds from issuing common stock	(0)*	0	0*	175*	228*	183	41*	252*	428*	0	313*	426*
Share repurchases	0*	2	0*	0*	0*	4	0*	0*	0*	6	0*	0*
Dividends paid	74*	75	75*	75*	78*	82	84*	85*	89*	95	96*	100*
Net cash from financing activities	101*	24	76*	95*	250*	259	223*	306*	265*	296	342*	218*

SIC 6798 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 6798 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Agree Realty	81	214	185*	130.1M	Q3 FY26 10-QSep 30, 2026
Cousins Properties	5.2	259	111*	164.6M	Q3 FY26 10-QSep 30, 2026
UDR	1.2	3.5	202*	316.9M	Q3 FY26 10-QSep 30, 2026
Kite Realty Group Trust	33	190	104*	198.0M	Q3 FY26 10-QSep 30, 2026
Healthcare Realty Trust	17	7.9	122*	338.5M	Q3 FY26 10-QSep 30, 2026
Empire State Realty OP	86	197	20*	not reported	Q2 FY26 10-QJun 30, 2026
InterDigital	639	193	150*	25.8M	Q3 FY26 10-QSep 30, 2026
EPR Properties	52	204	169*	76.6M	Q3 FY26 10-QSep 30, 2026
Phillips Edison & Company	8.9	3.5	85*	129.0M	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.