ADC · XBRL financial data

Agree Realty financial statements, every fiscal year

The same tables from 6 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 years (ADC's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	249	339	430	537	617	718
General and administrative	21	25	30	35	37	44
Operating income (loss)	125	190	218	254	302	340
Interest expense	40	50	63	81	109	135
Other income (expense)	0	0	1	0	1	1
Income tax expense (benefit)	1	2	3	3	4	2
Net income (loss)	91	122	152	170	189	204
Earnings per share, basic USD per share	1.76	1.79	1.84	1.70	1.79	1.77
Earnings per share, diluted USD per share	1.74	1.78	1.83	1.70	1.78	1.77
Weighted average shares, basic millions of shares	52	67	79	95	101	111
Weighted average shares, diluted millions of shares	52	67	79	95	102	111

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	6	43	28	11	6	16
Right-of-use asset	45	61	61	60	48	47
Total assets	3,886	5,227	6,713	7,775	8,486	9,798
Total liabilities	1,360	1,808	2,083	2,575	2,976	3,526
Total stockholders' equity	2,524	3,418	4,629	5,199	5,510	6,271
Total liabilities and equity	3,886	5,227	6,713	7,775	8,486	9,798
Common shares outstanding (cover page) millions of shares	63	71	90	101	107	120

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	91	122	152	170	189	204
Stock-based compensation	5	5	6	8	11	13
Net cash from operating activities	143	246	362	392	432	504
Purchases of property and equipment	1,310	1,390	1,600	1,200	875	—
Net cash from investing activities	(1,300)	(1,387)	(1,616)	(1,275)	(885)	(1,543)
Proceeds from issuing common stock	896	745	1,258	690	403	904
Share repurchases	2	2	2	3	2	4
Dividends paid	116	194	220	278	304	341
Net cash from financing activities	1,123	1,178	1,238	869	445	1,053

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.