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NYSE · Real Estate

Agree Realty Corp. (ADC)

As-reported financials and SEC filings for Agree Realty Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Agree Realty Corp.

Agree Realty Corp is a real estate investment trust that owns, acquires, develops, and manages retail properties leased to national and regional tenants. Its portfolio includes over 2,600 retail properties across all 50 states, primarily under long-term net leases where tenants pay rent and property expenses. The company serves retail tenants in various sectors and focuses on properties that provide stable cash flow through investment-grade tenants.

Snapshot

Revenue
$718.2M
Revenue growth (YoY)
16.4%
Net income
$204.3M
Diluted EPS
$1.77
Gross margin
—
Operating margin
47.4%
Net margin
28.5%
FCF margin
—
ROE
3.3%
net income / fiscal-year-end equity
P/E
35.2×
trailing when available, otherwise FY EPS
Market cap
$8.30B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Agree Realty

  • Revenue grew 16.4% to $718M in FY2025, in line with the 14.8% the year before.
  • Operating margin is 47.4% in FY2025, -8.7 pp against 56.1% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $205M, up 16.8% from Q2 FY2025.
  • Net income rose 8.0% to $204M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Agree Realty’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin47.4%
72nd percentile of 82
Net margin28.5%
75th percentile of 157
Revenue growth (YoY)+16.4%
89th percentile of 161
ROE3.3%
47th percentile of 142
P/E35.2×
71st percentile of 105
Short interest4.37d
56th percentile of 154

Agree Realty’s revenue growth of +16.4% ranks in the 89th percentile of the 161 REITs reporting it.

6 reported insider purchases (code P) totaling $4.1M in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+6 quant / multi-strat
Initiated / added
3
0 new, 3 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$551.0M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$267.7M3.5MReduced
Millennium ManagementquantQ2 2026$119.9M1.6MAdded
Citadel AdvisorsquantQ2 2026$54.9M724.6KReduced
D. E. ShawquantQ2 2026$48.0M633.3KAdded
Gotham Asset ManagementQ2 2026$20.8M275.0KReduced
AQR Capital ManagementquantQ2 2026$20.1M265.0KReduced
Point72 Asset ManagementquantQ2 2026$19.7M259.8KAdded

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
6
3 insiders
Bought (90d)
$4.1M
code P value
Sells (90d)
0
—
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-09-21
filed 2026-09-23
Craig ErlichCHIEF GROWTH OFFICERBuy1.0K$67.55$68K
2026-09-16
filed 2026-09-17
John Rakolta Jr.DirectorBuy20.0K$68.78$1.4M
2026-09-16
filed 2026-09-17
Joey AgreePRESIDENT & CEOBuy7.4K$68.06$501K
2026-08-31
filed 2026-09-02
John Rakolta Jr.DirectorBuy10.0K$72.42$724K
2026-08-28
filed 2026-08-31
John Rakolta Jr.DirectorBuy136$73.52$10K
2026-08-27
filed 2026-08-31
John Rakolta Jr.DirectorBuy20.0K$73.23$1.5M
2026-06-04
filed 2026-06-08
Richard AgreeEXECUTIVE CHAIRMAN OF BOARDBuy5.0K$71.41$357K
2026-05-15
filed 2026-05-19
John Rakolta Jr.DirectorBuy20.0K$74.57$1.5M
2026-05-14
filed 2026-05-18
Joey AgreePRESIDENT & CEOBuy13.3K$75.41$1.0M
2026-05-14
filed 2026-05-18
Greg LehmkuhlDirectorBuy750$75.09$56K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
7.8M
settled 2026-09-30
Change vs prior
+14.5%
vs previous settlement
Days to cover
4.37
at avg daily volume
Avg daily volume
1.8M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-307.8M+14.5%4.37
2026-09-156.8M+9.1%4.87
2026-08-316.2M-56.1%3.65
2026-08-1414.1M-1.5%10.54
2026-07-3114.3M-0.1%11.73
2026-07-1514.3M-1.4%13.56
2026-06-3014.6M-7.8%12.18
2026-06-1515.8M+4.0%12.73

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$718.2M$616.8M$537.4M$429.6M$339.1M
Gross profit—————
Operating income$340.4M$302.2M$254.4M$218.1M$190.3M
Net income$204.3M$189.2M$170.0M$152.4M$122.3M
Diluted EPS$1.77$1.78$1.70$1.83$1.78

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$16.3M$6.4M$10.9M$27.8M$43.3M
Current assets—————
Total assets$9.80B$8.49B$7.77B$6.71B$5.23B
Current liabilities—————
Long-term debt————$1.69B
Total liabilities$3.53B$2.98B$2.57B$2.08B$1.81B
Total equity$6.27B$5.51B$5.20B$4.63B$3.42B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$504.1M$432.0M$391.6M$362.1M$246.3M
Capital expenditure—$874.5M$1.20B$1.60B$1.39B
Free cash flow—

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$205.1M16.8%$54.7M$0.44
Q1 FY2026$200.8M18.7%$62.1M$0.50
Q4 FY202518.6%
Q3 FY2025$183.2M18.7%$52.1M$0.45
Q2 FY2025$175.5M15.0%$49.2M$0.43
Q1 FY2025$169.2M13.2%$47.0M$0.42
Q4 FY202411.4%
Q3 FY2024$154.3M12.8%$44.4M$0.42

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorReal Estate
SIC industryReal Estate Investment Trusts
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2008
SEC CIK917251

Selected SEC filings

10-K2026-02-10
View on EDGAR →
10-Q2026-07-30
View on EDGAR →
10-Q2026-04-21
View on EDGAR →
8-K2026-10-02
View on EDGAR →
8-K2026-09-22
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-07-02
View on EDGAR →

Largest reit peers

All reit stocks →All Real Estate companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.