# Agree Realty Corp: overview

ADC · NYSE · CIK 917251 · [Real estate](/sectors/real-estate.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/adc.md) · [Financials](/companies/adc/financials.md) · [Filings](/companies/adc/filings.md) · [Insiders](/companies/adc/insiders.md)

Latest reported revenue: [$213.9m](/filings/0000917251-26-000076.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 20, 2026 (XBRL us-gaap:Revenues, accession 0000917251-26-000076).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [161 d](/filings/0000917251-26-000013.md) | [169](/filings/0000917251-26-000047.md) | [176](/filings/0000917251-26-000063.md) | [183](/filings/0000917251-26-000076.md) | [190 d](/filings/0000917251-26-000013.md) | [201](/filings/0000917251-26-000047.md) | [205](/filings/0000917251-26-000063.md) | [214](/filings/0000917251-26-000076.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [46.9% d](/filings/0000917251-26-000013.md) | [46.5%](/filings/0000917251-26-000047.md) | [46.7%](/filings/0000917251-26-000063.md) | [47.6%](/filings/0000917251-26-000076.md) | [48.5% d](/filings/0000917251-26-000013.md) | [49.1%](/filings/0000917251-26-000047.md) | [46.5%](/filings/0000917251-26-000063.md) | [51.2%](/filings/0000917251-26-000076.md) |
| Net margin | % | [28.1% d](/filings/0000917251-26-000013.md) | [27.8%](/filings/0000917251-26-000047.md) | [28.0%](/filings/0000917251-26-000063.md) | [28.4%](/filings/0000917251-26-000076.md) | [29.4% d](/filings/0000917251-26-000013.md) | [30.9%](/filings/0000917251-26-000047.md) | [26.6%](/filings/0000917251-26-000063.md) | [32.0%](/filings/0000917251-26-000076.md) |
| Diluted EPS | $ per share | not reported | [0.42](/filings/0000917251-26-000047.md) | [0.43](/filings/0000917251-26-000063.md) | [0.45](/filings/0000917251-26-000076.md) | not reported | [0.50](/filings/0000917251-26-000047.md) | [0.44](/filings/0000917251-26-000063.md) | [0.53](/filings/0000917251-26-000076.md) |
| Free cash flow | $m | [(252) d](/filings/0000917251-26-000013.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [339](/filings/0001558370-24-001056.md) | [430](/filings/0001558370-25-000803.md) | [537](/filings/0000917251-26-000013.md) | [617](/filings/0000917251-26-000013.md) | [718](/filings/0000917251-26-000013.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [56.1%](/filings/0001558370-24-001056.md) | [50.7%](/filings/0001558370-25-000803.md) | [47.3%](/filings/0000917251-26-000013.md) | [49.0%](/filings/0000917251-26-000013.md) | [47.4%](/filings/0000917251-26-000013.md) |
| Net margin | % | [36.0%](/filings/0001558370-24-001056.md) | [35.5%](/filings/0001558370-25-000803.md) | [31.6%](/filings/0000917251-26-000013.md) | [30.7%](/filings/0000917251-26-000013.md) | [28.4%](/filings/0000917251-26-000013.md) |
| Diluted EPS | $ per share | [1.78](/filings/0001558370-24-001056.md) | [1.83](/filings/0001558370-25-000803.md) | [1.70](/filings/0000917251-26-000013.md) | [1.78](/filings/0000917251-26-000013.md) | [1.77](/filings/0000917251-26-000013.md) |
| Free cash flow | $m | [(1,144)](/filings/0001558370-24-001056.md) | [(1,238)](/filings/0001558370-25-000803.md) | [(808)](/filings/0000917251-26-000013.md) | [(443)](/filings/0000917251-26-000013.md) | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/adc/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.45bn | 19,112,107 |  | Added +1,222,099 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $802.0m | 10,588,511 |  | Added +328,505 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $445.3m | 5,858,959 |  | Reduced −107,444 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $409.4m | 5,405,144 |  | Added +58,711 |
| [PRINCIPAL FINANCIAL GROUP INC](/funds/1126328.md) | 2026-06-30 | $353.1m | 4,662,379 |  | Added +136,291 |
| [CENTERSQUARE INVESTMENT MANAGEMENT LLC](/funds/1725296.md) | 2026-06-30 | $282.6m | 3,730,917 |  | Added +301,342 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $267.7m | 3,535,058 |  | Reduced −506,635 |
| [Daiwa Securities Group Inc.](/funds/1481045.md) | 2026-06-30 | $221.3m | 2,921,805 |  | Reduced −39,878 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $210.7m | 2,781,222 |  | Added +82,464 |
| [CHARLES SCHWAB INVESTMENT MANAGEMENT INC](/funds/884546.md) | 2026-06-30 | $166.4m | 2,196,532 |  | Added +86,679 |

## Recent filings

[All 982 filings](/companies/adc/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-20 | 16:06 ET | [10-Q](/filings/0000917251-26-000076.md) | Quarterly report, period 2026-09-30 | 0000917251-26-000076 |
| 2026-10-20 | 16:05 ET | [8-K](/filings/0000917251-26-000075.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000917251-26-000075 |
| 2026-10-02 | 07:00 ET | [8-K](/filings/0000917251-26-000066.md) | 8.01 Other events | 0000917251-26-000066 |
| 2026-09-22 | 16:05 ET | [8-K](/filings/0001628280-26-063023.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-063023 |
| 2026-07-30 | 16:10 ET | [10-Q](/filings/0000917251-26-000063.md) | Quarterly report, period 2026-06-30 | 0000917251-26-000063 |
| 2026-07-30 | 16:05 ET | [8-K](/filings/0000917251-26-000061.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000917251-26-000061 |
| 2026-07-02 | 16:05 ET | [8-K](/filings/0000917251-26-000054.md) | 8.01 Other events | 0000917251-26-000054 |
| 2026-05-14 | 16:19 ET | [8-K](/filings/0000917251-26-000050.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0000917251-26-000050 |
| 2026-04-24 | 16:40 ET | [8-K](/filings/0001628280-26-027250.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-027250 |
| 2026-04-21 | 16:06 ET | [10-Q](/filings/0000917251-26-000047.md) | Quarterly report, period 2026-03-31 | 0000917251-26-000047 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000917251-26-000013.md), filed Feb 10, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 917251
- Tickers: ADC, ADC-PA
- Exchange: NYSE
- SIC code: 6798 Real Estate Investment Trusts
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 14:51 ET. No prices; not investment advice.