Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.5M | $112M | $137M | $187M | $249M | $339M | $430M | $537M | $617M | $718M |
| Revenue growth | — | 21.8% | 23.0% | 36.7% | 32.6% | 36.5% | 26.7% | 25.1% | 14.8% | 16.4% |
| Operating income | $51.7M | $63.0M | $73.0M | $114M | $133M | $190M | $218M | $254M | $302M | $340M |
| Operating margin | 56.4% | 56.5% | 53.2% | 61.0% | 53.6% | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% |
| Net income | $45.1M | $58.1M | $58.2M | $80.1M | $91.4M | $122M | $152M | $170M | $189M | $204M |
| Net margin | 49.3% | 52.1% | 42.4% | 42.7% | 36.8% | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
| EPS (diluted) | $1.97 | $2.08 | $1.78 | $1.93 | $1.74 | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $61.7M | $82.2M | $93.2M | $127M | $143M | $246M | $362M | $392M | $432M | $504M |
| Capital expenditures | — | — | $608M | $703M | $1.31B | $1.39B | $1.60B | $1.20B | $875M | — |
| Free cash flow | — | — | -$515M | -$576M | -$1.17B | -$1.14B | -$1.24B | -$808M | -$443M | — |
| Share buybacks | $712K | $1.11M | $1.15M | $1.41M | $1.64M | $1.81M | $1.91M | $2.68M | $2.28M | $3.74M |
| Dividends paid | $42.1M | $55.1M | $67.6M | $90.3M | $116M | $194M | $220M | $278M | $304M | $341M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $33.4M | $50.8M | $54.0M | $15.6M | $6.14M | $43.3M | $27.8M | $10.9M | $6.40M | $16.3M |
| Total assets | $1.14B | $1.49B | $2.03B | $2.66B | $3.89B | $5.23B | $6.71B | $7.77B | $8.49B | $9.80B |
| Total liabilities | $456M | $583M | $790M | $973M | $1.36B | $1.81B | $2.08B | $2.57B | $2.98B | $3.53B |
| Long-term debt | $404M | $522M | $724M | — | $1.23B | $1.69B | — | — | — | — |
| Shareholders' equity | $683M | $909M | $1.24B | $1.69B | $2.52B | $3.42B | $4.63B | $5.20B | $5.51B | $6.27B |
| Shares (wtd avg diluted) | 23.0M | 27.7M | 32.4M | 41.2M | 52.4M | 67.1M | 79.2M | 95.4M | 102M | 111M |
Every figure is extracted from AGREE REALTY CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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