Agree Realty Corp
NYSE:ADC

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Agree Realty Corp
NYSE:ADC
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Price: 76.985 USD -0.18%
Market Cap: 8B USD
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Income Statement

Earnings Waterfall
Agree Realty Corp

Revenue
600.5m USD
Cost of Revenue
-70.7m USD
Gross Profit
529.8m USD
Operating Expenses
-236.4m USD
Operating Income
293.4m USD
Other Expenses
-111.4m USD
Net Income
182m USD

Income Statement
Agree Realty Corp

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Income Statement
Currency: USD
Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024
Revenue
Revenue
50
N/A
54
+7%
57
+6%
61
+8%
65
+7%
70
+8%
75
+6%
79
+6%
85
+8%
92
+7%
98
+7%
104
+6%
110
+6%
112
+1%
117
+5%
122
+4%
126
+3%
137
+9%
147
+7%
159
+8%
173
+9%
188
+8%
201
+7%
214
+6%
229
+7%
249
+8%
271
+9%
296
+9%
319
+8%
339
+6%
360
+6%
382
+6%
405
+6%
430
+6%
458
+7%
483
+5%
510
+6%
537
+5%
560
+4%
583
+4%
601
+3%
Gross Profit
Cost of Revenue
(4)
(4)
(5)
(5)
(5)
(6)
(6)
(7)
(8)
(8)
(9)
(9)
(11)
(12)
(13)
(14)
(15)
(16)
(18)
(19)
(21)
(22)
(24)
(25)
(28)
(31)
(33)
(35)
(38)
(40)
(42)
(46)
(49)
(51)
(55)
(58)
(61)
(65)
(67)
(68)
(71)
Gross Profit
46
N/A
49
+7%
52
+6%
56
+8%
60
+7%
64
+6%
68
+6%
72
+5%
78
+8%
84
+8%
89
+7%
95
+6%
100
+5%
100
+0%
104
+4%
108
+4%
111
+3%
121
+9%
129
+7%
140
+8%
152
+9%
165
+8%
177
+7%
188
+6%
202
+7%
218
+8%
238
+9%
260
+9%
282
+8%
300
+7%
318
+6%
337
+6%
356
+6%
379
+6%
403
+6%
425
+5%
449
+6%
472
+5%
493
+4%
515
+4%
530
+3%
Operating Income
Operating Expenses
(17)
(18)
(20)
(21)
(23)
(24)
(26)
(27)
(29)
(32)
(35)
(37)
(39)
(37)
(38)
(39)
(39)
(45)
(49)
(52)
(57)
(63)
(68)
(73)
(79)
(89)
(103)
(108)
(116)
(123)
(131)
(141)
(153)
(165)
(179)
(190)
(203)
(213)
(221)
(230)
(236)
Selling, General & Administrative
(7)
(7)
(7)
(7)
(7)
(8)
(8)
(8)
(9)
(9)
(9)
(9)
(10)
(10)
(11)
(11)
(12)
(12)
(14)
(15)
(16)
(17)
(18)
(18)
(19)
(22)
(24)
(26)
(27)
(27)
(28)
(29)
(31)
(32)
(33)
(34)
(36)
(36)
(37)
(38)
(39)
Depreciation & Amortization
(10)
(11)
(12)
(14)
(16)
(17)
(18)
(19)
(20)
(23)
(25)
(27)
(29)
(27)
(27)
(28)
(28)
(33)
(35)
(38)
(42)
(46)
(50)
(55)
(60)
(67)
(74)
(82)
(89)
(96)
(103)
(112)
(122)
(134)
(146)
(157)
(167)
(176)
(184)
(192)
(198)
Other Operating Expenses
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(4)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating Income
29
N/A
31
+6%
33
+6%
35
+8%
37
+5%
40
+8%
43
+7%
45
+4%
49
+10%
52
+6%
54
+5%
58
+7%
60
+4%
63
+4%
66
+5%
69
+5%
72
+4%
75
+5%
81
+7%
87
+8%
95
+9%
103
+8%
110
+7%
115
+5%
122
+6%
129
+6%
135
+5%
153
+13%
166
+9%
177
+7%
187
+6%
196
+5%
203
+4%
214
+5%
225
+5%
235
+5%
247
+5%
260
+5%
272
+5%
284
+4%
293
+3%
Pre-Tax Income
Interest Income Expense
(8)
(9)
(9)
(10)
(11)
(12)
(14)
(15)
(15)
(15)
(16)
(17)
(17)
(18)
(20)
(21)
(23)
(25)
(27)
(29)
(30)
(33)
(35)
(36)
(38)
(40)
(42)
(46)
(49)
(50)
(53)
(56)
(60)
(63)
(67)
(72)
(76)
(81)
(88)
(94)
(102)
Non-Reccuring Items
(3)
(3)
(3)
(0)
(0)
(0)
0
0
0
(0)
0
(0)
(0)
0
0
(1)
(2)
(2)
(3)
(3)
(2)
(2)
(1)
(1)
(4)
(4)
0
(18)
(15)
(17)
(18)
(3)
(3)
(1)
0
(1)
(5)
(7)
(10)
(1)
1
Gain/Loss on Disposition of Assets
(0)
(1)
(0)
3
12
12
12
11
7
10
15
17
13
14
14
12
15
11
10
10
9
13
11
14
12
8
9
11
14
15
14
8
7
5
3
3
0
2
0
0
0
Total Other Income
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
1
1
Pre-Tax Income
18
N/A
19
+2%
20
+6%
28
+39%
38
+36%
40
+6%
41
+3%
41
+1%
41
-1%
46
+13%
53
+16%
58
+8%
56
-4%
59
+6%
61
+3%
59
-3%
62
+6%
59
-5%
61
+3%
67
+9%
72
+8%
81
+13%
85
+4%
91
+8%
92
+1%
93
+1%
103
+10%
100
-3%
115
+16%
125
+9%
131
+4%
145
+11%
148
+2%
156
+5%
162
+4%
166
+3%
169
+1%
173
+3%
177
+2%
191
+8%
194
+2%
Net Income
Tax Provision
0
0
0
0
0
0
0
0
0
(0)
(0)
(1)
(1)
(1)
(0)
(0)
(1)
(1)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(1)
(2)
(2)
(2)
(2)
(2)
(2)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(4)
(4)
Income from Continuing Operations
18
19
20
28
38
40
41
41
41
46
53
57
55
59
60
58
62
59
61
66
71
81
84
90
91
92
101
98
113
123
129
143
145
153
159
163
166
171
174
188
191
Income to Minority Interest
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
Net Income (Common)
19
N/A
19
N/A
20
+6%
27
+39%
37
+36%
39
+6%
40
+3%
41
+1%
40
-1%
45
+11%
52
+16%
56
+8%
54
-4%
58
+7%
59
+3%
57
-4%
61
+6%
58
-5%
60
+3%
65
+10%
70
+8%
80
+13%
83
+4%
89
+8%
90
+1%
91
+1%
100
+10%
97
-3%
112
+16%
120
+7%
124
+4%
136
+9%
137
+1%
145
+6%
150
+4%
155
+3%
157
+1%
162
+3%
165
+2%
179
+8%
182
+2%
EPS (Diluted)
1.25
N/A
1.23
-2%
1.11
-10%
1.54
+39%
2.03
+32%
2.16
+6%
1.96
-9%
1.82
-7%
1.7
-7%
1.95
+15%
1.99
+2%
2.11
+6%
1.88
-11%
2.07
+10%
1.9
-8%
1.73
-9%
1.87
+8%
1.78
-5%
1.55
-13%
1.59
+3%
1.66
+4%
1.93
+16%
1.81
-6%
1.67
-8%
1.64
-2%
1.74
+6%
1.58
-9%
1.48
-6%
1.61
+9%
1.78
+11%
1.66
-7%
1.63
-2%
1.69
+4%
1.83
+8%
1.65
-10%
1.66
+1%
1.61
-3%
1.7
+6%
1.64
-4%
1.8
+10%
1.81
+1%

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