Q3 2026 Revenue up 17% year over year to $214M · 32¢ of every $1 of revenue kept as net profit · operating margin 51.2%
Agree Realty made $214M in Q3 2026 (+17% Y/Y). Operating margin 51.2%, net earnings $68.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 20, 2026.
Revenue$214M
Year over year+17%
Operating margin51.2%
Net earnings$68.5M
Operating cash flow$185M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $213.9M in Q3 2026, up 17% year over year and up 4% from the previous quarter.
Operating profit was $109.6M, a 51.2% margin (up 3.6 points year over year). Of the extra revenue versus Q3 2025, 73% reached operating profit, above the 48% margin then. Total costs grew 9% against revenue growth of 17%. The fastest-growing cost line was General & admin (+14%). Net earnings were $68.4M, up 31% year over year. The effective tax rate was 0.5%.
Operating cash flow was $184.6M (up 26% year over year), 269% of net earnings. Non-cash charges added back $71.9M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $40.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 20, 2026
$214M
+17%
51.2%
$68.5M
$185M
Q2 2026
10-Q
Jul 30, 2026
$205M
+17%
46.5%
$54.8M
$131M
Q1 2026
10-Q
Apr 21, 2026
$201M
+19%
49.1%
$62.2M
$145M
Q4 2025
10-K
Feb 10, 2026
$190M
+18%
48.5%
$56.2M
$111M
Q3 2025
10-Q
Oct 21, 2025
$183M
+19%
47.6%
$52.3M
$147M
Q2 2025
10-Q
Jul 31, 2025
$176M
+15%
46.7%
$49.2M
$120M
Q1 2025
10-Q
Apr 22, 2025
$169M
+13%
46.5%
$47.0M
$127M
Charts
Latest (Q3 2026): Y/Y +17%, Q/Q +4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $68.5M, Operating cash flow $185M.+112.2% since FY2020: more shares outstanding (issuance, stock pay).Cash $16.3M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.
In its own words, from its 10-K, filed Feb 10, 2026.
Agree Realty against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +14%. Operating margin: 51.2% against the peers' median 20.6%.