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Agree Realty cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$185M in Q3 2026 · $572M over twelve months

Operating cash flow$185M
Free cash flow+$185M
Cash / net income2.7×

Analysis

In Q3 2026, Agree Realty generated $185M of operating cash flow. That is $258M more than in Q3 2025 (−$73.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $572M; the largest uses were real estate bought ($1.5B), dividends ($380M), other investing ($173M); besides operations, cash came from shares issued ($1.2B), other financing ($380M); the cash balance rose by $74.6M.

Operating cash flow was $185M against net income of $68.5M — 2.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$71.9M, payables +$29.6M, prepaid and other assets −$5.9M.

Free cash flow

Agree Realty: free cash flow by quarterAgree Realty: free cash flow by quarter−$252MQ4 2024−$88.2MQ1 2025−$97.0MQ2 2025−$73.3MQ3 2025−$73.5MQ4 2025$145MQ1 2026$131MQ2 2026$185MQ3 2026
Operating cash flow less capital spending.
Agree Realty: operating cash flow against capital spendingAgree Realty: operating cash flow against capital spendingOperating cash flowCapital spending$91.4M$343MQ4 2024$127M$215MQ1 2025$120M$217MQ2 2025$147M$220MQ3 2025$111M$185MQ4 2025$145M$0Q1 2026$131M$0Q2 2026$185M$0Q3 2026
Latest (Q3 2026): Operating cash flow $185M, Capital spending $0.

Capital allocation, year by year

Agree Realty: where the cash came from (up) and went (down), by fiscal yearAgree Realty: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $246MFY2021: Net borrowing $136MFY2021: Shares issued $915MFY2021: Asset sales $56.0MFY2021: Capital spending −$1.4BFY2021: Buybacks −$1.8MFY2021: Dividends −$194M$1.4BFY2021FY2022: Operating cash flow $362MFY2022: Net borrowing −$60.1MFY2022: Shares issued $1.3BFY2022: Asset sales $44.9MFY2022: Capital spending −$1.6BFY2022: Buybacks −$1.9MFY2022: Dividends −$220M$1.7BFY2022FY2023: Operating cash flow $392MFY2023: Net borrowing $477MFY2023: Shares issued $690MFY2023: Asset sales $13.8MFY2023: Capital spending −$1.2BFY2023: Buybacks −$2.7MFY2023: Dividends −$278M$1.6BFY2023FY2024: Operating cash flow $432MFY2024: Net borrowing −$69.1MFY2024: Shares issued $403MFY2024: Asset sales $94.3MFY2024: Capital spending −$874MFY2024: Buybacks −$2.3MFY2024: Dividends −$304M$929MFY2024FY2025: Operating cash flow $504MFY2025: Net borrowing $112MFY2025: Shares issued $904MFY2025: Asset sales $42.1MFY2025: Capital spending −$836MFY2025: Buybacks −$3.7MFY2025: Dividends −$341M$1.6BFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were capital spending ($5.9B) and dividends ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$80.6M
Debtnone
Net cash$80.6M
Due within a year$321M

Agree Realty funds itself: free cash flow was $572M over the last twelve months, with $80.6M of cash and investments and no debt on the balance sheet ($321M due within a year, 0.3× covered by cash).

Agree Realty: debt maturities by year (FY2025)Agree Realty: debt maturities by year (FY2025)$321MYear 1$50.0MYear 2$410MYear 3$492MYear 4$475MYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $80.6M of cash and investments now.

Where the cash came from and went

Agree Realty: sources (+) and uses (−) of cash, Q3 2026Agree Realty: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$497MShares issued$426MOther financing$389MReal estate bought−$311MOperating cash flow$185MDividends−$99.6MCash drawn (+) / kept (−)−$70.3MOther investing−$47.1MAsset & business sales$25.8MPartners−$279KBuybacks−$86K
Agree Realty: sources (+) and uses (−) of cash, TTM to Q3 2026Agree Realty: sources (+) and uses (−) of cash, TTM to Q3 2026Real estate bought−$1.5BShares issued$1.2BOperating cash flow$572MOther financing$380MDividends−$380MOther investing−$173MAsset & business sales$84.0MCash drawn (+) / kept (−)−$74.6MNet borrowing (+) / repaid (−)−$39.0MBuybacks−$6.2MPartners−$1.1M

From profit to cash

Agree Realty: net income to operating cash flow, Q3 2026Agree Realty: net income to operating cash flow, Q3 2026Net income$68.5MDepreciation & amortization$71.9MStock-based pay$3.6MGains on disposals−$5.4MReceivables−$4.5MPayables$29.6MPrepaid and other assets−$5.9MOperating cash flow$185M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$185M—−$86K−$99.6M−$497M$426M−$70.3M$185M
Q2 2026$131M—−$10K−$95.6M$127M$313M$10.0M$131M
Q1 2026$145M—−$6.1M−$94.9M$399M—−$10.6M$145M
Q4 2025$111M−$185M−$25K−$89.5M−$68.5M$428M−$3.7M−$73.5M
Q3 2025$147M−$220M−$61K−$85.2M$142M$252M−$8.0M−$73.3M
Q2 2025$120M−$217M−$9K−$84.2M−$75.3M$41.1M$2.3M−$97.0M
Q1 2025$127M−$215M−$3.6M−$81.9M$164M$183M−$4.8M−$88.2M
Q4 2024$91.4M−$343M−$19K−$78.3M$109M$228M$6.8M−$252M

Agree Realty: income statement and cash flow

Agree Realty, Q3 2026: revenue $214M (+17% year over year), operating margin 51.2%. The chart follows the revenue to costs, profit and cash.

Agree Realty: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.