Filing Flows › Agree Realty (ADC) › Q1 2025
Agree Realty (ADC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 22, 2025
Agree Realty (ADC) reported revenue of $169M for the first quarter 2025 (Q1 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 46.5%, net earnings $47.0M (27.8% of revenue).
Agree Realty, Q1 2025: revenue $169M (+13% year over year), operating margin 46.5%, net earnings $47.0M, operating cash flow $127M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $169M | +5% | +13% |
| Operating profit | $78.7M | +4% | +12% |
| Net earnings | $47.0M | +4% | +5% |
| Operating cash flow | $127M | +39% | +28% |
What changed
Revenue was $169.2M in Q1 2025, up 13% year over year and up 5% from the previous quarter.
Operating profit was $78.7M, a 46.5% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, below the 47% margin then. Total costs grew 15% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $47.0M, up 5% year over year. The effective tax rate was 1.7%.
Operating cash flow was $126.7M (up 28% year over year), 269% of net earnings. Non-cash charges added back $55.8M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $20.6M. Capital expenditures of $214.9M exceeded it, leaving free cash flow of −$88.2M.
Questions
What was Agree Realty's revenue in the first quarter 2025?
Agree Realty (ADC) reported revenue of $169M for the first quarter 2025 (Q1 2025), +13% from a year earlier and +5% from the quarter before.
Was Agree Realty profitable in the first quarter 2025?
Operating profit was $78.7M (46.5% of revenue) and net earnings $47.0M.
Source: Agree Realty 10-Q on SEC EDGAR.