Filing Flows › Agree Realty (ADC) › Q2 2025
Agree Realty (ADC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Agree Realty (ADC) reported revenue of $176M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +4% from the quarter before. Operating margin was 46.7%, net earnings $49.2M (28.0% of revenue).
Agree Realty, Q2 2025: revenue $176M (+15% year over year), operating margin 46.7%, net earnings $49.2M, operating cash flow $120M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $176M | +4% | +15% |
| Operating profit | $82.0M | +4% | 0% |
| Net earnings | $49.2M | +5% | -10% |
| Operating cash flow | $120M | -6% | +6% |
What changed
Revenue was $175.5M in Q2 2025, up 15% year over year and up 4% from the previous quarter.
Operating profit was $82.0M, a 46.7% margin (down 7.0 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 54% margin then. Total costs grew 32% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+35%). Net earnings were $49.2M, down 10% year over year. The effective tax rate was 0.9%.
Operating cash flow was $119.6M (up 6% year over year), 242% of net earnings. Non-cash charges added back $58.9M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $8.1M. Capital expenditures of $216.7M exceeded it, leaving free cash flow of −$97.0M.
Questions
What was Agree Realty's revenue in the second quarter 2025?
Agree Realty (ADC) reported revenue of $176M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +4% from the quarter before.
Was Agree Realty profitable in the second quarter 2025?
Operating profit was $82.0M (46.7% of revenue) and net earnings $49.2M.
Source: Agree Realty 10-Q on SEC EDGAR.