Filing Flows › Agree Realty (ADC) › Q3 2025
Agree Realty (ADC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 21, 2025
Agree Realty (ADC) reported revenue of $183M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +4% from the quarter before. Operating margin was 47.6%, net earnings $52.3M (28.5% of revenue).
Agree Realty, Q3 2025: revenue $183M (+19% year over year), operating margin 47.6%, net earnings $52.3M, operating cash flow $147M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | +4% | +19% |
| Operating profit | $87.3M | +6% | +17% |
| Net earnings | $52.3M | +6% | +17% |
| Operating cash flow | $147M | +22% | +14% |
What changed
Revenue was $183.2M in Q3 2025, up 19% year over year and up 4% from the previous quarter.
Operating profit was $87.3M, a 47.6% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 44% reached operating profit, below the 48% margin then. Total costs grew 20% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $52.1M, up 17% year over year. The effective tax rate was 0.4%.
Operating cash flow was $146.5M (up 14% year over year), 280% of net earnings. Non-cash charges added back $61.2M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $29.8M. Capital expenditures of $219.8M exceeded it, leaving free cash flow of −$73.3M.
Questions
What was Agree Realty's revenue in the third quarter 2025?
Agree Realty (ADC) reported revenue of $183M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +4% from the quarter before.
Was Agree Realty profitable in the third quarter 2025?
Operating profit was $87.3M (47.6% of revenue) and net earnings $52.3M.
Source: Agree Realty 10-Q on SEC EDGAR.