Filing Flows › Agree Realty (ADC) › Q3 2026
Agree Realty (ADC) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 20, 2026
Agree Realty (ADC) reported revenue of $214M for the third quarter 2026 (Q3 2026), +17% from a year earlier and +4% from the quarter before. Operating margin was 51.2%, net earnings $68.5M (32.0% of revenue).
Agree Realty, Q3 2026: revenue $214M (+17% year over year), operating margin 51.2%, net earnings $68.5M, operating cash flow $185M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $214M | +4% | +17% |
| Operating profit | $110M | +15% | +26% |
| Net earnings | $68.5M | +25% | +31% |
| Operating cash flow | $185M | +41% | +26% |
What changed
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.
Questions
What was Agree Realty's revenue in the third quarter 2026?
Agree Realty (ADC) reported revenue of $214M for the third quarter 2026 (Q3 2026), +17% from a year earlier and +4% from the quarter before.
Was Agree Realty profitable in the third quarter 2026?
Operating profit was $110M (51.2% of revenue) and net earnings $68.5M.
Source: Agree Realty 10-Q on SEC EDGAR.