Filing Flows › Agree Realty (ADC) › Q4 2025
Agree Realty (ADC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Agree Realty (ADC) reported revenue of $190M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +4% from the quarter before. Operating margin was 48.5%, net earnings $56.2M (29.5% of revenue).
Agree Realty, Q4 2025: revenue $190M (+18% year over year), operating margin 48.5%, net earnings $56.2M, operating cash flow $111M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | +4% | +19% |
| Operating profit | $92.4M | +6% | +23% |
| Net earnings | $56.2M | +8% | +24% |
| Operating cash flow | $111M | -24% | +22% |
What changed
Revenue was $190.5M in Q4 2025, up 19% year over year and up 4% from the previous quarter.
Operating profit was $92.4M, a 48.5% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 57% reached operating profit, above the 47% margin then. Total costs grew 15% against revenue growth of 19%. The fastest-growing cost line was General & admin (+24%). Net earnings were $56.0M, up 24% year over year. The effective tax rate was 0.5%.
Operating cash flow was $111.3M (up 22% year over year), 198% of net earnings. Non-cash charges added back $63.4M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $11.6M. Capital expenditures of $184.8M exceeded it, leaving free cash flow of −$73.5M.
Questions
What was Agree Realty's revenue in the fourth quarter 2025?
Agree Realty (ADC) reported revenue of $190M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +4% from the quarter before.
Was Agree Realty profitable in the fourth quarter 2025?
Operating profit was $92.4M (48.5% of revenue) and net earnings $56.2M.
Source: Agree Realty 10-K on SEC EDGAR.