ADC Income Statement - TTM - Agree Realty Corporation

Income Statement (TTM)

Agree Realty Corporation Income Statement shows changes in income and expenses over a period of time. Income Statement data includes Sales and Revenue, Gross Profit, Research and Development (R&D), Selling, General and Administrative Expense (SG&A), Operating Income, Income Tax Expense, Interest Expense, Non-Operating Income, Earnings per Share (EPS), and Shares Outstanding.

All numbers are times 1,000,000 except per share units.

	2020 09-30	2020 12-31	2021 03-31	2021 06-30	2021 09-30	2021 12-31	2022 03-31	2022 06-30	2022 09-30	2022 12-31	2023 03-31	2023 06-30	2023 09-30	2023 12-31	2024 03-31	2024 06-30	2024 09-30	2024 12-31	2025 03-31	2025 06-30
Revenue	229	249	271	296	319	339	360	382	405	430	458	483	510	537	560	583	601	617	637	660
Change (%)		8.41	8.86	9.24	8.03	6.26	6.05	6.21	5.89	6.21	6.58	5.46	5.54	5.42	4.25	4.05	3.01	2.76	3.19	3.60
% of Revenue	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00

Cost Of Sales	29	32	34	37	39	41	44	47	50	52	56	60	62	67	69	70	72	75	77	81
Change (%)		9.19	6.99	8.06	7.07	4.47	7.08	7.20	6.24	4.41	7.95	5.63	4.31	7.30	2.77	2.22	3.31	3.38	2.53	5.44
% of Revenue	12.68	12.77	12.55	12.42	12.31	12.10	12.22	12.33	12.37	12.16	12.32	12.34	12.19	12.41	12.24	12.02	12.06	12.13	12.05	12.26

Gross Operating Profit	200	217	237	259	280	298	316	335	355	378	402	424	448	471	492	513	528	542	560	579
Change (%)		8.29	9.13	9.41	8.16	6.51	5.90	6.07	5.85	6.46	6.39	5.44	5.71	5.16	4.46	4.30	2.96	2.67	3.29	3.35
% of Revenue	87.32	87.23	87.45	87.58	87.69	87.90	87.78	87.67	87.63	87.84	87.68	87.66	87.81	87.59	87.76	87.98	87.94	87.87	87.95	87.74

SG&A	18	21	23	25	26	25	26	28	29	30	31	32	34	35	35	37	37	37	38	40
Change (%)		16.69	10.68	7.18	3.78	-0.56	2.92	5.39	4.73	4.17	3.98	2.47	5.76	2.49	1.99	3.62	0.74	0.53	3.37	4.22
% of Revenue	7.77	8.37	8.51	8.34	8.02	7.50	7.28	7.22	7.14	7.01	6.84	6.64	6.66	6.47	6.33	6.31	6.17	6.03	6.04	6.08

R&D
Change (%)
% of Revenue

OpEx	107	119	131	143	154	162	173	186	201	216	233	248	263	278	288	299	307	319	330	344
Change (%)		11.42	9.89	9.13	7.47	5.52	6.61	7.71	8.01	7.33	8.07	6.32	6.00	5.60	3.73	3.65	2.84	3.89	3.27	4.34
% of Revenue	46.70	48.00	48.45	48.40	48.15	47.81	48.07	48.75	49.72	50.25	50.95	51.37	51.59	51.68	51.42	51.23	51.14	51.71	51.74	52.11

Operating Income	122	129	139	153	166	177	187	196	203	214	225	235	247	260	272	284	293	298	307	316
Change (%)		5.77	7.91	9.35	8.55	6.95	5.53	4.81	3.89	5.10	5.07	4.57	5.05	5.22	4.80	4.47	3.18	1.57	3.11	2.82
% of Revenue	53.30	52.00	51.55	51.60	51.85	52.19	51.93	51.25	50.28	49.75	49.05	48.63	48.41	48.32	48.58	48.77	48.86	48.29	48.26	47.89

Interest Expense	-38	-40	-42	-46	-49	-50	-53	-56	-60	-63	-68	-72	-76	-81	-88	-94	-102	-109	-115	-121
Change (%)		5.41	4.95	9.67	6.30	2.69	4.52	5.63	7.34	6.25	6.41	6.57	5.08	7.31	7.95	7.39	8.65	6.58	5.80	5.08
% of Revenue	-16.59	-16.13	-15.55	-15.61	-15.36	-14.85	-14.63	-14.55	-14.75	-14.76	-14.74	-14.89	-14.83	-15.09	-15.63	-16.13	-17.02	-17.65	-18.09	-18.35

Net Income	90	91	100	97	113	122	128	142	145	152	158	163	165	170	173	187	190	189	191	186
Change (%)		1.17	9.72	-2.90	15.80	8.46	4.91	10.62	1.95	5.38	3.61	3.10	1.29	3.05	1.91	8.00	1.53	-0.38	1.13	-2.89
% of Revenue	39.39	36.76	37.05	32.93	35.30	36.03	35.65	37.13	35.75	35.47	34.48	33.70	32.35	31.62	30.91	32.09	31.62	30.66	30.05	28.16

Source: Capital IQ

DE:AGL	€62.14
US:ADC	$73.05

Agree Realty Corporation - Income Statement (TTM)

Income Statement (TTM)

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