Q4 25 EPS
$0.47
BEAT +0.43%
Est. $0.47
Q4 25 Revenue
$190.5M
BEAT +0.58%
Est. $189.4M
vs S&P Since Q4 25
-8.2%
TRAILING MARKET
ADC -2.1% vs S&P +6.0%
Full Year 2025 Results
FY 25 EPS
$1.77
MISS 2.02%
Est. $1.81
FY 25 Revenue
$718.4M
BEAT +0.06%
Est. $718.0M
Market Reaction
Did ADC Beat Earnings? Q4 2025 Results
Agree Realty posted a mixed but broadly solid Q4 2025, with revenue of $190.49 million edging past the $190.04 million consensus by 0.24% and rising 18.5% year over year, while GAAP EPS of $0.47 came in fractionally below the $0.47 estimate by just 0… Read more Agree Realty posted a mixed but broadly solid Q4 2025, with revenue of $190.49 million edging past the $190.04 million consensus by 0.24% and rising 18.5% year over year, while GAAP EPS of $0.47 came in fractionally below the $0.47 estimate by just 0.09%. The more closely watched non-GAAP metrics told a stronger story, with Core FFO per share climbing 7.3% to $1.10 and AFFO per share rising 6.5% to $1.11, the latter topping analyst forecasts and reflecting the REIT's disciplined deployment of roughly $1.55 billion across 338 net lease properties during the full year. That acquisition pace, anchored by a weighted-average cap rate of 7.1% and a portfolio now spanning 2,674 properties at approximately 99.7% occupancy, is central to management's confidence in 2026, where AFFO per share guidance of $4.54 to $4.58 implies roughly 5.4% growth at the midpoint and investment volume targets have been lifted to $1.40 billion to $1.60 billion, supported by over $2.00 billion in year-end liquidity.
Key Takeaways
- • Invested approximately $1.55 billion in 338 retail net lease properties during full year 2025
- • Q4 acquisitions of $347.4 million at weighted-average cap rate of 7.1%
- • 66.8% of annualized base rents from investment grade retail tenants
- • Portfolio 99.7% leased with 7.8-year weighted-average remaining lease term
- • Ground lease portfolio represented 18.2% of Q4 annualized base rents acquired
- • Record development and DFP activity of over $225 million across 34 projects in 2025
- • Lowest retail rent per square foot among net lease peers at $12.89
ADC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We are pleased with our performance during 2025, investing approximately $1.55 billion to further strengthen our best‑in‑class retail portfolio. We paired this robust capital deployment with proactive balance sheet management, raising approximately $1.5 billion of long-term capital and achieving an A‑ issuer rating with a stable outlook from Fitch Ratings. We enter 2026 with over $2.0 billion of liquidity and strong investment pipelines, putting us in excellent position to achieve our full-year 2026 AFFO per share guidance of $4.54 to $4.58.”
— Joey Agree, Q4 2025 Earnings Press Release
ADC Earnings Trends
ADC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADC EPS Trend
Earnings per share: estimate vs actual
ADC Revenue Trend
Quarterly revenue: estimate vs actual
ADC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $0.47 | $0.50 | +5.80% | $200.8M | +2.41% |
| Q4 25 BEAT FY | $0.47 | $0.47 | +0.43% | $190.5M | +0.58% |
| FY Full Year | $1.81 | $1.77 | -2.02% | $718.4M | +0.06% |
| Q3 25 MISS | $0.46 | $0.45 | -1.47% | $183.2M | +0.94% |
| Q2 25 BEAT | $0.46 | $1.06 | +132.41% | $175.5M | +1.42% |