Agree Realty Corp.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $204.3M | $189.2M | $170.0M | $152.4M | $122.3M | $91.4M | $80.1M | $58.2M |
| Depreciation & Amortization | $239.3M | $207.0M | $176.3M | $133.6M | $95.7M | $66.8M | $45.7M | $33.0M |
| Depreciation | — | — | — | — | — | — | — | $24.7M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $13.0M | $10.8M | $8.3M | $6.5M | $4.8M | $4.7M | $4.0M | $2.9M |
| Net Cash from Operating Activities | $504.1M | $432.0M | $391.6M | $362.1M | $246.3M | $143.0M | $126.7M | $93.2M |
| Investing Activities | ||||||||
| Capital Expenditures | — | $874.5M | $1.20B | $1.60B | $1.39B | $1.31B | $702.9M | $608.3M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-1.54B | $-885.4M | $-1.27B | $-1.62B | $-1.39B | $-1.30B | $-667.5M | $-568.1M |
| Financing Activities | ||||||||
| Dividends Paid | $340.7M | $303.6M | $277.7M | $220.3M | $194.3M | $116.1M | $90.3M | $67.6M |
| Stock Repurchases | $3.7M | $2.3M | $2.7M | $1.9M | $1.8M | $1.6M | $1.4M | $1.1M |
| Net Cash from Financing Activities | $1.05B | $445.3M | $869.0M | $1.24B | $1.18B | $1.12B | $529.0M | $470.1M |
| Net Change in Cash | — | — | — | — | — | — | — | $-4.8M |
| Free Cash Flow | — | $-442.5M | $-808.4M | $-1.24B | $-1.14B | $-1.17B | $-576.2M | $-515.1M |