Agree Realty Corp.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $54.7M | $62.1M | $56.0M | $52.1M | $49.2M | $47.0M | $45.2M | $44.4M |
| Depreciation & Amortization | $69.1M | $66.7M | $63.4M | $61.2M | $58.9M | $55.8M | $56.6M | $51.5M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $33.2M | $32.2M | — | — | $28.0M | $26.4M | — | — |
| Stock-Based Compensation | $3.8M | $3.5M | $3.3M | $3.3M | $3.3M | $3.1M | $2.8M | $2.8M |
| Net Cash from Operating Activities | $131.0M | $145.2M | $111.3M | $146.5M | $119.6M | $126.7M | $91.4M | $128.6M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | $342.6M | $216.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-482.8M | $-430.2M | $-373.0M | $-444.3M | $-345.0M | $-380.9M | $-348.3M | $-235.0M |
| Financing Activities | ||||||||
| Dividends Paid | $95.6M | $94.9M | $89.5M | $85.2M | $84.2M | $81.9M | $78.3M | $75.5M |
| Stock Repurchases | $10.0K | $6.1M | $25.0K | $61.0K | $9.0K | $3.6M | $19.0K | $72.0K |
| Net Cash from Financing Activities | $341.8M | $295.6M | $265.4M | $305.8M | $223.1M | $259.0M | $250.1M | $95.4M |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — | — | $-251.2M | $-87.4M |