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Agree Realty Corp cash flow statement

In fiscal 2025, Agree Realty Corp's operations generated $504m of cash; it spent $0 on capital projects, leaving free cash flow of $504m. It returned $341m in dividends and $3.7m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations24262521303545628293127143246362392432504572
Depreciation and amortisation545681116232733466796134176207239271
Stock-based pay111222222345568111314
Capital spending947366476————6087031,3101,3901,6001,20087500
Free cash flow15−21−10−43−46————−515−576−1,167−1,144−1,238−808−443504572
Free cash flow after stock pay14−22−12−45−48————−518−580−1,172−1,148−1,244−817−453491558
Dividends paid—18171821253342556890116194220278304341380
Share buybacks—————0011112223246
Shares issued—310359373922282233404738967451,2586904039041,167

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Agree Realty Corp's SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Agree Realty Corp.