What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Agree Realty (ADC) spend its free cash flow?

For TTM through Q1 2026, Agree Realty generated $523M of operating cash flow and $110M of free cash flow — a free cash flow margin of 21.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Agree Realty (ADC) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Agree Realty's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Agree Realty (ADC) Cash Flow Waterfall

Operating CF

$523M

Capex

-$412M

Free Cash Flow

$110M

FCF Margin

+21.1%

Cash flow waterfall for Agree Realty (ADC) — TTM through Q1 2026

Free cash flow: $110M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Agree Realty (ADC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$523M	$523M
Capital Expenditure	-$412M	$110M
Free Cash Flow	$110M	$110M
Other Investing	-$1.18B	-$1.07B
Dividends Paid	-$361M	-$1.43B
Net Debt Change	$385M	-$1.05B
Other Financing & FX	$1.07B	$20M
Net Cash Increase	$20M	$20M

Operating Cash Flow$523M
Capital Expenditure-$412M
Free Cash Flow$110M
Other Investing-$1.18B
Dividends Paid-$361M
Net Debt Change$385M
Other Financing & FX$1.07B
Net Cash Increase$20M

Want to see what drove the FCF change?Free Cash Flow Bridge

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Agree Realty (ADC) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin48.0%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees90.0

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