Farmland Partners Inc. (FPI) Income Statement
FPI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFPI revenue and net income
Where FPI's revenue goes
2025Each bar shows an amount and its share of revenue. FPI kept 60.5% of revenue as net income.
FPI profit margins
FPI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −10.4% | −5.2% | +0.6% | +14.3% |
| Gross profit | −28.4% | −10.6% | −3.4% | +10.3% |
| Operating income | −9.6% | −2.6% | +0.6% | +14.0% |
| Net income | −47.3% | +39.3% | +34.7% | +38.4% |
| EPS (diluted) | −73.3% | +18.1% | — | +2.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FPI quarterly EPS vs estimates
Farmland Partners beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.02).
FPI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.2M | $58.2M | $57.5M | $61.2M | $51.7M | $50.7M | $53.6M | $56.1M | $46.2M | $31.0M |
| Cost of revenue | $18.6M | $11.3M | $13.4M | $14.2M | $8.9M | $10.7M | $8.8M | $7.8M | $5.9M | $2.4M |
| Gross profit | $33.6M | $46.9M | $44.1M | $47.1M | $42.9M | $40.0M | $44.7M | $48.2M | $40.3M | $28.6M |
| Research & development | — | — | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $11.7M | $15.7M | $12.6M | $14.9M | $18.4M | $9.6M | $10.1M | $9.8M | $8.7M | $8.5M |
| Total operating expenses | $10.5M | $21.4M | $20.2M | $22.1M | $26.0M | $17.6M | $18.4M | $18.4M | $16.9M | $10.5M |
| Operating income | $23.1M | $25.5M | $23.9M | $25.0M | $16.8M | $22.3M | $26.3M | $29.7M | $22.5M | $15.6M |
| Interest income | $9.4M | $18.7M | $22.7M | $16.1M | $15.9M | $17.7M | $19.6M | $18.8M | $13.6M | $10.0M |
| Interest expense | $9.6M | $18.9M | $22.7M | $16.1M | $15.9M | $17.7M | $19.6M | $18.8M | $13.6M | $10.0M |
| Income before taxes | $32.2M | $61.4M | $31.5M | $12.2M | $26.5M | $7.5M | $14.8M | $14.0M | $9.2M | $6.0M |
| Income taxes | −$15,000 | −$16,000 | −$166,000 | $227,000 | $16.3M | $18.0M | $20.8M | $1.8M | $1.2M | $11,000 |
| Net income | $31.5M | $59.9M | $30.9M | $11.7M | $10.0M | $7.1M | $13.9M | $12.3M | $7.9M | $4.3M |
| EBITDA | $46.0M | $85.9M | $61.7M | $35.3M | $24.5M | $30.3M | $42.8M | $41.4M | $30.5M | $17.5M |
| EPS (diluted) | $0.28 | $1.05 | $0.42 | $0.17 | −$0.16 | −$0.22 | −$0.08 | −$0.04 | $0.01 | $0.41 |
| Gross margin | 64.4% | 80.6% | 76.7% | 76.9% | 82.9% | 78.8% | 83.5% | 86.0% | 87.2% | 92.3% |
| Operating margin | 44.2% | 43.8% | 41.5% | 40.8% | 32.4% | 44.1% | 49.2% | 53.0% | 48.7% | 50.4% |
| Net margin | 60.5% | 102.9% | 53.8% | 19.1% | 19.3% | 14.0% | 25.9% | 21.9% | 17.1% | 13.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4M | $10.1M | $22.5M | $11.3M | $10.0M | $10.3M | $21.5M | $13.3M | $11.4M | $12.0M | $21.6M | $11.6M |
| Cost of revenue | $878,000 | $1.5M | $3.7M | $3.3M | $3.1M | $2.1M | $2.8M | $3.5M | $2.6M | $2.3M | $5.7M | $2.8M |
| Gross profit | $8.5M | $8.6M | $18.9M | $8.0M | $6.9M | $8.1M | $18.7M | $9.8M | $8.8M | $9.7M | $15.9M | $8.8M |
| Sales, general & admin | $1.7M | $2.3M | $3.6M | $3.1M | $2.0M | $3.1M | $5.5M | $3.6M | $4.1M | $3.0M | $3.5M | $3.0M |
| Total operating expenses | $4.2M | $5.1M | $4.6M | $4.0M | $4.2M | $4.2M | $6.8M | $4.6M | $5.6M | $4.5M | $3.5M | $8.8M |
| Operating income | $4.3M | $3.6M | $14.3M | $4.0M | $2.7M | $3.9M | $11.9M | $5.2M | $3.2M | $5.2M | $12.4M | $15,000 |
| Interest income | — | — | $2.3M | $2.1M | $2.4M | $2.6M | $3.1M | $5.5M | — | — | — | $6.2M |
| Interest expense | $3.1M | $2.7M | $2.3M | $2.3M | $2.4M | $2.6M | $3.1M | $5.5M | $5.2M | $5.0M | $5.7M | $6.2M |
| Income before taxes | $3.2M | $653,000 | $21.8M | $483,000 | $7.8M | $2.1M | $60.2M | $1.8M | −$2.1M | $1.4M | $17.8M | $4.1M |
| Income taxes | $24,000 | $7,000 | $611,000 | −$8,000 | −$8,000 | $17,000 | −$45,000 | $11,000 | −$1,000 | $19,000 | $12,000 | −$191,000 |
| Net income | $3.1M | $640,000 | $21.4M | $483,000 | $7.6M | $2.0M | $58.7M | $1.8M | −$2.0M | $1.4M | $17.3M | $4.2M |
| EBITDA | $7.1M | $4.3M | $25.0M | $3.7M | $11.4M | $5.9M | $64.6M | $8.8M | $4.6M | $7.9M | $25.0M | $12.3M |
| EPS (diluted) | $0.04 | $0.02 | $0.25 | $0.03 | −$0.01 | $0.01 | $1.08 | $0.02 | −$0.06 | $0.01 | $0.33 | $0.15 |
| Gross margin | 90.7% | 85.5% | 83.8% | 71.1% | 69.2% | 79.1% | 87.0% | 73.5% | 77.0% | 80.5% | 73.7% | 75.9% |
| Operating margin | 46.1% | 35.4% | 63.5% | 35.6% | 27.0% | 37.6% | 55.3% | 39.2% | 28.3% | 43.2% | 57.4% | 0.1% |
| Net margin | 33.1% | 6.3% | 95.1% | 4.3% | 76.3% | 19.9% | 273.6% | 13.5% | −17.7% | 11.5% | 80.2% | 36.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FPI's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FPI financial results
In fiscal year 2025 (ended December 31, 2025), Farmland Partners reported revenue of $52.2 million, down 10.4% from the year before. It had net income of $31.5 million (down 47.3%), a net profit margin of 60.5%. Diluted earnings per share came to $0.28. Over five years revenue grew at an average rate of 0.6% a year.
See the FPI stock overview for the latest quote and news, or the FPI chart for price history and technical indicators.
FPI income statement FAQ
What is Farmland Partners's annual revenue?
Farmland Partners reported total revenue of $52.2 million for fiscal year 2025, which ended on December 31, 2025. That was down 10.4% from $58.2 million the previous year.
Is Farmland Partners profitable?
Yes. Farmland Partners reported net income of $31.5 million in fiscal 2025, a net profit margin of 60.5%; its operating margin was 44.2%.
What is Farmland Partners's gross margin?
Farmland Partners's gross margin was 64.4% in fiscal 2025: for every $100 of revenue, Farmland Partners kept $64 after the direct cost of its products and services.
How fast is Farmland Partners growing?
Revenue grew 0.6% a year on average over the last five fiscal years, from $50.7 million to $52.2 million.
What are Farmland Partners's earnings per share?
Farmland Partners earned $0.28 per diluted share in fiscal 2025, compared with $1.05 a year earlier.
When will Farmland Partners report its next earnings?
Farmland Partners is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Farmland Partners's fiscal year end?
Farmland Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.