FCPT achieved 9.4% year-over-year revenue growth in 2026Q1 while maintaining structural efficiency through a triple-net lease model that consistently yields NOI margins near 95%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Revenue | 300.82M | 294.13M | 268.07M | 250.61M | 223.19M | 199.38M | 170.94M | 160.23M | 143.63M | 133.21M | 124.02M | 33.46M | 17.7M | 16.91M |
| Revenue Growth % | 10.16% | 9.72% | 6.97% | 12.28% | 11.95% | 16.63% | 6.68% | 11.56% | 7.83% | 7.41% | 270.69% | 89.07% | 4.66% | - |
| Property Operating Expenses | 6.11M | 13.56M | 40.6M | 40.26M | 35.81M | 29.6M | 19.59M | 21.21M | 19.01M | 18.65M | 17.85M | 17M | 14.77M | 16.13M |
| Net Operating Income (NOI) | 294.71M | 280.57M | 227.47M | 210.35M | 187.38M | 169.78M | 151.35M | 139.02M | 124.62M | 114.56M | 106.17M | 16.46M | 2.92M | 780K |
| NOI Margin % | 97.97% | 95.39% | 84.86% | 83.94% | 83.96% | 85.15% | 88.54% | 86.76% | 86.76% | 86% | 85.6% | 49.2% | 16.51% | 4.61% |
| Operating Expenses | 126.19M | 116.71M | 78.3M | 73.41M | 61.51M | 52.48M | 44.48M | 40.25M | 37.52M | 34.07M | 31.55M | 5.61M | 3.03M | 875K |
| G&A Expenses | 26.69M | 26.84M | 23.79M | 22.68M | 20.04M | 17.65M | 15.05M | 13.93M | 13.64M | 12.26M | 10.98M | 1.86M | 2.17M | 0 |
| EBITDA | 230.7M | 224.29M | 203.69M | 187.67M | 167.34M | 152.16M | 136.31M | 125.09M | 142.13M | 113.46M | 108.4M | 14.6M | 753K | 970K |
| EBITDA Margin % | 76.69% | 76.25% | 75.98% | 74.89% | 74.98% | 76.32% | 79.74% | 78.07% | 98.96% | 85.17% | 87.41% | 43.65% | 4.26% | 5.74% |
| Depreciation & Amortization | 62.18M | 60.42M | 54.51M | 50.73M | 41.47M | 34.83M | 29.43M | 26.31M | 55.04M | 52.44M | 48.62M | 3.76M | 863K | 875K |
| D&A / Revenue % | 20.67% | 20.54% | 20.34% | 20.24% | 18.58% | 17.47% | 17.22% | 16.42% | 38.32% | 39.37% | 39.2% | 11.23% | 4.88% | 5.18% |
| Operating Income | 168.52M | 163.86M | 149.17M | 136.94M | 125.87M | 117.33M | 106.88M | 98.78M | 87.1M | 61.02M | 59.78M | 10.85M | -110K | 95K |
| Operating Margin % | 56.02% | 55.71% | 55.65% | 54.64% | 56.39% | 58.85% | 62.52% | 61.65% | 60.64% | 45.81% | 48.21% | 32.42% | -0.62% | 0.56% |
| Interest Expense | 2M | 51.87M | 49.23M | 44.61M | 36.41M | 32.55M | 29.23M | 26.52M | 19.96M | 19.47M | 14.83M | 2.2M | 0 | 0 |
| Interest Coverage | - | 3.17x | 3.05x | 3.14x | 3.70x | 3.62x | 3.66x | 3.76x | 5.17x | 4.69x | 6.16x | 4.92x | - | - |
| Non-Operating Income | -750K | -800K | -963K | -3.26M | -8.68M | -467K | -170K | -944K | -16.05M | -10.63M | -16.72M | 0 | 0 | 0 |
| Pretax Income | 117.03M | 112.79M | 100.9M | 95.59M | 98.14M | 85.21M | 77.81M | 73.2M | 83.19M | 71.87M | 76.5M | 8.64M | -110K | -95K |
| Pretax Margin % | 38.91% | 38.35% | 37.64% | 38.14% | 43.97% | 42.74% | 45.52% | 45.69% | 57.92% | 53.96% | 61.69% | 25.83% | -0.62% | -0.56% |
| Income Tax | 492K | 303K | 308K | 130K | 237K | -534K | 247K | 265K | 262K | -18K | -80.35M | 2.94M | -142K | -124K |
| Effective Tax Rate % | 0.42% | 0.27% | 0.31% | 0.14% | 0.24% | -0.63% | 0.32% | 0.36% | 0.31% | -0.03% | -105.02% | 34.06% | 129.09% | 130.53% |
| Net Income | 116.54M | 112.36M | 100.47M | 95.34M | 97.77M | 85.58M | 77.33M | 72.62M | 82.4M | 71.39M | 156.81M | 5.7M | 32K | 29K |
| Net Margin % | 38.74% | 38.2% | 37.48% | 38.04% | 43.81% | 42.92% | 45.24% | 45.32% | 57.37% | 53.6% | 126.44% | 17.03% | 0.18% | 0.17% |
| Net Income Growth % | 13.61% | 11.83% | 5.38% | -2.49% | 14.24% | 10.67% | 6.49% | -11.87% | 15.41% | -54.47% | 2651.52% | 17709.38% | 10.34% | - |
| Funds From Operations (FFO) | 178.72M | 172.79M | 154.99M | 146.07M | 139.24M | 120.41M | 106.77M | 98.93M | 137.44M | 123.83M | 205.42M | 9.46M | 895K | 904K |
| FFO Margin % | 59.41% | 58.75% | 57.82% | 58.29% | 62.39% | 60.39% | 62.46% | 61.74% | 95.68% | 92.96% | 165.64% | 28.27% | 5.06% | 5.35% |
| FFO Growth % | 52.18% | 11.49% | 6.1% | 4.9% | 15.64% | 12.78% | 7.92% | -28.02% | 10.98% | -39.72% | 2072.19% | 956.65% | -1% | - |
| FFO per Share | 1.63 | 1.68 | 1.65 | 1.65 | 1.70 | 1.57 | 1.49 | 1.44 | 2.13 | 2.04 | 3.45 | 0.18 | 0.02 | 0.02 |
| FFO Payout Ratio % | 60.78% | 83.33% | 82.66% | 81.96% | 77.23% | 80.48% | 80.86% | 79.34% | 50.57% | 47.4% | 59.2% | 3330.71% | 0% | 0% |
| EPS (Diluted) | 1.06 | 1.09 | 1.07 | 1.07 | 1.20 | 1.11 | 1.08 | 1.06 | 1.28 | 1.18 | 2.63 | 0.11 | 0.00 | 0.00 |
| EPS Growth % | 4.67% | 1.87% | 0% | -10.83% | 8.11% | 2.78% | 1.89% | -17.19% | 8.47% | -55.13% | 2290.91% | - | - | - |
| EPS (Basic) | - | 1.09 | 1.07 | 1.08 | 1.20 | 1.12 | 1.08 | 1.06 | 1.29 | 1.18 | 2.75 | 0.11 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 109.56M | 102.95M | 94.06M | 88.75M | 81.81M | 76.84M | 71.61M | 68.63M | 64.39M | 60.7M | 59.57M | 51.3M | 42.44M | 42.44M |
Casual dining credit concentration
As reported in recent financial filings, FCPT achieved a 9.4% year-over-year revenue growth in 2026Q1, signaling that the company's strategy of diversifying beyond its legacy Darden-branded portfolio is successfully driving top-line expansion despite a challenging macroeconomic environment for retail real estate investment trusts.
The consistent revenue growth suggests that management is effectively deploying capital into higher-cap-rate assets to offset the maturity of its original portfolio. Investors should monitor whether this acquisition pace remains accretive as the spread between property yields and the cost of capital potentially narrows.
Based on the provided quarterly data, FCPT maintains a robust NOI margin that consistently hovers around 95% in recent periods, reflecting the inherent structural efficiency of its triple-net lease model where tenants bear the primary burden of property-level operating expenses and maintenance costs.
This high margin profile indicates minimal operational leakage, which provides a significant buffer against inflationary pressures on property taxes or insurance. However, the 2025Q2 margin spike to 105.7% warrants further investigation, as it may suggest non-recurring accounting adjustments or specific lease-related recoveries that could distort underlying property-level profitability.
According to the company's reported earnings data, FFO per share has demonstrated a steady upward trajectory, reaching $0.42 in 2026Q1, which suggests that management is successfully balancing external growth initiatives with disciplined capital allocation to prevent excessive dilution for existing shareholders over the observed period.
The 14.6% FFO growth in 2026Q1 appears to outpace revenue growth, implying potential operating leverage or successful interest expense management. Analysts should continue to track the FFO payout ratio to ensure that dividend safety remains intact as the company navigates its transition toward a more diversified tenant base.
While headline occupancy remains high, the reliance on master lease structures for a significant portion of the portfolio, as noted in financial disclosures, may obscure the operational underperformance of individual restaurant sites that are currently struggling with rising labor and food costs in the current environment.
Investors should be cautious, as the master lease provides a temporary credit buffer that may hide the true economic viability of specific locations. If the parent company's credit profile were to shift, the lack of granular performance data for these individual units could present a significant valuation risk.
Quick answers to the most common questions about buying FCPT stock.
For fiscal year 2025, Four Corners Property Trust, Inc. (FCPT) reported total revenue of $294.1M. This represents a 1639.7% increase compared to $16.9M in 2013.
Four Corners Property Trust, Inc. (FCPT) is profitable, generating $112.4M in net income for the fiscal year ending 2025 with a net profit margin of 38.2%.
Four Corners Property Trust, Inc. (FCPT) reported an operating income of $163.9M, resulting in an operating profit margin of 55.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Four Corners Property Trust, Inc. (FCPT) generated $280.6M in gross profit for the year, representing a gross profit margin of 95.4%. This demonstrates the company's core pricing power and production efficiency.