Revenue rose 25.9% from $66.5M in 2024Q2 to $83.7M in 2026Q3, but NOI margins ranged widely from 84.7% to 105.7%, suggesting timing or non-recurring items that warrant further investigation.
Four Corners Property Trust, Inc. (FCPT) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 315.93M | 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 | 29.92M | 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) | 286.01M | 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 % | 90.53% | 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 | 110.69M | 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 | 27.86M | 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 | 242.15M | 223.46M | 203.69M | 187.67M | 167.34M | 152.16M | 136.31M | 125.09M | 109.48M | 82.83M | 80.36M | 14.6M | 753K | 970K |
| EBITDA Margin % | 76.65% | 75.97% | 75.98% | 74.89% | 74.98% | 76.32% | 79.74% | 78.07% | 76.22% | 62.18% | 64.8% | 43.65% | 4.26% | 5.74% |
| Depreciation & Amortization | 66.83M | 59.6M | 54.51M | 50.73M | 41.47M | 34.83M | 29.43M | 26.31M | 22.38M | 21.81M | 20.58M | 3.76M | 863K | 875K |
| D&A / Revenue % | 21.15% | 20.26% | 20.34% | 20.24% | 18.58% | 17.47% | 17.22% | 16.42% | 15.58% | 16.37% | 16.59% | 11.23% | 4.88% | 5.18% |
| Operating Income | 175.32M | 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 % | 55.49% | 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 | 51.55M | -800K | -963K | -3.26M | -8.68M | -467K | -170K | -944K | -16.05M | -10.63M | -16.72M | 0 | 0 | 0 |
| Pretax Income | 119.2M | 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 % | 37.73% | 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 | 521K | 303K | 308K | 130K | 237K | -534K | 247K | 265K | 262K | -18K | -80.35M | 2.94M | -142K | -124K |
| Effective Tax Rate % | 0.44% | 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 | 118.59M | 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 % | 37.54% | 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 % | 8.69% | 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) | 185.41M | 171.96M | 154.99M | 146.07M | 139.24M | 120.41M | 106.77M | 98.93M | 104.78M | 93.2M | 177.39M | 9.46M | 895K | 904K |
| FFO Margin % | 58.69% | 58.46% | 57.82% | 58.29% | 62.39% | 60.39% | 62.46% | 61.74% | 72.95% | 69.97% | 143.03% | 28.27% | 5.06% | 5.35% |
| FFO Growth % | 43.62% | 10.95% | 6.1% | 4.9% | 15.64% | 12.78% | 7.92% | -5.59% | 12.42% | -47.46% | 1775.71% | 956.65% | -1% | - |
| FFO per Share | 1.69 | 1.67 | 1.65 | 1.65 | 1.70 | 1.57 | 1.49 | 1.44 | 1.63 | 1.54 | 2.98 | 0.18 | 0.02 | 0.02 |
| FFO Payout Ratio % | 99.02% | 83.73% | 82.66% | 81.96% | 77.23% | 80.48% | 80.86% | 79.34% | 66.32% | 62.97% | 68.55% | 3330.71% | 0% | 0% |
| EPS (Diluted) | 1.08 | 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 % | 0% | 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 | 109.84M | 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 |
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.
Key Metrics
Top Statement Risk
Casual dining tenant credit
Metrics are mathematically derived from official filings.
Acquisition-Driven Top-Line Expansion Continues
Based on reported figures, FCPT's quarterly revenue climbed from $66.5M in 2024Q2 to $83.7M in 2026Q3, a cumulative expansion that appears driven primarily by acquisitions rather than organic rent escalators alone.
The steady sequential revenue build, with year-over-year growth of 12.9% in the latest quarter, suggests the portfolio is being expanded through new property additions. Because the data does not separate acquisition contribution from same-property rent growth, the relative weight of each driver cannot be confirmed, and investors should monitor whether organic growth keeps pace as acquisition cadence moderates.
NOI Margin Volatility Masks Underlying Stability
As reported in financial statements, FCPT's NOI margin swung between 84.7% and 105.7% across the period, with the 2025Q2 figure exceeding 100% and suggesting non-recurring or timing items in the property-level line.
Margins in the mid-90s during recent quarters are consistent with a triple-net structure in which tenants bear most property costs. The sub-90% readings in 2024 and early 2025, and the anomalous 105.7% in 2025Q2, indicate that quarterly NOI may be affected by reimbursement timing or one-time items, warranting a trailing-twelve-month view rather than quarterly extrapolation.
FFO Per Share Flat Despite Revenue Growth
Based on FCPT's reported figures, FFO per share has held near $0.41 to $0.43 across most quarters, indicating that top-line growth has not translated into meaningful per-share earnings accretion.
The stability of FFO per share alongside rising revenue suggests that new capital deployed and any equity issuance are absorbing incremental cash flow, a pattern that may reflect dilution. The 2026Q2 FFO decline of 61.1% year over year warrants further investigation, as the data provided does not explain the driver and investors should monitor whether it reflects a one-time charge or a recurring weakness.
Net Income Understates Cash Earnings Power
As reported in financial statements, FCPT's quarterly net income of roughly $26M to $30M sits well below FFO of $40M to $47M in most periods, a gap that is consistent with heavy real estate depreciation.
Because depreciation on owned real estate is a non-cash charge, the spread between net income and FFO is expected for a REIT and does not by itself signal weakness. The AFFO line is unavailable in the supplied data, so the true recurring cash earnings after maintenance capital expenditures cannot be verified from this dataset.
Earnings Quality Hinges on Tenant Credit
Based on the available figures, FCPT's growth rests on a casual dining tenant base whose rent coverage is not disclosed here, so any credit deterioration could compress FFO faster than the reported trend implies.
The strongest challenge to FCPT's earnings quality is that revenue growth may be concentrated in a tenant segment facing margin pressure from labor and food inflation. Without disclosed rent coverage ratios or lease-expiration data, the durability of the current FFO base cannot be fully assessed, and investors should monitor the 2026Q2 FFO dip as a possible early signal.