Revenue has contracted year-over-year for five consecutive periods, including a 5.7% decline in 2026Q2, while NOI margin expanded to 90.7%, suggesting the remaining portfolio is more efficient but on a significantly smaller scale.
Farmland Partners Inc. (FPI) annual income statement — 14-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 | Dec'12 |
|---|
| Revenue | 53.27M | 52.18M | 58.23M | 57.47M | 61.21M | 51.74M | 50.69M | 53.56M | 56.07M | 46.22M | 31M | 13.76M | 4.22M | 2.35M | 2.12M |
| Revenue Growth % | -3.16% | -10.39% | 1.32% | -6.12% | 18.31% | 2.07% | -5.37% | -4.47% | 21.31% | 49.09% | 125.36% | 226.12% | 79.49% | 10.69% | - |
| Property Operating Expenses | 9.25M | 18.6M | 11.3M | 13.41M | 14.16M | 8.86M | 10.74M | 8.82M | 7.83M | 5.9M | 2.38M | 1.1M | 248.64K | 26.8K | 185.62K |
| Net Operating Income (NOI) | 44.02M | 33.58M | 46.92M | 44.05M | 47.05M | 42.88M | 39.95M | 44.74M | 48.23M | 40.32M | 28.62M | 12.65M | 3.97M | 2.32M | 1.94M |
| NOI Margin % | 82.64% | 64.35% | 80.58% | 76.66% | 76.87% | 82.88% | 78.82% | 83.53% | 86.03% | 87.24% | 92.33% | 91.98% | 94.11% | 98.86% | 91.26% |
| Operating Expenses | 17.8M | 10.53M | 21.42M | 20.2M | 22.08M | 26.04M | 17.61M | 18.4M | 18.36M | 16.86M | 10.47M | 6.18M | 3.22M | 946.5K | 174.63K |
| G&A Expenses | 10.67M | 11.72M | 15.72M | 12.55M | 14.88M | 18.38M | 9.64M | 10.07M | 9.81M | 8.71M | 8.47M | 5.28M | 2.89M | 793.45K | 50.05K |
| EBITDA | 29.9M | 27.22M | 31.09M | 31.36M | 31.93M | 24.41M | 30.3M | 34.66M | 56.07M | 46.22M | 31M | 7.11M | 885.42K | 1.53M | 1.87M |
| EBITDA Margin % | 56.13% | 52.17% | 53.4% | 54.56% | 52.17% | 47.19% | 59.78% | 64.7% | 100% | 100% | 100% | 51.69% | 20.99% | 64.89% | 88.21% |
| Depreciation & Amortization | 3.68M | 4.17M | 5.59M | 7.5M | 6.96M | 7.63M | 7.97M | 8.32M | 26.38M | 23.69M | 15.37M | 893.31K | 328.58K | 148.55K | 124.58K |
| D&A / Revenue % | 6.91% | 7.99% | 9.6% | 13.05% | 11.37% | 14.75% | 15.73% | 15.53% | 47.04% | 51.26% | 49.58% | 6.49% | 7.79% | 6.32% | 5.87% |
| Operating Income | 26.22M | 23.05M | 25.5M | 23.86M | 24.97M | 16.79M | 22.33M | 26.34M | 29.69M | 22.53M | 15.63M | 6.22M | 556.85K | 1.38M | 1.75M |
| Operating Margin % | 49.22% | 44.18% | 43.8% | 41.51% | 40.8% | 32.44% | 44.05% | 49.17% | 52.96% | 48.74% | 50.42% | 45.19% | 13.2% | 58.57% | 82.35% |
| Interest Expense | 4M | 9.63M | 18.85M | 22.66M | 16.14M | 15.93M | 17.68M | 19.59M | 18.8M | 13.56M | 9.96M | 4.62M | 1.37M | 1.34M | 1.16M |
| Interest Coverage | - | 4.34x | 4.26x | 2.39x | 1.75x | 1.06x | 1.26x | 1.76x | 1.75x | 1.68x | 1.60x | 1.40x | -0.59x | 1.03x | 1.50x |
| Non-Operating Income | -10.21M | -18.73M | -54.78M | -30.32M | -3.36M | -74K | -11K | -8.1M | -3.15M | -191K | -337K | -259.71K | 1.37M | 0 | 14.54K |
| Pretax Income | 26.07M | 32.16M | 61.43M | 31.52M | 12.19M | 26.54M | 7.53M | 14.85M | 14.04M | 9.16M | 6.01M | 1.7M | -671.3K | 34.17K | 586.35K |
| Pretax Margin % | 48.95% | 61.63% | 105.51% | 54.84% | 19.91% | 51.3% | 14.86% | 27.72% | 25.04% | 19.81% | 19.39% | 12.35% | -15.91% | 1.45% | 27.62% |
| Income Tax | 634K | -15K | -16K | -166K | 227K | 16.28M | 0 | 0 | 0 | 0 | 11K | 9.95K | -103.11K | 0 | 1.16M |
| Effective Tax Rate % | 2.43% | -0.05% | -0.03% | -0.53% | 1.86% | 61.35% | 0% | 0% | 0% | 0% | 0.18% | 0.59% | 15.36% | 0% | 198.17% |
| Net Income | 25.65M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M | 7.12M | 13.89M | 12.25M | 7.91M | 4.3M | 1.23M | -568.19K | 34.17K | 586.35K |
| Net Margin % | 48.16% | 60.46% | 102.89% | 53.79% | 19.07% | 19.31% | 14.04% | 25.92% | 21.86% | 17.12% | 13.88% | 8.92% | -13.47% | 1.45% | 27.62% |
| Net Income Growth % | -63.45% | -47.35% | 93.81% | 164.8% | 16.85% | 40.34% | -48.73% | 13.32% | 54.84% | 83.96% | 250.55% | 315.99% | -1762.74% | -94.17% | - |
| Funds From Operations (FFO) | 29.33M | 35.71M | 65.5M | 38.41M | 18.63M | 17.62M | 15.09M | 22.21M | 38.63M | 31.61M | 19.67M | 2.12M | -239.62K | 182.72K | 710.93K |
| FFO Margin % | 55.07% | 68.44% | 112.49% | 66.84% | 30.44% | 34.06% | 29.77% | 41.46% | 68.9% | 68.38% | 63.45% | 15.42% | -5.68% | 7.78% | 33.49% |
| FFO Growth % | -224.21% | -45.48% | 70.52% | 106.14% | 5.75% | 16.76% | -32.04% | -42.52% | 22.23% | 60.67% | 827.65% | 984.97% | -231.14% | -74.3% | - |
| FFO per Share | 0.68 | 0.70 | 1.17 | 0.66 | 0.37 | 0.51 | 0.51 | 0.74 | 1.20 | 1.02 | 1.49 | 0.22 | -0.06 | 0.05 | 0.18 |
| FFO Payout Ratio % | 69.45% | 178.49% | 33.02% | 31.95% | 59.71% | 36.1% | 39.37% | 27.82% | 60.8% | 57.06% | 33.55% | 208.82% | -692.36% | 3702.36% | 418.24% |
| EPS (Diluted) | 0.59 | 0.62 | 1.06 | 0.48 | 0.16 | -0.17 | -0.18 | -0.20 | 0.38 | 0.03 | 0.09 | 0.08 | -0.13 | 0.01 | 0.15 |
| EPS Growth % | -55.88% | -41.51% | 120.83% | 200% | 194.12% | 5.56% | 10% | -152.63% | 1166.67% | -66.67% | 12.5% | 161.54% | - | -94.33% | - |
| EPS (Basic) | - | 0.71 | 1.19 | 0.55 | 0.16 | -0.17 | -0.18 | -0.20 | 0.38 | 0.03 | 0.09 | 0.08 | -0.13 | 0.01 | 0.15 |
| Diluted Shares Outstanding | 43.37M | 51.26M | 55.99M | 58.29M | 50.95M | 34.64M | 29.38M | 30.17M | 32.16M | 31.05M | 13.2M | 9.63M | 4.26M | 4.01M | 4.01M |
Quick answers to the most common questions about buying FPI stock.
For fiscal year 2025, Farmland Partners Inc. (FPI) reported total revenue of $52.2M. This represents a 2357.6% increase compared to $2.1M in 2012.
Farmland Partners Inc. (FPI) is profitable, generating $31.5M in net income for the fiscal year ending 2025 with a net profit margin of 60.5%.
Farmland Partners Inc. (FPI) reported an operating income of $23.1M, resulting in an operating profit margin of 44.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Farmland Partners Inc. (FPI) generated $33.6M in gross profit for the year, representing a gross profit margin of 64.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio Scale & Transition Uncertainty
Metrics are mathematically derived from official filings.
Revenue Contraction Reflects Portfolio Reduction
FPI's revenue has contracted year-over-year for five consecutive quarters, with a 5.7% decline in the most recent period, suggesting a deliberate strategy of portfolio downsizing rather than organic growth failure.
The persistent revenue decline, despite maintaining high NOI margins, indicates management is actively selling assets to simplify the portfolio or redeploy capital. This trajectory implies future growth will depend on organic rent escalation and strategic redeployment rather than portfolio expansion, creating a fundamentally different investment thesis than a scaling REIT.
NOI Margin Expansion Signals Portfolio Quality Shift
NOI margin improved to 90.7% in 2026Q2, the highest in the ten-quarter series, suggesting the remaining portfolio is significantly more operationally efficient than assets previously sold.
The consistent margin improvement from the low 70s to over 90% appears to correlate directly with portfolio restructuring, indicating FPI is successfully shedding lower-margin properties. This trend suggests the remaining farmland assets have superior operating characteristics, though it also implies the company may be left with a smaller, less diversified income stream that concentrates risk.
FFO Collapse Raises Sustainability Questions
FFO per share plummeted from $1.07 in 2024Q4 to just $0.09 in 2026Q2, a decline that appears driven by non-recurring items rather than operational deterioration, warranting careful analysis of underlying cash generation.
The extreme volatility in FFO, particularly the near-total collapse in recent quarters despite strong NOI margins, suggests significant non-cash adjustments or one-time events are distorting the core earnings picture. This pattern indicates the GAAP-based FFO metric may not reliably reflect recurring cash flow from the farmland operations, requiring investors to focus on AFFO and property-level performance.
Asset Sales Mask Operational Performance
The apparent improvement in profitability metrics may be misleading, as the company has been actively selling assets, which artificially inflates margins on a shrinking revenue base while generating non-recurring cash flows.
FPI's improving NOI margin from 69.2% to 90.7% coincides with revenue contraction, suggesting the high margins reflect a smaller, curated portfolio rather than operational excellence. Without same-store growth data, it's impossible to determine if the remaining properties are actually performing better or if the margin improvement is simply a mathematical artifact of shedding lower-margin assets. The extreme FFO volatility further clouds whether the current earnings level is sustainable or represents a transition phase.
2024Q4 Marks Clear Portfolio Restructuring Inflection
The dramatic FFO spike to $1.07 per share in 2024Q4, followed by a 62.8% year-over-year decline, suggests a major asset revaluation or sale event that fundamentally altered the company's earnings profile.
The 2024Q4 quarter represents a clear inflection point where FFO spiked to $60.0M before collapsing, indicating a significant one-time event such as a large asset sale, gain on disposal, or portfolio revaluation. This event appears to have reset FPI's operational baseline to a smaller scale, with subsequent quarters reflecting the new, lower-earning reality of the restructured portfolio.
Organic Growth Metrics Remain Unavailable
The provided data lacks same-store NOI growth or rent spread metrics, preventing analysis of whether FPI's core farmland operations are generating organic rental growth independent of portfolio transactions.
Without same-store performance data, analysts cannot determine if the remaining portfolio is experiencing genuine rental growth or if the stable revenue levels simply reflect static lease structures. This information gap is particularly material for farmland REITs where crop-share arrangements, commodity price linkages, and multi-year leases create unique growth dynamics that require detailed disclosure.