Revenue has contracted to a $12.7-16.6M run-rate in 2026 from $20-22M in 2024, with NOI margins collapsing to -50.2% in 2026Q2, indicating significant operational impairments.
Gladstone Land Corporation (LAND) annual income statement — 16-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 | Dec'11 | Dec'10 |
|---|
| Revenue | 88.48M | 88.34M | 85.22M | 90.4M | 89.24M | 75.32M | 57.03M | 40.69M | 36.69M | 25.12M | 17.32M | 11.9M | 7.18M | 4.04M | 3.39M | 2.96M | 2.42M |
| Revenue Growth % | 21.6% | 3.66% | -5.73% | 1.3% | 18.48% | 32.06% | 40.15% | 10.92% | 46.04% | 45.07% | 45.5% | 65.64% | 77.93% | 19.1% | 14.39% | 22.58% | - |
| Property Operating Expenses | 97.07M | 93.39M | 5.33M | 4.2M | 2.82M | 2.54M | 1.85M | 2.47M | 2.04M | 1.17M | 669.95K | 729.04K | 434.51K | 119.46K | 89.37K | 61.58K | 7.52K |
| Net Operating Income (NOI) | -8.59M | -5.05M | 79.88M | 86.2M | 86.42M | 72.78M | 55.18M | 38.22M | 34.64M | 23.96M | 16.65M | 11.17M | 6.75M | 3.92M | 3.3M | 2.9M | 2.41M |
| NOI Margin % | -9.71% | -5.72% | 93.74% | 95.35% | 96.84% | 96.63% | 96.76% | 93.92% | 94.43% | 95.36% | 96.13% | 93.87% | 93.95% | 97.04% | 97.36% | 97.92% | 99.69% |
| Operating Expenses | -29.84M | -29.04M | 48.5M | 52.71M | 51.64M | 41.08M | 27.53M | 18.91M | 22.53M | 12.45M | 9.34M | 6.14M | 4.63M | 2.41M | 1.25M | 1.56M | 846.01K |
| G&A Expenses | 1.57M | 4.96M | 13.34M | 13.78M | 13.05M | 9.99M | 7.84M | 5.28M | 5.48M | 4.53M | 3.81M | 3.02M | 2.89M | 1.64M | 771.63K | 1.05M | 528.77K |
| EBITDA | 57.3M | 58.54M | 66.49M | 70.74M | 70.23M | 59.01M | 44.35M | 32.1M | 21.49M | 18.61M | 12.24M | 7.68M | 3.34M | 2.08M | 2.38M | 1.79M | 1.88M |
| EBITDA Margin % | 64.76% | 66.27% | 78.03% | 78.25% | 78.7% | 78.35% | 77.77% | 78.88% | 58.57% | 74.09% | 70.71% | 64.55% | 46.43% | 51.51% | 70.08% | 60.34% | 77.82% |
| Depreciation & Amortization | 36.05M | 34.55M | 35.11M | 37.25M | 35.46M | 27.3M | 16.7M | 12.79M | 9.38M | 7.24M | 5.19M | 3.11M | 1.74M | 722.46K | 474.48K | 505.57K | 317.24K |
| D&A / Revenue % | 40.75% | 39.11% | 41.2% | 41.21% | 39.73% | 36.25% | 29.29% | 31.43% | 25.55% | 28.81% | 29.96% | 26.16% | 24.16% | 17.89% | 13.99% | 17.06% | 13.12% |
| Operating Income | 21.25M | 23.99M | 31.38M | 33.48M | 34.77M | 31.7M | 27.65M | 19.31M | 12.11M | 11.38M | 7.06M | 4.57M | 1.6M | 1.36M | 1.9M | 1.28M | 1.56M |
| Operating Margin % | 24.01% | 27.16% | 36.82% | 37.04% | 38.97% | 42.09% | 48.48% | 47.44% | 33.01% | 45.28% | 40.75% | 38.39% | 22.27% | 33.62% | 56.09% | 43.28% | 64.7% |
| Interest Expense | 4M | 23.04M | 21.89M | 23.66M | 25.74M | 27.95M | 0 | 16.33M | 12.13M | 9.76M | 6.02M | 4.16M | 2.01M | 1.12M | 1.01M | 805.51K | 700.6K |
| Interest Coverage | - | 1.59x | 1.61x | 1.62x | 1.18x | 1.02x | - | 1.11x | 1.23x | 1.00x | 1.17x | 1.14x | 0.95x | 1.26x | 1.89x | 1.02x | 2.25x |
| Non-Operating Income | 6.7M | -12.58M | -3.79M | -4.75M | 4.32M | 3.31M | 2.08M | 1.21M | -3.88M | 1.65M | 0 | -160K | -310.48K | -56.23K | -6.06K | 463.59K | -13.14K |
| Pretax Income | -6.47M | 13.53M | 13.29M | 14.56M | 4.72M | 3.51M | 4.96M | 1.76M | 2.77M | -34K | 473.49K | 568.54K | -98.63K | 295.05K | 900.69K | 13.73K | 877.13K |
| Pretax Margin % | -7.31% | 15.31% | 15.6% | 16.11% | 5.28% | 4.67% | 8.69% | 4.33% | 7.54% | -0.14% | 2.73% | 4.78% | -1.37% | 7.31% | 26.56% | 0.46% | 36.27% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.78M | 0 | 25.39K | 471.31K | 26.5K | 1.52M | 300.32K | 7.51K | 316.6K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 100.65% | 0% | 5.36% | 82.9% | -26.87% | 515.08% | 33.34% | 54.71% | 36.1% |
| Net Income | -6.47M | 13.53M | 13.29M | 14.56M | 4.71M | 3.5M | 4.93M | 1.74M | 2.63M | -31K | 448.1K | 568.54K | -125.13K | -1.22M | 600.37K | 6.22K | 560.52K |
| Net Margin % | -7.31% | 15.31% | 15.6% | 16.11% | 5.28% | 4.64% | 8.64% | 4.28% | 7.17% | -0.12% | 2.59% | 4.78% | -1.74% | -30.33% | 17.71% | 0.21% | 23.18% |
| Net Income Growth % | -183.15% | 1.8% | -8.75% | 209.37% | 34.71% | -29.05% | 182.94% | -33.78% | 8580.65% | -106.92% | -21.18% | 554.35% | 89.78% | -303.99% | 9553.85% | -98.89% | - |
| Funds From Operations (FFO) | 29.59M | 48.08M | 48.4M | 51.82M | 40.16M | 30.8M | 21.63M | 14.53M | 12M | 7.21M | 5.64M | 3.68M | 1.61M | -502.23K | 1.07M | 511.79K | 877.77K |
| FFO Margin % | 33.44% | 54.42% | 56.8% | 57.32% | 45.01% | 40.89% | 37.92% | 35.71% | 32.72% | 28.68% | 32.54% | 30.94% | 22.42% | -12.44% | 31.7% | 17.27% | 36.3% |
| FFO Growth % | -217.38% | -0.67% | -6.59% | 29.02% | 30.4% | 42.41% | 48.84% | 21.05% | 66.58% | 27.87% | 53.05% | 128.63% | 420.67% | -146.73% | 110.02% | -41.69% | - |
| FFO per Share | 0.69 | 1.32 | 1.35 | 1.45 | 1.16 | 1.01 | 0.97 | 0.74 | 0.77 | 0.60 | 0.56 | 0.43 | 0.24 | -0.08 | 0.18 | 0.19 | 0.32 |
| FFO Payout Ratio % | 74.76% | 42.57% | 41.52% | 38.19% | 47.04% | 53.54% | 55.64% | 71.98% | 68.93% | 88.38% | 87.93% | 110.24% | 152.67% | -1508.3% | 0% | 198.81% | 0% |
| EPS (Diluted) | -0.15 | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 | -0.20 | -0.13 | 0.17 | -0.00 | 0.04 | 0.07 | -0.02 | -0.20 | 0.10 | 0.00 | 0.20 |
| EPS Growth % | -63.64% | 0% | -3.57% | 34.88% | -48.28% | -45% | -53.85% | -176.47% | - | -106.5% | -42.86% | 482.51% | 90.85% | -302.63% | - | -98.85% | - |
| EPS (Basic) | - | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 | -0.20 | -0.13 | 0.17 | -0.00 | 0.04 | 0.07 | -0.02 | -0.20 | 0.10 | 0.00 | 0.20 |
| Diluted Shares Outstanding | 42.91M | 36.51M | 35.91M | 35.73M | 34.56M | 30.36M | 22.26M | 19.6M | 15.5M | 12.06M | 10.01M | 8.64M | 6.85M | 6.21M | 6.08M | 2.75M | 2.75M |
Quick answers to the most common questions about buying LAND stock.
For fiscal year 2025, Gladstone Land Corporation (LAND) reported total revenue of $88.3M. This represents a 3553.2% increase compared to $2.4M in 2010.
Gladstone Land Corporation (LAND) is profitable, generating $13.5M in net income for the fiscal year ending 2025 with a net profit margin of 15.3%.
Gladstone Land Corporation (LAND) reported an operating income of $24.0M, resulting in an operating profit margin of 27.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gladstone Land Corporation (LAND) generated $-5.0M in gross profit for the year, representing a gross profit margin of -5.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dividend sustainability under negative FFO
Metrics are mathematically derived from official filings.
Revenue Baseline Erodes After Q4'25 Spike
Gladstone Land's quarterly revenue has contracted to a $12.7-16.6M run-rate in 2026 from a $20-22M baseline in 2024, with the 2025Q4 spike to $41.5M appearing driven by a non-recurring transaction rather than organic growth, based on the provided financial data.
The revenue trajectory reveals a business in meaningful transition. The 2024 baseline of approximately $20-22M per quarter reflected a stable farmland rental portfolio, but the erratic swings throughout 2025—ranging from $12.3M to $41.5M—suggest the company engaged in significant property transactions that distorted the top line. The 2025Q4 revenue surge of 96.5% was accompanied by only $8.3M in NOI (19.9% margin), indicating the revenue was largely non-recurring in nature, possibly from a bulk sale or lease termination event. With 2026 quarters normalizing at $12.7-16.6M, investors should consider whether the organic revenue base has permanently contracted relative to the prior portfolio footprint.
NOI Margins Collapse Into Deeply Negative Territory
According to the reported financials, Gladstone Land's NOI margin has deteriorated from a consistent 93-96% range through mid-2024 to deeply negative levels of -48.9% and -50.2% in the first two quarters of 2026, suggesting significant property-level impairments or non-recurring charges are flowing through operating results.
The collapse in NOI margins is the most alarming trend in these financials. Through 2024, Gladstone Land operated with near-perfect property-level margins of 93-96%, typical of farmland REITs where operating expenses relative to rental income are minimal. The shift to negative margins—persisting in five of the six most recent quarters—suggests either substantial non-cash impairment charges recognized at the property level, significant one-time operating costs, or a fundamental deterioration in the farmland portfolio's income-generating capacity. The 2025Q4 quarter, which showed a modest recovery to 19.9% margin, provided a brief respite, but the subsequent reversion to -48.9% and -50.2% raises serious questions about whether the portfolio can return to its historical profitability profile without structural remediation.
FFO Distorted by Non-Recurring Transaction Gains
Based on the reported data, FFO per share has collapsed from $0.62-0.65 in early 2024-2025 to near-zero in recent periods, while the persistent gap between negative NOI and intermittently positive FFO suggests one-time gains, likely from property dispositions, are artificially supporting the headline FFO figure.
The divergence between NOI and FFO across multiple quarters represents a significant analytical challenge. In 2025Q1, for instance, NOI was negative $3.2M while FFO reached $23.6M ($0.65 per share), suggesting approximately $27M in positive adjustments below the NOI line—most likely gains on property sales that are excluded from NOI but included in FFO under NAREIT definitions. This pattern implies that the company's FFO figure, while technically compliant with standard REIT reporting conventions, may materially overstate the recurring earning power of the remaining portfolio. The sharp decline in FFO per share to $-0.01 and $0.15 in the two most recent 2026 quarters suggests that when transactional gains dissipate, the underlying business is generating minimal or negative cash flow, warranting scrutiny of dividend coverage ratios.
Structural Operational Break Beginning 2025Q1
The period beginning in 2025Q1 marks a dramatic operational break, with Gladstone Land swinging from consistent $19-21M NOI to sustained negative property-level cash flow, a shift that appears to reflect fundamental portfolio stress rather than cyclical timing given the multi-quarter persistence through 2026Q2.
The inflection point appears to coincide with 2025Q1, when Gladstone Land's NOI first turned negative after a long period of stable 93-96% margins. What makes this shift notable is its persistence—rather than representing a single-quarter anomaly tied to seasonal farmland patterns, negative NOI has now persisted for five of the six most recent quarters with no clear recovery trajectory. This pattern suggests a structural change in the portfolio composition or asset quality, potentially reflecting impairments, tenant disruptions, or strategic repositioning that has yet to generate positive returns. The fact that this deterioration occurred against a backdrop of the stock's dividend yield tripling from 1.0% to 3.2% indicates the market has priced in significant ongoing operational stress.
Distribution Sustainability Under Severe Operating Stress
The most significant earnings quality concern is that Gladstone Land maintained a 3.2% dividend yield through 2026Q2 despite FFO per share of negative $0.01 to $0.15, implying distributions may be funded through asset sales or balance sheet drawdowns rather than recurring property income.
The strongest analytical challenge to Gladstone Land's earnings quality centers on the mathematical unsustainability of its distribution policy. The company paid distributions yielding 3.2% in 2026Q2 while reporting FFO per share of negative $0.01, meaning distributions exceed operating cash flow by definition. This creates a reality where shareholder returns must be funded through asset monetization, incremental debt capacity, or existing cash reserves—none of which are durable over multi-year periods. Furthermore, the capitalization of leasing commissions and tenant improvements inherent in REIT accounting may further obscure the true cash generation profile, and the widening disconnect between AFFO (negative $807K in 2026Q2) and distributions paid warrants close monitoring for a potential distribution reduction, which peer Farmland Partners at a 64.4% gross margin has managed to avoid.