Revenue growth remains highly inconsistent, highlighted by a sharp 21.2% decline in 2025Q3 followed by a 96.5% surge in 2025Q4, while NOI margins have deteriorated to -48.9% as of 2026Q1.
| 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 | 88.09M | 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 % | 7.73% | 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 | 97.99M | 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) | -9.9M | -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 % | -11.24% | -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 | -31.05M | -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 | 2.83M | 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 | 57.69M | 58.54M | 66.49M | 70.74M | 70.23M | 59.01M | 44.35M | 32.1M | 37.78M | 25.12M | 17.32M | 7.68M | 3.34M | 2.08M | 2.38M | 1.79M | 1.88M |
| EBITDA Margin % | 65.49% | 66.27% | 78.03% | 78.25% | 78.7% | 78.35% | 77.77% | 78.88% | 102.98% | 100% | 100% | 64.55% | 46.43% | 51.51% | 70.08% | 60.34% | 77.82% |
| Depreciation & Amortization | 36.54M | 34.55M | 35.11M | 37.25M | 35.46M | 27.3M | 16.7M | 12.79M | 25.67M | 13.75M | 10.26M | 3.11M | 1.74M | 722.46K | 474.48K | 505.57K | 317.24K |
| D&A / Revenue % | 41.48% | 39.11% | 41.2% | 41.21% | 39.73% | 36.25% | 29.29% | 31.43% | 69.97% | 54.72% | 59.25% | 26.16% | 24.16% | 17.89% | 13.99% | 17.06% | 13.12% |
| Operating Income | 21.15M | 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 | 0 | 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 | - | - | 1.11x | 1.23x | 1.00x | 1.17x | 1.14x | 0.95x | 1.26x | 1.89x | 1.02x | 2.25x |
| Non-Operating Income | 4.96M | -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 | -5.88M | 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 % | -6.68% | 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 | -5.88M | 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 % | -6.68% | 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 % | -139.67% | 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) | 30.66M | 48.08M | 48.4M | 51.82M | 40.16M | 30.8M | 21.63M | 14.53M | 28.3M | 13.71M | 10.71M | 3.68M | 1.61M | -502.23K | 1.07M | 511.79K | 877.77K |
| FFO Margin % | 34.8% | 54.42% | 56.8% | 57.32% | 45.01% | 40.89% | 37.92% | 35.71% | 77.13% | 54.59% | 61.84% | 30.94% | 22.42% | -12.44% | 31.7% | 17.27% | 36.3% |
| FFO Growth % | -101.2% | -0.67% | -6.59% | 29.02% | 30.4% | 42.41% | 48.84% | -48.65% | 106.33% | 28.08% | 190.82% | 128.63% | 420.67% | -146.73% | 110.02% | -41.69% | - |
| FFO per Share | 0.75 | 1.32 | 1.35 | 1.45 | 1.16 | 1.01 | 0.97 | 0.74 | 1.83 | 1.14 | 1.07 | 0.43 | 0.24 | -0.08 | 0.18 | 0.19 | 0.32 |
| FFO Payout Ratio % | 50.22% | 42.57% | 41.52% | 38.19% | 47.04% | 53.54% | 55.64% | 71.98% | 29.24% | 46.44% | 46.27% | 110.24% | 152.67% | -1508.3% | 0% | 198.81% | 0% |
| EPS (Diluted) | -0.14 | -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 % | -212% | 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 | 40.86M | 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 |
Volatile Property-Level Profitability
As reported in recent financial statements, Gladstone Land's NOI margin has experienced extreme volatility, plummeting from a peak of 95.7% in 2024Q1 to a negative 48.9% in 2026Q1, suggesting that property-level operating expenses and potential depreciation charges are currently overwhelming the company's rental income generation capacity.
The dramatic shift into negative NOI territory indicates that the company's cost structure is no longer efficiently covered by top-line rental receipts. Investors should monitor whether this margin compression is a structural byproduct of rising maintenance requirements on permanent crops or an anomaly related to accounting adjustments for specialized agricultural infrastructure.
Based on the company's reported figures, FFO per share has fluctuated wildly, ranging from a high of $0.65 in 2025Q1 to a low of $0.01 in 2025Q2, which highlights significant inconsistency in the REIT's ability to generate stable, recurring cash flow for its shareholders.
The erratic FFO trajectory suggests that the company's earnings are highly sensitive to non-recurring items or timing differences in lease payments. This lack of predictability complicates the assessment of dividend safety, as the payout must be supported by consistent cash flow rather than volatile quarterly swings.
According to the provided income statement data, the company consistently reports negative net income, such as the -$4.3M loss in 2026Q1, which appears to be heavily influenced by non-cash depreciation charges that do not necessarily reflect the actual economic decline of the underlying high-value agricultural land.
While GAAP net income remains persistently negative, it is a poor proxy for the company's true performance due to the heavy depreciation of biological assets and specialized facilities. Analysts should focus on the delta between FFO and net income to determine if the depreciation is truly reflective of necessary maintenance CAPEX.
As indicated by the quarterly income statement data, revenue growth has been inconsistent, with a sharp 21.2% decline in 2025Q3 followed by a 96.5% surge in 2025Q4, suggesting that the company's top-line performance is subject to significant, unpredictable shifts rather than steady organic expansion.
This revenue volatility may imply that the portfolio is overly reliant on specific lease renewal cycles or variable participation rents that fail to provide a reliable baseline. The inability to maintain a consistent revenue trajectory warrants further investigation into the underlying lease structures and the potential for tenant credit stress.
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.