Q2 26 EPS GAAP
$-0.32
MISS 15.65%
Est. $-0.28
Includes approximately $4.2 million non-cash impairment charge on four Arizona farms; also includes preferred stock dividends and gain on extinguishment of preferred stock totaling approximately $5.1 million deducted from net loss to arrive at net loss attributable to common stockholders
Q2 26 Revenue
$12.7M
MISS 1.45%
Est. $12.9M
Market Reaction
Did LAND Beat Earnings? Q2 2026 Results
Gladstone Land Corp delivered a disappointing second quarter for fiscal 2026, missing on both the top and bottom lines as a hefty non-cash impairment charge weighed on already-pressured results. The farmland REIT posted GAAP EPS of $-0.32, falling sh… Read more Gladstone Land Corp delivered a disappointing second quarter for fiscal 2026, missing on both the top and bottom lines as a hefty non-cash impairment charge weighed on already-pressured results. The farmland REIT posted GAAP EPS of $-0.32, falling short of the $-0.28 consensus estimate by 15.65%, with the quarter burdened by an approximately $4.19 million non-cash impairment on four Arizona farms and roughly $5.10 million in preferred stock dividends and extinguishment gains deducted to arrive at the common stockholder figure. Revenue of $12.69 million, up 3.2% year-over-year, edged below the $12.88 million consensus by 1.45%, though fixed base cash rents and direct farming operations provided incremental support. The more fundamental story, however, is structural timing: under Gladstone Land's repositioned lease model, participation rents are recognized only when crop results are confirmed, concentrating the vast majority of 2026 revenue and earnings in the fourth quarter. Looking ahead, almond prices running 15%-20% higher year-over-year and a 67% jump in the initial pistachio base price to $2.50 per pound offer meaningful tailwinds, even as an expected off year for pistachio yields tempers near-term optimism.
Key Takeaways
- • Fixed base cash rents increased approximately $899,000 from new and amended leases and collections from non-accrual tenants
- • Participation rent increased to $201,000 from $142,000, reflecting higher almond prices
- • Direct farming operations generated $589,000 net profit from Florida orange crop harvest and favorable almond pricing
- • Interest expense decreased due to redemption of Series D Term Preferred Stock and debt repayments
- • Operating cash flow surged 404.7% to $19.9 million driven by higher cash receipts from participation rents and crop sales
LAND Forward Guidance & Outlook
The company expects a substantial majority of its 2026 revenue and earnings to be recognized in the fourth quarter due to the timing of participation rents on Repositioned Farms, consistent with 2025. The 2026 pistachio crop is expected to be an 'off' year due to the crop's alternate-bearing nature, further impacted by a March heat event in California affecting pollination. However, pistachio pricing has strengthened significantly, with the primary processor announcing a 67% increase in the initial base price for 2026 split in-shell pistachios to $2.50 per pound. Almond prices are 15%-20% higher year-over-year. The company views its lease modifications as temporary and targets a return to more traditional lease structures with fixed base rents. Seven post-quarter lease amendments are expected to increase annual NOI by approximately $297,000 or 16.5%.
LAND YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“We had a successful 2025 harvest, with yields on the farms where we oversee growing operations exceeding our internal expectations. However, the full financial benefit has not yet been reflected in our results, as a significant portion of the revenue from the 2025 pistachio harvest is expected to be recognized later in 2026 following the conclusion of the marketing period.”
— David Gladstone, Q2 2026 Earnings Press Release
LAND Earnings Trends
LAND vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LAND EPS Trend
Earnings per share: estimate vs actual
LAND Revenue Trend
Quarterly revenue: estimate vs actual
LAND Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS Includes approximately $4.2 million non-cash impairment charge on four Arizona farms; also includes preferred stock dividends and gain on extinguishment of preferred stock totaling approximately $5.1 million deducted from net loss to arrive at net loss attributable to common stockholders | $-0.28 | $-0.32 | -15.65% | $12.7M | -1.45% |
| Q1 26 MISS | $-0.23 | $-0.24 | -6.67% | $16.6M | +16.82% |
| Q4 25 MISS FY | $0.13 | $-0.05 | -137.88% | $41.5M | +27.55% |
| FY Full Year | — | $-0.29 | — | $88.3M | — |
| Q3 25 BEAT | $-0.21 | $-0.11 | +46.34% | $17.8M | +17.91% |
| Q2 25 MISS | $-0.18 | $-0.38 | -111.11% | $12.3M | -21.30% |