Gladstone Land (LAND) Q2 2025 Earnings
Reported Aug 7, 2025 at 4:13 PM ET · SEC Source
Q2 25 EPS
$-0.38
MISS 111.11%
Est. $-0.18
Q2 25 Revenue
$12.3M
MISS 21.30%
Est. $15.6M
vs S&P Since Q2 25
-17.2%
TRAILING MARKET
LAND +1.2% vs S&P +18.4%
Market Reaction
Did LAND Beat Earnings? Q2 2025 Results
Gladstone Land delivered a deeply disappointing second quarter of 2025, with revenue collapsing 42.3% year-over-year to $12.30 million against a consensus estimate of $15.62 million, a miss of 21.30%, while its loss per share of $-0.38 came in well b… Read more Gladstone Land delivered a deeply disappointing second quarter of 2025, with revenue collapsing 42.3% year-over-year to $12.30 million against a consensus estimate of $15.62 million, a miss of 21.30%, while its loss per share of $-0.38 came in well below the $-0.18 analysts had expected, representing an earnings miss of 111.11%. The primary culprit was a deliberate but earnings-disruptive strategic pivot: the company restructured lease agreements on six western permanent crop farms, slashing or eliminating fixed base cash rents in favor of higher participation rents that are only recognized once crop harvests are tallied in the fourth quarter. The result is a pronounced back-loading of 2025 revenue and earnings, with management explicitly guiding that the bulk of the year's results will not materialize until Q4, when pistachio and almond crop outcomes, the company's key exposures, are known. Almond prices are currently running 5% to 10% above year-ago levels, offering some underlying support, though execution risk around the lease restructuring and a potential pivot to farm sales if satisfactory terms cannot be reached remain key variables for investors to watch.
Key Takeaways
- • Lease modifications reducing fixed base rents and increasing participation rent components on six western permanent crop farms
- • $6.8 million reduction in fixed base cash rents driving revenue decline
- • Participation rents decreased by approximately $975,000 due to prior-year accelerated recognition
- • Lower interest expense due to debt repayments over the past year
- • Reduced general and administrative expenses from lower stockholder-related costs and professional fees
- • Higher property operating expenses from water rights protection in California and costs on vacant/non-accrual farms
LAND YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“With the approach we've taken on certain of our western permanent crop farms, our earnings for 2025 will be more dependent on participation rents than in prior years, with the large majority expected to be recognized in the fourth quarter. We believe this structure will be the most profitable arrangement for this specific group of farms for the 2025 crop year, supported by their history of high yields and strong crop insurance coverage.”
— David Gladstone, Q2 2025 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |