Gladstone Land (LAND) Q4 2025 Earnings
Reported Feb 24, 2026 at 4:09 PM ET · SEC Source
Q4 25 EPS
$-0.05
MISS 137.88%
Est. $0.13
Q4 25 Revenue
$41.5M
BEAT +27.55%
Est. $32.5M
vs S&P Since Q4 25
-33.3%
TRAILING MARKET
LAND -24.4% vs S&P +8.9%
Full Year 2025 Results
FY 25 EPS
$-0.29
FY 25 Revenue
$88.3M
Market Reaction
Did LAND Beat Earnings? Q4 2025 Results
Gladstone Land delivered a sharply split quarter to close out fiscal 2025, posting revenue of $41.45 million for Q4, a 96.5% increase year-over-year that blew past the $32.50 million consensus by 27.55%, while its bottom line told a different story, … Read more Gladstone Land delivered a sharply split quarter to close out fiscal 2025, posting revenue of $41.45 million for Q4, a 96.5% increase year-over-year that blew past the $32.50 million consensus by 27.55%, while its bottom line told a different story, with EPS coming in at -$0.05 against a consensus estimate of $0.13, a miss of 137.88%. The divergence stems directly from the company's deliberate restructuring of lease agreements on its so-called Repositioned Farms, where fixed base rents were reduced in exchange for higher participation rents, concentrating the bulk of annual earnings into Q4. That shift drove full-year participation rents to roughly $20.00 million, up from $9.40 million the prior year, while the completion of the company's first almond and pistachio harvest added approximately $12.20 million in crop sales revenue. Full-year AFFO declined to $0.39 per share from $0.47, and cash flows from operations fell sharply to $6.99 million. Management views the lease modifications as temporary and expects a similar Q4-heavy revenue pattern in 2026, with additional pistachio proceeds anticipated as marketing bonuses are settled; analysts have since moved to a consensus "Hold" posture on the stock.
Key Takeaways
- • Participation rent increased approximately $9.3 million in Q4, driven by lease modifications on Repositioned Farms and improved pistachio pricing
- • Crop sales from direct farming operations contributed approximately $12.2 million in revenue and $2.6 million in net income in Q4
- • Lease termination fee of approximately $2.1 million recorded in Q4
- • Sale of 13 farms for approximately $95.4 million generating aggregate net gain of approximately $21.3 million
- • Fixed base cash rent declined approximately $1.9 million in Q4 due to farm sales and ongoing vacancy challenges
LAND YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We had a successful harvest on the property where we oversee growing operations, although the full financial impact has not yet been reflected in our results. While we incurred a full year of operating expenses in 2025, we have not yet recognized a full crop year's worth of revenue, as a significant portion of the revenue from the 2025 pistachio harvest will be recognized later in 2026 following the completion of the marketing period.”
— David Gladstone, Q4 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% |