Q3 2026 Revenue down 13% year over year to $9.8M · 159¢ of every $1 of revenue lost · operating margin -158.8%
Farmland Partners made $9.8M in Q3 2026 (-13% Y/Y). Operating margin -158.8%, net loss $15.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Revenue$9.8M
Year over year-13%
Operating margin-158.8%
Net earnings−$15.5M
Operating cash flow−$2.3M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $9.8M in Q3 2026, down 13% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $15.5M, an operating margin of -158.8%. Total costs grew 135% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+179%). The quarter ended with a net loss of $15.5M, after a profit of $3.1M the previous quarter. Minority interests bore $105K of it: to shareholders the quarter was a loss of $15.4M.
Operating cash flow was −$2.3M. Non-cash charges added back $900K of depreciation and amortization and $468K of share-based compensation. Working capital and other items added $11.9M. Capital expenditures of −$117K exceeded it, leaving free cash flow of −$2.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 29, 2026
$9.8M
-13%
-158.8%
−$15.5M
−$2.3M
Q2 2026
10-Q
Jul 30, 2026
$9.4M
-6%
33.6%
$3.1M
−$3.1M
Q1 2026
10-Q
Apr 30, 2026
$10.1M
-2%
6.5%
$640K
$8.2M
Q4 2025
10-K
Feb 19, 2026
$20.7M
-4%
105.1%
$21.4M
$15.2M
Q3 2025
10-Q
Oct 30, 2025
$11.3M
-16%
4.3%
$483K
−$2.0M
Q2 2025
10-Q
Jul 24, 2025
$10.0M
-13%
78.2%
$7.6M
−$2.2M
Q1 2025
10-Q
May 8, 2025
$10.3M
-14%
20.6%
$2.0M
$6.4M
Charts
Latest (Q3 2026): Y/Y -13%, Q/Q +4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$15.5M, Operating cash flow −$2.3M.+74.5% since FY2020: more shares outstanding (issuance, stock pay).Cash $9.3M, short-term investments —, long-term debt $162M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership.
In its own words, from its 10-K, filed Feb 19, 2026.
Farmland Partners against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -13% against the peers' median +11%. Operating margin: -158.8% against the peers' median 15.9%.