Filing Flows › Farmland Partners (FPI) › Q4 2025
Farmland Partners (FPI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Farmland Partners (FPI) reported revenue of $20.7M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +84% from the quarter before. Operating margin was 105.1%, net earnings $21.4M (103.4% of revenue).
Farmland Partners, Q4 2025: revenue $20.7M (-4% year over year), operating margin 105.1%, net earnings $21.4M, operating cash flow $15.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.7M | +84% | -4% |
| Operating profit | $21.8M | 45× | -64% |
| Net earnings | $21.4M | 44× | -64% |
| Operating cash flow | $15.2M | — | +4% |
| Free cash flow | $15.1M | — | +5% |
What changed
Revenue was $20.7M in Q4 2025, down 4% year over year and up 84% from the previous quarter.
Operating profit was $21.8M, a 105.1% margin (down 175.2 points year over year). Net earnings were $21.4M, down 64% year over year. The effective tax rate was -0.1%.
Operating cash flow was $15.2M (up 4% year over year), 70% of net earnings. Non-cash charges added back $927K of depreciation and amortization and $594K of share-based compensation. Working capital and other items used $8.1M. Capital expenditures of $111K left free cash flow of $15.1M.
Questions
What was Farmland Partners' revenue in the fourth quarter 2025?
Farmland Partners (FPI) reported revenue of $20.7M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +84% from the quarter before.
Was Farmland Partners profitable in the fourth quarter 2025?
Operating profit was $21.8M (105.1% of revenue) and net earnings $21.4M.
Source: Farmland Partners 10-K on SEC EDGAR.