Q2 2026 Revenue up 3% year over year to $12.7M · 67¢ of every $1 of revenue lost · operating margin -66.7%
Gladstone Land made $12.7M in Q2 2026 (+3% Y/Y). Operating margin -66.7%, net loss $8.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$12.7M
Year over year+3%
Operating margin-66.7%
Net earnings−$8.5M
Operating cash flow$19.9M
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 $12.7M in Q2 2026, up 3% year over year and down 23% from the previous quarter.
Operating costs exceeded revenue by $8.5M, an operating margin of -66.7%. Total costs grew 5% against revenue growth of 3%. The fastest-growing cost line was General & admin (+74%). The quarter ended with a net loss of $8.5M, wider than the previous quarter's $4.3M loss.
Operating cash flow was $19.9M (up 405% year over year). Non-cash charges added back $7.9M of depreciation and amortization. Working capital and other items added $20.5M. Capital expenditures of $233K left free cash flow of $19.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$12.7M
+3%
-66.7%
−$8.5M
$19.9M
Q1 2026
10-Q
May 11, 2026
$16.6M
-2%
-26.0%
−$4.3M
$9.3M
Q4 2025
10-K
Feb 24, 2026
$41.5M
+96%
10.2%
$4.2M
$10.6M
Q3 2025
10-Q
Nov 5, 2025
$17.8M
-21%
11.7%
$2.1M
−$12.0M
Q2 2025
10-Q
Aug 7, 2025
$12.3M
-42%
-64.1%
−$7.9M
$3.9M
Q1 2025
10-Q
May 12, 2025
$16.8M
-17%
89.9%
$15.1M
$4.5M
Q4 2024
10-K
Feb 19, 2025
$21.1M
-14%
2.6%
$540K
$11.6M
Charts
Latest (Q2 2026): Y/Y +3%, Q/Q -23%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$8.5M, Operating cash flow $19.9M.+64.0% since FY2020: more shares outstanding (issuance, stock pay).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
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets in the U.S. The Company currently owns 142 farms, comprised of approximately 98,000 acres in 14 different states and nearly 56,000 acre-feet (or over 18.1 billion gallons) of water assets in California. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, blueberries, figs, olives, pistachios, and wine grapes, which are generally planted every 20-plus years and harvested annually.
In its own words, from its 8-K, filed Aug 11, 2026.
Gladstone Land against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: -66.7% against the peers' median 15.9%.