What is Farmland Partners Inc's earnings per share (EPS)?

Farmland Partners Inc (FPI) reported diluted earnings per share of $0.61 for fiscal year 2025. This represents a -42.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Farmland Partners Inc Financials

FPI

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Farmland Partners Inc (FPI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FPI FY2025 2026-04-22

Farmland Partners’ recent results are being driven more by asset monetization and debt reduction than by underlying revenue growth.

Between FY2023 and FY2025, total assets fell from $1.0B to $719M, which suggests the company has been shrinking the portfolio to simplify the balance sheet rather than using a larger asset base to lift revenue. At the same time, net income stayed above operating cash flow in each of those years, so reported profit appears to include meaningful non-cash or transaction-driven gains alongside recurring cash generation.

Debt-to-equity fell from 0.7x in FY2023 to 0.3x in FY2025, showing a more conservative balance-sheet posture. With interest expense down to $9.6M, less of the business’s cash flow is being absorbed by lenders.

In FY2025, dividends paid reached $63.7M against just $17.4M of operating cash flow, so shareholder distributions were not covered by the year’s operating cash alone. Add share buybacks, and the capital return program looks tied to asset sales and financing decisions rather than to steady annual cash inflow.

Financial Health Signals

Financial Health Score 46/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Farmland Partners Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

5/7

Farmland Partners Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.55x

For every $1 of reported earnings, Farmland Partners Inc generates $0.55 in operating cash flow ($17.4M OCF vs $31.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$52.2M

YoY-10.4%

5Y CAGR+0.6%

Farmland Partners Inc generated $52.2M in revenue in fiscal year 2025. This represents a decrease of 10.4% from the prior year.

EBITDA

N/A

Net Income

$31.5M

YoY-47.3%

5Y CAGR+34.7%

10Y CAGR+38.4%

Farmland Partners Inc reported $31.5M in net income in fiscal year 2025. This represents a decrease of 47.3% from the prior year.

EPS (Diluted)

$0.61

YoY-42.5%

10Y CAGR+22.5%

Farmland Partners Inc earned $0.61 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 42.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$9.3M

YoY-88.2%

5Y CAGR-19.3%

10Y CAGR-8.9%

Farmland Partners Inc held $9.3M in cash against $161.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.44

YoY-68.3%

5Y CAGR+17.1%

10Y CAGR-1.2%

Farmland Partners Inc paid $0.44 per share in dividends in fiscal year 2025. This represents a decrease of 68.3% from the prior year.

Shares Outstanding

44M

YoY-5.1%

5Y CAGR+7.3%

10Y CAGR+13.8%

Farmland Partners Inc had 44M shares outstanding in fiscal year 2025. This represents a decrease of 5.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

60.5%

YoY-42.4pp

5Y CAGR+46.4pp

Farmland Partners Inc's net profit margin was 60.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 42.4 percentage points from the prior year.

Return on Equity

6.8%

YoY-5.4pp

5Y CAGR+4.4pp

10Y CAGR+5.9pp

Farmland Partners Inc's ROE was 6.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$37.8M

YoY+37.4%

5Y CAGR+40.9%

10Y CAGR+111.6%

Farmland Partners Inc spent $37.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 37.4% from the prior year.

Capital Expenditures

N/A

FPI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$52.2M-10.4%	$58.2M+1.3%	$57.5M-6.1%	$61.2M+18.3%	$51.7M+2.1%	$50.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.7M-16.7%	$14.1M+24.8%	$11.3M-6.1%	$12.0M+46.3%	$8.2M+39.2%	$5.9M
Operating Income	N/A	N/A	N/A	$25.0M+48.5%	$16.8M-24.7%	$22.3M
Interest Expense	$9.6M-48.9%	$18.9M-16.8%	$22.7M+40.4%	$16.1M+1.3%	$15.9M-9.9%	$17.7M
Income Tax	-$15K+6.3%	-$16K+90.4%	-$166K-173.1%	$227K	$0	$0
Net Income	$31.5M-47.3%	$59.9M+93.8%	$30.9M+164.8%	$11.7M+16.8%	$10.0M+40.3%	$7.1M
EPS (Diluted)	$0.61-42.5%	$1.06+100.0%	$0.53+231.3%	$0.16+194.1%	$-0.17+5.6%	$-0.18

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$10.1M-51.2%	$20.7M+84.1%	$11.3M+13.0%	$10.0M-2.8%	$10.3M-52.3%	$21.5M+61.3%	$13.3M+16.4%	$11.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.9M-57.3%	$4.5M+101.1%	$2.2M-7.0%	$2.4M-5.4%	$2.6M	N/A	$2.6M-29.5%	$3.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.7M+19.3%	$2.3M+0.4%	$2.3M-6.8%	$2.4M-7.6%	$2.6M	N/A	$5.5M+4.7%	$5.2M
Income Tax	$7K+143.8%	-$16K-100.0%	-$8K0.0%	-$8K-147.1%	$17K+137.8%	-$45K-509.1%	$11K+1200.0%	-$1K
Net Income	$640K-97.0%	$21.4M+4335.0%	$483K-93.6%	$7.6M+272.8%	$2.0M-96.6%	$60.3M+3260.6%	$1.8M+189.6%	-$2.0M
EPS (Diluted)	$0.01	N/A	$0.00-100.0%	$0.14+366.7%	$0.03-97.1%	$1.04+5100.0%	$0.02+133.3%	$-0.06

FPI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$719.1M-17.3%	$869.6M-14.9%	$1.0B-11.9%	$1.2B+3.4%	$1.1B+2.8%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$9.3M-88.2%	$78.4M+1329.1%	$5.5M-28.3%	$7.7M-74.6%	$30.2M+10.9%	$27.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$4.4M+2.8%	$4.3M-44.6%	$7.7M+9.8%	$7.1M+44.0%	$4.9M+18.9%	$4.1M
Goodwill	N/A	$2.7M0.0%	$2.7M0.0%	$2.7M0.0%	$2.7M	N/A
Total Liabilities	$181.1M-33.7%	$273.1M-30.2%	$391.2M-14.2%	$455.9M-13.8%	$528.9M-32.6%	$785.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$161.6M-21.0%	$204.6M-43.7%	$363.1M-17.4%	$439.5M-14.4%	$513.4M+1.0%	$508.2M
Total Equity	$467.4M-5.5%	$494.6M-6.5%	$528.8M-11.0%	$594.0M+25.8%	$472.1M+54.3%	$305.9M
Retained Earnings	$117.3M+32.8%	$88.4M+181.3%	$31.4M+780.6%	$3.6M+175.3%	-$4.7M-557.0%	$1.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$711.7M-1.0%	$719.1M-2.6%	$738.5M-4.9%	$776.7M-4.2%	$810.5M-6.8%	$869.6M-15.3%	$1.0B-0.1%	$1.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$17.7M+90.9%	$9.3M-31.0%	$13.5M-73.6%	$51.1M+135.9%	$21.6M-72.4%	$78.4M+869.6%	$8.1M+40.8%	$5.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.3M-47.8%	$4.4M-23.6%	$5.8M+1127.0%	$470K-83.0%	$2.8M-35.7%	$4.3M-52.5%	$9.0M+700.8%	$1.1M
Goodwill	N/A	N/A	$2.7M0.0%	$2.7M0.0%	$2.7M0.0%	$2.7M0.0%	$2.7M0.0%	$2.7M
Total Liabilities	$248.2M+37.1%	$181.1M+0.5%	$180.2M-11.1%	$202.7M-7.3%	$218.5M-20.0%	$273.1M-32.8%	$406.5M0.0%	$406.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$232.8M+44.1%	$161.6M-5.2%	$170.4M-11.9%	$193.4M-4.5%	$202.6M-1.0%	$204.6M-48.1%	$394.0M+0.3%	$393.0M
Total Equity	$463.5M-0.8%	$467.4M+2.2%	$457.3M-3.4%	$473.5M-3.8%	$492.2M-0.5%	$494.6M-4.8%	$519.4M-0.4%	$521.5M
Retained Earnings	$117.8M+0.4%	$117.3M+21.7%	$96.4M-0.1%	$96.5M+7.7%	$89.6M+1.5%	$88.4M+191.1%	$30.3M+3.6%	$29.3M

FPI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$17.4M+8.0%	$16.1M+25.3%	$12.9M-24.4%	$17.1M+117.0%	$7.9M-60.2%	$19.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$63.4M-76.4%	$268.8M+69.6%	$158.5M+362.4%	-$60.4M-221.8%	-$18.8M-200.5%	$18.7M
Financing Cash Flow	-$150.0M+29.2%	-$211.9M-22.1%	-$173.5M-933.0%	$20.8M+50.2%	$13.9M+158.4%	-$23.7M
Dividends Paid	$63.7M+194.7%	$21.6M+76.2%	$12.3M+10.3%	$11.1M+74.9%	$6.4M+7.0%	$5.9M
Share Buybacks	$37.8M+37.4%	$27.5M-61.8%	$72.2M	N/A	N/A	$6.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$8.2M-45.7%	$15.2M+877.9%	-$2.0M+10.6%	-$2.2M-134.3%	$6.4M-56.4%	$14.6M+441.4%	-$4.3M+29.7%	-$6.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$12.0M+262.5%	-$7.4M-311.3%	$3.5M-94.8%	$67.2M+67771.7%	$99K-100.0%	$275.8M+3071.6%	$8.7M+796.8%	-$1.2M
Financing Cash Flow	-$11.8M+1.3%	-$12.0M+69.4%	-$39.2M-10.0%	-$35.6M+43.7%	-$63.3M+71.3%	-$220.1M-10520.9%	-$2.1M-130.2%	$6.9M
Dividends Paid	$11.2M+333.3%	$2.6M-19.8%	$3.2M-6.5%	$3.4M-93.8%	$55.7M+1828.8%	$2.9M-22.0%	$3.7M0.0%	$3.7M
Share Buybacks	$741K	$0-100.0%	$13.6M-42.3%	$23.5M+3074.4%	$741K	N/A	N/A	N/A

FPI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	40.8%+8.3pp	32.5%-11.5pp	44.0%
Net Margin	60.5%-42.4pp	102.9%+49.1pp	53.8%+34.7pp	19.1%-0.2pp	19.3%+5.3pp	14.0%
Return on Equity	6.8%-5.4pp	12.1%+6.3pp	5.9%+3.9pp	2.0%-0.2pp	2.1%-0.2pp	2.3%
Return on Assets	4.4%-2.5pp	6.9%+3.9pp	3.0%+2.0pp	1.0%+0.1pp	0.9%+0.2pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.35-0.1	0.41-0.3	0.69-0.1	0.74-0.3	1.09-0.6	1.66
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.3%-97.1pp	103.4%+99.1pp	4.3%-72.0pp	76.3%+56.4pp	19.9%-260.7pp	280.6%+267.1pp	13.5%+30.9pp	-17.5%
Return on Equity	0.1%-4.4pp	4.6%+4.5pp	0.1%-1.5pp	1.6%+1.2pp	0.4%-11.8pp	12.2%+11.8pp	0.4%+0.7pp	-0.4%
Return on Assets	0.1%-2.9pp	3.0%+2.9pp	0.1%-0.9pp	1.0%+0.7pp	0.3%-6.7pp	6.9%+6.8pp	0.2%+0.4pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.50+0.2	0.35-0.0	0.37-0.0	0.410.0	0.410.0	0.41-0.3	0.760.0	0.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Farmland Partners Inc's annual revenue?

Farmland Partners Inc (FPI) reported $52.2M in total revenue for fiscal year 2025. This represents a -10.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Farmland Partners Inc's revenue growing?

Farmland Partners Inc (FPI) revenue declined by 10.4% year-over-year, from $58.2M to $52.2M in fiscal year 2025.

Is Farmland Partners Inc profitable?

Yes, Farmland Partners Inc (FPI) reported a net income of $31.5M in fiscal year 2025, with a net profit margin of 60.5%.

How much debt does Farmland Partners Inc have?

As of fiscal year 2025, Farmland Partners Inc (FPI) had $9.3M in cash and equivalents against $161.6M in long-term debt.

What is Farmland Partners Inc's net profit margin?

Farmland Partners Inc (FPI) had a net profit margin of 60.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Farmland Partners Inc pay dividends?

Yes, Farmland Partners Inc (FPI) paid $0.44 per share in dividends during fiscal year 2025.

What is Farmland Partners Inc's return on equity (ROE)?

Farmland Partners Inc (FPI) has a return on equity of 6.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Farmland Partners Inc's operating cash flow?

Farmland Partners Inc (FPI) generated $17.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Farmland Partners Inc's total assets?

Farmland Partners Inc (FPI) had $719.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Farmland Partners Inc buy back shares?

Yes, Farmland Partners Inc (FPI) spent $37.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Farmland Partners Inc have outstanding?

Farmland Partners Inc (FPI) had 44M shares outstanding as of fiscal year 2025.

What is Farmland Partners Inc's debt-to-equity ratio?

Farmland Partners Inc (FPI) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Farmland Partners Inc's return on assets (ROA)?

Farmland Partners Inc (FPI) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Farmland Partners Inc's Piotroski F-Score?

Farmland Partners Inc (FPI) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Farmland Partners Inc's earnings high quality?

Farmland Partners Inc (FPI) has an earnings quality ratio of 0.55x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Farmland Partners Inc?

Farmland Partners Inc (FPI) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.