FCPT earnings analysis
What we found in FCPT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Four Corners Property Trust (FCPT) reported strong Q1 2026 results with revenues of $78.166 million and EPS of $0.45, both exceeding consensus estimates. The company also achieved a 10% year-over-year revenue growth mainly due to acquisitions, while controlling operating expenses effectively. FCPT continues to enhance its investment pipeline with a recent $200 million term loan, positioning for further growth in the near future.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 10% YoY
- FCPT's total revenues reached $78.166 million, a 10% increase from $71.476 million in Q1 2025.
- EPS Beating Expectations
- The reported EPS of $0.45 surpassed the estimate of $0.42, reflecting an earnings surprise of 7.14%.
- Strong Rental Revenue Increase
- Rental revenue rose by $6.3 million, or 10%, year-over-year, driven by acquisitions.
- Effective Expense Management
- Total operating expenses increased only slightly by 6% compared to a nearly 10% increase in revenue.
- Successful Acquisition Strategy
- During Q1 2026, FCPT acquired 10 properties for a total investment value of $26.8 million, enhancing its portfolio.
- Low Debt Levels Maintained
- As of March 31, 2026, FCPT had $29.6 million in cash with no outstanding borrowings under its revolving credit facility.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Obligations
- FCPT has significant debt levels with a weighted average interest rate of 3.97% on term loans, which may impact financial stability.
- Market Sensitivity Risks
- The company's performance is sensitive to economic conditions and consumer spending trends, especially in the restaurant sector.
- Potential Risks from Recent Debt Raise
- The $200 million term loan may add financial strain if the anticipated returns from new acquisitions do not materialize.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.45
- Gross margin
- 86.1%
- Operating margin
- 56.3%
- Segment
- Real Estate Operations
- Segment
- Restaurant Operations
What they said about what is next.
FCPT did not provide specific numeric guidance for future periods in its 10-Q.
The filing reads better than the one before it.
What came before.
- 10-K · February 12, 2026
- FCPT expanded materially in 2025, investing $325.5 million to acquire 105 rental properties (713.9k sq ft) and ending the year with a 1,303-property portfolio (8.8M sq ft) at 99.6% occupancy. The portfolio remains…
- 10-Q · May 1, 2025
- FCPT reported Q1 total revenue of $71,476,000, up $5,009,000 year-over-year (Q1 2024: $66,467,000). Operating income was $38,588,000 (54.0% operating margin) and diluted EPS was $0.26 (unchanged YoY) while net income…
- 10-Q · October 31, 2024
- FCPT reported Q3 2024 total revenues of $66,791,000, up from $64,839,000 in Q3 2023, with diluted net income per share unchanged at $0.27. Operating margin expanded modestly to 56.4% (operating income $37,695,000) and…
- 10-Q · August 1, 2024
- FCPT reported Q2 2024 total revenues of $66,479,000, up from $60,688,000 in Q2 2023, with diluted net income per share of $0.27 (Q2 2023: $0.27). Operating margin remained strong at 55.6% (operating income $36,962,000)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing FCPT makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever