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…
Earnings analysis · 10-Q
FCPT earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.45
- Segment
- Real Estate Operations
- Segment
- Restaurant Operations
What stood out
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Revenue Growth of 10% YoY
FCPT's total revenues reached $78.166 million, a 10% increase from $71.476 million in Q1 2025.
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EPS Beating Expectations
The reported EPS of $0.45 surpassed the estimate of $0.42, reflecting an earnings surprise of 7.14%.
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Strong Rental Revenue Increase
Rental revenue rose by $6.3 million, or 10%, year-over-year, driven by acquisitions.
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Effective Expense Management
Total operating expenses increased only slightly by 6% compared to a nearly 10% increase in revenue.
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Successful Acquisition Strategy
During Q1 2026, FCPT acquired 10 properties for a total investment value of $26.8 million, enhancing its portfolio.
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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.
What to watch
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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.
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Market Sensitivity Risks
The company's performance is sensitive to economic conditions and consumer spending trends, especially in the restaurant sector.
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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.
Management's outlook
FCPT did not provide specific numeric guidance for future periods in its 10-Q.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.