10-Q · July 24, 2026
Five Point delivered a substantially stronger Q2, with revenue up 86.0% year over year to $13.9 million and diluted EPS of $0.15 versus $0.05 a year ago. Results were driven primarily by Great Park equity earnings of…
Earnings analysis · 10-Q
FPH earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
Five Point reported third-quarter revenue of $14.615 million and diluted EPS of $(0.04), with EPS down from $0.15 in Q2 2026 and $0.28 in Q3 2025. Management lowered full-year 2026 consolidated net income guidance to…
Read full summary
Five Point reported third-quarter revenue of $14.615 million and diluted EPS of $(0.04), with EPS down from $0.15 in Q2 2026 and $0.28 in Q3 2025. Management lowered full-year 2026 consolidated net income guidance to approximately $20 million as certain land sales may be deferred, highlighting continued housing-market and transaction-timing pressure. Liquidity of $576.2 million and fixed-rate consolidated net indebtedness of $444.4 million provide financial support, but the quarterly $4.4 million loss and weaker outlook drive a bearish assessment.
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.
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
- $-0.04
- Segment
- Great Park generated $40.4 million in the third quarter of 2026. No complete segment revenue breakdown was disclosed in the provided filing text.
What stood out
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Revenue improved, but EPS turned negative
Third-quarter revenue was $14.615 million, up from $14 million in Q2 2026 and approximately $13 million in Q3 2025. Diluted EPS was $(0.04), versus $0.15 in Q2 2026 and $0.28 in Q3 2025.
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Strong liquidity supports near-term funding
The company reported liquidity of $576.2 million, providing a substantial funding cushion relative to the quarterly net loss of $4.4 million.
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Great Park remained a key contributor
Great Park generated $40.4 million in the third quarter of 2026, making it a key contributor to reported activity despite the company-wide quarterly loss.
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Debt is fixed-rate with limited rate exposure
As of September 30, 2026, consolidated net indebtedness was $444.4 million, and none of the debt bore interest at floating rates, limiting immediate exposure to increases in short-term interest rates.
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No reported control deficiencies
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material changes in internal control over financial reporting.
What to watch
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Quarterly profitability deteriorated
Third-quarter net loss was $4.4 million and diluted EPS was $(0.04), compared with positive diluted EPS of $0.15 in Q2 2026 and $0.28 in Q3 2025.
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Land-sale timing lowered outlook
Full-year 2026 consolidated net income guidance was lowered to approximately $20 million because certain land sales may be deferred from 2026, indicating transaction-timing exposure to housing-market conditions.
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Material indebtedness remains
The company had $444.4 million of consolidated net indebtedness as of September 30, 2026, creating financial obligations despite $576.2 million of reported liquidity.
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Low revenue scale limits operating leverage
Revenue was $14.615 million in Q3 2026, only modestly above $14 million in Q2 2026, while the company continued to report a quarterly loss of $4.4 million.
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No reduction in disclosed risk exposure
Management stated that there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K; the filing therefore continues to identify the previously disclosed business, housing-market and land-sale risks without narrowing them.
Management's outlook
Full-year 2026 consolidated net income guidance was lowered to approximately $20 million because certain land sales previously expected to close in 2026 may be deferred. No numeric revenue or EPS guidance was provided.
Earlier filings 4
10-Q · April 24, 2026
Five Point reported Q1 2026 revenue of $13,581,000 (up 3.2% y/y) but swung to a consolidated net loss of $4,970,000 (net loss attributable to the company $2,227,000; diluted loss per Class A share $(0.03)) as land sale…
10-K · March 6, 2026
Five Point’s 2025 10-K emphasizes its strategic focus on developing three California mixed‑use communities (Valencia, Candlestick/The San Francisco Shipyard, Great Park) and expanding its Hearthstone asset management…
10-Q · April 25, 2025
Five Point reported Q1 2025 consolidated revenue of $13,157,000 and diluted EPS of $0.32, up from $9,935,000 and $0.03 in Q1 2024, respectively, driven largely by a $71,439,000 equity earnings contribution from the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.