GLADSTONE LAND Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GLADSTONE LAND Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17.3	25.1	36.7	40.7	57	75.3	89.2	90.4	85.2	88.3
Cost of revenue								0	0	9.59
Gross profit								90.4	85.2	78.8
General and administrative	1.38	1.6	1.75	1.99	2.1	2.14	2.74	2.92	2.63	2.34
Operating expenses		13.7	24.6	21.4	29.4	43.6	55.3	56.9	55.9	68.3
Operating income	7.06	11.4
Interest expense	6.02	9.76	12.1	16.3	20.6	24.9	25.7	23.7	21.9	20
Other non-operating income	-6.58	-11.4	-9.35	-17.5	-22.7	-28.2	-29.2	-18.9	-16	-6.54
Pre-tax income	0.47
Income tax	0
Net income to minority interests	0.03	-0	0.14	0.02	0.03	0.02	0.01	0	0
Net income	0.45	-0.03	2.63	1.74	4.93	3.5	4.71	14.6	13.3	13.5
EBITDA	12.2	18.6
EPS, basic	0.04	0.00	0.15	-0.13	-0.20	-0.29	-0.43	-0.28	-0.29	-0.29
EPS, diluted	0.04	0.00	0.15	-0.13	-0.20	-0.29	-0.43	-0.28	-0.29	-0.29
Shares, basic (weighted)	10	12.1	15.5	19.6	22.3	30.4	34.6	35.7	35.9	36.5
Shares, diluted (weighted)	10	12.1	15.5	19.6	22.3	30.4	34.6	35.7	35.9	36.5
Dividend per share	0.50	0.52	0.53

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.44	2.94	14.7	13.7	9.22	16.7	61.1	18.6	18.3	27.2
Lease right-of-use assets				0.18	0.14	0.67	0.62	0.57	0.52	0.76
Intangible assets	2	5.49	5.69	4.83	3.73	4.46	5.7	4.78	3.59	3.13
Total assets	334	462	565	817	1,067	1,352	1,457	1,387	1,312	1,239
Total liabilities	246	344	384	538	683	762	726	668	625	569
Total debt	207	301	336	482	624	668	627	574	528	474
Paid-in capital	90.1	130	202	316	440	668	837	856	854	871
Retained earnings	-13.4
Other comprehensive income				-0.39	-1.5	-1.04	9.01	7.37	7.63	4.9
Shareholders' equity	76.7	110	176	277	384	587	731	720	687	670
Total equity	87.8	118	181	279	384	589	731	720	687	670
Total liabilities and equity	334	462	565	817	1,067	1,352	1,457	1,387	1,312	1,239
Shares outstanding	10	13.8	17.9	20.9	26.2	34.2	35.1	35.8	36.2	38

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.47	-0.03	2.77	1.76	4.96	3.51	4.72	14.6	13.3	13.5
Depreciation and amortization	5.19	7.24	9.38	12.8	16.7	27.2	35.4	37.2	35.1	34.5
Change in inventory								0	0	-1.05
Change in payables	0.72	1.92	1.94	1.87	-0.74	1.91	5.68	-2.9	-5.1	-13.9
Cash from operations	8.4	6.52	10.4	21.4	25	32.4	43.8	40.1	29.5	6.99
Sales and maturities of investments	0	0.68	0	0
Cash from investing	-95.5	-130	-93.8	-263	-273	-295	-85.5	-3.77	63.3	84.1
Dividends paid	-4.96	-6.37	-8.27	-10.5	-12	-16.5	-18.9	-19.8	-20.1	-20.5
Cash from financing	87	124	95.2	240	243	270	86.1	-78.9	-93.2	-82.2
Net change in cash	-0.1	0.5	11.8	-1.04	-4.47	7.49	44.4	-42.6	-0.3	8.9
Interest paid	5.98	9.58	12.3	16	22.5	26.9	25.3	26.2	24.4	22.8
Income taxes paid	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	-7.3%	Net income / revenue.
Operating cash flow margin	31.4%	Cash from operations / revenue.
Return on equity (ROE)	-1.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.5%	Net income / average total assets.
D&A / revenue	40.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	42.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-76.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-45.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-22.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.72x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.8%	Total debt / total assets.
Liabilities / assets	43.5%	Total liabilities / total assets.
Net debt	$463.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$670.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.06	Revenue / diluted weighted shares.
Operating cash flow per share	$0.65	Cash from operations / diluted weighted shares.
Book value per share	$15.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.54	Tangible book value / shares outstanding.
Cash per share	$0.52	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$854.1M	Share price x shares outstanding.
Enterprise value	$1.32B	Market cap + total debt - cash - short-term investments.
P/S	9.65x	Market cap / revenue.
P/B	1.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.27x	Market cap / tangible book value, when positive.
P/OCF	30.7x	Market cap / cash from operations, when positive.
EV/Sales	14.9x	Enterprise value / revenue.
Earnings yield	-0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was GLADSTONE LAND Corp's revenue in fiscal 2025?

GLADSTONE LAND Corp reported revenue of $88.3M for fiscal 2025, 3.7% higher than the year before.

Was GLADSTONE LAND Corp profitable in fiscal 2025?

Yes. Net income was $13.5M, a net margin of 15.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to GLADSTONE LAND Corp