Four Corners Property Trust (FCPT) Financials

Four Corners Property Trust (NYSE: FCPT) has continued to grow its asset base and revenue over the past several years, but the latest quarter also shows a more leveraged balance sheet and a business model that still relies on regular access to capital. As a real estate trust, FCPT’s results are driven more by property growth, rental income, and financing costs than by traditional operating margins.

What stands out from the latest quarter: FCPT reported Q1 2026 net income of $30.4 million, up slightly from $29.5 million in Q4 2025 and $26.2 million in Q1 2025. Revenue also improved year over year, reaching $65.0 million versus $59.1 million in Q1 2025. Cash from operations stayed strong at $47.2 million, though it was below the prior quarter’s $48.0 million.

Longer-term trend: FCPT has steadily expanded its property portfolio. Total assets rose to $3.0 billion in Q1 2026 from $2.7 billion in Q1 2025 and $2.2 billion in Q1 2023. That growth has been accompanied by rising revenue, which climbed from about $51.9 million in Q1 2023 to $65.0 million in Q1 2026.

Key takeaways for investors:

• FCPT continues to grow revenue and net income, with Q1 2026 revenue up meaningfully from the same quarter a year ago.
• Operating cash flow remains healthy, with $47.2 million generated in Q1 2026.
• The property base keeps expanding, as net premises and equipment increased to $2.69 billion from $2.47 billion a year earlier.
• Quarterly earnings per share held steady at $0.28 in Q1 2026, matching recent quarters.
• FCPT’s business appears highly predictable, with most revenue coming from non-interest income rather than volatile sales activity.
• Depreciation is a major recurring expense, which is normal for a real estate company but still affects reported earnings.
• Dividend coverage is not obvious from the raw data alone, but FCPT continues to pay a meaningful dividend of $0.3665 per share in Q1 2026.
• Debt remains large at $1.21 billion in long-term debt, making interest expense an important pressure point.
• Interest expense has stayed elevated, with roughly $13.1 million of long-term debt interest expense in Q1 2026.
• Shares outstanding have trended higher over time, suggesting dilution from equity issuance to fund growth.

Balance sheet view: FCPT’s equity base has improved alongside asset growth, with total common equity rising to $1.66 billion in Q1 2026 from $1.43 billion in Q1 2025. However, liabilities also increased to $1.29 billion, and the company still carries a meaningful debt load relative to earnings. That is not unusual for a REIT, but it does mean financing costs and capital-market access matter a lot.

Bottom line: FCPT looks like a company with steady top-line growth, solid operating cash flow, and a still-manageable but significant debt burden. The recent pattern is generally positive, but investors should watch leverage, interest costs, and share dilution closely because those factors can limit how much of the growth flows through to shareholders.