Four Corners Property Trust (FCPT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Four Corners Property Trust published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Four Corners Property Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue on this page is Four Corners Property Trust's total revenues: rental revenue from its leased properties plus restaurant revenue from the seven LongHorn Steakhouse restaurants its Kerrow Restaurant Operating Business runs under franchise agreements with Darden.
• As a REIT, Four Corners Property Trust reports FFO and AFFO per diluted share alongside GAAP EPS. The adjusted figure shown here is AFFO per diluted share.

Source: Four Corners Property Trust Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Four Corners Property Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Four Corners Property Trust's Rental revenue revenue was $75.7 million in Q3 2026, up 14% from $66.5 million in Q3 2025, 90% of total revenue.
• Four Corners Property Trust's Restaurant revenue revenue was $8.0 million in Q3 2026, up 5% from $7.6 million in Q3 2025, 10% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported. Q2 2026 figures are from the Form 10-Q, because the text of that quarter's release on EDGAR does not carry the income statement.

We do not hold a confirmed date for Four Corners Property Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Four Corners Property Trust reported Q3 2026 total revenues of $83.7 million, up from $74.1 million. Rental revenue from its net-leased properties was $75.7 million, up 13.8%, made up of $75.2 million in cash rents and $502 thousand of straight-line and other non-cash rent adjustments. Restaurant revenue from its seven company-operated LongHorn Steakhouse restaurants was $8.0 million. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026; Four Corners Property Trust Form 10-Q, Q3 2026, Oct 29, 2026)

FCPT attributed the $9.2 million rise in rental revenue mainly to the 184 leased properties it acquired between October 1, 2025 and September 30, 2026. In Q3 2026 alone it bought 120 properties for $326.3 million at an initial weighted average cash yield of 6.6% (7.1% GAAP yield), approximately 87% of them medical retail by purchase price. Restaurant revenue rose 5% on higher guest counts and average spend per guest. (Four Corners Property Trust Form 10-Q, Q3 2026, Oct 29, 2026; Four Corners Property Trust Q3 2026 release, Oct 28, 2026)

Darden is the anchor tenant. Darden leases represented approximately 40.4% of scheduled base rents at September 30, 2026, and the 317 Olive Garden locations alone made up about 28.7% of lease revenue. FCPT says it extended 100% of the Olive Garden and LongHorn leases maturing in 2027 without landlord concessions, and its supplemental reports Darden rent coverage averaging 6.0x. (Four Corners Property Trust Form 10-Q, Q3 2026, Oct 29, 2026; Four Corners Property Trust Q3 2026 release, Oct 28, 2026; Four Corners Property Trust Q3 2026 supplemental, Oct 28, 2026)

At quarter end the portfolio held 1,456 properties in 48 states, 99.5% occupied with a weighted average remaining lease term of about 6.7 years. Annual base rent was $292.8 million across 1,476 leases and 185 brands, 48% of it investment grade, with a 1.6% average annual rent escalator. FCPT collected 99.7% of contractual base rent for the quarter. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026; Four Corners Property Trust Q3 2026 supplemental, Oct 28, 2026)

Four Corners Property Trust earned $0.26 per diluted share in Q3 2026, against $0.28, on flat net income attributable to common shareholders of $28.8 million. Depreciation and amortization rose to $18.6 million from $15.1 million as the portfolio grew, and interest expense rose $4.4 million to $17.4 million on more term loan borrowings. Diluted weighted average shares rose to 109,838,433 from 104,167,774. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026; Four Corners Property Trust Form 10-Q, Q3 2026, Oct 29, 2026)

FFO and AFFO add back the real estate depreciation that GAAP EPS deducts. NAREIT-defined FFO was $0.43 per diluted share, up 2.4%, and AFFO was $0.46, up 2.9% from $0.45. AFFO also adjusts FFO for straight-line rent (minus $957 thousand), stock-based compensation ($2.1 million) and non-cash amortization of deferred financing costs ($965 thousand). (Four Corners Property Trust Q3 2026 release, Oct 28, 2026)

FCPT declared monthly dividends of $0.1265 per share for October through December, equivalent to $1.5180 a year and 3.5% above the prior quarter. Its board also authorized the company's first share repurchase program, of up to $100 million; FCPT sold no shares through its ATM program in the quarter. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Four Corners Property Trust does not publish an earnings or AFFO outlook in its release or supplemental. The Q3 2026 release instead points to capital allocation: the CEO said that at the current share price repurchases deliver more value than property purchases, while new acquisitions are starting to be priced at higher cap rates. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026)

On debt, FCPT had $1,585 million outstanding at September 30, 2026 ($960 million of term loans and $625 million of unsecured notes), net debt to adjusted EBITDAre of 6.0x, and about $397 million of available liquidity after upsizing its credit facility to $1.15 billion on July 28, 2026. (Four Corners Property Trust Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Four Corners Property Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Four Corners Property Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FCPT is on is FCPT a buy or a sell?, what analysts expect next is on the FCPT forecast, and what the company does is on the Four Corners Property Trust (FCPT) stock page.

Every number on this page can be traced to a document Four Corners Property Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.