At a glance
Four Corners Property Trust Inc is worth $2.42B, about 20 times its fiscal 2025 earnings. Revenue grew 9.7% to $294.1M in fiscal 2025, with 38.2% kept as profit; over 5 years it has grown 11.5% a year. It pays a 6.67% dividend yield, raised every year for at least 9 years, and returned $596.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.8% over the past year with dividends reinvested and −0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 21.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months and 4 months after the lows.
The business in plain English
Four Corners Property Trust (FCPT) is a real estate investment trust, or REIT: a company that owns income-producing property and must pay out most of its taxable income as dividends. FCPT owns restaurant and retail buildings and rents them to the businesses that operate in them. Darden Restaurants spun it off as a separate public company in November 2015.
Its leases are net leases. That means tenants pay property taxes, insurance, utilities and upkeep while FCPT collects rent. As of December 31, 2025, it owned 1,303 free-standing properties in 48 states. They were 99.6% occupied, and leases had an average of 6.9 years left. Tenants span 179 brands, and 53% of rent came from tenants with investment-grade credit ratings, which signal lower default risk. Still, Olive Garden alone produced 31.7% of cash base rent and LongHorn Steakhouse 9.0%. Restaurant properties generated 74% of revenue and other retail 26%. Texas, its largest state, provided 10.0% of revenue.
FCPT reports two segments. Real estate operations produced $262.2 million, or 89.2% of fiscal 2025 revenue of $294.1 million. Restaurant operations (10.7%) come from seven restaurants FCPT runs itself through its Kerrow subsidiary under franchise agreements with Darden. For these, it records full restaurant sales rather than rent. Growth comes from acquisitions. In 2025 FCPT invested $325.5 million in 105 properties, partly to reduce its reliance on Darden.
Price history
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FCPT -1.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Real Estate Operations | $262.2M | 89.2% |
| Restaurant Operations | $31.5M | 10.7% |
| Other | $400K | 0.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $83.7M, up 12.9% from a year earlier, and net income was $28.8M (0.0%).
- For fiscal 2025, revenue was $294.1M (+9.7% year over year; +11.5% a year from FY2020 to FY2025) with a 38.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.5% good |
|---|---|
| Return on equity (FY2025) | 6.9% weak |
| Return on assets (FY2025) | 3.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $170.9M | $77.3M | $-139.1M |
| FY2021 | $199.4M | $85.6M | $-146.0M |
| FY2022 | $223.2M | $97.8M | $-154.3M |
| FY2023 | $250.6M | $95.3M | — |
| FY2024 | $268.1M | $100.5M | — |
| FY2025 | $294.1M | $112.4M | — |
Valuation snapshot
| Market value | $2.42B |
|---|---|
| P/E ratio | 20.2 |
| Dividend yield | 6.67% |
Rank among 1514 US companies
Market value at each year end
Four Corners Property Trust’s market value went from $1.23B at the end of 2016 to $2.42B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.42B | -1.2% |
| 2025 | $2.45B | -6.8% |
| 2024 | $2.63B | +14.6% |
| 2023 | $2.29B | +5.3% |
| 2022 | $2.18B | -4.4% |
| 2021 | $2.27B | +4.0% |
| 2020 | $2.19B | +12.5% |
| 2019 | $1.94B | +9.4% |
| 2018 | $1.78B | +12.9% |
| 2017 | $1.57B | +28.0% |
| 2016 | $1.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FCPT price data to Oct 28, 2026 | 0.0% | -1.8% | +8.2% | -0.2% | +6.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.0% |
| 2025 | -10.1% |
| 2024 | +13.2% |
| 2023 | +3.1% |
| 2022 | -7.2% |
| 2021 | +3.4% |
| 2020 | +12.5% |
| 2019 | +12.2% |
| 2018 | +5.5% |
| 2017 | +30.4% |
| 2016 | +40.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.5% over that stretch · deepest drop along the way 57.6%, back to its old high 21.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.9% over that stretch · deepest drop along the way 21.6%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($226K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 2, 2026 | William H Lenehan President and CEO, Director | buy | $226K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.6% | Sep 30, 2026 |
| FMR LLC | 6.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.09% | Mar 31, 2026 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 3.74% | Sep 30, 2025 |
ETFs with the most weight in FCPT
| PPTY US Diversified Real Estate ETF | 4.16% |
| NETL NETLease Corporate Real Estate ETF | 4.11% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.16% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.1% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.83% |
| OSCV Opus Small Cap Value ETF | 0.79% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.58% |
| REIX NYLIM CBRE Real Estate & Infrastructure ETF | 0.58% |
What could go wrong
- Heavy reliance on Darden and Olive Garden. Olive Garden properties produced 31.7% of cash base rent and LongHorn Steakhouse 9.0% as of December 31, 2025. Trouble at Darden, FCPT's former parent and a key tenant, could cut deeply into rental income.
- Many leases come up for renewal. As of December 31, 2025, the company expected more leases to come due within five years. Olive Garden leases averaged 4.8 years remaining, LongHorn 3.6. Departing tenants could mean vacancy or lower rent.
- Heavy dependence on the restaurant industry. Restaurant properties produced 74% of total revenue as of December 31, 2025. Changing consumer tastes, weaker spending or inflation could hurt tenants' sales and their ability to keep paying rent.
- Tenant failures and bankruptcy. A struggling tenant may stop paying rent. In bankruptcy, it can reject its lease, and the law limits what FCPT can recover. Finding a replacement tenant takes time and money.
- Rent increases may lag inflation. As of December 31, 2025, built-in rent increases were set to average 1.5% a year through 2030. If inflation runs faster, rental income loses buying power while tenants face higher costs.
- Debt and rising interest rates. Total debt was $622.6 million as of June 30, 2026. Higher interest rates raise borrowing costs, make refinancing and acquisitions harder, and could weigh on the share price.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change
For income and retirement investors
FCPT has raised its dividend every year from 2016 through 2025, at least nine straight increases. Dividends per share grew about 3% a year, from $1.2325 in 2020 to $1.4315 in 2025. The yield was 6.67% as of October 28, 2026. Dividends paid equaled 128.1% of 2025 net income. That looks high, but depreciation, a non-cash accounting charge, shrinks REIT earnings, so REITs often pay out more than reported profit. FCPT made no share repurchases from 2021 through 2025. Its share count rose 44% between August 2021 and July 2026 as it issued stock.
FCPT went public in November 2015, so it has no record from the 2008 crisis. In the 2020 COVID crash, shares fell 57.6% from February 21 to March 23, 2020, and took about 21 months to recover. In the 2022 bear market they fell 21.6% and recovered in about four months. A single stock carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Four Corners Property Trust make money?
Mostly by collecting rent. FCPT owns restaurant and retail buildings and rents them out under net leases, so tenants pay property taxes, insurance, utilities and upkeep. Real estate operations produced 89.2% of fiscal 2025 revenue of $294.1 million. Another 10.7% came from seven restaurants FCPT runs itself through its Kerrow subsidiary, under franchise agreements with Darden. As of December 31, 2025, it owned 1,303 properties in 48 states, and 99.6% of its space was occupied.
Does FCPT raise its dividend every year?
Yes, so far. Dividends per share rose in every fiscal year from 2016 through 2025, at least nine straight increases. The dividend reached $1.4315 per share in 2025, up from $1.2325 in 2020, or about 3% growth a year. The yield was 6.67% as of October 28, 2026. The raises have been modest, and the company's annual report says it cannot promise to keep paying dividends.
How much does FCPT depend on Olive Garden and Darden?
A lot. As of December 31, 2025, Olive Garden properties produced 31.7% of FCPT's cash base rent and LongHorn Steakhouse another 9.0%. FCPT was spun off from Darden Restaurants in November 2015, and its annual report lists dependence on Darden among its main risks. Management aims to reduce that reliance by acquiring other restaurant and retail properties. In 2025 it invested $325.5 million in 105 properties.
Why does FCPT pay out more in dividends than it earns?
Largely because of how REIT accounting works. Dividends paid equaled 128.1% of net income in fiscal 2025. But net income is reduced by depreciation, a non-cash charge that spreads a building's cost over its useful life. As a result, it understates the cash rent coming in. REITs also must pay out most of their taxable income. Many investors instead compare REIT dividends with funds from operations (FFO), a measure that adds depreciation back.
How has FCPT stock performed over the long term?
Unevenly. As of October 28, 2026, FCPT's market-price return averaged 6.2% a year over 10 years and 8.2% a year over three years. Over five years it averaged -0.2% a year, and over one year it returned -1.8%. Its deepest drop was 57.6% during the 2020 COVID crash, and it took about 21 months to recover. In calendar 2025 it lost 10.1%.