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Five Point
Five Point (FPH) investor relations material
Five Point Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record consolidated net income of $183.5 million in 2025, surpassing prior guidance and reflecting strong land sales and disciplined execution amid challenging housing market conditions.
Ended 2025 with $425.5 million in cash and $643 million in total liquidity, providing flexibility for future capital allocation and growth.
Closed significant land sales in both Valencia and The Great Park, with strong pricing and demand resilience.
Secured major entitlement approvals at Valencia and The Great Park, enhancing future development and cash flow potential.
Successfully integrated the Hearthstone land banking platform, diversifying earnings and expanding institutional relationships.
Financial highlights
Fourth quarter net income was $58.7 million, with annual net income of $183.5 million.
Valencia industrial land sale: $42.5 million at a 31.25% gross margin.
Great Park Venture generated $181.5 million in land sales revenue in Q4 with a 75.5% gross margin.
Management services revenue totaled $65.3 million for 2025, including $11.8 million from Hearthstone.
Equity in earnings from unconsolidated entities was $44.9 million for Q4 and $203.6 million for the year, primarily from the Great Park Venture.
Net income attributable to the company was $23.3 million for Q4 and $71.0 million for the year, after allocations to noncontrolling interests.
SG&A expenses rose to $60.6 million in 2025, mainly due to Hearthstone acquisition and performance-based awards.
Ended 2025 with $425.5 million in cash and $643 million in total liquidity.
Outlook and guidance
2026 consolidated net income expected to be approximately $100 million, with earnings weighted to the second half.
Anticipated land sales: 20 acres in Valencia and 50 acres in The Great Park for 2026.
Hearthstone assets under management projected to exceed $4 billion by end of 2026, with revenue and net income growth expected.
Development expenditures for Valencia and San Francisco expected to remain steady at about $125 million, similar to 2025.
What factors drive 2026 net income forecast?
How will Hearthstone grow asset-light revenue?
How do Great Park Venture distributions compare to equity earnings?
Hearthstone's middle-duration opportunities
Great Park 100-acre conversion impact
Explain Q1 2026 loss and H2 earnings weighting
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Latest summaries
- TimeTickerHeadlineOpen
- 055550
Net income up 11.7% YoY, shareholder returns at 50.2%, CET1 ratio at 13.33%. - RM
Record 2025 net income, originations, and efficiency set up strong 2026 growth outlook. - KPIL
27% YOY revenue growth, strong profit and order book, and improved debt metrics drive outlook. - FSV
Annual revenues rose 5% to $5.50B, led by Residential growth and improved profitability. - HEXT
Revenue up 7.6% YoY, margin expands, and AI and acquisitions drive future growth. - 4188
Net income surged on discontinued operations gains, but outlook cut due to restructuring costs. - 021240
Record-high profits and strong rental growth, with overseas expansion led by Malaysia and Thailand. - 021240Record revenue and profit growth in 2Q'25, led by robust domestic and overseas performance.
- 021240Record-high revenue and net profit in 3Q'24, driven by robust rental growth and overseas expansion.
- 021240Record revenue and profit, with strong growth in rental accounts and overseas markets.
Next Five Point earnings date
Q1 202623 Apr, 2026
Five Point
Next Five Point earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Five Point Holdings, LLC is a U.S.-based real estate development company engaged in the planning and management of large-scale mixed-use communities. The company specializes in creating master-planned communities that integrate residential, commercial, and recreational spaces, along with infrastructure and amenities. Five Point’s projects focus on sustainability and long-term value creation, serving diverse markets in California, including Los Angeles County, Orange County, and the San Francisco Bay Area. The company is headquartered in Irvine, California, and its shares are listed on the New York Stock Exchange.
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