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Death, Taxes, and Garbage: The Story of WM
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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, new entitlements, and disciplined execution amid a challenging housing market.
Ended 2025 with $425.5 million in cash and $643 million in total liquidity, providing flexibility for future capital allocation and growth.
Completed significant land sales at 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.
Integrated the Hearthstone land banking platform, adding a new fee-based revenue stream and expanding assets under management.
Financial highlights
Fourth quarter net income was $58.7 million; full-year net income reached $183.5 million.
Fourth quarter included a $42.5 million industrial land sale at Valencia (31.25% gross margin) and $181.5 million in Great Park land sales (75.5% gross margin).
Management services revenue totaled $65.3 million for the year, with $53.5 million from Great Park and $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.
Outlook and guidance
2026 consolidated net income expected to be approximately $100 million, with earnings weighted toward the second half.
Anticipates selling 20 acres in Valencia and 50 acres in The Great Park in 2026.
Hearthstone assets under management projected to exceed $4 billion by end of 2026, with corresponding revenue and net income growth.
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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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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