--- title: "Tejon Ranch | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 9.503 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285972868.md" datetime: "2026-05-11T16:21:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285972868.md) - [en](https://longbridge.com/en/news/285972868.md) - [zh-HK](https://longbridge.com/zh-HK/news/285972868.md) generator: "portal-rs" --- # Tejon Ranch | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 9.503 B Revenue: As of FY2026 Q1, the actual value is USD 9.503 B, beating the estimate of USD 8.753 M. EPS: As of FY2026 Q1, the actual value is USD 0.01. EBIT: As of FY2026 Q1, the actual value is USD -1.273 B. #### Overall Financial Performance Tejon Ranch Co. reported a net income attributable to common stockholders of $151,000 for the three months ended March 31, 2026, which is an increase from a net loss of - $1,464,000 during the same period in 2025. Total revenues for the quarter were $9,503,000, up from $8,209,000 in the prior year. Total costs and expenses decreased to $10,634,000 from $12,375,000. The operating loss improved to - $1,131,000 from - $4,166,000 year-over-year. Equity in earnings from unconsolidated joint ventures increased to $1,290,000 from $1,158,000. Income tax expense shifted to $59,000 from a benefit of - $1,272,000 in the prior period. #### Cash Flow Net cash provided by operating activities was $3,310,000 for the three months ended March 31, 2026, a positive change from - $1,345,000 used in the prior year. Net cash used in investing activities significantly decreased to - $8,865,000 from - $32,650,000. Net cash provided by financing activities was $695,000, down from $7,010,000 in the previous year. Cash and cash equivalents at the end of the period were $4,664,000. #### Real Estate - Commercial/Industrial Segment - **Revenue**: $2,762,000 for Q1 2026, an increase of $8,000 (0.3%) from $2,754,000 in Q1 2025, driven by increases in Pastoria Energy Facility revenue ($23,000), TRCC Leasing revenue ($22,000), and Communication leases revenue ($34,000). - **Total Expenses**: $1,678,000 for Q1 2026, an increase of $23,000 (1.4%) from $1,655,000 in Q1 2025, primarily due to higher landscaping services and maintenance fees, partially offset by decreased selling, general and administrative expenses due to a reversal of stock-based compensation expense. - **Operating Income**: $1,084,000 for Q1 2026, a slight decrease of - $15,000 (-1%) from $1,099,000 in Q1 2025. - **Net Operating Income (NOI)**: $1,962,000 for Q1 2026, up from $1,931,000 in Q1 2025. - **Capital Expenditures**: $182,000 for Q1 2026, a decrease from $1,957,000 in Q1 2025. #### Multifamily Segment - **Revenue**: $696,000 for Q1 2026, compared to no revenue in Q1 2025, reflecting the commencement of leasing activity at Terra Vista at Tejon, which was approximately 71% leased as of March 31, 2026. - **Total Expenses**: $1,024,000 for Q1 2026, a substantial increase from $192,000 in Q1 2025, primarily due to $517,000 in depreciation and amortization expense and higher property-level operating and administrative costs. - **Operating Loss**: - $328,000 for Q1 2026, an increase in loss from - $192,000 in Q1 2025. - **Net Operating Income (Loss)**: $364,000 for Q1 2026, compared to - $64,000 in Q1 2025. - **Capital Expenditures**: $22,000 for Q1 2026, a significant decrease from $11,586,000 in Q1 2025, due to the completed construction of Terra Vista at Tejon. #### Real Estate - Resort/Residential Development Segment - **Revenue**: No revenues were generated in this segment for both periods. - **Total Expenses**: $356,000 for Q1 2026, a decrease of - $30,000 from $386,000 in Q1 2025. - **Operating Loss**: - $356,000 for Q1 2026, an improvement from - $386,000 in Q1 2025. - **Capital Expenditures**: $1,897,000 for Q1 2026, an increase from $1,664,000 in Q1 2025, including costs for Mountain Village ($307,000), Grapevine ($512,000), and Centennial re-entitlement costs ($1,078,000). #### Mineral Resources Segment - **Revenue**: $3,533,000 for Q1 2026, an increase of $938,000 (36%) from $2,595,000 in Q1 2025, primarily driven by increases in water sales ($628,000), rock aggregate revenues ($141,000), and cement revenues ($116,000), partially offset by a decrease in oil and gas revenues (- $49,000). - **Total Expenses**: $2,488,000 for Q1 2026, an increase of $403,000 (19%) from $2,085,000 in Q1 2025, mainly due to higher costs of water sales. - **Operating Income**: $1,045,000 for Q1 2026, a significant increase of $535,000 (105%) from $510,000 in Q1 2025. - **Capital Expenditures**: No capital expenditures for Q1 2026, compared to $55,000 in Q1 2025. #### Farming Segment - **Revenue**: $895,000 for Q1 2026, a decrease of - $661,000 (-42%) from $1,556,000 in Q1 2025, primarily due to lower almond carryover crop sales volume. - **Total Expenses**: $1,989,000 for Q1 2026, a decrease of - $559,000 (-22%) from $2,548,000 in Q1 2025, mainly due to a reduction in cost of sales related to almond crops, partially offset by an increase in fixed water obligation expense. - **Operating Loss**: - $1,094,000 for Q1 2026, an increase in loss of - $102,000 (10%) from - $992,000 in Q1 2025. - **Capital Expenditures**: $1,740,000 for Q1 2026, a decrease from $2,030,000 in Q1 2025, including $704,000 related to olive production. #### Ranch Operations Segment - **Revenue**: $1,617,000 for Q1 2026, an increase of $313,000 (24%) from $1,304,000 in Q1 2025, primarily driven by increased game management revenues and grazing revenue. - **Total Expenses**: $1,213,000 for Q1 2026, a decrease of - $60,000 (-5%) from $1,273,000 in Q1 2025, mainly due to lower operating and selling, general and administrative expenses. - **Operating Income**: $404,000 for Q1 2026, a significant increase of $373,000 (1,203%) from $31,000 in Q1 2025. - **Capital Expenditures**: $132,000 for Q1 2026, an increase from $44,000 in Q1 2025. #### Corporate and Other - **Corporate General and Administrative Costs**: $1,886,000 for Q1 2026, a decrease of - $2,350,000 from $4,236,000 in Q1 2025, due to a reduction in compensation expense and a decrease in shareholder’s expense related to a contested board election. - **Total Other Income**: $50,000 for Q1 2026, a decrease of - $220,000 from $270,000 in Q1 2025, primarily due to lower investment income. #### Joint Ventures - **Equity in Earnings**: $1,290,000 for Q1 2026, an increase of $132,000 (11%) from $1,158,000 in Q1 2025, mainly due to improved results at TRCC/Rock Outlet Center LLC joint venture, partially offset by a decrease from the TA/Petro joint venture. - **Net Operating Income of Unconsolidated Joint Ventures**: $8,391,000 for Q1 2026, up from $8,250,000 in Q1 2025. #### Unique Metrics - **Marketable Securities**: Fair value was $14,719,000 as of March 31, 2026, with unrealized losses of - $19,000 below cost basis. - **Real Estate Development Costs**: Total costs were $359,354,000 as of March 31, 2026, including Mountain Village ($161,673,000), Centennial ($129,423,000), Grapevine ($46,603,000), and Tejon Ranch Commerce Center - Commercial ($21,655,000). - **Long-Term Water Assets**: Net investments were $69,498,000 as of March 31, 2026, up from $62,593,000 as of December 31, 2025. Total water held for future use and purchased water contracts amounted to 164,070 acre-feet as of March 31, 2026. Water sales revenue was $2,096,000 for Q1 2026, up from $1,468,000 for Q1 2025, with 2,050 acre-feet sold. - **Revolving Line of Credit (RCL)**: Outstanding balance was $95,442,000 as of March 31, 2026, with an effective interest rate of 5.95% before patronage and a maturity date of January 1, 2029. Tejon Ranch Co. was in compliance with all financial covenants as of March 31, 2026. - **Capital Structure**: Total capitalization at book value was $585,306,000, with a debt-to-total-capitalization ratio of 16.3% as of March 31, 2026. #### Future Outlook and Strategy Tejon Ranch Co. aims to maximize long-term shareholder value through the development, leasing, and monetization of its land-based assets, with the Tejon Ranch Commerce Center (TRCC) as a central component. The company is expanding TRCC through industrial development, commercial leasing, and new residential communities, while also pursuing re-entitlement efforts for master-planned communities like Centennial. The strategy includes continuing investments in core operating segments for profitable growth, funding development, securing land entitlements, and expanding its farming portfolio with new olive orchards. ### Related Stocks - [TRC.US](https://longbridge.com/en/quote/TRC.US.md) ## Related News & Research - [LyondellBasell announces dividend of R$ 1.72 per unit for 3Q 2026](https://longbridge.com/en/news/297814383.md) - [Americold Realty Trust declares Q3 2026 dividend of R$ 0.27 per unit](https://longbridge.com/en/news/297823075.md) - [AgroGalaxy delays 2025 results release to Nov. 30, 2026](https://longbridge.com/en/news/297440664.md) - [Gaming and Leisure Properties declares Q3 2026 dividend of $0.82 per share](https://longbridge.com/en/news/297652371.md) - [Regeneron announces Q3 2026 dividend of R$ 0.05 per unit](https://longbridge.com/en/news/297814808.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**