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.