Tejon Ranch Co.

Tejon Ranch Co. (TRC) reported total revenues of $49.6 million for FY 2025, up approximately 18% from segment revenues of $41.9 million in 2024, driven by strong growth in farming ($18.7 million, +35%) and commercial/industrial real estate ($15.0 million, +20%), including $3.7 million from land sales. Net income attributable to common stockholders was $75 thousand, down from $2.69 million in 2024, primarily due to a $3.0 million rise in corporate expenses from shareholder activism and a $2.5 million drop in equity in unconsolidated joint ventures to $8.4 million. Operating loss was $8.0 million before other items, offset by $8.4 million JV equity earnings, yielding $1.2 million pre-tax income. Balance sheet remains robust with total assets at $630.5 million, stockholders' equity $475.2 million, and revolving credit at $93.9 million. Operating cash flow was $6.1 million, with $62.3 million investing outflow on real estate development like Terra Vista multifamily and TRCC infrastructure. Forward-looking, TRCC expansion, multifamily lease-up to stabilization in 2026, and entitlement progress for Mountain Village, Grapevine, and Centennial re-entitlement are key, amid litigation and market risks.

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