0001104659-26-027088
SEC filingAMREP Corporation reported strong Q3 2026 results with total revenues of $14.6M, a significant increase from $7.5M in Q3 2025. Net income reached $3.1M, up from $0.7M in the prior year quarter. The company generated $10.7M in operating cash flow and ended the period with $50.0M in cash and cash equivalents. Key drivers included land sale revenues of $8.3M (up from $2.9M in Q3 2025) and home sale revenues of $5.4M (up from $4.1M). Operating income improved to $3.0M from $0.4M, reflecting better operational efficiency. The company maintained a strong balance sheet with total assets of $143.9M and shareholders' equity of $139.4M, while total liabilities remained low at $4.6M.
AMREP Corporation delivered strong Q3 2026 results with total revenues of $14.6M, representing a 94% increase from $7.5M in Q3 2025. Net income reached $3.1M, a substantial improvement from $0.7M in the prior year quarter. Operating income was $3.0M compared to $0.4M in Q3 2025. The company reported earnings per share of $0.59 (basic) and $0.58 (diluted), up from $0.13 in both measures for Q3 2025. For the nine-month period, revenues totaled $41.8M with net income of $9.0M, compared to $38.5M and $8.8M respectively in the prior year period.
Revenue growth was driven by strong performance across both business segments. Land sale revenues increased to $8.3M in Q3 2026 from $2.9M in Q3 2025, while home sale revenues grew to $5.4M from $4.1M. Other revenues, consisting primarily of landscaping services, management fees, and rental revenues, increased to $0.9M from $0.5M. The Land Development segment contributed $10.0M in revenues with segment profit of $2.8M, while the Homebuilding segment contributed $4.5M with segment profit of $0.6M. One customer contributed $6.4M (44% of total revenues) in land sale revenues during Q3 2026.
Operating margin improved significantly to 20.6% in Q3 2026 from 5.7% in Q3 2025. Total costs and expenses were $11.6M compared to $7.1M in the prior year quarter, with general and administrative expenses increasing to $2.9M from $1.9M. Land sale cost of revenues, net was $4.1M (50% of land sale revenues) compared to $1.9M (65% of land sale revenues) in Q3 2025, indicating improved land sale profitability. Home sale cost of revenues was $4.2M (77% of home sale revenues) compared to $3.2M (78% of home sale revenues) in Q3 2025.
The company generated $10.7M in net cash from operating activities during Q3 2026, primarily driven by net income of $3.1M, deferred income tax provision of $2.0M, and positive changes in working capital. Cash and cash equivalents increased to $50.0M at January 31, 2026 from $39.5M at April 30, 2025. Total assets were $143.9M, with real estate inventory of $66.8M and investment assets of $16.6M. The company maintained a strong financial position with total liabilities of only $4.6M and shareholders' equity of $139.4M, resulting in a debt-to-equity ratio of approximately 0.03.
The company's disclosure controls and procedures were effective as of January 31, 2026. No material changes in internal control over financial reporting occurred during the quarter. The company continues to operate in two business segments: land development and homebuilding, with no foreign sales. Management has not provided specific forward-looking guidance in this filing, but the strong Q3 results and solid balance sheet position the company for continued operations in its core markets.