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Cadiz (CDZI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Cadiz (CDZI) Q2 2026 earnings results →
Q2 2026 Revenue down 76% year over year to $979K · operating margin -902.5%
Cadiz made $979K in Q2 2026 (-76% Y/Y): Water Treatment $760K, Water and Land Resources $219K. Operating margin -902.5%, net loss $11.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.0M in Q2 2026, down 76% year over year and down 40% from the previous quarter. Water Treatment was the largest line at 78% of revenue. Water Treatment lost $2.9M year over year (down 79%), 93% of the total change.
Operating costs exceeded revenue by $8.8M, an operating margin of -902.5%. Total costs fell 1% while revenue fell 76%. The fastest-growing cost line was Other operating costs (+28%). The quarter ended with a net loss of $11.4M, wider than the previous quarter's $8.6M loss.
Operating cash flow was −$6.6M. Non-cash charges added back $387K of depreciation and $1.8M of share-based compensation. Working capital and other items added $2.5M. Capital expenditures of $3.1M exceeded it, leaving free cash flow of −$9.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $979K | -76% | -902.5% | −$11.4M | −$6.6M |
| Q1 2026 | 10-Q | May 14, 2026 | $1.6M | -45% | -418.8% | −$8.6M | −$5.5M |
| Q4 2025 | 10-K | Mar 31, 2026 | $5.1M | +7% | -145.4% | −$9.8M | −$6.9M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $4.1M | +29% | -118.0% | −$7.1M | −$7.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $4.1M | +704% | -140.0% | −$7.7M | −$1.4M |
| Q1 2025 | 10-Q | May 14, 2025 | $3.0M | +164% | -255.0% | −$9.6M | −$3.6M |
| Q4 2024 | 10-K | Mar 28, 2025 | $4.8M | +594% | -139.5% | −$8.6M | −$6.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Cadiz
We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses.
In its own words, from its 10-K, filed Mar 31, 2026.
Cadiz against its Water Supply peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -76% against the peers' median +5%. Operating margin: -902.5% against the peers' median 28.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CDZI Cadiz | Q2 2026 | $979K | -76% | -902.5% |
| AWK American Water Works Company | Q3 2026 | $1.5B | +4% | 42.5% |
| WTRG Essential Utilities | Q3 2026 | $508M | +7% | 37.9% |
| CWT California Water Service | Q3 2026 | $331M | +5% | 25.0% |
| HTO H2O America | Q3 2026 | $250M | +4% | 24.2% |
| AWR American States Water | Q3 2026 | $193M | +5% | 35.0% |
| MSEX Middlesex Water | Q3 2026 | $60.2M | +11% | 37.0% |
| CWCO Consolidated Water | Q2 2026 | $32.9M | -2% | 11.4% |
| ARTNA Artesian Resources | Q2 2026 | $30.7M | +7% | 28.1% |
Source: Cadiz 10-Q on SEC EDGAR · CIK 727273 · Water Supply
13F: who owns CDZI and who is buying
More on CDZI
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results