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Tejon Ranch (TRC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Tejon Ranch (TRC) Q3 2026 earnings results →
Q3 2026 Revenue up 89% year over year to $22.6M · 15¢ of every $1 of revenue kept as net profit · operating margin 10.5%
Tejon Ranch made $22.6M in Q3 2026 (+89% Y/Y). Operating margin 10.5%, net earnings $3.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $22.6M in Q3 2026, up 89% year over year and up 59% from the previous quarter.
Gross margin was 33.0%, up 2.3 points from Q3 2025. Operating profit was $2.4M, a 10.5% margin (up 27.4 points year over year). Operating expenses fell 11% while revenue rose 89%. Net earnings were $3.3M, up 98% year over year. The effective tax rate was 30.3%. Non-operating items added $2.4M, 50% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.6M, 80% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $530K of share-based compensation. Working capital and other items used $3.3M. Capital expenditures of $6.5M exceeded it, leaving free cash flow of −$3.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $22.6M | +89% | 10.5% | $3.3M | $2.6M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $14.3M | +72% | 2.4% | $2.6M | $1.3M |
| Q1 2026 | 10-Q | May 11, 2026 | $9.5M | +16% | -11.9% | $150K | $3.3M |
| Q4 2025 | 10-K | Mar 19, 2026 | $21.1M | +18% | 10.9% | $1.6M | $10.2M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $12.0M | +10% | -16.9% | $1.7M | −$2.4M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $8.3M | +46% | -48.8% | −$1.7M | −$381K |
| Q1 2025 | 10-Q | May 8, 2025 | $8.2M | +11% | -50.7% | −$1.5M | −$1.3M |
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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Customers and suppliers named in filings
Sells to
- Pastoria Energy Facility, LLC — 9% of its revenue · Stated in 10-K (XBRL) · source
About Tejon Ranch
We are a diversified real estate development company anchored by the Tejon Ranch Commerce Center (“TRCC”), a 20 million-square-foot commercial and industrial development strategically located along Interstate 5 at the gateway between the Los Angeles Basin and California’s Central Valley. TRCC is the primary driver of our revenue and earnings. TRC’s portfolio within TRCC comprises approximately 3.4 million square feet of gross leasable area, which is substantially fully leased to nationally recognized tenants, including IKEA, L’Oréal, and Dollar General. In addition, the broader TRCC development, totaling over 8 million square feet, includes major third-party industrial users such as Caterpillar and Nestlé, further reinforcing the scale, quality, and strategic importance of the park.
In its own words, from its 10-K, filed Mar 19, 2026.
Tejon Ranch against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +89% against the peers' median +8%. Operating margin: 10.5% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRC Tejon Ranch | Q3 2026 | $22.6M | +89% | 10.5% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Tejon Ranch 10-Q on SEC EDGAR · CIK 96869 · Real Estate
Guidance and outlook
13F: who owns TRC and who is buying
More on TRC
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results