Filing Flows › Tejon Ranch (TRC) › Q3 2025
Tejon Ranch (TRC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Tejon Ranch (TRC) reported revenue of $12.0M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +44% from the quarter before. Operating margin was -16.9%, net earnings $1.7M (14.0% of revenue).
Tejon Ranch, Q3 2025: revenue $12.0M (+10% year over year), operating margin -16.9%, net earnings $1.7M, operating cash flow −$2.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.0M | +44% | +10% |
| Operating profit | −$2.0M | — | — |
| Net earnings | $1.7M | — | — |
| Operating cash flow | −$2.4M | — | — |
What changed
Revenue was $12.0M in Q3 2025, up 10% year over year and up 44% from the previous quarter.
Gross margin was 28.4%, up 5.5 points from a year earlier. Operating costs exceeded revenue by $2.0M, an operating margin of -16.9%. Operating expenses fell 14% while revenue rose 10%. Net earnings were $1.7M. The tax line was a benefit of $1.0M on pre-tax earnings of $699K. Non-operating items added $2.7M, 390% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$2.4M. Non-cash charges added back $1.7M of depreciation and amortization. Working capital and other items used $5.7M. Capital expenditures of $12.2M exceeded it, leaving free cash flow of −$14.6M.
Questions
What was Tejon Ranch's revenue in the third quarter 2025?
Tejon Ranch (TRC) reported revenue of $12.0M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +44% from the quarter before.
Was Tejon Ranch profitable in the third quarter 2025?
Operating loss was $2.0M (-16.9% of revenue) and net earnings $1.7M.
Source: Tejon Ranch 10-Q on SEC EDGAR.