Filing Flows › Tejon Ranch (TRC) › Q4 2025
Tejon Ranch (TRC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 19, 2026
Tejon Ranch (TRC) reported revenue of $21.1M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +76% from the quarter before. Operating margin was 10.9%, net earnings $1.6M (7.5% of revenue).
Tejon Ranch, Q4 2025: revenue $21.1M (+18% year over year), operating margin 10.9%, net earnings $1.6M, operating cash flow $10.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.1M | +76% | +18% |
| Gross profit | $6.5M | +90% | -16% |
| Operating profit | $2.3M | — | +8% |
| Net earnings | $1.6M | -6% | -65% |
| Operating cash flow | $10.2M | — | -23% |
What changed
Revenue was $21.1M in Q4 2025, up 18% year over year and up 76% from the previous quarter.
Gross margin was 30.6%, down 12.3 points from a year earlier. Operating profit was $2.3M, a 10.9% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 5% reached operating profit, below the 12% margin then. Operating expenses fell 25% while revenue rose 18%. Net earnings were $1.6M, down 65% year over year. The effective tax rate was 64.7%. Non-operating items added $2.2M, 49% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $10.2M (down 23% year over year), 648% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $554K of share-based compensation. Working capital and other items added $5.9M. Capital expenditures of $13.8M exceeded it, leaving free cash flow of −$3.6M.
Questions
What was Tejon Ranch's revenue in the fourth quarter 2025?
Tejon Ranch (TRC) reported revenue of $21.1M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +76% from the quarter before.
Was Tejon Ranch profitable in the fourth quarter 2025?
Operating profit was $2.3M (10.9% of revenue) and net earnings $1.6M.
Source: Tejon Ranch 10-K on SEC EDGAR.