AMREP (AXR) Q3 2026 earnings summary

Executive summary

• Net income for the quarter was $3,147,000 ($0.58 per diluted share), up from $717,000 ($0.13 per diluted share) year-over-year; nine-month net income was $9,039,000 ($1.68 per diluted share), up from $8,823,000 ($1.64 per diluted share) year-over-year.

• Revenue for the quarter rose 94% to $14,573,000, driven by strong land and home sales; nine-month revenue increased 9% to $41,823,000.

• The company faced delays in municipal approvals and construction, elevated costs, and affordability challenges, but offset some impacts through price increases and operational adjustments.

Financial highlights

• Land sale revenues for the quarter surged 184% year-over-year to $8.3 million; home sale revenues rose 33% to $2.9 million.

• Gross margin on land sales was 50% for the quarter (up from 36%); home sale gross margin was 23% (flat year-over-year).

• Operating income for the quarter was $3.0 million, up from $0.4 million year-over-year.

• Cash, cash equivalents, and restricted cash increased 26% to $50.5 million as of January 31, 2026.

• Diluted EPS for Q3 FY2026 was $0.58, up from $0.13 in Q3 FY2025; nine-month diluted EPS was $1.68, up from $1.64.

Outlook and guidance

• Management expects a reduction in revenues from developed residential land sales in fiscal 2026 and 2027 due to market headwinds, affordability challenges, and intentional slowing of new projects.

• The company continues to monitor macroeconomic factors, mortgage rates, and inflation, which may impact future demand and pricing.