Tejon Ranch (TRC) Q4 2025 earnings summary

Executive summary

• Revenues and Adjusted EBITDA improved year-over-year, with revenues at $58.7 million and Adjusted EBITDA at $25.3 million for 2025, reflecting operational progress and strategic execution.

• Net income declined due to $3.4 million in one-time proxy defense costs, masking underlying business improvement, especially in commercial real estate and farming.

• Commercial real estate and farming segments drove growth, with farming revenue at a decade high and significant leasing activity at TRCC.

• Board enacted governance reforms, including board size reduction and shareholder rights to call special meetings.

• Completion of Phase 1 of Terra Vista at Tejon multifamily community, with 71% of units leased as of March 2026.

Financial highlights

• Q4 2025 net income was $1.6 million ($0.06/share), down from $4.5 million ($0.17/share) in Q4 2024.

• Q4 revenues and other income rose 8% to $23.3 million year-over-year; full-year revenues up 7% to $58.7 million.

• Adjusted EBITDA for Q4 was $11.4 million, up 9% from the prior year; full-year Adjusted EBITDA up 8% to $25.3 million.

• Farming segment revenues grew 35% to $18.7 million for 2025; commercial/industrial segment revenues up 20% to $15.0 million.

• Cash and marketable securities at year-end totaled $24.9 million; total liquidity was $91 million.

Outlook and guidance

• Management aims to activate growth plans, increase cash flow, and leverage assets for higher earnings, with TRCC as the primary development and value driver.

• Selective land sales and advancement of residential projects, including Mountain Village, Grapevine, and Centennial, are planned.

• 2026 farming operations expected to face higher production costs and a down-bearing pistachio year, with crop yields dependent on spring weather.

• Additional 150 acres of olives to be planted in 2026 as part of crop diversification.

• Centennial project expected to enter a public phase of environmental review and be presented to L.A. County in 2026.