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AMREP (AXR) investor relations material
AMREP Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net income for Q2 FY2026 was $1.2M ($0.22/diluted share), down from $4.04M ($0.75/diluted share) in Q2 FY2025; six-month net income was $5.89M ($1.09/diluted share), down from $8.11M ($1.51/diluted share) year-over-year.
Revenue for Q2 FY2026 was $9.4M, a 21% decrease from $11.91M in Q2 FY2025; six-month revenue was $27.25M, down from $31.0M year-over-year.
Delays in municipal entitlements, infrastructure, and utility response times increased costs and delayed revenue realization in both segments.
Affordability challenges and higher mortgage rates pressured demand, leading to sales incentives, price reductions, and slower project starts.
Financial highlights
Land sale revenues for Q2 FY2026 were $0.8M (down 86%); home sale revenues were $7.7M (up 45%); other revenues were $0.8M (up 19%) compared to Q2 FY2025.
Land sale gross margin rose to 80% from 60% year-over-year; home sale gross margin increased to 25% from 20%.
Operating income for Q2 FY2026 was $1.1M, down from $3.1M in Q2 FY2025.
Cash, cash equivalents, and restricted cash totaled $45.1M at October 31, 2025, up 13% from April 30, 2025.
Weighted average shares outstanding remained stable year-over-year.
Outlook and guidance
Management expects a reduction in revenues from developed residential land sales in FY2026 due to market headwinds and entitlement delays.
Affordability challenges, inflation, and high mortgage rates are expected to continue impacting demand and project pacing.
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