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Pure Cycle
Pure Cycle (PCYO) investor relations material
Pure Cycle Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary8 Jan, 2026
Executive summary
Achieved a record-setting Q1 with net income of $4.6 million, up 16% year-over-year, marking 26 consecutive profitable quarters and six straight years of net income, driven by strong land development and recurring revenue streams.
Revenue rose 59% year-over-year to $9.1 million, primarily from accelerated lot sales and tap fee revenue at Sky Ranch, with early-year results ahead of forecasts.
Earnings per diluted share increased 19% to $0.19, with gross profit of $6.3 million and operating income up 155% to $4.4 million.
Expanded builder partnerships to seven national builders and continued growth in single-family rentals, with 19 homes completed and plans to reach 100 homes in Phase 2.
Maintained a strong balance sheet and liquidity, supporting ongoing development and share repurchases.
Financial highlights
Q1 2026 revenue increased to $9.1 million, up from $5.4 million in Q1 2025, with gross profit of $6.3 million and net income of $4.6 million.
EPS for Q1 2026 was $0.19, compared to $0.16 in Q1 2025, and cash and cash equivalents totaled $17.1 million at quarter-end.
Working capital stood at $14.8 million, and total assets reached $168.1 million.
Pre-tax income for the quarter was $6.0 million, and EBITDA was $6.7 million.
Fiscal year 2026 guidance maintained at $26–$30 million in revenue and $0.43–$0.52 EPS.
Outlook and guidance
On track to meet or exceed fiscal 2026 guidance, with strong lot deliveries, recurring revenue growth, and continued expansion in rentals and tap sales.
Phase 2D of Sky Ranch expected to be substantially complete by end of fiscal 2026, with Phase 2E development and 159 lots beginning in summer 2026.
Expects over $19 million in additional tap fee revenue from Phase 2 over the next three years.
Commercial development and oil/gas water deliveries expected to boost future growth, with a breakout year anticipated in 2028.
Management expects moderate to lower demand for new homes through 2026 due to affordability and macroeconomic uncertainty.
What caused Q1 D&A reduction?
How will O&G water demand impact future revenue mix?
Phase 2E construction pacing strategy
Data Center Water Monetization?
Lowry Ranch development outlook?
Commercial parcel revenue impact post-interchange?
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Next Pure Cycle earnings date
Q2 20268 Apr, 2026
Pure Cycle
Next Pure Cycle earnings date
Q2 20268 Apr, 2026
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Frequently asked questions
Pure Cycle Corporation is a basic materials company that designs, constructs, operates, and maintains water and wastewater systems. The Company's segments include Water Infrastructure Group, Pure Cycle Water on Tap Group, Renewable Energy and Real Estate Development Group. It serves the Denver metropolitan area and Colorado Front Range in the United States. As of December 31, 2016, the Company owned and operated over 2,500 miles of water pipelines using 12 water sources. The Company owns over 116 acres of residential land for development. It owns over 3,400 acre-feet of water rights to supplement its surface water rights from Chatfield Reservoir.
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