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Pure Cycle (PCYO) investor relations material
Pure Cycle Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Nov, 2025
Executive summary
Achieved 25 consecutive profitable quarters and eight straight years of net income, with FY2025 net income rising 13% to $13.1 million and EPS up 12.5% to $0.54, reflecting a resilient earnings model supported by recurring revenue from water, land development, and rentals.
Oil and gas royalty income surged 738% to $6.7 million, exceeding expectations and offsetting lower land development activity.
Maintained strong demand for entry-level lots at Sky Ranch, with ongoing phased development and expanded builder partnerships.
Business model demonstrated flexibility and resilience, allowing for risk adjustment and matching customer needs amid changing market dynamics.
Financial highlights
FY2025 revenue was $26.1 million, down 9% from $28.7 million in 2024, with gross profit of $16.0 million and EBITDA of $20.2 million.
Q4 2025 revenue was $11.2 million, with net income of $6.1 million and EBITDA of $8.9 million.
FY2025 EPS was $0.54, with ROE at 9.18%, both above forecast.
Rental income from single-family homes grew to nearly $500,000 in FY2025.
Cash and cash equivalents totaled $21.9 million at year-end.
Outlook and guidance
FY2026 gross revenue projected at $26–30 million, with EPS sensitivity of $0.43–$0.52 depending on lot closings and rental lease-up.
Expect continued recurring revenue growth from water customers and single-family rentals, targeting 100+ rental units in the short term and 250–300 at build-out.
Plan to complete Phase 2D of Sky Ranch in fiscal 2026 and Phase 2E in fiscal 2027, pacing construction to match builder absorption.
Commercial development expected to double land development revenue post-2028 with new interchange completion.
Long-term: Sky Ranch buildout to ~5,000 connections and expansion into adjacent parcels.
I-70 interchange: commercial lot valuation impact?
Explain 2026 EPS forecast vs. 2025 earnings.
Land acquisition strategy: water value creation?
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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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