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Tejon Ranch (TRC) investor relations material
Tejon Ranch Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved GAAP net income of $1.7 million ($0.06 per share) in Q3 2025, reversing a $1.8 million loss in Q3 2024, driven by strong farming results, lower expenses, and steady core segment performance.
Year-to-date net loss narrowed to $1.5 million from $1.8 million in the prior year, aided by improved agricultural operations and lower resort/residential segment expenses.
The company completed the first phase of Terra Vista multifamily community, with over half of delivered units leased, and launched residential leasing at Terra Vista at Tejon.
Hosted its first-ever quarterly earnings call and an Investor Engagement Event, signaling a shift toward greater transparency and investor engagement.
Implemented a 20% workforce reduction, expected to save over $2 million annually.
Financial highlights
Q3 2025 total revenues were $12 million, up from $10.86 million in Q3 2024; consolidated operating income increased 37% year-over-year to $3.4 million.
Adjusted EBITDA for the nine months ended September 30, 2025, was $13.9 million, up from $12.9 million in the prior year.
Cash, cash equivalents, and marketable securities totaled $21 million at September 30, 2025, with total liquidity (including line of credit) at $89.1 million.
Debt outstanding under the revolving credit line was $91.94 million at quarter-end, with a debt-to-total-capitalization ratio of 15.8%.
Book value per share as of September 30, 2025, was $17.60.
Outlook and guidance
Management remains focused on cost discipline, operating margin improvement, and pursuing joint venture partners for master plan communities to avoid shareholder dilution.
Expects continued organic growth from Terra Vista lease-up and the opening of Hard Rock Tejon Casino, with further capital investment in commercial/industrial and residential projects.
Anticipates sufficient liquidity for the next twelve months, supported by a $200 million shelf registration and undrawn credit capacity.
Ongoing entitlement efforts for master planned communities, including re-entitlement of the Centennial project with possible Board action by end of 2026.
Workforce reduction savings vs activism expense
Residential project entitlement delays impact
Liquidity strategy given 6.9x net debt/EBITDA
How will MPC JV strategy accelerate shareholder value
TRCC growth drivers beyond casino traffic
Timeline for capital return to shareholders
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Next Tejon Ranch earnings date
Q4 20256 Mar, 2026
Next Tejon Ranch earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Tejon Ranch Co. is a diversified real estate development and agribusiness company based in California. The company owns and manages a vast 270,000-acre landholding located between Los Angeles and Bakersfield. Tejon Ranch's business is organized into several segments, including commercial and industrial real estate development, resort and residential real estate development, mineral resources management, farming, and ranch operations. The company is headquartered in Lebec, California, and its shares are listed on the NYSE.
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