Comstock Holding Companies (CHCI) Q4 2025 earnings summary

Executive summary

• Achieved $23.9M in Q4 2025 revenue, up 42% year-over-year; full-year revenue reached $62.9M, a 23% increase from prior year, marking the 7th consecutive year of double-digit annual revenue growth and maintaining a debt-free balance sheet.

• Net income for Q4 was $13.5M (up 31% YoY); full-year net income totaled $17.1M, up 17% YoY.

• Adjusted EBITDA for Q4 was $8.1M (up 51% YoY); full-year Adjusted EBITDA reached $13.4M.

• Launched Data Center Platform with strategic partnerships in Oklahoma and the Mid-Atlantic, expanding into new revenue streams.

• Multiple Institutional Venture Platform acquisitions targeted for 2026, including a major multifamily property in Rockville, MD.

Financial highlights

• Revenue CAGR of 23% and Adjusted EBITDA CAGR of 31% from 2020 to 2025.

• FY 2025 Adjusted EBITDA multiple of 6.4x, significantly below peer average of 14.2x.

• 24% ROE for FY 2025, compared to -2% for peers.

• Zero debt as of FY 2025, while peers average $4B.

• Stock price increased 493% from 2020 to 2025, outperforming peers (-55%).

• Net income per diluted share was $1.28 for Q4 and $1.63 for the year.

Outlook and guidance

• Expectation of continued upward trajectory in revenue and Adjusted EBITDA into 2026 and beyond.

• Institutional Venture Platform (IVP) and Data Center Platform (DCP) positioned as focal points for future growth.

• New 400+ unit transit-oriented apartment building in Rockville, MD, expected to close in Q1 2026.

• Data Center Platform expected to generate new, diversified revenue streams with low capital risk.

• Continued emphasis on increasing assets under management and leveraging strategic partnerships.