Revenue growth remains highly volatile and inconsistent, with operating margins reaching a concerning -11.9% in 2026Q1 as fixed costs continue to outpace core operational income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 50.88M | 49.59M | 41.89M | 44.74M | 79.22M | 55.61M | 37.83M | 49.52M | 45.62M | 35.66M | 45.58M | 51.15M | 51.25M | 45.34M | 47.09M | 63.1M | 35.51M | 28.25M | 40.12M | 32.34M | 28.42M | 26.36M | 20.91M | 18.71M | 21.71M | 19.31M | 68.19M | 55.3M | 51.9M | 39.8M | 17.6M |
| Revenue Growth % | 19.2% | 18.4% | -6.38% | -43.52% | 42.44% | 47.01% | -23.61% | 8.56% | 27.94% | -21.77% | -10.89% | -0.2% | 13.04% | -3.72% | -25.37% | 77.68% | 25.71% | -29.59% | 24.04% | 13.8% | 7.82% | 26.05% | 11.78% | -13.83% | 12.42% | -71.68% | 23.31% | 6.55% | 30.4% | 126.14% | -2.76% |
| Cost of Goods Sold | 44.09M | 43.48M | 39.99M | 38.57M | 55.79M | 46.03M | 35.15M | 41.59M | 35.48M | 33.06M | 40.93M | 41.53M | 38.48M | 31.52M | 30.69M | 29.95M | 24.66M | 28.72M | 30.1M | 26.37M | 23.96M | 19.28M | 17.1M | 19.04M | 17.46M | 15M | 60.77M | 47.4M | 42.6M | 31.7M | 12M |
| COGS % of Revenue | - | 87.67% | 95.48% | 86.2% | 70.43% | 82.77% | 92.91% | 83.99% | 77.77% | 92.72% | 89.81% | 81.21% | 75.08% | 69.52% | 65.17% | 47.46% | 69.45% | 101.65% | 75.03% | 81.53% | 84.31% | 73.14% | 81.77% | 101.79% | 80.41% | 77.65% | 89.12% | 85.71% | 82.08% | 79.65% | 68.18% |
| Gross Profit | 6.8M | 6.11M | 1.89M | 6.17M | 23.43M | 9.58M | 2.68M | 7.93M | 10.14M | 2.6M | 4.64M | 9.61M | 12.77M | 13.82M | 16.4M | 33.15M | 10.85M | -465K | 10.02M | 5.97M | 4.46M | 7.08M | 3.81M | -334K | 4.25M | 4.32M | 7.42M | 7.9M | 9.3M | 8.1M | 5.6M |
| Gross Margin % | 13.36% | 12.33% | 4.52% | 13.8% | 29.57% | 17.23% | 7.09% | 16.01% | 22.23% | 7.28% | 10.19% | 18.79% | 24.92% | 30.48% | 34.83% | 52.54% | 30.55% | -1.65% | 24.97% | 18.47% | 15.69% | 26.86% | 18.23% | -1.79% | 19.59% | 22.35% | 10.88% | 14.29% | 17.92% | 20.35% | 31.82% |
| Gross Profit Growth % | - | 222.86% | -69.32% | -73.65% | 144.47% | 257.17% | -66.17% | -21.8% | 290.49% | -44.08% | -51.69% | -24.74% | -7.56% | -15.75% | -50.53% | 205.51% | 2433.55% | -104.64% | 67.75% | 33.95% | -37.01% | 85.7% | 1241.32% | -107.85% | -1.44% | -41.84% | -6.06% | -15.05% | 14.81% | 44.64% | 80.65% |
| Operating Expenses | 11.72M | 14.07M | 11.09M | 9.87M | 9.7M | 9.84M | 9.43M | 9.36M | 9.71M | 10.14M | 12.55M | 12.81M | 10.65M | 12.64M | 13.27M | 12.28M | 5.61M | 7.31M | 8.54M | 8.55M | 13.17M | 7.88M | 6.62M | 366K | 3.82M | 3.35M | 6.05M | 5.7M | 4.6M | 4M | 3.8M |
| OpEx % of Revenue | - | 28.37% | 26.48% | 22.07% | 12.24% | 17.7% | 24.93% | 18.9% | 21.27% | 28.44% | 27.54% | 25.04% | 20.77% | 27.88% | 28.18% | 19.46% | 15.8% | 25.88% | 21.28% | 26.43% | 46.35% | 29.9% | 31.67% | 1.96% | 17.61% | 17.33% | 8.88% | 10.31% | 8.86% | 10.05% | 21.59% |
| Selling, General & Admin | 2.87M | 0 | 11.09M | 0 | 9.7M | 9.84M | 9.43M | 9.36M | 9.71M | 10.14M | 12.55M | 12.81M | 10.65M | 12.64M | 13.27M | 12.28M | 5.61M | 7.31M | 8.54M | 8.55M | 13.17M | 7.88M | 6.62M | 4.03M | 3.82M | 3.35M | 3.03M | 3.2M | 2.6M | 2.3M | 2.6M |
| SG&A % of Revenue | - | - | 26.48% | - | 12.24% | 17.7% | 24.93% | 18.9% | 21.27% | 28.44% | 27.54% | 25.04% | 20.77% | 27.88% | 28.18% | 19.46% | 15.8% | 25.88% | 21.28% | 26.43% | 46.35% | 29.9% | 31.67% | 21.55% | 17.61% | 17.33% | 4.44% | 5.79% | 5.01% | 5.78% | 14.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 14.07M | 0 | 9.87M | 0 | 0 | 0 | 0 | -59K | 0 | 0 | 0 | 0 | 66K | 113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.67M | 0 | 0 | 3.02M | 2.5M | 2M | 1.7M | 1.2M |
| Operating Income | -4.92M | -7.95M | -9.2M | -3.7M | 13.73M | -260K | -6.75M | -1.43M | 436K | -7.54M | -7.91M | -3.2M | 2.13M | 1.18M | 3.13M | 20.87M | 5.24M | -7.78M | 1.48M | -2.57M | -8.71M | -802K | -2.81M | -700K | 430K | 969K | 1.37M | 2.2M | 4.7M | 4.1M | 1.8M |
| Operating Margin % | -9.66% | -16.04% | -21.96% | -8.27% | 17.33% | -0.47% | -17.84% | -2.89% | 0.96% | -21.16% | -17.35% | -6.25% | 4.15% | 2.59% | 6.64% | 33.08% | 14.75% | -27.52% | 3.69% | -7.96% | -30.66% | -3.04% | -13.44% | -3.74% | 1.98% | 5.02% | 2.01% | 3.98% | 9.06% | 10.3% | 10.23% |
| Operating Income Growth % | - | 13.54% | -148.66% | -126.94% | 5380.38% | 96.15% | -371.49% | -428.21% | 105.78% | 4.58% | -147.37% | -250.33% | 80.78% | -62.4% | -85.01% | 298.43% | 167.37% | -625.05% | 157.54% | 70.46% | -986.53% | 71.47% | -301.57% | -262.79% | -55.62% | -29.17% | -37.82% | -53.19% | 14.63% | 127.78% | 700% |
| EBITDA | 5.11M | -1.94M | -4.31M | 1.11M | 18.36M | 4.33M | -1.81M | 3.6M | 5.86M | -1.85M | -3.36M | 1.89M | 7M | 5.4M | 8.08M | 25.14M | 7.56M | -4.65M | 4.37M | -164K | -6.54M | 1.47M | -514K | 1.9M | 3.02M | 3.81M | 4.39M | 4.7M | 6.7M | 5.8M | 3M |
| EBITDA Margin % | 10.05% | -3.91% | -10.3% | 2.47% | 23.17% | 7.79% | -4.78% | 7.28% | 12.85% | -5.2% | -7.37% | 3.7% | 13.65% | 11.91% | 17.16% | 39.85% | 21.28% | -16.47% | 10.88% | -0.51% | -23% | 5.58% | -2.46% | 10.17% | 13.92% | 19.75% | 6.44% | 8.5% | 12.91% | 14.57% | 17.05% |
| EBITDA Growth % | 213.95% | 55.04% | -489.61% | -93.97% | 323.56% | 339.58% | -150.18% | -38.48% | 415.9% | 44.74% | -277.24% | -72.93% | 29.53% | -33.16% | -67.86% | 232.77% | 262.35% | -206.6% | 2762.2% | 97.49% | -544.16% | 386.38% | -127.02% | -37.06% | -20.79% | -13.14% | -6.55% | -29.85% | 15.52% | 93.33% | 328.57% |
| D&A (Non-Cash Add-back) | 10.03M | 6.01M | 4.88M | 4.81M | 4.63M | 4.59M | 4.94M | 5.04M | 5.42M | 5.69M | 4.55M | 5.09M | 4.87M | 4.23M | 4.95M | 4.27M | 2.32M | 3.12M | 2.88M | 2.41M | 2.18M | 2.27M | 2.3M | 2.6M | 2.59M | 2.85M | 3.02M | 2.5M | 2M | 1.7M | 1.2M |
| EBIT | -2.19M | -7.95M | -9.2M | -3.7M | 13.73M | -260K | -6.75M | -1.43M | 436K | -7.52M | -6.76M | -3.2M | 1.94M | 838K | 7.02M | 23.15M | 6.82M | -5.72M | 6.23M | -2.57M | -8.71M | -802K | -2.81M | -5.21M | -1.2M | 778K | 682K | 2.18M | 4.69M | 4.2M | 1.9M |
| Net Interest Income | 710K | 914K | 2.27M | 0 | 0 | 0 | 0 | 1.24M | 0 | 0 | 0 | 0 | 696K | 941K | 1.23M | 0 | -9K | -70K | -70K | 3.51M | 2.98M | 2.56M | 1.03M | 366K | 892K | 0 | 632K | 0 | 0 | 0 | 0 |
| Interest Income | 710K | 914K | 2.27M | 0 | 0 | 0 | 0 | 1.24M | 0 | 0 | 0 | 0 | 696K | 941K | 1.24M | 0 | 0 | 0 | 0 | 3.51M | 2.98M | 2.56M | 1.03M | 366K | 892K | 0 | 632K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 0 | 9K | 70K | 70K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.02M | 9.11M | 12.86M | 9.29M | 9.47M | 9.42M | 6.83M | 15.99M | 5.12M | 4.23M | 8.76M | 7.23M | 6.33M | 5.01M | 3.88M | 2.27M | 1.57M | 1.99M | 4.67M | 14.07M | 4.27M | 3.3M | 1.06M | 55K | 1.42M | -693K | -2.25M | -283K | -86K | 400K | 1M |
| Pretax Income | 4.11M | 1.16M | 3.66M | 5.59M | 23.2M | 9.16M | 82K | 14.56M | 5.55M | -2.7M | 851K | 4.04M | 8.46M | 6.19M | 7.01M | 23.15M | 6.81M | -5.79M | 6.16M | 11.5M | -4.44M | 2.5M | -1.75M | -4.75M | 793K | 274K | -886K | 1.9M | 4.6M | 4.5M | 2.8M |
| Pretax Margin % | 8.07% | 2.34% | 8.75% | 12.49% | 29.29% | 16.48% | 0.22% | 29.4% | 12.18% | -7.58% | 1.87% | 7.89% | 16.5% | 13.65% | 14.88% | 36.69% | 19.18% | -20.48% | 15.34% | 35.56% | -15.63% | 9.48% | -8.35% | -25.42% | 3.65% | 1.42% | -1.3% | 3.44% | 8.86% | 11.31% | 15.91% |
| Income Tax | 2.42M | 1.09M | 976K | 2.32M | 7.39M | 3.82M | 829K | 3.98M | 1.32M | -1.12M | 336K | 1.13M | 2.7M | 2.09M | 2.72M | 7.37M | 2.85M | -2.35M | 2.04M | 4.17M | -1.71M | 954K | -784K | -1.83M | 301K | 33K | -341K | 700K | 1.6M | 1.5M | 1.1M |
| Effective Tax Rate % | 58.91% | 93.87% | 26.64% | 41.57% | 31.86% | 41.7% | 1010.98% | 27.34% | 23.76% | 41.56% | 39.48% | 27.87% | 31.88% | 33.7% | 38.87% | 31.83% | 41.87% | 40.68% | 33.2% | 36.23% | 38.58% | 38.16% | 44.9% | 38.44% | 37.96% | 12.04% | 38.49% | 36.84% | 34.78% | 33.33% | 39.29% |
| Net Income | 1.69M | 75K | 2.69M | 3.27M | 15.81M | 5.35M | -740K | 10.58M | 4.25M | -1.55M | 558K | 2.95M | 5.66M | 4.17M | 4.44M | 15.89M | 3.74M | -3.38M | 4.11M | 7.33M | -2.73M | 1.55M | 389K | -2.93M | 243K | 294K | -545K | 1.2M | 3.1M | 3M | 1.7M |
| Net Margin % | 3.32% | 0.15% | 6.42% | 7.3% | 19.96% | 9.62% | -1.96% | 21.36% | 9.33% | -4.36% | 1.22% | 5.77% | 11.03% | 9.19% | 9.43% | 25.19% | 10.54% | -11.95% | 10.25% | 22.67% | -9.6% | 5.86% | 1.86% | -15.64% | 1.12% | 1.52% | -0.8% | 2.17% | 5.97% | 7.54% | 9.66% |
| Net Income Growth % | -21.12% | -97.21% | -17.61% | -79.35% | 195.59% | 822.7% | -106.99% | 148.65% | 373.63% | -378.67% | -81.08% | -47.83% | 35.77% | -6.21% | -72.06% | 324.63% | 210.84% | -182.13% | -43.92% | 368.71% | -276.52% | 297.43% | 113.29% | -1304.53% | -17.35% | 153.94% | -145.42% | -61.29% | 3.33% | 76.47% | 325% |
| Net Income (Continuing) | 1.69M | 71K | 2.69M | 3.27M | 15.81M | 5.34M | -747K | 10.58M | 4.24M | -1.82M | 757K | 2.91M | 5.76M | 4.1M | 4.28M | 15.78M | 3.96M | -3.43M | 4.11M | 7.33M | -2.73M | 1.55M | -962K | -3.17M | 143K | 52K | -970K | 1.2M | 3M | 3M | 1.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 15.36M | 15.36M | 15.36M | 15.36M | 15.36M | 15.36M | 15.37M | 15.38M | 15.38M | 28.57M | 28.59M | 39.67M | 39.71M | 39.6M | 39.67M | 39.83M | 39.94M | 40.15M | 0 | 0 | 0 | 0 | 0 | 530K | 601K | 674K | 485K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.06 | 0.00 | 0.10 | 0.12 | 0.59 | 0.20 | -0.03 | 0.40 | 0.16 | -0.07 | 0.04 | 0.14 | 0.26 | 0.19 | 0.21 | 0.78 | 0.21 | -0.19 | 0.22 | 0.40 | -0.15 | 0.09 | 0.03 | -0.19 | 0.01 | 0.02 | -0.04 | 0.09 | 0.24 | 0.23 | 0.12 |
| EPS Growth % | -28.36% | -97.2% | -16.67% | -79.66% | 195% | 801.75% | -107.13% | 150% | 323.46% | -279% | -71.43% | -46.15% | 36.84% | -9.52% | -73.08% | 271.43% | 210.53% | -186.36% | -45% | 366.67% | -275.64% | 199.65% | 115% | - | -50% | 150% | -144.5% | -64.42% | 4.35% | 91.67% | 321.05% |
| EPS (Basic) | - | 0.00 | 0.10 | 0.12 | 0.60 | 0.20 | -0.03 | 0.41 | 0.16 | -0.07 | 0.04 | 0.14 | 0.26 | 0.20 | 0.21 | 0.78 | 0.22 | -0.19 | 0.23 | 0.41 | -0.15 | 0.09 | 0.03 | -0.19 | 0.01 | 0.02 | -0.04 | 0.09 | 0.24 | 0.23 | 0.12 |
| Diluted Shares Outstanding | 26.97M | 26.95M | 26.82M | 26.71M | 26.65M | 26.41M | 26.21M | 26.15M | 25.98M | 21.72M | 20.78M | 20.74M | 21.26M | 21.01M | 20.73M | 20.56M | 19.14M | 18.09M | 18.51M | 18.4M | 17.97M | 18.1M | 13.66M | 15.42M | 12.71M | 15.49M | 14.36M | 14.05M | 13.07M | 13.17M | 13.78M |
| Basic Shares Outstanding | 26.97M | 26.95M | 26.81M | 26.71M | 26.48M | 26.34M | 26.21M | 26.03M | 25.95M | 21.68M | 20.74M | 20.67M | 21.22M | 20.81M | 20.65M | 20.5M | 19.08M | 17.99M | 17.85M | 17.97M | 17.97M | 18.1M | 13.66M | 15.42M | 12.71M | 15.49M | 13.29M | 14.05M | 13.07M | 13.17M | 13.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50% | 19.35% | 20% | 35.29% |
Regulatory and entitlement delays
As reported in recent financial filings, TRC's revenue growth remains highly inconsistent, characterized by a 15.8% year-over-year increase in 2026Q1, yet this top-line expansion is frequently offset by the lumpy, transactional nature of land sales and the inherent seasonality of the company's agricultural operations.
The revenue trajectory appears heavily dependent on the timing of specific real estate transactions rather than a consistent, recurring growth engine. Investors should monitor whether the recent uptick in revenue reflects sustainable commercial leasing demand or merely the episodic recognition of land sales that fail to provide long-term predictability.
Based on the provided income statement data, TRC's gross margins have fluctuated significantly, reaching a low of -20.1% in 2024Q1, which underscores the difficulty of maintaining profitability while absorbing the high fixed costs associated with land maintenance and the ongoing, multi-year entitlement process for development projects.
The volatility in gross margins suggests that the company's agricultural and real estate segments are highly sensitive to input costs and regulatory overhead. This lack of margin stability implies that the company currently lacks the pricing power necessary to offset the substantial carrying costs of its massive land bank.
According to the company's historical income statements, operating income frequently remains in negative territory, with a -11.9% operating margin in 2026Q1, indicating that the firm has yet to achieve the necessary scale to cover its corporate overhead and development-related expenditures through its current revenue streams.
The persistent negative operating margins suggest that the company's cost structure is currently misaligned with its revenue generation capacity. Without a significant inflection in commercial leasing or residential monetization, the firm may continue to struggle with operating leverage, as fixed costs remain high regardless of top-line performance.
Analysis of the reported figures reveals that net income is highly erratic, swinging from a $4.5M profit in 2024Q4 to a $1.7M loss in 2025Q2, a trend that suggests earnings are driven more by non-operating items and accounting timing than by core operational efficiency.
The reliance on non-operating gains to achieve profitability in certain quarters warrants further investigation into the sustainability of these earnings. Investors should be cautious of the impact that stock-based compensation and fluctuating asset valuations have on the bottom line, as these items often obscure the underlying cash-generating capability of the business.
While the company's massive land holdings provide a theoretical floor for valuation, the income statement suggests a concerning trend where the cost of maintaining these assets consistently outpaces the revenue generated, potentially leading to long-term value erosion if entitlement milestones continue to face significant legal delays.
Short-term observers may focus on the persistent cash burn and the inability to convert land assets into consistent operating income. The primary risk remains that the opportunity cost of holding non-yielding land, combined with the regulatory hurdles of California development, may prevent the company from ever realizing the full economic potential of its portfolio.
Quick answers to the most common questions about buying TRC stock.
For fiscal year 2025, Tejon Ranch Co. (TRC) reported total revenue of $49.6M. This represents a 181.8% increase compared to $17.6M in 1996.
Tejon Ranch Co. (TRC) is profitable, generating $0.1M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Tejon Ranch Co. (TRC) reported an operating income of $-8.0M, resulting in an operating profit margin of -16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Tejon Ranch Co. (TRC) generated $6.1M in gross profit for the year, representing a gross profit margin of 12.3%. This demonstrates the company's core pricing power and production efficiency.