10-Q · May 11, 2026
Alico, Inc. reported $5.34 million in revenue for Q2 2026, a significant decline of 70.3% year-over-year, primarily driven by the strategic winding down of its citrus division. However, the net income turned positive at…
Earnings analysis · 10-Q
ALCO earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Alico delivered a substantial year-over-year turnaround in Q3 2026, with revenue up 7.7% to $9.040 million, operating income of $1.886 million and diluted EPS of $0.29 versus a prior-year loss of $(2.39). Results were…
Read full summary
Alico delivered a substantial year-over-year turnaround in Q3 2026, with revenue up 7.7% to $9.040 million, operating income of $1.886 million and diluted EPS of $0.29 versus a prior-year loss of $(2.39). Results were driven primarily by $7.917 million of Land Management and Other Operations revenue, including approximately $6.6 million of contingent lease payments, while citrus revenue continued to contract. Liquidity improved materially, with cash of $55.584 million and net debt of $29.834 million, although the transformation has reduced nine-month revenue by 62.4% and operating cash flow fell to $2.332 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.29
What stood out
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Revenue rose on contingent lease payments
Revenue increased 7.7% year over year to $9.040 million from $8.390 million. Management attributed the increase primarily to approximately $6.6 million of contingent lease payments related to crop-insurance proceeds.
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Operating results turned profitable
The company swung to operating income of $1.886 million from an operating loss of $25.370 million in the prior-year quarter. Diluted EPS improved to $0.29 from $(2.39).
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Land operations offset citrus wind-down
Land Management and Other Operations revenue surged to $7.917 million from $0.585 million, while Alico Citrus revenue declined to $1.123 million from $7.805 million as the citrus wind-down progressed.
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Liquidity and net debt improved
Cash and cash equivalents increased to $55.584 million from $38.128 million at September 30, 2025, while net debt declined to $29.834 million from $47.419 million.
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Asset sales supported cash generation
Nine-month operating cash flow was $2.332 million versus $22.841 million in the prior-year period. Capital expenditures were $1.713 million, while investing cash flow benefited from $34.971 million of net property-sale proceeds.
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Land monetization advanced
The company sold approximately 3,546 acres for $34.611 million, or $9,761 per acre, during the nine months ended June 30, 2026, and has an agricultural lease covering approximately 3,280 acres with a potential purchase price of $29.520 million.
What to watch
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Transformation creates revenue volatility
The Strategic Transformation reduced nine-month revenue 62.4% to $16.267 million from $43.264 million, and management expects seasonal patterns to diminish as citrus operations wind down. The 10-Q states that there were no material changes to the risk factors from the September 30, 2025 Form 10-K.
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Material customer concentration
Revenue concentration increased around Kobie Cattle Company, which represented 48.3% of nine-month revenue and 67% of accounts receivable at June 30, 2026. The filing warns that losing this customer could significantly reduce revenue and cash flow.
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Debt and collateral constraints
Debt totaled $85.418 million at June 30, 2026, secured by approximately 40,258 gross acres, and the company must maintain a $5.818 million minimum liquidity requirement and a 50.0% loan-to-value cap. Management says liquidity is sufficient for at least twelve months, but access to future financing is not assured.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management stated that cash on hand, operating cash flow, asset sales and RLOC availability are expected to provide sufficient liquidity for at least the next twelve months; minimum future base rental revenue totals $16.564 million.
Earlier filings 4
10-Q · February 4, 2026
Alico reported total revenue of $1,887,000 for Q1 (three months ended December 31, 2025), down from $16,894,000 a year earlier, producing a GAAP net loss attributable to Alico common stockholders of $3,481,000 (loss per…
10-K · December 2, 2024
Alico positions itself as a land-focused agribusiness centered on citrus production and opportunistic land monetization. In FY2024 the company monetized large land holdings (sale of ~17,556 acres for $78,930 recognizing…
10-Q · August 5, 2024
Alico reported Q3 operating revenues of $13,610 (thousands), up from $7,284 in Q3 2023, driven by higher Alico Citrus sales, but core profitability remained weak with a gross loss of $(4,287) and an operating loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.