10-K · July 24, 2026
AMREP delivered 6.3% FY2026 revenue growth to $52.847 million, driven by a 35.4% increase in homebuilding segment revenue, and generated $12.878 million of operating cash flow. However, diluted EPS declined from $2.37…
Earnings analysis · 10-Q
AXR earnings analysis
Filed September 11, 2026 · Our reading of the company's report
The latest report
AMREP’s July 31, 2026 quarter showed a substantial deterioration in operating performance: revenue declined 66% year over year to $6.051 million, operating margin turned negative at 2.7%, and diluted EPS fell to $0.05…
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AMREP’s July 31, 2026 quarter showed a substantial deterioration in operating performance: revenue declined 66% year over year to $6.051 million, operating margin turned negative at 2.7%, and diluted EPS fell to $0.05 from $0.87. Both land development and homebuilding shrank, although 23 homes under contract represented $12.505 million of expected future revenue. Liquidity remains strong with $49.050 million of cash, cash equivalents and restricted cash and only $17,000 of notes payable, but operating cash flow was $(3.634) million and management expects significantly reduced developed residential land-sale revenue during fiscal 2027.
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
- $0.05
What stood out
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Revenue declined 66% year over year
Revenue fell to $6.051 million from $17.851 million in the prior-year quarter, a decrease of $11.800 million or 66%. Revenue was also below the prior-quarter $11.024 million shown in the quarterly history.
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Earnings contracted sharply
Diluted EPS declined to $0.05 from $0.87 in the prior-year quarter and from $0.23 in the prior quarter. Net income was $276,000 versus $4.692 million a year earlier.
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Homebuilding backlog supports future sales
Homebuilding generated $4.241 million of segment revenue and $435,000 of segment profit. The company had 83 homes in production, including 23 under contract representing $12.505 million of expected home-sale revenue at closing, subject to cancellations and change orders.
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Strong liquidity and minimal debt
Cash, cash equivalents and restricted cash totaled $49.050 million at July 31, 2026, while notes payable were only $17,000. The company also reported $6.142 million available for new borrowings under its revolving line of credit.
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Cash flow turned negative
Operating cash flow was $(3.634) million and capital expenditures were only $4,000, producing calculated free cash flow of approximately $(3.638) million. Cash declined by $3.639 million during the quarter.
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Investment shifted toward inventory and rentals
Real estate inventory increased to $68.888 million from $66.556 million, including $57.165 million of land inventory and $5.440 million of homebuilding construction in process. Owned real estate leased or intended to be leased increased to $9.626 million net, and 30 homes were leased to tenants.
What to watch
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Land-sale revenue outlook weakened
Management expects significantly reduced developed residential land-sale revenue during fiscal 2027 after reducing the number and scope of active projects and delaying new projects due to market headwinds and uncertainty. Current land-development segment revenue was only $1.810 million versus $9.701 million in the prior-year quarter.
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Affordability pressures weigh on homes
Affordability challenges reduced demand, prompting the company to lease completed homes opportunistically; 30 homes were leased at July 31, 2026 versus 28 at April 30, 2026. Homebuilding revenue fell to $4.241 million from $8.150 million year over year, while gross margin declined to 23% from 25%.
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Related-party termination payments
The company paid TV Investments $201,000 and $114,000 to terminate two infrastructure-reimbursement agreements in June 2026; $100,500 and $57,000, respectively, represented the interest of director Timothy S. McNaney. The payments contributed to higher land-development general and administrative expense, while related-party transactions remain a governance risk.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects significantly reduced revenues from developed residential land sales during fiscal 2027 and states that forward results may vary materially based on transaction timing, land and home mix, market conditions, and affordability challenges.
Earlier filings 4
10-Q · March 12, 2026
AMREP Corporation reported strong financial performance for Q3 2026, with revenues increasing to $14.573 million, a 91.5% rise from $7.520 million in Q3 2025, and EPS reaching $0.58 versus $0.13 in the prior year.…
10-Q · December 12, 2025
AMREP Corporation reported significantly lower financial performance in Q2 2025 compared to both the prior quarter and the same quarter last year. Total revenue dropped to $9.4 million, down 21% from $11.9 million…
10-Q · September 9, 2025
AMREP Corporation's Q4 2025 10-Q filing shows strong growth with net income increasing to $4,692,000 and EPS rising to $0.87, reflecting a favorable operating environment. However, revenue decreased to $11,177,000,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.