10-Q · May 8, 2026
CKX Lands, Inc. reported total revenues of $170,660, a significant decline of 51.0% compared to $348,184 in the same quarter last year, primarily driven by a dramatic 96.5% drop in oil and gas revenues. Despite this,…
Earnings analysis · 10-Q
CKX earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
CKX delivered a stronger Q2 comparison, with revenue up 23.8% to $168,314, gross margin improving to 98.4%, and operating income of $23,051 versus a prior-year operating loss of $(159,669). However, the first-half…
Read full summary
CKX delivered a stronger Q2 comparison, with revenue up 23.8% to $168,314, gross margin improving to 98.4%, and operating income of $23,051 versus a prior-year operating loss of $(159,669). However, the first-half picture remains weak: revenue declined 30.0% to $338,974, oil and gas revenue fell 85.6% to $46,845, and operating cash flow was $(464,225). Surface growth and a debt-free balance sheet provide support, but ongoing production declines, negative cash generation and uncertainty around strategic alternatives keep the outlook balanced.
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.
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
- $0.06
- Segment
- Oil and gas revenue was $37,553 in Q2 2026, down 34.7% year over year from $57,488; gross profit was $34,997 versus $44,595.
- Segment
- Surface revenue was $130,761, up 66.7% year over year from $78,448; gross profit was $130,710 versus $78,448.
- Segment
- Timber revenue was $0 in Q2 2026 and Q2 2025; timber gross profit was $0 versus a $(972) loss.
What stood out
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Surface Growth Lifted Quarterly Revenue
Q2 revenue increased 23.8% year over year to $168,314 from $135,936, driven by a $52,313 increase in surface revenue that more than offset a $19,935 decline in oil and gas revenue.
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Margins Rebounded to Operating Profit
Gross margin improved to approximately 98.4% from 89.8% year over year, while operating income was $23,051 versus an operating loss of $(159,669) in the prior-year quarter.
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Quarterly EPS Improved Sequentially
Net income was $122,235, or $0.06 diluted EPS, compared with $161,042, or $0.08 diluted EPS, in Q2 2025; diluted EPS improved from $0.03 in Q1 2026.
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Non-Oil Revenue Expanded
Surface revenue rose 83.1% year over year to $289,462 for the first six months, while timber revenue contributed $2,667 versus $0 in the prior-year period.
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Debt-Free Balance Sheet
The company had $15,296,959 of cash and cash equivalents plus $2,248,924 of certificates of deposit at June 30, 2026, and reported no outstanding debt.
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Strategic Review Remains Active
The Board continues evaluating strategic alternatives, including acquisitions, asset dispositions, business combinations and reinvestment of proceeds; the company has closed on 29 of 39 identified ranchette lots as of June 30, 2026.
What to watch
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Oil and Gas Revenue Continued to Collapse
Six-month oil and gas revenue fell 85.6% to $46,845 from $325,996, and producing wells declined to 50 from 76 year over year. Management attributed the decline to lower net production and the November 2025 sale of producing lands.
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Operating Cash Flow Turned Negative
Operating cash flow was $(464,225) for the six months ended June 30, 2026, compared with $94,026 in the prior-year period, primarily due to a $588,820 decrease in current liabilities.
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Strategic Review May Not Produce a Transaction
The strategic-alternatives process remains uncertain: management stated that a transaction would require shareholder approval and that there is no assurance of a definitive agreement or successful strategic outcome.
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Co-Owned Land Partition Risk
The company expects to seek partition of its undivided interests in co-owned lands, but stated that no assurance exists of a negotiated partition or avoidance of a court-ordered partition.
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Cash Balance Declined Despite No Debt
Cash and cash equivalents declined to $15,296,959 from $18,010,108 at December 31, 2025, while investing activities used $2,248,924 during the first six months of 2026.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that cash and cash equivalents are adequate for projected operations and possible land acquisitions, but gave no numerical outlook.
Earlier filings 4
10-K · March 31, 2026
CKX is a small, land‑owner company that earns income from oil & gas royalties, timber sales, surface leases and occasional land dispositions. In 2025 the company completed a major land sale for $8,618,021.70 and…
10-Q · August 8, 2025
CKX Lands reported Q2 2025 revenue of $135,936 and GAAP diluted EPS of $0.08. The quarter showed meaningful year-over-year declines driven by a collapse in Surface revenue, but the company generated positive operating…
10-Q · May 12, 2025
CKX Lands reported a strong Q1 2025 with revenue of $348,184, up $206,335 (≈145%) versus Q1 2024 ($141,849), producing operating income of $112,150 and GAAP EPS of $0.06 compared with a loss per share of $(0.20) in Q1…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.