10-Q · April 8, 2026
Pure Cycle reported Q2 revenue of $5,169,000, up from $3,995,000 in the prior-year quarter, with operating income of $263,000 turning positive from an operating loss of $(1,327,000) a year earlier. Diluted EPS was $0.05…
Earnings analysis · 10-Q
PCYO earnings analysis
Filed July 8, 2026 · Our reading of the company's report
The latest report
Pure Cycle Corporation reported a substantial increase in total revenue for Q3 2026, reaching $8.2 million, a significant rise of 60% year-over-year compared to $5.1 million in Q3 2025. With net income climbing to $2.9…
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Pure Cycle Corporation reported a substantial increase in total revenue for Q3 2026, reaching $8.2 million, a significant rise of 60% year-over-year compared to $5.1 million in Q3 2025. With net income climbing to $2.9 million, up from $2.3 million a year earlier, the company achieved a diluted EPS of $0.12, reflecting ongoing strengths in its water and wastewater, land development, and single-family rental segments despite macroeconomic challenges.
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.
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
- $0.12
What stood out
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Revenue Surges Significantly
Total revenue reached $8.22 million for Q3 2026, a 60% increase from $5.14 million in Q3 2025.
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Strong Net Income Growth
Net income grew to $2.9 million in Q3 2026 from $2.3 million in Q3 2025.
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EPS Improvement
Diluted EPS improved to $0.12, up from $0.09 in the same period last year.
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Land Development Driving Growth
Lot sales revenue increased 19% to $3.006 million from $2.526 million in Q3 2025.
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Excellent Performance in Water Revenue
Water and wastewater revenue increased to $4.659 million from $2.129 million, driven by increased oil and gas operations.
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Cash Position Maintained Despite Growth
As of May 31, 2026, cash and cash equivalents stood at $8.4 million, demonstrating robust liquidity.
What to watch
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High Cash Burn From Expansion
Operating cash flow was negative at -$1.7 million for the first nine months of 2026 compared to positive cash flow of $3.9 million for the same period in 2025.
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Increased Capital Expenditures
Investing activities led to cash usage of $19.16 million, compared to $8.43 million in the prior year, indicating higher capital intensity.
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Regulatory Risks From New Legislation
The 21st Century ROAD to Housing Act could potentially limit demand for single-family rentals as it seeks to restrict institutional investors.
Management's outlook
Management anticipates sustained demand for services but flagged potential headwinds from inflation and geopolitical factors.
Earlier filings 4
10-Q · January 7, 2026
Pure Cycle reported quarterly revenue of $9,135,000 and diluted EPS of $0.19 for the three months ended November 30, 2025, driven by a large increase in land development activity. Gross margin expanded to 68.4% and…
10-Q · April 9, 2025
Pure Cycle reported Q2 revenue of $3.995M and diluted EPS of $0.03 for the three months ended February 28, 2025. Revenue rose 25% year-over-year from $3.197M, driven by water & wastewater tap fees and higher other…
10-Q · July 10, 2024
For the third quarter ending May 31, 2024, Pure Cycle Corporation reported revenues of $7.6 million, an 11% increase compared to the same period last year, attributed primarily to increased lot sales and project…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.