10-K · March 12, 2026
TCI is an externally-managed real estate operator focused on multifamily development and office assets in the Southern U.S.; in 2025 it invested $69.0 million in four development projects (Alera, Bandera Ridge, Merano,…
Earnings analysis · 10-Q
TCI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Transcontinental Realty reported a significant decrease in net income for Q1 2026, totaling $324,000 compared to $4.78 million in Q1 2025, driven by diminished revenues and increased expenses in the multifamily segment.…
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Transcontinental Realty reported a significant decrease in net income for Q1 2026, totaling $324,000 compared to $4.78 million in Q1 2025, driven by diminished revenues and increased expenses in the multifamily segment. However, the commercial segment showed improvement with a $664,000 increase in revenue year-over-year. Cash used in operating activities decreased notably, signaling better liquidity management moving forward, though the overall cash flow from operations remains negative.
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
- $0.01
- Segment
- Multifamily
- Segment
- Commercial
What stood out
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Segment Revenue Growth
The commercial segment grew revenues by $664,000, reaching $3.9 million, while the multifamily segment declined by $331,000 to $8.4 million.
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Improved Operating Cash Flow
Cash used in operating activities improved to -$2.94 million from -$7.43 million year-over-year, a $4.49 million decrease.
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Revenue from Property Sales
The sale of land lots contributed a total revenue of $1.0 million from 21 lots sold during the period.
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Net Income Reduction
Net income decreased to $324,000 for Q1 2026 from $4.78 million in Q1 2025, primarily due to lower NOI in the multifamily segment.
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Decrease in Interest Exp
Interest income fell by $1.38 million to $1.47 million, due to decreased funds available for investment.
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Operating Efficiency Gains
Cost management in financing resulted in lower net cash used for financial activities, down to $1.06 million from $15.60 million.
What to watch
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Decreased NOI from Multifamily Properties
The multifamily segment experienced a $1.7 million drop in Net Operating Income (NOI), impacting overall profitability.
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Higher Debt Servicing Costs
Interest expense rose due to development properties placed in service in late 2025, complicating the liquidity outlook.
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Decline in Gain on Asset Sales
Gain on sale or write-down of assets decreased by $3.5 million compared to the prior year, reflecting lower property transaction values.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 6, 2025
TCI reported third-quarter revenue of $12,835,000, up from $11,607,000 in Q3 2024, while diluted EPS declined to $0.08 from $0.20 a year ago. NOI across segments rose to $5,285,000 versus $4,618,000, driven by…
10-Q · August 7, 2025
Q2 2025 results show modest revenue growth to $12.16M (+$0.387M YoY) with strong NOI (segments profit) of $5.625M (46.3% of revenue) offset by an operating loss of $0.825M (−6.8% margin). EPS fell to $0.02 from $0.17 a…
10-K · March 20, 2025
Transcontinental Realty Investors (TCI) is an externally-managed, Southern U.S.-focused owner/developer of multifamily and commercial properties that says its strategy is to maximize long-term value through acquisition,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.