AMREP CORP. (AXR)·Q1 2026 Earnings Summary

Executive Summary

• Q1 FY2026 delivered $17.85M revenue and $0.87 diluted EPS, with net income of $4.69M; EPS and net income rose year over year despite a 6.5% revenue decline versus Q1 FY2025 .
• Results materially beat sparse Wall Street consensus: revenue $17.85M vs $13.86M* and EPS $0.87 vs $0.38*; the upside likely reflects quarter-specific transaction mix and timing effects that management regularly cautions about .
• Sequentially, results improved versus Q4 FY2025 on revenue and earnings (revenue +72%, EPS +19%), consistent with the company’s transaction-driven cadence* .
• No formal guidance was provided; management reiterated the inherent variability in land/home sales by type and location, a recurring thematic caution for expectations setting .

What Went Well and What Went Wrong

What Went Well

• Profitability up year over year despite lower revenue: net income $4.69M vs $4.06M (+15%) and diluted EPS $0.87 vs $0.76 (+14%) .
• Solid beat versus the limited Street view: revenue $17.85M vs $13.86M*, EPS $0.87 vs $0.38* .
• “AMREP Corporation (NYSE:AXR) today reported net income of $4,692,000, or $0.87 per diluted share, for its 2026 fiscal first quarter ended July 31, 2025…” (press release) .

What Went Wrong

• Top-line declined 6.5% year over year: $17.85M vs $19.09M in Q1 FY2025, reflecting mix/timing dynamics .
• Management again highlighted period-to-period variability risk tied to transaction nature/timing and type/location of land or homes sold, complicating run-rate predictability: “revenues, average selling prices and related gross margins… can vary significantly from period to period” .
• No guidance ranges were provided for revenue, margins, or operating metrics, limiting visibility for investors .

Financial Results

Quarterly Performance vs Prior Periods and Estimates

Note: * Values retrieved from S&P Global.

Margin Profile

Note: * Values retrieved from S&P Global.

Segment Breakdown

KPIs

Guidance Changes

Earnings Call Themes & Trends

Note: No Q1 FY2026 earnings call transcript was located; trends are inferred from recurring press release disclosures.

Management Commentary

• Strategic positioning: “AMREP Corporation, through its subsidiaries, is a major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico.” (press release) .
• Expectation setting: “As a result of many factors, including the nature and timing of specific transactions and the type and location of land or homes being sold, revenues, average selling prices and related gross margins… can vary significantly from period to period…” (press release) .
• Disclosure pathway: Management directed investors to the concurrently filed Form 10‑Q for more detail .

Q&A Highlights

• No Q1 FY2026 earnings call transcript was available; therefore, no Q&A highlights or guidance clarifications were published in our document set [ListDocuments result shows no earnings call transcript for AXR in 2025].

Estimates Context

• Q1 FY2026 actuals vs consensus: Revenue $17.85M vs $13.86M* and diluted EPS $0.87 vs $0.38*; both are significant beats with only one published estimate for each metric (1 estimate)* .
• Given the magnitude of the beat and recurring variability commentary, near-term Street models may need to incorporate wider quarterly ranges and transaction timing sensitivity rather than a straight-line run rate* .
• Note: S&P Global estimates coverage is limited (single estimate), which reduces confidence in consensus precision*.

Note: * Values retrieved from S&P Global.

Key Takeaways for Investors

• Strong profitability despite a 6.5% year-over-year revenue decline; EPS and net income expanded, underscoring the impact of transaction mix and margin performance .
• Material top- and bottom-line beats versus the limited consensus should be a positive near-term catalyst, but the company’s acknowledged variability argues for cautious model extrapolation* .
• Sequential momentum into Q1 FY2026 from Q4 FY2025 supports the view that quarterly outcomes hinge on the cadence of closings and deal mix* .
• Lack of formal guidance persists; stock may trade more on realized closings and announced transactions than on forward commentary .
• Core strategy remains focused on New Mexico land development and homebuilding; investors should monitor land transactions, home closings, and any regulatory or permitting updates in that region .
• For position sizing and risk management, consider quarterly volatility bands given management’s variability emphasis and sparse external estimates coverage* .
• Near-term update cadence likely tied to subsequent 10‑Q filings and press releases; absence of call transcripts limits qualitative color—review SEC filings for more granular detail .