PURE CYCLE (PCYO) Company Report

Pure Cycle Corporation reported net income of $13.1 million and earnings per fully diluted common share of $0.54 for the year ended August 31, 2025, marking a 13% and 12.5% increase respectively from 2024.
Total revenue for the year ended August 31, 2025, was $26.1 million, a 9% decrease compared to $28.7 million in 2024, primarily due to the timing of lot sales revenue.
The company experienced a substantial increase in oil and gas royalty income, which rose 738% to $6.7 million in fiscal year 2025.
Pure Cycle completed the delivery of finished lots in Phase 2C of its Sky Ranch Master Planned Community and is progressing with utility work in Phase 2D, expected to be completed in fiscal 2026.
The company continued its share repurchase program, buying back 95,426 shares at an average price of $10.22 per share during FY 2025, with 104,574 shares remaining for repurchase.

Nov 13, 2025, 3:19 PM

PCYO Reports Exceeded 2025 Year-End Earnings Per Share and Provides 2026 Revenue Guidance

PCYO

Earnings

Guidance Update

New Projects/Investments

PCYO reported that its net income and earnings per share exceeded expectations for year-end 2025, largely due to stronger-than-projected oil and gas royalty income from new wells.
While year-end 2025 revenue was slightly below expectations due to housing headwinds delaying land development revenue into 2026, Q4 2025 performance was solid.
The company forecasts gross revenue for 2026 to be in the range of $26 million to $30 million.
PCYO anticipates continued recurring revenue growth in 2026 from its water and single-family rental segments, with a significant acceleration in land development revenue by 2028 through commercial lot monetization.
The company maintains a strong balance sheet, with ongoing investments in assets and a share repurchase program.

Nov 13, 2025, 1:30 PM

Pure Cycle Announces Fiscal Year 2025 Financial Results

PCYO

Earnings

New Projects/Investments

Demand Weakening

Pure Cycle Corporation reported net income of $13.1 million for the year ended August 31, 2025, marking a 13% increase from 2024, with earnings per fully diluted common share of $0.54, up 12.5% from $0.48 in 2024.
Total revenue for FY 2025 was $26.1 million, a 9% decrease compared to $28.7 million in 2024, primarily due to decreased lot delivery revenue. However, oil and gas royalty income significantly increased by 738% to $6.7 million.
Operationally, the company completed delivery of finished lots in Phase 2C of its Sky Ranch Master Planned Community and is progressing with Phase 2D, which is expected to be substantially complete by the end of fiscal 2026. Water and wastewater tap sales increased to 182 taps in 2025 from 73 taps in 2024.
As of August 31, 2025, cash and cash equivalents totaled $21.9 million.

Nov 12, 2025, 9:01 PM

Pure Cycle Corporation Presents Business Segments and Growth Outlook at Lithium Partners Conference

PCYO

Guidance Update

New Projects/Investments

Share Buyback

Pure Cycle Corporation highlighted its three primary business segments: water and wastewater provision, land development, and single-family rentals, emphasizing its $14.5 million cost basis in water rights that can serve approximately 60,000 single-family residential units.
The company's land development efforts are centered on the Sky Ranch project, which is planned for 3,200 single-family units and 2 million square feet of commercial space, with 1,000 lots delivered to date and an estimated over $600 million in net margin potential from current inventory over the next 5-6 years.
Pure Cycle maintains a robust financial position with approximately $60 million in total liquidity and minimal debt of about $7 million, and is actively engaged in share repurchases.
The company forecasts significant growth, expecting customer accounts to increase to 2,500-3,000 over the next 3-5 years and aiming to expand its single-family rental portfolio to 200-300 homes.