Tejon Ranch (NYSE:TRC), a diversified real estate development and agribusiness company, reported financial results for the fourth quarter and full year ended December 31, 2025.
The company posted fourth-quarter revenue of $23.3 million, an 8% increase over the prior year, driven largely by a dramatic recovery in its farming operations.
Net income for the quarter was $1.6 million, or $0.06 per share, compared to $4.5 million in the fourth quarter of 2024, with the year-over-year decrease primarily attributed to $3.4 million in one-time costs related to shareholder activism defense and litigation.
The fiscal 2025 story was defined by a significant "inflection point" in the company's agricultural segment.
Farming revenue surged 35% to $18.7 million for the year, fueled by the return of pistachio production in an "on-bearing" year, which contributed $5.3 million in revenue that was absent in 2024.
This rebound, alongside improved pricing for almonds and wine grapes, allowed the segment to narrow its operating loss to just $0.1 million—nearly reaching breakeven.
Meanwhile, the Tejon Ranch Commerce Center (TRCC) maintained its strength, ending the year with its 2.8 million-square-foot industrial portfolio 100% leased.
Real estate highlights for the year included the completion of the first phase of the Terra Vista at Tejon multi-family community.
As of March 19, 2026, 71% of the 228 units have been leased, marking a successful entry into the residential rental market.
The company also benefited from increased foot traffic at the Outlets at Tejon, which saw its highest retail sales month ever in December, bolstered by the neighboring Hard Rock Tejon Casino.
Mineral resources remained a stable contributor, generating $2.8 million in operating income through royalties and improved pricing for rock and aggregate.