Tejon Ranch Company Announces Second Quarter 2026 Financial Results

Rhea-AI Summary

Tejon Ranch (NYSE:TRC) reported second quarter 2026 net income attributable to common stockholders of $2.6 million, or $0.10 per basic and diluted share, compared to a net loss of $1.7 million, or $(0.06) per share, in the prior-year quarter.

Total revenues and other income, including equity in earnings of unconsolidated joint ventures, rose $6.3 million to $17.4 million. Adjusted EBITDA increased to $8.4 million from $5.7 million. Year-to-date corporate expenses declined to $4.7 million from $9.1 million, with the prior period including $3.4 million of non-recurring costs.

Commercial/industrial real estate revenues increased to $9.7 million, largely driven by a $6.9 million land sale tied to a new Dedeaux Properties industrial joint venture in which Tejon Ranch holds a 60% economic interest. As of June 30, 2026, the TRCC industrial portfolio was 100% leased and the commercial portfolio 95% leased, while Terra Vista multifamily leasing surpassed 80%.

Positive

• Net income swung to $2.6 million in Q2 2026 from a $1.7 million loss
• Total revenues and other income increased by $6.3 million to $17.4 million in Q2 2026
• Adjusted EBITDA rose to $8.4 million from $5.7 million year over year in Q2
• Year-to-date corporate expenses declined to $4.7 million from $9.1 million
• Commercial/industrial real estate revenues grew to $9.7 million from $5.1 million in Q2
• Mineral resources revenues for the first six months increased 30% to $5.3 million
• Total liquidity stood at $79.2 million, including $15.1 million in cash and securities
• TRCC industrial portfolio remains 100% leased, and commercial portfolio is 95% leased

Negative

• Farming revenues for the first six months declined to $1.6 million from $2.2 million
• Cash and marketable securities decreased to $15.1 million from approximately $24.9 million at year-end 2025
• Total Q2 2026 costs and expenses increased to $13.9 million from $12.4 million year over year
• Management notes net income will fluctuate with timing of land sales, leasing, and commodity prices

News Explained

Tejon has started a 510,500-square-foot industrial project in a venture with a 60% economic interest, alongside $79.2 million of June 30 liquidity.

For the quarter ended June 30, 2026, construction had commenced on Building 1B at TRCC through Tejon Ranch’s 60-40 joint venture with Dedeaux Properties. If completed in early 2027, the project would add approximately 510,500 square feet of industrial capacity to the portfolio, but that addition is not yet complete.

As of June 30, 2026, reported liquidity was approximately $79.2 million, comprising about $15.1 million of cash and securities and $64.1 million available under the line of credit.

The company says the effect of February rainfall on crop yields will not be known until harvest, leaving that farming outcome unresolved alongside the stated early-2027 Building 1B completion milestone.

Market Reaction – TRC

+2.64% $16.89

15m delay

+2.64% Vs previous close

$16.89 Last Price

$16.41 $17.12 Day Range

$462.97M Market Cap

0.1x Rel. Volume

Following this news, TRC has gained 2.64%, reflecting a moderate positive market reaction. The stock is currently trading at $16.89.

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Market Context

TRC's earnings-event average move was -1.35% across five tag-matched events. That record adds contex...

Analysis

TRC's earnings-event average move was -1.35% across five tag-matched events. That record adds context to improved quarterly results; land-sale timing and crop-yield uncertainty remained variables to watch, alongside low short positioning.

Key Figures

Net income attributable to common stockholders: $2.6M EPS: $0.10/share Revenues and other income: $17.4M +5 more

8 metrics

Net income attributable to common stockholders $2.6M Q2 2026, compared with a $1.7M loss in Q2 2025

EPS $0.10/share Q2 2026 basic and diluted, compared with $(0.06) in Q2 2025

Revenues and other income $17.4M Q2 2026, compared with $11.1M in Q2 2025

Corporate expenses $4.7M Year-to-date 2026, compared with $9.1M in the prior-year period

Adjusted EBITDA $8.4M Q2 2026, compared with $5.7M in Q2 2025

Dedeaux land sale $6.9M Commercial/industrial segment transaction in Q2 2026

TRCC industrial portfolio leasing 100% leased 2.8 million square feet of GLA as of June 30, 2026

Total liquidity $79.2M As of June 30, 2026

Previous Earnings Reports

5 past events · Latest: May 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q1 earnings	Positive	+3.9%	Net income, revenue, and Adjusted EBITDA improved year over year.
Mar 19	Q4/full-year earnings	Positive	+2.4%	Annual revenue and Adjusted EBITDA increased despite lower quarterly net income.
Nov 06	Q3 earnings	Positive	-1.4%	Quarterly profitability and operating metrics improved while the stock declined.
Aug 07	Q2 earnings	Negative	-7.6%	The company reported a quarterly net loss despite higher revenue.
May 08	Q1 earnings	Negative	-4.0%	The quarterly net loss widened amid proxy contest expenses.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-matched earnings events had a negative average reaction of -1.35%, with one clear divergence despite generally positive operating updates.

Key Terms

adjusted ebitda, non-gaap, unconsolidated joint ventures

3 terms

adjusted ebitda financial

"Adjusted EBITDA, a non-GAAP measure, increased by $2.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Adjusted EBITDA, a non-GAAP measure, increased by $2.7 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

unconsolidated joint ventures financial

"including equity in earnings of unconsolidated joint ventures increased"

Unconsolidated joint ventures are business partnerships where a company shares ownership and control but keeps the venture’s full financials separate from its own books; the company typically reports only its share of profit or loss instead of combining all assets, liabilities and sales. This matters to investors because it can hide the venture’s full risks, debts and revenues from the parent’s financial statements, so understanding these arrangements helps assess true exposure and future cash flow potential — like seeing only your slice of a pie rather than the whole pie’s size.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TEJON RANCH, Calif., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), ("Tejon" or the "Company"), a diversified real estate, land and agribusiness company, today announced financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Net income attributable to common stockholders increased by $4.3 million to $2.6 million ($0.10/share basic and diluted), compared to a loss of $1.7 million, ($0.06/share) in the second quarter of 2025.
• Revenues and other income, including equity in earnings of unconsolidated joint ventures increased by $6.3 million to $17.4 million, compared to $11.1 million, in the second quarter of 2025, while overall results also benefited from disciplined cost management, with year-to-date corporate expenses of $4.7 million compared to $9.1 million in the prior-year period. The prior-year period included $3.4 million of non-recurring corporate expenses.
• Adjusted EBITDA, a non-GAAP measure, increased by $2.7 million to $8.4 million compared to $5.7 million in the second quarter of 2025.
  
  

Executive Summary

“Last year we committed to a clear strategy of cost discipline and capital efficiency, and this quarter's improved performance reflects a company executing its plan," said Matthew Walker, President and Chief Executive Officer of Tejon Ranch Company. “Compared to the prior year, we’ve cut corporate expenses and grown Adjusted EBITDA approximately 47%. Revenue benefited from the Dedeaux land sale, a transaction that also launches a new industrial joint venture at Tejon Ranch Commerce Center in which we hold a 60% economic interest, while our multifamily, mineral resources, and ranch operations segments all grew.”

“Terra Vista continues to stabilize, with leasing now surpassing 80%, and our TRCC industrial portfolio remains fully leased. The discipline we’ve imposed and momentum we’re seeing position the Company to accelerate, as our investments mature and new opportunities emerge across the Ranch.”

Commercial/Industrial Real Estate Update

• Segment revenues increased $4.6 million to $9.7 million, compared to $5.1 million in the second quarter of 2025, driven primarily by the $6.9 million land sale associated with the Dedeaux Properties joint venture.
• Leasing and occupancy as of June 30, 2026:
  • The TRCC industrial portfolio, through the Company's joint venture partnerships, consists of 2.8 million square feet of GLA and remains 100% leased.
  • The TRCC commercial portfolio, wholly owned and through joint venture partnerships, consists of approximately 584,000 square feet of GLA and is 95% leased.
  • Occupancy at the Outlets at Tejon was 92% as of June 30, 2026.
  • Construction commenced on Building 1B at TRCC through the Company's 60-40 joint venture with Dedeaux Properties. Upon its completion in early 2027, this asset will add approximately 510,500 square feet of Class-A capacity to our industrial portfolio.
  • Management continues to see elevated activity at TRCC tied to the lease-up of Terra Vista and the opening of the Hard Rock Casino Tejon, with outlet traffic increasing approximately 25%, year over year, and outlet sales per square foot rising 11%, as the positive trends that emerged at the end of 2025 extended into the second quarter. Similar trends are evident in fuel sales at the Company's travel centers which are a joint venture with TravelCenters of America Inc.
    
    

Farming Highlights

• Farming segment revenues were $0.8 million, compared to $0.6 million in the second quarter of 2025.
• For the first six months of 2026, farming revenues were $1.6 million, compared to $2.2 million in the prior-year period.
• The year-over-year decline reflects lower carryover crop available for sale in the first half of 2026, as the Company strategically accelerated sales of carryover inventory during the fourth quarter of 2025 to capitalize on stronger-than-anticipated pricing.
• The Company planted 150 acres of olives in 2025 and an additional 150 acres in 2026 as part of its ongoing crop diversification strategy.
  
  

Mineral Resources Highlights

• Mineral resources segment revenues increased 20% to $1.8 million, compared to $1.5 million in the second quarter of 2025, with segment operating profit increasing 25% to $0.9 million.
• For the first six months of 2026, segment revenues increased 30% to $5.3 million, driven primarily by opportunistic water sales executed in the first quarter.
• Underlying royalty streams across rock and aggregate, cement, and oil and gas continued to contribute stable cash flow during the quarter.
  
  

Liquidity and Capital Resources

As of June 30, 2026, total capital, including debt, was $588.9 million. The Company had total liquidity of approximately $79.2 million, consisting of cash and securities totaling approximately $15.1 million and $64.1 million available on its line of credit.

2026 Outlook:

The Tejon Ranch Commerce Center remains the Company’s primary mixed-use development platform, with the new industrial Building 1B on track for an early 2027 delivery. The Company expects to continue to pursue commercial and industrial development both directly and through joint ventures, including opportunistic land sales. The Company continues to advance its proposed residential communities. Across the Ranch, the Company’s recurring revenue streams continue to perform, and management remains focused on leveraging the full breadth of its landholdings to drive value.

Net income will fluctuate with the timing of land sales, leasing activity, and commodity prices. In farming, winter conditions generally provided adequate chill accumulation for the Company’s almond and pistachio orchards. Significant rainfall during the February bloom created less favorable pollination conditions, although the impact on crop yields is not expected to be known until harvest. California's spot water market is impacted by a higher State Water Project allocation this year, however the Company continues to look for opportunities to execute water sales when market conditions are favorable.

Earnings Conference Call Information

The Company will host a conference call to discuss its second quarter 2026 financial results:

• Date: Thursday, August 6, 2026
• Time: 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time
• Dial-In: (877) 704-4453 (U.S.) or +1 (201) 389-0920 (International)
• Conference Call Playback: (844) 512-2921 (U.S.) or +1 (412) 317-6671 (International) Passcode: 13759630
  
  

The full playback can be accessed through Thursday, September 3, 2026.

About Tejon Ranch Co.

Tejon Ranch Co. (NYSE: TRC) is a California-based company whose 270,000-acre landholding in Los Angeles and Kern Counties supports a diversified portfolio of real estate and land-based businesses. Strategically located 60 miles north of downtown Los Angeles at its southern boundary and to an area approximately 15 miles southeast of Bakersfield at its northern boundary, the Company’s operations include the development and operations of commercial and industrial real estate, master planned communities, as well as farming, grazing and game management. Tejon Ranch Co. also generates revenue through ground leases, royalty agreements, and rights-of-way easements supporting infrastructure, energy, telecommunications and utility uses. For more information, please visit www.tejonranch.com.

Forward Looking Statements:

This release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include, among others, statements regarding the Company’s business plans, strategies, prospects, objectives, future operating results, financial condition, capital allocation, cost structure, development and entitlement timelines, partnerships, and other future events or circumstances.

Forward-looking statements reflect the Company’s current expectations and beliefs and are not guarantees of future performance. These statements speak only as of the date of this release. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “may,” “will,” “could,” “should,” “would,” “likely,” and similar expressions are intended to identify forward-looking statements.

These statements are based on current assumptions and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, market, economic, geopolitical, and weather conditions; the availability and cost of financing; competition; commodity prices and agricultural yields; the ability to obtain and maintain governmental entitlements and permits; the timing and outcome of regulatory and litigation matters; demand for commercial, industrial, residential, and retail real estate; and other risks inherent in the Company’s real estate and agricultural operations.

There can be no assurance that actual results will not differ materially from these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements. Investors are cautioned not to place undue reliance on these statements. For additional information regarding risks and uncertainties, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission.

(Financial tables follow)

TEJON RANCH CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ($ in thousands, except per share amounts)
	June 30, 2026				December 31, 2025
	(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	3,870			$	9,524
Marketable securities - available-for-sale		11,187				15,370
Accounts receivable		2,638				9,389
Inventories		9,391				3,347
Prepaid expenses and other current assets		4,629				1,632
Total current assets		31,715				39,262
Real estate and improvements - held for lease, net		78,247				79,177
Real estate development (includes $130,824 at June 30, 2026 and $128,549 at December 31, 2025, attributable to CFL)		360,470				356,567
Property and equipment, net		60,372				59,311
Investments in unconsolidated joint ventures		39,267				29,986
Net investment in water assets		66,790				62,593
Other assets		2,677				3,573
TOTAL ASSETS	$	639,538			$	630,469
LIABILITIES AND EQUITY
Current Liabilities:
Trade accounts payable	$	5,648			$	5,240
Accrued liabilities and other		2,335				2,188
Deferred income		2,878				2,062
Total current liabilities		10,861				9,490
Revolving line of credit		95,942				93,942
Long-term deferred gains		13,934				10,935
Deferred tax liability		9,834				9,849
Other liabilities		16,054				15,697
Total liabilities		146,625				139,913
Commitments and contingencies
Equity:
Tejon Ranch Co. stockholders’ equity
Common stock, $0.50 par value per share:
Authorized shares - 50,000,000
Issued and outstanding shares - 27,004,897 at June 30, 2026 and 26,916,837 at December 31, 2025		13,504				13,460
Additional paid-in capital		349,805				350,242
Accumulated other comprehensive loss		(211	)			(177	)
Retained earnings		114,459				111,673
Total Tejon Ranch Co. stockholders’ equity		477,557				475,198
Non-controlling interest		15,356				15,358
Total equity		492,913				490,556
TOTAL LIABILITIES AND EQUITY	$	639,538			$	630,469

TEJON RANCH CO. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share amounts)
	Three Months Ended June 30,							Six Months Ended June 30,
		2026				2025			2026				2025
Revenues:
Real estate - commercial/industrial	$	9,663			$	5,092		$	12,425			$	7,846
Multifamily		857				15			1,553				15
Mineral resources		1,789				1,510			5,322				4,105
Farming		750				607			1,645				2,163
Ranch operations		1,200				1,083			2,817				2,387
Total revenues		14,259				8,307			23,762				16,516
Costs and expenses:
Real estate - commercial/industrial		6,212				3,215			7,890				4,871
Multifamily		1,028				321			2,052				512
Real estate - resort/residential		363				304			719				690
Mineral resources		890				790			3,378				2,875
Farming		1,286				1,497			3,275				4,045
Ranch operations		1,293				1,335			2,506				2,608
Corporate expenses		2,839				4,900			4,725				9,136
Total costs and expenses		13,911				12,362			24,545				24,737
Operating income (loss)		348				(4,055	)		(783	)			(8,221	)
Other income:
Investment income		111				226			253				572
Other loss, net		(82	)			(4	)		(174	)			(80	)
Total other income, net		29				222			79				492
Income (loss) before equity in earnings of unconsolidated joint ventures and income tax expense (benefit)		377				(3,833	)		(704	)			(7,729	)
Equity in earnings of unconsolidated joint ventures, net		3,100				2,555			4,390				3,713
Income (loss) before income tax expense (benefit)		3,477				(1,278	)		3,686				(4,016	)
Income tax expense (benefit)		843				435			902				(837	)
Net income (loss)		2,634				(1,713	)		2,784				(3,179	)
Net loss attributable to non-controlling interest		(1	)			(1	)		(2	)			(3	)
Net income (loss) attributable to common stockholders	$	2,635			$	(1,712	)	$	2,786			$	(3,176	)
Net income (loss) per share attributable to common stockholders, basic	$	0.10			$	(0.06	)	$	0.10			$	(0.12	)
Net income (loss) per share attributable to common stockholders, diluted	$	0.10			$	(0.06	)	$	0.10			$	(0.12	)
Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.

Non-GAAP Financial Measures

This press release includes references to the Company’s non-GAAP financial measures “EBITDA”, and Adjusted EBITDA. EBITDA represents the Company's share of consolidated net income in accordance with U.S. generally accepted accounting principles (“GAAP”), before interest, taxes, depreciation, and amortization, plus the allocable portion of EBITDA of unconsolidated joint ventures accounted for under the equity method of accounting based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. EBITDA is a non-GAAP financial measure and is used by the Company and others as a supplemental measure of performance. Tejon Ranch also uses Adjusted EBITDA to assess the performance of the Company's core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA, excluding stock compensation expense and certain identified non-recurring items that are not indicative of our on-going operations or that may obscure our underlying results and trends. The Company believes EBITDA and Adjusted EBITDA provide investors relevant and useful information, when reconciled to their most comparable GAAP financial measure, because they permit investors to view income from operations on an unlevered basis before the effects of taxes, depreciation and amortization, and stock compensation expense. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure the Company's performance independent of its capital structure and indebtedness and, therefore, allow for a more meaningful comparison of the Company's performance to that of other companies, both in the real estate industry and in other industries. The Company believes that excluding charges related to share-based compensation facilitates a comparison of its operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside the Company's control), and the assumptions and the variety of award types that a company can use. In addition, the Company excludes certain items impacting comparability, such as shareholder activism advisory costs and legal expenses associated with the Centennial litigation, to provide investors with a clearer understanding of the Company’s core operating performance across periods. EBITDA and Adjusted EBITDA have limitations as measures of the Company's performance. EBITDA and Adjusted EBITDA do not reflect Tejon Ranch's historical cash expenditures or future cash requirements for capital expenditures or contractual commitments. While EBITDA and Adjusted EBITDA are relevant and widely used measures of performance, they do not represent net income or cash flows from operations as defined by GAAP, and they should not be considered as alternatives to those indicators in evaluating performance or liquidity. Further, the Company's computation of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies.

Adjusted Farming EBITDA before fixed water obligations is not a measure of financial performance prepared in accordance with GAAP and should not be considered in isolation or as a substitute for net income, operating income, or other performance measures prepared in accordance with GAAP. The Company defines Adjusted Farming EBITDA before fixed water obligations as net income (loss) before interest, taxes, depreciation, and amortization, further adjusted to exclude non-recurring items such as gains or losses on asset sales, impairments, share-based compensation, and other non-cash charges, and before deducting the Company’s fixed water obligations. Management uses this measure to evaluate the core operating performance of its farming operations and to facilitate period-to-period comparisons by isolating the impact of variable farming costs from the fixed water infrastructure costs. The Company believes this measure provides investors with additional insight into the underlying cash flow potential of its agricultural operations. A reconciliation of Adjusted Farming EBITDA before fixed water obligations to the most directly comparable GAAP measure, Operating loss from farming, is provided below.

TEJON RANCH CO. Non-GAAP Financial Measures (Unaudited)
	Three Months Ended June 30,
($ in thousands)		2026				2025
Net (loss) income	$	2,634			$	(1,713	)
Net loss attributable to non-controlling interest		(1	)			(1	)
Interest, net
Consolidated		(111	)			(226	)
Our share of interest expense from unconsolidated joint ventures		1,430				1,473
Total interest, net		1,319				1,247
Income tax expense		843				435
Depreciation and amortization:
Consolidated		1,391				1,095
Our share of depreciation and amortization from unconsolidated joint ventures		1,668				1,738
Total depreciation and amortization		3,059				2,833
EBITDA		7,856				2,803
Stock compensation expense		530				624
Items impacting comparability:
Shareholder activism expense		—				2,316
Adjusted EBITDA	$	8,386			$	5,743

	Six Months Ended June 30,								TTM* Ended June 30,
($ in thousands)		2026				2025				2026				2025
Net income (loss)	$	2,784			$	(3,179	)		$	6,034			$	(533	)
Net loss attributable to non-controlling interest		(2	)			(3	)			(3	)			(4	)
Interest, net
Consolidated		(253	)			(572	)			(595	)			(1,530	)
Our share of interest expense from unconsolidated joint ventures		2,827				2,934				5,686				6,005
Total interest, net		2,574				2,362				5,091				4,475
Income tax provision (benefit)		902				(837	)			2,827				2,257
Depreciation and amortization:
Consolidated		2,864				2,110				6,768				5,074
Our share of depreciation and amortization from unconsolidated joint ventures		3,334				3,432				6,892				6,891
Total depreciation and amortization		6,198				5,542				13,660				11,965
EBITDA		12,460				3,891				27,615				18,168
Stock compensation expense		712				1,290				1,133				3,118
Items impacting comparability:
Shareholder activism expense		—				3,399				—				3,399
Centennial litigation expense		—				—				1,100				—
Adjusted EBITDA	$	13,172			$	8,580			$	29,848			$	24,685
*Trailing Twelve Month (TTM)

Reconciliation of Net Income to Adjusted TTM EBITDA
		TTM EBITDA Ended June 30, 2026
($ in thousands)		Commercial Real Estate			Multifamily				Farming			Mineral Resources			Ranch Operations			Residential Real Estate				Corporate				Tejon PRS of UJV				Grand Total
Net income (loss)		$	8,562			(1,547	)		$	140		$	3,543		$	750		$	(2,306	)		$	(12,147	)		$	9,039			$	6,034
Net income attributed to non-controlling interest			—			—				—			—			—			—				—				(3	)			(3	)
Interest, net
Consolidated interest income			—			—				—			—			—			—				(595	)			—				(595	)
Our share of interest expense from unconsolidated joint ventures			—			—				—			—			—			—				—				5,686				5,686
Total interest, net			—			—				—			—			—			—				(595	)			5,686				5,091
Income tax expense			—			—				—			—			—			—				2,827				—				2,827
Depreciation and amortization
Consolidated			482			1,853				2,320			1,376			362			29				346				—				6,768
Our share of depreciation and amortization from unconsolidated joint ventures			—			—				—			—			—			—				—				6,892				6,892
Total depreciation and amortization			482			1,853				2,320			1,376			362			29				346				6,892				13,660
EBITDA			9,044			306				2,460			4,919			1,112			(2,277	)			(9,569	)			21,620				27,615
Stock compensation expense			61			—				30			9			9			195				829				—				1,133
Items impacting comparability:																															—
Other1			—			—				—			—			—			—				1,100				—				1,100
Adjusted EBITDA		$	9,105		$	306			$	2,490		$	4,928		$	1,121		$	(2,082	)		$	(7,640	)		$	21,620			$	29,848
1Represents legal expenses associated with the Centennial litigation attributable to opposing counsel.

Quarterly information is not indicative of full year results due to seasonality.

		TTM EBITDA Ended June 30, 2025
($ in thousands)		Commercial Real Estate			Multifamily				Farming				Mineral Resources			Ranch Operations			Residential Real Estate				Corporate				Tejon PRS of UJV				Grand Total
Net income (loss)		$	5,849			(307	)		$	(3,361	)		$	3,102		$	526		$	(1,317	)		$	(15,337	)		$	10,312			$	(533	)
Net income attributed to non-controlling interest			—			—				—				—			—			—				—				(4	)			(4	)
Interest, net
Consolidated interest income			—			—				—				—			—			—				(1,530	)			—				(1,530	)
Our share of interest expense from unconsolidated joint ventures			—			—				—				—			—			—				—				6,005				6,005
Total interest, net			—			—				—				—			—			—				(1,530	)			6,005				4,475
Income tax expense			—			—				—				—			—			—				2,257				—				2,257
Depreciation and amortization
Consolidated			421			140				2,358				1,375			387			42				351				—				5,074
Our share of depreciation and amortization from unconsolidated joint ventures			—			—				—				—			—			—				—				6,891				6,891
Total depreciation and amortization			421			140				2,358				1,375			387			42				351				6,891				11,965
EBITDA			6,270			(167	)			(1,003	)			4,477			913			(1,275	)			(14,259	)			23,212				18,168
Stock compensation expense			116			—				148				51			10			461				2,332				—				3,118
Items impacting comparability:
Other 1			—			—				—				—			—			—				3,399				—				3,399
Adjusted EBITDA		$	6,386		$	(167	)		$	(855	)		$	4,528		$	923		$	(814	)		$	(8,528	)		$	23,212			$	24,685
1 Represents shareholder activism expense

Quarterly information is not indicative of full year results due to seasonality.

Reconciliation of Adjusted Farming EBITDA before Fixed Water Obligations
(Unaudited)

The Company evaluates the performance of its farming operations using Adjusted Farming EBITDA before fixed water obligations, a non-GAAP financial measure. Management believes this measure provides a meaningful representation of the underlying profitability and cash flow potential of its agricultural operations by excluding both non-operating items and the fixed water obligation, which represents a non-controllable infrastructure cost incurred regardless of the level of farming activity in this segment.

The fixed water obligations reflect the Company’s allocated share of infrastructure and financing costs associated with the transmission and delivery of water to the Company’s property. These obligations primarily consist of annual assessments levied to repay bonds issued by the State of California to finance the construction and on-going maintenance of the state water project system and local water districts water systems. The landowners who hold water rights, including the Company, are responsible for repaying these bonds through fixed annual payments.

Unlike variable water costs which are included in farming expenses, management views the fixed water obligation as an infrastructure cost that supports long-term access to water resources, rather than an essential operating cost of farming. Accordingly, Adjusted Farming EBITDA before fixed water obligations allows management and investors to evaluate the operating performance of the Company’s farming segment independent of the fixed costs associated with water infrastructure.

($ in thousands)	Three Months Ended June 30,							Six Months Ended June 30,
Farming Segment		2026				2025			2026				2025
Farming revenues	$	750			$	607		$	1,645			$	2,163
Farming expenses		1,286				1,497			3,275				4,045
Operating loss from farming		(536	)			(890	)		(1,630	)			(1,882	)
Depreciation		257				312			586				680
Stock compensation expense		17				32			(39	)			71
Adjusted Farming EBITDA		(262	)			(546	)		(1,083	)			(1,131	)
Fixed Water Obligations		765				673			1,771				1,516
Adjusted Farming EBITDA before Fixed Water Obligations	$	503			$	127		$	688			$	385

Earnings Per Share (EPS) and Share Data (Unaudited)
	Three Months Ended
	June 30, 2026			December 31, 2025			September 30, 2025			June 30, 2025				March 31, 2025
Basic earnings per share	$	0.10		$	0.06		$	0.06		$	(0.06	)		$	(0.06	)
Diluted earnings per share	$	0.10		$	0.06		$	0.06		$	(0.06	)		$	(0.06	)
Book value per common share	$	17.68		$	17.65		$	17.60		$	17.54			$	17.59
Period End Share Price	$	18.70		$	15.77		$	15.98		$	16.96			$	15.85
Weighted average shares		27,004,319			26,907,329			26,890,979			26,878,658				26,852,573
Weighted average diluted shares		27,069,691			26,965,558			26,939,860			26,878,658				26,852,573
Outstanding Shares		27,004,897			26,916,837			26,893,955			26,880,668				26,867,600

Contacts

Tejon Ranch Co.

Nicholas Ortiz

Senior Vice President, Corporate Communications & Public Affairs

661-663-4212

IR@tejonranch.com

FAQ

What were Tejon Ranch (NYSE:TRC) earnings results for the second quarter of 2026?

Tejon Ranch reported Q2 2026 net income attributable to common stockholders of $2.6 million, or $0.10 per share, versus a $1.7 million loss a year earlier. According to Tejon Ranch, total revenues and other income reached $17.4 million and Adjusted EBITDA rose to $8.4 million.

How did Tejon Ranch (TRC) segment revenues perform in Q2 2026?

In Q2 2026, Tejon Ranch generated $9.7 million from commercial/industrial real estate, $1.8 million from mineral resources, $0.8 million from farming, $1.2 million from ranch operations, and $0.9 million from multifamily. According to Tejon Ranch, the commercial/industrial increase was driven by a $6.9 million land sale.

What is Tejon Ranch’s liquidity and capital position as of June 30, 2026?

As of June 30, 2026, Tejon Ranch reported total capital, including debt, of $588.9 million and total liquidity of approximately $79.2 million. According to Tejon Ranch, liquidity comprised about $15.1 million in cash and marketable securities and $64.1 million available under its revolving credit line.

How is the Tejon Ranch Commerce Center (TRCC) performing for Tejon Ranch in 2026?

As of June 30, 2026, TRCC’s industrial portfolio of 2.8 million square feet was 100% leased, and its commercial portfolio was 95% leased. According to Tejon Ranch, construction started on Building 1B, adding roughly 510,500 square feet of Class-A industrial space by early 2027.

How did Tejon Ranch’s farming and mineral resources segments perform in the first half of 2026?

For the first six months of 2026, farming revenues were $1.6 million, down from $2.2 million, reflecting accelerated crop sales in late 2025. According to Tejon Ranch, mineral resources revenues rose 30% to $5.3 million, supported by opportunistic water sales and stable royalty streams.

What outlook did Tejon Ranch (TRC) provide for 2026 and beyond?

Tejon Ranch plans to focus on the Tejon Ranch Commerce Center, including an industrial building slated for early 2027, and advancing residential communities. According to Tejon Ranch, recurring revenue streams are performing, but net income will fluctuate with land sales timing, leasing activity, and commodity prices.