Here are the 10-Q quarterly reports from Alexander & Baldwin, Inc. (ALEX) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ALEX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ALEX filings page.
Alexander & Baldwin (ALEX) reported Q3 2025 results with total revenue of $50.2 million versus $61.9 million a year ago, as Land Operations activity tapered. Commercial Real Estate remained steady at $50.2 million (from $49.4 million). Operating income was $19.2 million (vs. $22.1 million), and net income was $14.3 million, or $0.20 per diluted share (vs. $0.26).
Year to date, revenue was $155.7 million (vs. $174.2 million) and net income rose to $60.9 million (vs. $48.1 million), aided by $18.4 million in gains and settlements. The company recognized $2.6 million selling profit in Q3 from sales‑type leases tied to a Kaka‘ako Commerce Center option exercise, and ended the quarter with $23.7 million of investments in sales‑type leases, net.
Cash was $17.3 million, debt (carrying value) was $475.2 million, and the revolver balance was $183.0 million. A June Termination Agreement created a refund liability; the balance was $45.3 million at quarter‑end after a $10.0 million payment. Shares outstanding were 72,758,460 as of September 30, 2025.
Alexander & Baldwin (NYSE: ALEX) delivered a strong Q2 2025. Operating revenue edged up 1.3% YoY to $51.7 million as the Commercial Real Estate (CRE) portfolio—21 retail centers, 14 industrial assets and 4 offices—grew rental income 3% to $50.7 million. Sharply higher gains on asset sales and settlements ( $11.6 million vs. $2.1 million) lifted operating income 73% to $28.1 million and net income 176% to $25.1 million. Diluted EPS rose to $0.35 from $0.13.
CRE segment operating profit held steady at $22.2 million, while Land Operations swung to a $13.9 million profit, helped by the Maui Business Park ground-lease conversion that generated a $4.1 million sales-type lease gain. Joint-venture income grew to $2.6 million (Q2’24: $1.0 million).
Balance sheet. Debt declined $24.5 million to $450.3 million; net debt/total assets stands at 27%. Cash fell to $8.6 million (YE 2024: $33.4 million) after $32.9 million in dividends and $27.1 million debt repayments. A June Termination Agreement with Mahi Pono eliminated $62 million of deferred revenue but created a $55.3 million refund liability ($45.3 million remaining).
Capital & liquidity. Q2 operating cash flow rose to $42.5 million (H1 2024: $39.6 million). The $350 million revolver has $199 million available. The board declared a $0.225/share dividend payable Oct 7, 2025.
Key risks. Land Operations revenue shrank 47%; AOCI fell $5.6 million on swap mark-to-market; cash coverage tightens until refund installments are completed (2025-2029).