Every 10-Q that AMREP Corporation (AXR) has filed with the SEC in the last 24 months is listed below, 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 AXR 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 AXR filings page.
AMREP Corporation (AXR) reported a sharp slowdown for the quarter ended July 31, 2026. Total revenues fell to $6.1 million from $17.9 million a year earlier, driven by a collapse in land sale revenues to $0.2 million from $7.5 million and lower home sale revenues of $4.9 million versus $9.6 million.
Net income declined to $276,000 (diluted EPS $0.05) from $4.7 million (EPS $0.87), as operating results swung from $6.1 million of operating income to a small operating loss. Operating cash flow moved from an inflow of $9.5 million to an outflow of $3.6 million, reflecting increased investment in real estate inventory and investment assets.
Despite weaker earnings, AMREP maintains a strong balance sheet with $49.1 million in cash, cash equivalents and restricted cash, minimal notes payable of $17,000, and shareholders’ equity of $141.1 million. The company is shifting emphasis toward homebuilding, with 83 homes in production and 23 under contract representing $12.5 million of expected future home sale revenues, while warning of significantly reduced developed residential land sale revenues during fiscal 2027.
AMREP Corporation reported much stronger quarterly results, but with clear housing headwinds. For the three months ended January 31, 2026, revenue rose to $14.6 million from $7.5 million, driven mainly by higher land sale revenues and more home closings. Quarterly net income increased to $3.1 million versus $0.7 million, with diluted earnings per share improving to $0.58 from $0.13.
For the nine months, revenue grew to $41.8 million from $38.5 million, while net income edged up to $9.0 million from $8.8 million. Land sale gross margins were solid at 50% for the quarter and year‑to‑date. Cash, cash equivalents and restricted cash increased to about $50.5 million, and debt remained minimal at $21,000, reflecting a very conservative balance sheet and strong operating cash flow.
Management highlights significant industry challenges, including elevated construction and land costs, higher mortgage rates, and affordability pressures that are dampening demand. In response, the company has reduced and delayed some land development projects, offered sales incentives, and opportunistically leased completed homes. It also expects land sale revenue from developed residential land to decline in fiscal 2026 and 2027 compared to 2025, underscoring the importance of its growing homebuilding and rental activities.
AMREP Corporation reported weaker results for the quarter ended October 31, 2025, as land sales slowed sharply. Total revenues were $9.4 million, down from $11.9 million a year earlier, and net income fell to $1.2 million (diluted EPS $0.22) from $4.0 million (diluted EPS $0.75). For the first six months, revenues declined to $27.3 million from $31.0 million, with net income dropping to $5.9 million from $8.1 million, driven mainly by significantly lower land sale revenues.
Home sale revenues grew, but were offset by reduced volumes of high-margin land sales and higher general and administrative costs. Management cites entitlement and infrastructure delays, elevated construction costs, and affordability pressures from higher home prices and mortgage rates, and it has responded with price reductions, incentives, smaller products, more leasing of completed homes, and a slower pace of development.
The company remains very lightly levered, with $45.1 million in cash, cash equivalents and restricted cash and only $23,000 of notes payable. It also extended and upsized its revolving credit facility to a $6.5 million maximum, maturing in August 2028, and expects lower revenues from developed residential land sales in fiscal 2026 compared to 2025.
AMREP Corporation reported net income of $4.7 million, or $0.87 per diluted share, for the quarter ended July 31 2025, up from $4.1 million, or $0.76, a year earlier. Total revenues were $17.9 million versus $19.1 million, as lower land sales were partly offset by higher home sales.
Land sale revenues decreased to $7.5 million from $9.3 million, while home sale revenues rose to $9.6 million from $9.0 million. Land sale gross margin expanded to 69% from 48%, helped by reimbursements, mix and pricing. General and administrative expenses increased to $1.8 million.
Cash, cash equivalents and restricted cash grew to $49.4 million at July 31 2025 from $39.9 million at April 30 2025, with operating activities providing $9.5 million of cash. Real estate inventory was $64.8 million and investment assets were $15.9 million. Notes payable were $25,000, and a revolving credit facility with BOKF was amended in August 2025 to increase borrowing capacity to $6.5 million and extend maturity to August 15 2028.