CKX LANDS, INC.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
CKX$10.37-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-25.
0001437749-25-009075
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-31.
0001437749-26-010434
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 62 current paragraphs.
37 unchanged; 20 reworded; 3 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
On November 18, 2025, the Company sold to Southern Pine Plantations of Georgia, Inc. approximately 6,548 acres of land wholly-owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana. The Company disclosed the completion of the transaction on its Current Report on Form 8-K filed November 20, 2025. The adjusted purchase price was $8,618,021.70, paid in cash. The transaction was executed pursuant to an Agreement of Purchase and Sale effective August 14, 2025, as amended, that contemplated the sale of approximately 7,014 acres. Certain portions of the originally contemplated property were excluded from the sale in accordance with the Agreement, resulting in a reduction of the original purchase price equal to $1,316.05 per excluded acre. The completion of this transaction represents a significant step in the Company’s ongoing evaluation of strategic alternatives.
Current report
Additionally, on November 18, 2025, the Company completed the sale of approximately 6,548 acres of land wholly‑owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana pursuant to the Agreement of Purchase and Sale, as amended. The adjusted purchase price was $8,618,022, resulting in a gain on sale of $3,282,469.
Current report
Surface revenues were 39% and 71% of total revenues for 2025 and 2024, respectively. Surface revenues decreased for the year ended December 31, 2025, as compared to 2024, by $752,804. The decrease in surface revenue was due to lower right of way income in the current year as compared to the prior year, driven by normal fluctuations in regional development activity.
Removed paragraphs (3)
Previous report
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
Previous report
The Company is working to identify additional undeveloped acres owned by the Company in Southwest Louisiana that would likewise be suitable for residential subdivisions.
Previous report
Surface revenues were 71% and 64% of total revenues for 2024 and 2023, respectively. Surface revenues increased for the year ended December 31, 2024, as compared to 2023, by $130,249. This increase is reflective of sustained robust economic activity in the region, including industrial project development and pipeline construction.
Reworded paragraphs (20)
Previous wording
The Company’s Board of Directors regularly evaluates a range of strategic alternatives that could increase shareholder value, and the Board and management conduct due diligence activities in connection with such alternatives. These include opportunities for growth though the acquisitions of land or other assets, business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives. On August 21, 2023, the Company announced that the Board had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders and had retained a financial advisor in connection with the process.
Current wording
The Company’s Board of Directors regularly evaluates a range of strategic alternatives that could increase shareholder value, and the Board and management conduct due diligence activities in connection with such alternatives. These include opportunities for growth though the acquisitions of land or other assets, business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives.
Previous wording
As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others. There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Current wording
As part of management’s efforts to maximize value for shareholders through the strategic alternative evaluation process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others. There can be no assurance that such efforts will result in a negotiated partition of the Company’s co-owned acreage and that the Company can avoid a court-ordered partition.
Previous wording
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of December 31, 2024, the Company has closed on the sale of 22 of the 39 lots. As of the date of this report, the Company is actively marketing the remaining lots.
Current wording
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of December 31, 2025, the Company has closed on the sale of 29 of the 39 lots. A portion of the acreage associated with these subdivisions was sold in November 2025, as part of the transaction with Southern Pine Plantations of Georgia, Inc.
Previous wording
The Company had net income for the year ended December 31, 2024 of $250,224 compared to net income of $142,961 for the year ended December 31, 2023. This change was primarily attributable to an increase of $35,519 in total revenue, a decrease in general and administrative expenses of $30,155 and an increase of $46,646 in interest income, offset by an increase in deferred income tax expenses. As of December 31, 2024, the Company has fully expensed all awards under its stock incentive plan.
Current wording
The Company had net income for the year ended December 31, 2025 of $3,009,972 compared to net income of $250,224 for the year ended December 31, 2024. This change was primarily attributable to an increase in gain on sale of land of $3,472,232 and a decrease in general and administrative expense of $732,712, offset by a decrease in total revenue of $682,581, and an increase in total income tax expense of $879,296.
Previous wording
Total revenues for 2024 were $1,521,124, an increase of approximately 2.4% when compared with 2023 revenues of $1,485,605. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the year ended December 31, 2024 as compared to 2023, are as follows:
Current wording
Total revenues for 2025 were $838,543, a decrease of approximately 44.9% when compared with 2024 revenues of $1,521,124. Total revenue consists of oil and gas, timber, and surface revenues. The decrease in revenues was due primarily to lower surface revenues, which in turn were driven by lower right of way income in fiscal year 2025 as compared to 2024. Components of revenues for the year ended December 31, 2025 as compared to 2024, are as follows:
Previous wording
Oil and gas revenues were 27% and 26% of total revenues for 2024 and 2023, respectively. A breakdown of oil and gas revenues for the years ended December 31, 2024, as compared to 2023 are as follows:
Current wording
Oil and gas revenues were 50% and 27% of total revenues for 2025 and 2024, respectively. A breakdown of oil and gas revenues for the years ended December 31, 2025, as compared to 2024 are as follows:
Previous wording
CKX received oil and/or gas revenues from 72 wells during the years ended December 31, 2024 and 2023.
Current wording
CKX received oil and/or gas revenues from 80 and 72 wells during the years ended December 31, 2025 and 2024, respectively.
Previous wording
Oil revenues increased for the year ended December 31, 2024, as compared to 2023, by $52,249. Gas revenues increased for the year ended December 31, 2024, as compared to 2023, by $34,629. As indicated from the schedule above, the increase in oil revenues was due to an increase in net oil produced. The increase in gas revenues was due to an increase in net gas produced.
Current wording
Oil revenues decreased for the year ended December 31, 2025, as compared to 2024, by $63,770. Gas revenues increased for the year ended December 31, 2025, as compared to 2024, by $66,921. As indicated from the schedule above, the decrease in oil revenues was due to an decrease in net oil produced and decrease in average oil sales price. The increase in gas revenues was due to an increase in net gas produced and increase in average gas sales price.
Previous wording
The following eight fields produced 96.70% of the Company’s oil and gas revenues in 2023. The following table shows the number of barrels of oil (Bbl Oil) and MCF of gas (MCF Gas) produced from these fields.
Current wording
The following eight fields produced 95.46% of the Company’s oil and gas revenues in 2025. The following table shows the number of barrels of oil (Bbl Oil) and MCF of gas (MCF Gas) produced from these fields.
Previous wording
Lease and geophysical revenues decreased for the year ended December 31, 2024, as compared to 2023, by $49,686. These revenues are dependent on oil and gas producers’ activities, are not predictable and can vary significantly from year to year.
Current wording
Lease and geophysical revenues decreased for the year ended December 31, 2025, as compared to 2024, by $5,528. These revenues are dependent on oil and gas producers’ activities, are not predictable and can vary significantly from year to year.
Previous wording
Timber revenues were 1% and 10% of total revenues for 2024 and 2023, respectively. Timber revenues decreased for the year ended December 31, 2024, as compared to the year ended December 31, 2023, by $131,922. Management believes the decline in timber revenue versus 2023 is primarily a result of timber harvest timing, and, to a lesser extent, weather. In management’s opinion, demand for timber in the Company’s region was stable during 2024.
Current wording
Timber revenues were 11% and 1% of total revenues for 2025 and 2024, respectively. Timber revenues increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, by $72,600. Management believes the increase in timber revenue was due to normal business variations in timber customers’ harvesting.
Previous wording
Oil and gas costs increased for the year ended December 31, 2024 as compared to 2023 by $4,759. These variances are due to the normal variations in year to year costs, which correlate directly with variations in revenues.
Current wording
Oil and gas costs decreased for the year ended December 31, 2025 as compared to 2024 by $3,133. These variances are due to the normal variations in year to year costs, which correlate directly with variations in revenues.
Previous wording
Timber costs increased for the year ended December 31, 2024 as compared to 2023 by $5,784. This is primarily due to decreased timber management costs.
Current wording
Timber costs decreased for the year ended December 31, 2025 as compared to 2024 by $5,590. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
Previous wording
General and administrative expenses decreased for the year ended December 31, 2024 as compared to 2023 by $30,155. This is primarily due to decreased officer share-based compensation expense.
Current wording
General and administrative expenses decreased for the year ended December 31, 2025 as compared to 2024 by $732,712. This is primarily due to a decrease in professional expenses and share-based compensation expense.
Previous wording
Gain on sale of land was $85,636 and $149,992 for the years ended December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, this consisted of a gain on sale of one parcel of land.
Current wording
Gain on sale of land was $3,577,868 and $85,636 for the years ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, this consisted of a gain on sale of two 25-acre ranchette lots and one 53-acre lot in Calcasieu parish, as well as the sale of 6,458 acres of land in various parishes. Refer to Note 4 to the financial statements for additional information. For the year ended December 31, 2024, this consisted of a gain on sale of one parcel of land.
Previous wording
The Company began directly managing its lands in 2017, except for approximately 5,030 net acres of timber property in which the Company owns an undivided 1/6 interest, which is managed by Walker Louisiana Properties. The Company believes direct land management and continuing economic activity in southwest Louisiana may be a catalyst for increased surface revenue.
Current wording
The Company began directly managing its lands in 2017. The Company believes direct land management and continuing economic activity in southwest Louisiana may be a catalyst for increased surface revenue.
Previous wording
The Company’s current assets totaled $9,579,388 and current liabilities equaled $264,183 at December 31, 2024.
Current wording
The Company’s current assets totaled $18,063,055 and current liabilities equaled $730,402 at December 31, 2025.
Previous wording
Net cash provided by operating activities decreased by $672,192 to $204,761 for the year ended December 31, 2024, compared to $876,953 for the year ended December 31, 2023. The change in cash provided by operating activities was attributable primarily to a $459,337 decrease in current liabilities.
Current wording
Net cash provided by operating activities increased by $254,869 to $459,630 for the year ended December 31, 2025, compared to $204,761 for the year ended December 31, 2024. The change in cash provided by operating activities was attributable primarily to a $2,759,748 increase in net income, offset by an increase in gain on sale of land of $3,472,232.
Previous wording
Net cash used in investing activities was $4,121,020 and $391,315 for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, this included purchases of certificates of deposit of $7,340,724 offset by maturity of certificates of deposits of $3,079,122 and proceeds from the sale of fixed assets of $140,582. For the year ended December 31, 2023, this consisted of purchases of certificates of deposit of $1,525,173, costs of reforesting timber of $20,737, offset by maturity of certificates of deposits of $1,004,603 and proceeds from the sale of fixed assets of $149,992.
Current wording
Net cash provided by (used in) investing activities was $14,276,515 and $(4,121,020) for the years ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, this included purchases of certificates of deposit of $6,750,837 offset by maturity of certificates of deposits of $12,659,328, and proceeds from the sale of fixed assets of $8,368,024. For the year ended December 31, 2024, this included purchases of certificates of deposit of $7,340,724 offset by maturity of certificates of deposits of $3,079,122 and proceeds from the sale of fixed assets of $140,582.
Previous wording
Net cash used in financing activities was $208,854 and $87,156 for the year ended December 31, 2024, and 2023, respectively. For the years ended December 31, 2024 and 2023, this consisted of stock withheld to pay employee taxes of $208,854 and $87,156, respectively.
Current wording
Net cash used in financing activities was $147,614 and $208,854 for the year ended December 31, 2025, and 2024, respectively. For the years ended December 31, 2025 and 2024, this consisted of stock withheld to pay employee taxes of $147,614 and $208,854, respectively.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On August 21, 2023, the Company announced that the Board had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders and had retained a financial advisor in connection with the process.
Current report — wording carried from elsewhere
During 2025, the Company closed on the sale of two 25-acre lots and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $499,228, inclusive of a gain on the sales of $275,399.