TEJON RANCH CO
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:1-07183
TEJON RANCH CO.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
77-0196136
(I.R.S. Employer Identification No.)
4436 Lebec Road, P.O. Box 1000, Lebec, California 93243
(Address of principal executive offices) (Zip Code)
(661)248-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.50 par value | TRC | New York Stock Exchange |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ | |||
|---|---|---|---|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ | |||
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ | ||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ | |||
The number of the Company’s outstanding shares of Common Stock on October 31, 2025 was 26,893,955.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I. · FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | 4 |
| Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 | 4 | |
| Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 | 5 | |
| Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 | 6 | |
| Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 | 7 | |
| Unaudited Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024 | 8 | |
| Notes to Unaudited Consolidated Financial Statements | 10 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 49 |
| Item 4. | Controls and Procedures | 51 |
| PART II. | OTHER INFORMATION | |
| Item 1. | Legal Proceedings | 52 |
| Item 1A. | Risk Factors | 52 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 52 |
| Item 3. | Defaults Upon Senior Securities | 52 |
| Item 4. | Mine Safety Disclosures | 52 |
| Item 5. | Other Information | 52 |
| Item 6. | Exhibits | 52 |
| SIGNATURES | 57 | |
Glossary
| The following initialisms or acronyms may be used in this document and shall be defined as set forth below: | |
|---|---|
| AKIP | Advance Kern Incentive Program |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| AVEK | Antelope Valley East Kern Water Agency |
| CFL | Centennial Founders, LLC |
| CBD | Center for Biological Diversity |
| CEQA | California Environmental Quality Act |
| CFD | Community Facilities District |
| CNPS | California Native Plant Society |
| EBITDA | Earnings Before Interest Taxes Depreciation and Amortization |
| EIR | Environmental Impact Report |
| FASB | Financial Accounting Standards Board |
| FTZ | Foreign Trade Zone |
| GAAP | Generally Accepted Accounting Principles |
| GHG | Greenhouse Gas |
| GSP | Groundwater Sustainability Plan |
| MV | Mountain Village at Tejon Ranch |
| NOI | Net Operating Income |
| NLER | Net Liabilities to Equity Ratio |
| PEF | Pastoria Energy Facility, LLC |
| RCL | Revolving Credit Line |
| RWA | Tejon Ranch Conservation and Land Use Agreement, a.k.a. Ranch Wide Agreement |
| SEC | Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| SWP | State Water Project |
| TA/Petro | Petro Travel Plaza Holdings, LLC |
| TCWD | Tejon-Castac Water District |
| TRC | Tejon Ranch Co. |
| TRCC | Tejon Ranch Commerce Center |
| TRPFFA | Tejon Ranch Public Facilities Financing Authority |
| WRMWSD | Wheeler Ridge Maricopa Water Storage District |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.