Pure Cycle Corporation (PCYO) Income Statement
PCYO FY2025 at a glance
Fiscal year ended August 31, 2025 · U.S. dollarsPCYO revenue and net income
Where PCYO's revenue goes
FY2025Each bar shows an amount and its share of revenue. PCYO kept 50.3% of revenue as net income.
PCYO profit margins
PCYO growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −9.3% | +4.3% | +0.2% | +27.4% |
| Gross profit | −18.9% | −0.7% | +16.3% | +27.3% |
| Operating income | −37.3% | −8.8% | +38.4% | — |
| Net income | +12.9% | +10.9% | +14.2% | — |
| EPS (diluted) | +12.5% | +11.5% | +11.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PCYO quarterly EPS vs estimates
Pure Cycle beat the analyst EPS estimate in 1 of the last 1 quarters. Next report: November 11, 2026.
PCYO income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.1M | $28.7M | $14.6M | $23.0M | $17.1M | $25.9M | $20.4M | $7.0M | $1.2M | $452,161 |
| Cost of revenue | $10.1M | $9.0M | $6.5M | $6.6M | $6.4M | $18.3M | $13.9M | $4.2M | $803,306 | $528,759 |
| Gross profit | $16.0M | $19.8M | $8.0M | $16.4M | $10.7M | $7.5M | $6.4M | $2.8M | $424,481 | −$76,598 |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $7.8M | $6.9M | $5.5M | $5.9M | $5.1M | $4.2M | $3.1M | $2.9M | $2.2M | $1.8M |
| Total operating expenses | $8.4M | $7.5M | $5.5M | $6.3M | $5.5M | $6.0M | $3.4M | $3.1M | $2.6M | $2.1M |
| Operating income | $7.7M | $12.2M | $2.1M | $10.1M | $5.3M | $1.5M | $3.0M | −$308,727 | −$2.1M | −$2.2M |
| Interest income | $3.3M | $2.8M | $2.5M | $1.9M | $59,000 | $178,554 | $298,605 | $206,138 | $257,488 | $241,279 |
| Interest expense | $426,000 | $439,000 | $206,000 | $90,000 | $2.9M | $1.43B | $529,293 | $0 | $0 | $0 |
| Income before taxes | $17.5M | $15.6M | $6.2M | $12.7M | $26.6M | $8.9M | $3.5M | $132,680 | −$1.7M | −$1.2M |
| Income taxes | $4.4M | $4.0M | $1.5M | $3.1M | $6.5M | $2.2M | −$1.3M | −$282,000 | −$225,463 | −$160,931 |
| Net income | $13.1M | $11.6M | $4.7M | $9.6M | $20.1M | $6.8M | $4.8M | $414,680 | −$1.7M | −$1.3M |
| EBITDA | $20.2M | $18.2M | $4.2M | $14.9M | $28.4M | $4.7M | $4.8M | $593,952 | −$1.4M | −$1.8M |
| EPS (diluted) | $0.54 | $0.48 | $0.35 | $0.39 | $0.87 | $0.31 | $0.26 | $0.03 | −$0.06 | −$0.08 |
| Gross margin | 61.4% | 68.7% | 55.1% | 71.2% | 62.6% | 29.2% | 31.5% | 40.2% | 34.6% | −16.9% |
| Operating margin | 29.4% | 42.6% | 14.2% | 43.9% | 30.8% | 5.9% | 14.7% | −4.4% | −173.6% | −482.1% |
| Net margin | 50.3% | 40.4% | 32.2% | 41.8% | 117.4% | 26.1% | 23.6% | 6.0% | −139.3% | −289.9% |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.2M | $5.2M | $9.1M | $11.2M | $5.1M | $4.0M | $5.8M | $12.6M | $7.6M | $3.2M | $5.4M | $3.4M |
| Cost of revenue | $3.9M | $2.6M | $2.9M | $4.9M | $1.9M | $2.5M | $2.1M | $2.8M | $2.9M | $1.6M | $2.0M | $1.8M |
| Gross profit | $4.3M | $2.6M | $6.3M | $6.3M | $3.3M | $1.5M | $3.7M | $9.8M | $4.7M | $1.6M | $3.3M | $1.6M |
| Sales, general & admin | $1.9M | $2.3M | $1.7M | $1.5M | $1.8M | $2.7M | $1.8M | $1.8M | $1.6M | $2.0M | $1.4M | $1.6M |
| Total operating expenses | $2.2M | $2.3M | $1.9M | $388,000 | $1.9M | $2.9M | $1.9M | $2.0M | $1.6M | $2.0M | $1.6M | $1.6M |
| Operating income | $2.1M | $263,000 | $4.4M | $5.9M | $1.3M | −$1.3M | $1.7M | $7.8M | $3.1M | −$368,000 | $1.8M | $44,000 |
| Interest income | $943,000 | $906,000 | $949,000 | $1.4M | $627,000 | $539,000 | $732,000 | $808,000 | $496,000 | $501,000 | $1.0M | $936,000 |
| Interest expense | $157,000 | $142,000 | $94,000 | $107,000 | $101,000 | $109,000 | $109,000 | $111,000 | $109,000 | $111,000 | $108,000 | $57,000 |
| Income before taxes | $3.9M | $1.5M | $6.0M | $8.2M | $3.0M | $1.1M | $5.2M | $8.8M | $3.9M | $159,000 | $2.8M | $1.2M |
| Income taxes | −$955,000 | $407,000 | $1.5M | $2.1M | $737,000 | $267,000 | $1.3M | $2.2M | $1.0M | $41,000 | $737,000 | $177,000 |
| Net income | $2.9M | $1.1M | $4.6M | $6.1M | $2.3M | $809,000 | $3.9M | $6.6M | $2.8M | $118,000 | $2.1M | $1.1M |
| EBITDA | $2.5M | $2.2M | $6.7M | $8.9M | $3.6M | $1.8M | $5.8M | $9.5M | $4.5M | $778,000 | $3.4M | $1.9M |
| EPS (diluted) | $0.12 | $0.05 | $0.19 | $0.25 | $0.09 | $0.03 | $0.16 | $0.27 | $0.12 | $0.00 | $0.09 | $0.19 |
| Gross margin | 52.1% | 50.5% | 68.4% | 56.5% | 63.4% | 38.2% | 63.7% | 77.8% | 62.0% | 51.0% | 62.0% | 47.8% |
| Operating margin | 25.7% | 5.1% | 48.0% | 53.1% | 26.0% | −33.2% | 29.9% | 62.0% | 40.3% | −11.5% | 32.6% | 1.3% |
| Net margin | 35.9% | 21.4% | 50.0% | 54.5% | 43.9% | 20.3% | 68.4% | 52.6% | 37.2% | 3.7% | 38.3% | 31.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PCYO's financial statements (latest annual report filed November 12, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PCYO financial results
In fiscal year 2025 (ended August 31, 2025), Pure Cycle reported revenue of $26.1 million, down 9.3% from the year before. It had net income of $13.1 million (up 12.9%), a net profit margin of 50.3%. Diluted earnings per share came to $0.54. Over five years revenue grew at an average rate of 0.2% a year.
See the PCYO stock overview for the latest quote and news, or the PCYO chart for price history and technical indicators.
PCYO income statement FAQ
What is Pure Cycle's annual revenue?
Pure Cycle reported total revenue of $26.1 million for fiscal year 2025, which ended on August 31, 2025. That was down 9.3% from $28.7 million the previous year.
Is Pure Cycle profitable?
Yes. Pure Cycle reported net income of $13.1 million in fiscal 2025, a net profit margin of 50.3%; its operating margin was 29.4%.
What is Pure Cycle's gross margin?
Pure Cycle's gross margin was 61.4% in fiscal 2025: for every $100 of revenue, Pure Cycle kept $61 after the direct cost of its products and services.
How fast is Pure Cycle growing?
Revenue grew 0.2% a year on average over the last five fiscal years, from $25.9 million to $26.1 million.
What are Pure Cycle's earnings per share?
Pure Cycle earned $0.54 per diluted share in fiscal 2025, compared with $0.48 a year earlier.
When will Pure Cycle report its next earnings?
Pure Cycle is expected to report results for the quarter ending August 31, 2026 on November 11, 2026 after the market closes.
When does Pure Cycle's fiscal year end?
Pure Cycle's fiscal year ends in August. The latest annual report covers the year ended August 31, 2025 and was filed on November 12, 2025.