HAVERTOWN, PA — AMREP Corp. (NYSE: AXR) reported lower annual earnings despite higher revenue for fiscal 2026, as the real estate developer’s net income fell nearly 19% from the prior year, underscoring the variability of its land and home sales business.
The company reported net income of $10.3 million, or $1.91 per diluted share, for the fiscal year ended April 30, 2026, down from $12.7 million, or $2.37 per diluted share, a year earlier. Revenue increased to $52.8 million from $49.7 million during the same period.
The results indicate that stronger sales did not translate into higher profitability, reflecting the uneven financial performance that can accompany the timing and mix of real estate transactions.
AMREP indicated that revenues, average selling prices and gross margins from land and home sales can fluctuate significantly depending on when transactions close and the type and location of properties sold. The company cautioned that prior financial results should not be viewed as indicative of future performance.
The company filed its fiscal 2026 annual report on Form 10-K with the U.S. Securities and Exchange Commission, where investors can find additional details on its financial performance.
AMREP, through its subsidiaries, owns and develops real estate and builds homes primarily in New Mexico.
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