Pure Cycle (PCYO) Financial Statements & Analysis

Pure Cycle (PCYO) Income Statement

Pure Cycle reported revenue of $26.09M in fiscal 2025 (fiscal year ended Aug 31, 2025), down 9.3% from $28.75M a year earlier. Net income was $13.11M, up 12.9% year over year, a net margin of 50.3%. Gross margin was 31.7% and operating margin 29.4%. In the most recent quarter, Q3 fiscal 2026 (ended May 31, 2026), revenue was $8.22M, up 60.0% from the same quarter a year earlier.

Pure Cycle Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Pure Cycle Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021	Aug 2020	Aug 2019	Aug 2018	Aug 2017
Revenue & Gross Profit
Revenue	26.09	28.75	14.59	23.00	17.13	25.86	20.36	6.96	1.23
Cost of Revenue	10.06	8.99	6.55	6.63	6.40	18.31	13.94	4.16	0.80
Gross Profit	8.26	19.76	8.04	16.37	11.86	7.54	6.42	2.80	0.42
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	7.77	6.92	5.47	5.89	5.14	4.25	3.11	2.86	2.20
Operating Expenses	8.36	7.52	5.97	6.28	5.45	6.03	3.42	3.11	2.56
Operating Income	7.67	12.24	2.07	10.10	5.27	1.51	3.00	-0.31	-2.13
Other Income/Expense
Interest Income	3.27	2.84	2.50	1.97	2.96	0.18	0.30	0.21	0.26
Interest Expense	0.43	0.44	0.21	0.09	0.00	0.00	0.00	0.00	0.00
Other Income/Expense	9.80	0.99	1.85	0.73	21.32	7.41	0.53	0.44	0.45
Income
Income Before Tax	17.47	15.63	6.22	12.71	26.59	8.92	3.53	0.13	-1.68
Income Tax Expense	4.36	4.02	1.52	3.09	-6.48	2.17	-1.28	-0.28	0.00
Net Income	13.11	11.61	4.70	9.62	20.11	6.75	4.81	0.41	-1.71
Net Income - Continuous Operations	13.11	11.61	4.70	9.62	20.11	6.75	4.81	0.41	-1.71
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	9.97	18.17	8.58	14.92	7.04	4.66	4.81	0.59	-1.40
EBIT	7.67	16.07	6.43	12.80	5.27	-	-	-	-
Depreciation & Amortization	2.30	0.60	0.50	0.39	1.77	1.72	1.28	0.90	0.73
Earnings Per Share
Basic EPS	1.00	-	-	-	1.00	-	-	-	-
Diluted EPS	1.00	-	-	-	1.00	-	-	-	-
Basic Shares Outstanding	24.08	24.08	24.03	23.95	23.89	23.85	23.80	23.76	23.75
Diluted Shares Outstanding	24.17	24.14	24.11	24.16	24.11	24.06	24.00	23.93	23.75

Source: Company financial statements from annual and quarterly filings. Data as of May 31, 2026. Data sources and methodology

Frequently Asked Questions About Pure Cycle Financial Statements

What was Pure Cycle's revenue in fiscal 2025?

Pure Cycle reported revenue of $26.09M in fiscal 2025 (fiscal year ended Aug 31, 2025). That was down 9.3% from $28.75M a year earlier.

Is Pure Cycle profitable?

Yes. Pure Cycle earned net income of $13.11M in fiscal 2025, a net margin of 50.3%. In fiscal 2024 it earned $11.61M.

What is Pure Cycle's operating margin?

Pure Cycle's operating income was $7.67M on revenue of $26.09M in fiscal 2025, an operating margin of 29.4%, compared with 42.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition