Pure Cycle Corp (PCYO) financial statements: income statement, balance sheet and cash flow
Pure Cycle Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Aug 31, 2025 · FY), Pure Cycle Corp reported revenue of $26.1M (-9.3% year on year) and net income of $13.1M (+12.9% year on year).
Income statement
Pure Cycle Corp income statement, fiscal years
Line item
Aug 31, 2025 · FY
Aug 31, 2024 · FY
Aug 31, 2023 · FY
Aug 31, 2022 · FY
Total revenues
$26.1M
$28.7M
$14.6M
$23.0M
Expenses
$10.1M
$6.6M
$4.4M
$4.6M
Total cost of revenues
$10.1M
$9.0M
$6.5M
$6.6M
General and administrative expenses
$7.8M
$6.9M
$5.5M
$5.9M
Depreciation
$590.0K
$596.0K
$498.0K
$385.0K
Operating income
$7.7M
$12.2M
$2.1M
$10.1M
Interest income
$3.3M
$1.1M
$1.5M
—
Interest expense
($426.0K)
($439.0K)
—
—
Oil and gas royalty income, net
$6.7M
$795.0K
$267.0K
$498.0K
Other, net
$300.0K
$1.9M
$1.5M
$93.0K
Income from operations before income taxes
$17.5M
$15.6M
$6.2M
$12.7M
Income tax expense
($4.4M)
($4.0M)
$1.5M
$3.1M
Net income
$13.1M
$11.6M
$4.7M
$9.6M
Basic (in dollars per share)
$0.54
$0.48
$0.20
$0.40
Diluted (in dollars per share)
$0.54
$0.48
$0.19
$0.40
Weighted average common shares outstanding, Basic (in shares)
24.1M
24.1M
24.0M
24.0M
Weighted average common shares outstanding, Diluted (in shares)
24.2M
24.1M
24.1M
24.2M
Pure Cycle Corp income statement, quarters
Line item
May 31, 2026 · Q3
Feb 28, 2026 · Q2
Nov 30, 2025 · Q1
May 31, 2025 · Q3
Total revenues
$8.2M
$5.2M
$9.1M
$5.1M
Expenses
$3.9M
$2.4M
$2.9M
$1.4M
Total cost of revenues
$3.9M
$2.4M
$2.9M
$1.9M
General and administrative expenses
$1.9M
$2.3M
$1.7M
$1.8M
Depreciation
$231.0K
$173.0K
$159.0K
$125.0K
Operating income
$2.1M
$263.0K
$4.4M
$1.3M
Interest income
$943.0K
$906.0K
$949.0K
$210.0K
Interest expense
($157.0K)
($142.0K)
($94.0K)
($101.0K)
Oil and gas royalty income, net
$977.0K
$519.0K
$740.0K
$1.1M
Other, net
$26.0K
($34.0K)
$52.0K
$410.0K
Income from operations before income taxes
$3.9M
$1.5M
$6.0M
$3.0M
Income tax expense
($955.0K)
($407.0K)
($1.5M)
($737.0K)
Net income
$2.9M
$1.1M
$4.6M
$2.3M
Basic (in dollars per share)
$0.12
$0.05
$0.19
$0.09
Diluted (in dollars per share)
$0.12
$0.05
$0.19
$0.09
Weighted average common shares outstanding, Basic (in shares)
24.1M
24.1M
24.1M
24.1M
Weighted average common shares outstanding, Diluted (in shares)
24.2M
24.2M
24.2M
24.1M
Balance sheet
Pure Cycle Corp balance sheet, fiscal years
Line item
Aug 31, 2025 · FY
Aug 31, 2024 · FY
Aug 31, 2023 · FY
Aug 31, 2022 · FY
Cash and cash equivalents
$21.9M
$22.1M
$26.0M
$34.9M
Accounts receivable, net
$1.3M
$1.5M
$1.1M
$2.4M
Prepaid expenses and other assets
$1.0M
$530.0K
$346.0K
$467.0K
Land under development
$7.4M
$3.6M
$1.7M
—
Total current assets
$31.7M
$37.9M
$29.7M
$37.8M
Restricted cash
$6.4M
$3.2M
$2.5M
$2.3M
Investment in water and wastewater systems, net
$67.5M
$60.5M
$57.8M
$58.8M
Land and mineral rights held for development
$4.2M
$3.7M
$4.7M
$6.8M
Single-family rental units
$5.2M
$5.1M
$4.5M
$975.0K
Related party notes receivable, including accrued interest, less current portion
$45.0M
—
—
—
Other assets
$2.2M
$1.2M
$1.4M
$2.5M
Total assets
$162.3M
$147.4M
$133.2M
$129.2M
Accounts payable
$3.5M
$1.9M
$2.0M
$849.0K
Accrued and other liabilities
$4.3M
$3.7M
$2.8M
$2.0M
Deferred revenue
$3.4M
$2.2M
$1.7M
$4.3M
Debt, current portion
$411.0K
$64.0K
$31.0K
$10.0K
Total current liabilities
$11.6M
$9.3M
$6.5M
$10.8M
Debt, less current portion
$6.4M
$6.8M
$6.9M
$4.0M
Deferred tax liability, net
$1.5M
$1.4M
$1.4M
$1.1M
Lease obligations, less current portion
$1.0K
$87.0K
$242.0K
$62.0K
Total liabilities
$19.5M
$17.7M
$15.0M
$16.2M
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,066,805 and 24,063,894 outstanding, respectively
$80000.00
$80000.00
$80000.00
$80000.00
Additional paid-in capital
$175.4M
$175.1M
$174.7M
$174.2M
Accumulated deficit
($32.8M)
($45.5M)
($56.5M)
($61.2M)
Total shareholders' equity
$142.7M
$129.7M
$118.2M
$113.0M
Total liabilities and shareholders' equity
$162.3M
$147.4M
$133.2M
$129.2M
Pure Cycle Corp balance sheet, quarters
Line item
May 31, 2026
Feb 28, 2026
Nov 30, 2025
May 31, 2025
Cash and cash equivalents
$8.4M
$4.8M
$17.1M
$14.4M
Accounts receivable, net
$2.5M
$2.8M
$2.5M
$1.3M
Prepaid expenses and other assets
$554.0K
$637.0K
$414.0K
$781.0K
Land under development
$4.1M
$5.5M
$6.2M
$8.1M
Total current assets
$15.6M
$13.8M
$26.3M
$25.2M
Restricted cash
$6.2M
$6.8M
$6.7M
$6.1M
Investment in water and wastewater systems, net
$72.3M
$71.3M
$68.7M
—
Land and mineral rights held for development
$5.7M
$5.0M
$4.5M
$4.5M
Single-family rental units
$14.6M
$11.2M
$7.7M
$4.9M
Related party notes receivable, including accrued interest, less current portion
$59.1M
$56.3M
$51.8M
—
Other assets
$2.6M
$2.4M
$2.3M
$1.3M
Total assets
$176.0M
$166.6M
$168.1M
$151.7M
Accounts payable
$2.7M
$2.4M
$3.3M
$2.6M
Accrued and other liabilities
$3.3M
$3.2M
$5.3M
$3.2M
Deferred revenue
$2.8M
$2.8M
$2.4M
$986.0K
Debt, current portion
$1.5M
$1.5M
$440.0K
$346.0K
Total current liabilities
$10.2M
$9.9M
$11.5M
$7.2M
Debt, less current portion
$12.7M
$6.5M
$7.6M
$6.5M
Deferred tax liability, net
$1.5M
$1.5M
$1.5M
$1.4M
Total liabilities
$24.4M
$17.9M
$20.6M
$15.1M
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,097,370 and 24,066,805 outstanding, respectively
$80000.00
$80000.00
$80000.00
$80000.00
Additional paid-in capital
$175.9M
$175.9M
$175.6M
$175.4M
Accumulated deficit
($24.4M)
($27.2M)
($28.2M)
($38.8M)
Total shareholders' equity
$151.6M
$148.7M
$147.5M
$136.7M
Total liabilities and shareholders' equity
$176.0M
$166.6M
$168.1M
$151.7M
Cash flow statement
Pure Cycle Corp cash flow statement, fiscal years
Line item
Aug 31, 2025 · FY
Aug 31, 2024 · FY
Aug 31, 2023 · FY
Aug 31, 2022 · FY
Net income
$13.1M
$11.6M
$4.7M
$9.6M
Trade accounts receivable
$142.0K
($380.0K)
$1.3M
($893.0K)
Depreciation and depletion
$2.3M
$2.1M
$2.2M
$2.1M
Share-based compensation expense
$323.0K
$436.0K
$539.0K
$603.0K
Deferred income taxes
$146.0K
$43.0K
$277.0K
($540.0K)
Other assets and liabilities
($170.0K)
$275.0K
$874.0K
($83.0K)
Prepaid expenses
($474.0K)
($184.0K)
$121.0K
($59.0K)
Accounts payable and accrued liabilities
$934.0K
$973.0K
$1.3M
($2.4M)
Taxes payable / receivable
($132.0K)
$2.0M
($3.1M)
($1.6M)
Deferred revenue
$1.2M
$512.0K
($2.6M)
$2.3M
Net cash provided by operating activities
$13.2M
$2.2M
($2.3M)
$17.5M
Net purchase of property and equipment
($861.0K)
($458.0K)
($394.0K)
($157.0K)
Future land development activity
($852.0K)
($2.2M)
($1.7M)
—
Single-family rentals activity
$494.0K
—
—
—
Water and wastewater infrastructure activity
($8.6M)
($1.9M)
($3.9M)
($5.5M)
Sale of land held for sale
$179.0K
—
—
—
Net cash used in investing activities
($9.7M)
($4.7M)
($9.2M)
($6.7M)
Payments on notes payable
($94.0K)
($31.0K)
($44.0K)
($40.0K)
Repurchases of common stock
($397.0K)
($581.0K)
—
—
Net cash used in financing activities
($491.0K)
($612.0K)
$2.8M
$4.0M
Net change in cash, cash equivalents and restricted cash
$3.0M
($3.1M)
($8.7M)
$14.8M
Cash, cash equivalents and restricted cash - beginning of period
$25.4M
$28.5M
$37.2M
$22.4M
Cash, cash equivalents and restricted cash - end of period
$28.4M
$25.4M
$28.5M
$37.2M
Cash and cash equivalents
$21.9M
$22.1M
$26.0M
$34.9M
Restricted cash
$6.4M
$3.2M
$2.5M
$2.3M
Total cash, cash equivalents and restricted cash
$28.4M
$25.4M
$28.5M
$37.2M
Cash paid for income taxes
$4.4M
$2.1M
$947.0K
$5.3M
Cash paid for interest
$413.0K
$417.0K
$142.0K
$55.0K
Change in reimbursable public improvements included in accounts payable and accrued liabilities
$209.0K
$1.2M
$727.0K
$536.0K
Change in investments in water and water systems included in accounts payable and accrued liabilities
$1.1M
$131.0K
$808.0K
$157.0K
Issuance of stock for compensation
$201.0K
$211.0K
$111.0K
$159.0K
Pure Cycle Corp cash flow statement, quarters
Line item
May 31, 2026 · YTD
Feb 28, 2026 · YTD
Nov 30, 2025 · Q1
May 31, 2025 · YTD
Net income
$8.6M
$5.7M
$4.6M
$7.0M
Trade accounts receivable
($1.2M)
($1.1M)
($1.2M)
$141.0K
Depreciation and depletion
$1.7M
$1.1M
$566.0K
$1.7M
Share-based compensation expense
$428.0K
$411.0K
$183.0K
$294.0K
Other assets and liabilities
$45.0K
($48.0K)
($45.0K)
($166.0K)
Prepaid expenses
$450.0K
$367.0K
$590.0K
($251.0K)
Accounts payable and accrued liabilities
($1.0M)
($922.0K)
($710.0K)
$213.0K
Taxes payable / receivable
($843.0K)
($1.6M)
$1.5M
($2.1M)
Deferred revenue
($602.0K)
($540.0K)
($913.0K)
($1.2M)
Net cash (used in) provided by operating activities
($1.7M)
($5.2M)
($979.0K)
$3.8M
Net purchase of property and equipment
($527.0K)
($453.0K)
($150.0K)
($282.0K)
Future land development activity
($3.0M)
($1.7M)
($447.0K)
($1.2M)
Single-family rentals activity
($9.8M)
($6.1M)
($2.6M)
—
Water and wastewater infrastructure activity
($5.8M)
($4.4M)
($1.6M)
($6.9M)
Net cash used in investing activities
($19.2M)
($12.6M)
($4.7M)
($8.3M)
Proceeds from notes payable
$7.8M
$1.4M
$1.3M
—
Payments on notes payable
($474.0K)
($229.0K)
($101.0K)
($27.0K)
Repurchases of common stock
($200.0K)
($121.0K)
—
($323.0K)
Net cash provided by (used in) financing activities
$7.1M
$1.1M
$1.2M
($350.0K)
Net change in cash, cash equivalents and restricted cash
($13.7M)
($16.8M)
($4.5M)
($4.9M)
Cash, cash equivalents and restricted cash - beginning of period
$28.4M
$28.4M
$28.4M
$25.4M
Cash, cash equivalents and restricted cash - end of period
$14.6M
$11.6M
$23.9M
$20.5M
Cash and cash equivalents
$8.4M
$4.8M
$17.1M
$14.4M
Restricted cash
$6.2M
$6.8M
$6.7M
$6.1M
Total cash, cash equivalents and restricted cash
$14.6M
$11.6M
$23.9M
$20.5M
Cash paid for income taxes
$3.7M
$3.5M
—
$4.4M
Cash paid for interest
$393.0K
$236.0K
$94.0K
$309.0K
Change in reimbursable public improvements included in accounts payable and accrued liabilities
$147.0K
$177.0K
$202.0K
$494.0K
Change in fixed assets included in accounts payable and accrued liabilities