The company cautioned that swings in land and home sales make its results hard to compare cleanly from one period to the next.

July 28, 2026

AMREP Corporation, a New Mexico-focused land developer and homebuilder traded on the New York Stock Exchange under the ticker AXR, reported that its profit declined for the fiscal year ended April 30, 2026, even though its revenue grew compared with the prior year.

The Numbers

The company posted net income of $10.3 million, or $1.91 per diluted share, for fiscal 2026. That compares with net income of $12.7 million, or $2.37 per diluted share, for fiscal 2025, marking a decline of roughly 19 percent on a per-share basis. Revenue, meanwhile, rose to $52.8 million for the year from $49.7 million a year earlier, an increase of about 6 percent.

Basic earnings per share came in at $1.93 for fiscal 2026, down from $2.39 the prior year. The number of shares used to calculate those figures ticked up slightly, with basic weighted average shares outstanding at roughly 5.34 million, compared to about 5.32 million a year earlier.

A Business Prone to Swings

AMREP Corporation, working through its subsidiaries, describes itself as a major landowner and a leading real estate developer and homebuilder in New Mexico. The company cautioned that results in its land development and homebuilding businesses can swing significantly from one period to the next, depending on factors such as:

• The timing of specific transactions
• The type and location of land or homes sold
• The pricing and profit margins those sales generate

As a result, the company noted that its past performance is not necessarily a reliable guide to what might happen in future periods.

More detailed financial statements covering both fiscal 2026 and fiscal 2025 were included in the company’s annual report, which AMREP also submitted to the Securities and Exchange Commission on the same day as this announcement and made available on its own website.

The wider gap between rising revenue and falling profit suggests that costs, margins, or other factors outside of top-line sales weighed on the company’s bottom line during the year, though the announcement itself does not break out the specific drivers behind that shift in detail.