Pure Cycle Corp (PCYO) Financial Statements
Industry: Water Supply
In fiscal 2025, Pure Cycle reported revenue of $26.1M, down 9.3% from $28.7M the year before. Net income was $13.1M (a 50.3% net margin), or $0.54 per diluted share. Gross margin was 61.4% and operating margin was 29.4%. Operating activities generated $13.2M of cash. At fiscal year end, Pure Cycle held $162.3M in total assets against $19.5M in total liabilities, including $21.9M of cash and equivalents.
Open the full interactive Pure Cycle financials → Quarterly statements, key ratios, valuation history and price charts.
Pure Cycle Key Stats
| Share Price | $11.25 |
|---|---|
| Market Cap | $271.8M |
| P/E Ratio | 20.8 |
| Revenue YoY Growth | -9.2% |
| 52-Week Range | $9.85 – $11.94 |
| Shares Outstanding | 24.1 million (basic, 2026 Q3) |
Pure Cycle Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $25.9M | $17.1M | $23.0M | $14.6M | $28.7M | $26.1M |
| Gross Profit | $7.5M | $10.7M | $16.4M | $8.0M | $19.8M | $16.0M |
| Operating Income | $1.5M | $5.3M | $10.1M | $2.1M | $12.2M | $7.7M |
| Pre-Tax Income | $8.9M | $26.6M | $12.7M | $6.2M | $15.6M | $17.5M |
| Income Tax | $2.2M | $6.5M | $3.1M | $1.5M | $4.0M | $4.4M |
| Net Income | $6.8M | $20.1M | $9.6M | $4.7M | $11.6M | $13.1M |
| Diluted EPS | $0.28 | $0.83 | $0.40 | $0.19 | $0.48 | $0.54 |
Pure Cycle Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $11.2M | $9.1M | $5.2M | $8.2M |
| Net Income | $6.1M | $4.6M | $1.1M | $2.9M |
| Diluted EPS | $0.25 | $0.19 | $0.05 | $0.12 |
Pure Cycle Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.8M | $20.1M | $34.9M | $26.0M | $22.1M | $21.9M |
| Current Assets | $26.0M | $38.7M | $37.8M | $29.7M | $37.9M | $31.7M |
| Total Assets | $89.8M | $117.2M | $129.2M | $133.2M | $147.4M | $162.3M |
| Current Liabilities | $6.2M | $12.5M | $10.8M | $6.5M | $9.3M | $11.6M |
| Total Long-Term Debt | — | — | $4.0M | $6.9M | $6.9M | $6.8M |
| Total Liabilities | $7.7M | $14.4M | $16.2M | $15.0M | $17.7M | $19.5M |
| Shareholders' Equity | $82.0M | $102.7M | $113.0M | $118.2M | $129.7M | $142.7M |
Pure Cycle Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $20.7M | $3.5M | $17.5M | -$2.3M | $2.2M | $13.2M |
| Cash From Investing | -$3.4M | -$2.9M | -$6.7M | -$9.2M | -$4.7M | -$9.7M |
| Cash From Financing | $44,778 | $87,000 | $4.0M | $2.8M | -$612,000 | -$491,000 |
Figures from Pure Cycle's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Pure Cycle financials page for every line item.
Pure Cycle Company Profile
| Ticker | PCYO |
|---|---|
| Exchange | Nasdaq |
| Industry | Water Supply |
| Headquarters | Watkins, Colorado |
| Incorporated in | Colorado |
| Fiscal Year End | August 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000276720 |
Frequently Asked Questions
What was Pure Cycle's revenue in fiscal 2025?
Pure Cycle (PCYO) reported revenue of $26.1M for fiscal 2025.
What is Pure Cycle's annual revenue history?
Pure Cycle's annual revenue by fiscal year: 2020: $25.9M; 2021: $17.1M; 2022: $23.0M; 2023: $14.6M; 2024: $28.7M; 2025: $26.1M.
What was Pure Cycle's net income in fiscal 2025?
Pure Cycle reported net income of $13.1M for fiscal 2025.
What was Pure Cycle's earnings per share (EPS) in fiscal 2025?
Pure Cycle's diluted EPS was $0.54 for fiscal 2025 (adjusted for any later stock splits).
What was Pure Cycle's revenue last quarter?
In its most recent reported quarter (2026 Q3), Pure Cycle reported revenue of $8.2M.
How much debt does Pure Cycle have?
Pure Cycle reported $6.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Pure Cycle are outstanding?
Pure Cycle reported a weighted average of 24.1 million basic shares outstanding in 2026 Q3.
What is Pure Cycle's market cap?
Based on its latest closing price, Pure Cycle (PCYO) has a market capitalization of about $271.8M.
When does Pure Cycle's fiscal year end?
Pure Cycle's fiscal year end, as registered with the SEC, is August 31.
Where is Pure Cycle headquartered?
Pure Cycle lists its business address in Watkins, Colorado in its SEC filings.