Revenue contracted 7.7% YoY to $43.8M in 2026Q3 with gross margin recovering to 12.1% from -33.6% in 2026Q1, though operating income of just $1.5M (3.4% margin) extends the string of operating losses since 2024Q3.
Limoneira Company (LMNR) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 |
|---|
| Sales/Revenue | 128.76M | 159.72M | 191.5M | 179.9M | 184.6M | 166.03M | 164.56M | 171.4M | 129.39M | 121.31M | 111.79M | 100.31M | 103.46M | 84.88M | 65.83M | 52.49M | 54.28M | 34.84M | 53.51M |
| Revenue Growth % | -19.91% | -16.59% | 6.45% | -2.55% | 11.19% | 0.89% | -3.99% | 32.46% | 6.66% | 8.52% | 11.44% | -3.05% | 21.89% | 28.95% | 25.4% | -3.3% | 55.82% | -34.9% | - |
| Cost of Goods Sold | 135.79M | 160.25M | 170.08M | 173.78M | 165.09M | 152.82M | 161.78M | 156.81M | 102.3M | 95.38M | 89.28M | 81.96M | 78.8M | 67.54M | 50.76M | 40.96M | 33.63M | 29.66M | 38.03M |
| COGS % of Revenue | - | 100.33% | 88.81% | 96.6% | 89.43% | 92.05% | 98.31% | 91.49% | 79.06% | 78.62% | 79.87% | 81.7% | 76.16% | 79.57% | 77.1% | 78.03% | 61.95% | 85.14% | 71.07% |
| Gross Profit | -7.27M | -530K | 21.42M | 6.12M | 19.52M | 13.2M | 2.77M | 14.59M | 27.1M | 25.93M | 22.51M | 18.36M | 24.66M | 17.34M | 15.07M | 11.53M | 20.65M | 5.18M | 15.48M |
| Gross Margin % | -5.65% | -0.33% | 11.19% | 3.4% | 10.57% | 7.95% | 1.69% | 8.51% | 20.94% | 21.38% | 20.13% | 18.3% | 23.84% | 20.43% | 22.9% | 21.97% | 38.05% | 14.86% | 28.93% |
| Gross Profit Growth % | - | -102.47% | 250.03% | -68.64% | 47.81% | 375.96% | -80.98% | -46.17% | 4.5% | 15.21% | 22.62% | -25.58% | 42.21% | 15.06% | 30.68% | -44.16% | 298.88% | -66.55% | - |
| Operating Expenses | 19.51M | 23.51M | 27.6M | -4.66M | 21.82M | 19.43M | 21.28M | 21.17M | 16.05M | 13.95M | 13.32M | 13.77M | 14.34M | 11.85M | 10.52M | 9.33M | 15.11M | 6.48M | 8.3M |
| OpEx % of Revenue | - | 14.72% | 14.41% | -2.59% | 11.82% | 11.7% | 12.93% | 12.35% | 12.41% | 11.5% | 11.91% | 13.73% | 13.86% | 13.96% | 15.98% | 17.77% | 27.83% | 18.6% | 15.52% |
| Selling, General & Admin | 21.1M | 24.48M | 27.46M | 26.45M | 21.82M | 19.43M | 21.28M | 21.17M | 16.05M | 13.95M | 13.32M | 13.77M | 14.34M | 11.85M | 10.52M | 9.33M | 10.69M | 6.47M | 8.29M |
| SG&A % of Revenue | - | 15.32% | 14.34% | 14.71% | 11.82% | 11.7% | 12.93% | 12.35% | 12.41% | 11.5% | 11.91% | 13.73% | 13.86% | 13.96% | 15.98% | 17.77% | 19.7% | 18.57% | 15.5% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.42M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.13% | - | - |
| Other Operating Expenses | -1.48M | -966K | 136K | -31.12M | 0 | 89K | 0 | 129K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 10K | 11K |
| Operating Income | -28.24M | -24.04M | -6.18M | 10.78M | -2.3M | -6.22M | -18.51M | -6.58M | 9.49M | 11.86M | 9.19M | 4.58M | 9.89M | 5.4M | 4.56M | 1.01M | 3.12M | -7.5M | 5.84M |
| Operating Margin % | -21.93% | -15.05% | -3.23% | 5.99% | -1.25% | -3.75% | -11.25% | -3.84% | 7.33% | 9.78% | 8.22% | 4.57% | 9.56% | 6.36% | 6.92% | 1.92% | 5.75% | -21.54% | 10.91% |
| Operating Income Growth % | - | -289.11% | -157.29% | 569.03% | 63.06% | 66.37% | -181.12% | -169.4% | -20.04% | 29.11% | 100.48% | -53.67% | 83.27% | 18.48% | 351.09% | -67.66% | 141.62% | -228.58% | - |
| EBITDA | -19.52M | -14.83M | 2.2M | 19.36M | 7.5M | 3.59M | -8.41M | 2.05M | 16.76M | 18.33M | 14.53M | 8.77M | 13.41M | 7.8M | 6.69M | 3.22M | 5.5M | -5.18M | 8.27M |
| EBITDA Margin % | -15.16% | -9.28% | 1.15% | 10.76% | 4.06% | 2.16% | -5.11% | 1.2% | 12.95% | 15.11% | 13% | 8.74% | 12.96% | 9.19% | 10.16% | 6.13% | 10.12% | -14.87% | 15.45% |
| EBITDA Growth % | -482.83% | -775.32% | -88.66% | 158.15% | 109% | 142.67% | -510.2% | -87.77% | -8.56% | 26.18% | 65.7% | -34.62% | 71.89% | 16.66% | 107.86% | -41.47% | 206.08% | -162.65% | - |
| D&A (Non-Cash Add-back) | 8.72M | 9.21M | 8.37M | 8.58M | 9.8M | 9.81M | 10.1M | 8.63M | 7.28M | 6.47M | 5.34M | 4.18M | 3.52M | 2.4M | 2.13M | 2.21M | 2.37M | 2.32M | 2.43M |
| EBIT | -47.09M | -19.45M | 12.51M | 13.86M | 2.64M | -2.66M | -24.39M | -4.43M | 14.81M | 11.98M | 14.73M | 11.2M | 10.33M | 8.27M | 5.64M | 3.56M | 3.52M | -4.29M | 7.14M |
| Net Interest Income | -2.94M | -1.49M | -843K | -130K | -2.24M | -1.12M | -1.69M | -2.13M | -1.12M | -1.78M | -1.41M | -148K | 60K | 672K | 335K | -619K | -3.51M | -467K | -517K |
| Interest Income | 164K | 62K | 118K | 364K | 53K | 379K | 362K | 207K | 0 | 0 | 23K | 40K | 60K | 796K | 843K | 104K | 113K | 225K | 902K |
| Interest Expense | 3.11M | 1.55M | 961K | 494K | 2.29M | 1.5M | 2.05M | 2.34M | 1.12M | 1.78M | 1.43M | 188K | 0 | 124K | 508K | 1.26M | 1.63M | 692K | 1.42M |
| Other Income/Expense | -28.54M | 3.03M | 17.73M | 2.58M | -1.85M | 2.17M | -7.43M | -1.05M | 4M | -1.24M | 4.14M | 6.47M | 671K | 2.74M | 399K | 18K | -3.17M | -3.69M | -114K |
| Pretax Income | -55.32M | -21M | 11.55M | 13.36M | 349K | -4.16M | -26.43M | -6.56M | 13.48M | 10.63M | 13.32M | 11.06M | 10.56M | 8.14M | 4.96M | 2.22M | -51K | -4.99M | 5.72M |
| Pretax Margin % | -42.96% | -13.15% | 6.03% | 7.43% | 0.19% | -2.51% | -16.06% | -3.83% | 10.42% | 8.76% | 11.92% | 11.02% | 10.21% | 9.59% | 7.53% | 4.24% | -0.09% | -14.31% | 10.69% |
| Income Tax | -11.73M | -4.65M | 4.37M | 4.25M | 823K | -266K | -8.49M | -1.1M | -6.73M | 4.08M | 5.27M | 3.97M | 3.57M | 3.23M | 1.98M | 707K | -72K | -2.29M | 2.13M |
| Effective Tax Rate % | 21.2% | 22.13% | 37.87% | 31.78% | 235.82% | 6.39% | 32.13% | 16.71% | -49.91% | 38.37% | 39.53% | 35.94% | 33.82% | 39.74% | 39.92% | 31.79% | 141.18% | 45.95% | 37.19% |
| Net Income | -42.53M | -15.98M | 7.72M | 9.4M | -474K | -3.9M | -17.94M | -5.47M | 20.19M | 6.59M | 8.06M | 7.08M | 6.99M | 4.91M | 3.15M | 1.6M | 323K | -2.88M | 3.5M |
| Net Margin % | -33.03% | -10.01% | 4.03% | 5.23% | -0.26% | -2.35% | -10.9% | -3.19% | 15.6% | 5.44% | 7.21% | 7.06% | 6.76% | 5.78% | 4.79% | 3.04% | 0.6% | -8.26% | 6.53% |
| Net Income Growth % | -364.87% | -307.12% | -17.91% | 2083.12% | 87.84% | 78.28% | -228.23% | -127.08% | 206.11% | -18.16% | 13.78% | 1.3% | 42.5% | 55.75% | 97.12% | 394.74% | 111.23% | -182.32% | - |
| Net Income (Continuing) | -43.59M | -16.36M | 7.17M | 9.12M | -474K | -3.9M | -17.94M | -5.47M | 20.21M | 6.55M | 8.06M | 7.08M | 6.99M | 6.36M | 3.15M | 1.6M | 21K | -2.87M | 3.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 18.4M | 19.32M | 10.55M | 11.21M | 11.61M | 11.96M | 13.74M | 15.42M | 574K | 587K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.37 | -0.93 | 0.40 | 0.50 | -0.03 | -0.22 | -1.02 | -0.31 | 1.25 | 0.42 | 0.52 | 0.46 | 0.46 | 0.36 | 0.26 | 0.12 | 0.01 | -0.26 | 0.29 |
| EPS Growth % | -150.05% | -332.5% | -20% | 1945.02% | 87.68% | 78.43% | -229.03% | -124.8% | 197.62% | -19.23% | 13.04% | 0% | 27.78% | 38.46% | 116.67% | 1100% | 103.85% | -189.66% | - |
| EPS (Basic) | - | -0.93 | 0.40 | 0.50 | -0.03 | -0.22 | -1.02 | -0.31 | 1.30 | 0.42 | 0.52 | 0.46 | 0.46 | 0.36 | 0.26 | 0.12 | 0.01 | -0.26 | 0.29 |
| Diluted Shares Outstanding | 17.96M | 17.83M | 17.71M | 17.6M | 17.51M | 17.55M | 17.67M | 17.58M | 16.21M | 14.31M | 14.17M | 14.12M | 14.05M | 12.78M | 11.2M | 11.21M | 11.21M | 11.24M | 11.16M |
| Basic Shares Outstanding | 17.96M | 17.83M | 17.71M | 17.6M | 17.51M | 17.55M | 17.67M | 17.58M | 15.58M | 14.31M | 14.17M | 14.12M | 14.05M | 12.78M | 11.2M | 11.21M | 11.21M | 11.24M | 11.13M |
| Dividend Payout Ratio | - | - | 70.06% | 57.26% | - | - | - | - | 19.94% | 47.84% | 35.17% | 35.85% | 33.2% | 39.62% | 46.67% | 87.61% | 434.37% | - | 103.55% |
Quick answers to the most common questions about buying LMNR stock.
For fiscal year 2025, Limoneira Company (LMNR) reported total revenue of $159.7M. This represents a 198.5% increase compared to $53.5M in 2008.
Limoneira Company (LMNR) reported a net loss of $16.0M for the fiscal year ending 2025.
Limoneira Company (LMNR) reported an operating income of $-24.0M, resulting in an operating profit margin of -15.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Limoneira Company (LMNR) generated $-0.5M in gross profit for the year, representing a gross profit margin of -0.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Contraction Deepens Across Cycles
Limoneira's revenue contracted for eight consecutive quarters, with 2026Q3 sales of $43.8M down 7.7% year over year, extending declines from the $63.3M peak posted in 2024Q3, as quarterly volatility compounds the seasonal harvest cycle, according to the company's reported income statements.
The weakness appears broad-based rather than a favorable-comparison artifact, since negative growth persists in both the large harvest quarters and the smaller spring quarters, pointing to volume or pricing pressure across the portfolio. With no R&D spending and a largely fixed SG&A base, revenue erosion flows almost directly to gross profit, making top-line stabilization the pivotal determinant of any earnings recovery.
Gross Margin Swings Signal Cost Absorption Risk
Gross margin collapsed from 26.3% in 2024Q3 to -33.6% in 2026Q1 before recovering to 12.1% in 2026Q3, a nearly 60-point swing within six quarters that highlights extreme cost-to-price sensitivity, as disclosed in Limoneira's quarterly financial statements.
A negative gross margin implies COGS exceeded revenue outright, suggesting crop-cost absorption or below-cost pricing during the off-season quarters rather than normal cyclicality. The 2026Q3 recovery to 12.1% remains well below the 26.3% benchmark set in 2024Q3 and sits in line with thin-margin peers like AVO and CVGW, indicating investors should monitor whether harvest-quarter margins can structurally regain the mid-20s.
Losses Extend Beyond Operating Weakness
Net income was negative in eight of the last ten quarters, with 2026Q2 posting a $21.4M net loss on just $23.9M of revenue—a -89.5% net margin far worse than the -19.0% operating margin, based on EDBL-style reported income statement figures for LMNR.
The large gap between the $4.5M operating loss and the $21.4M net loss in 2026Q2 implies material non-operating items below the operating line, which warrants further investigation because they obscure underlying business performance. Quarterly stock-based compensation ranging from $0 to $1.2M is modest relative to the losses but adds persistent share-count pressure, and the durability of negative EPS across eight quarters suggests the losses reflect operations rather than one-off accrual timing.
2024Q3 Marks Profitability Turning Point
The decisive inflection occurred in 2024Q3, when $63.3M of revenue generated $9.0M of operating income and $6.6M net income—the last profitable period—after which every subsequent quarter has reported an operating loss, per Limoneira's reported quarterly results.
The simultaneous peak in revenue and margin suggests favorable pricing or yield conditions proved transient rather than a durable step-change in the business model. Because losses have persisted for eight straight quarters through varying seasonal revenue levels, the inflection appears structural, implying the 2024 profitability level may not be a reliable anchor for forward estimates.
Fixed Costs Against Shrinking Top Line
A skeptic would emphasize that revenue fell from $63.3M in 2024Q3 to $43.8M in 2026Q3 while SG&A stayed in a $4-7M band, leaving negligible cushion as gross margin printed negative in four of ten quarters, according to Limoneira's income statement history.
Operating breakeven appears to require revenue recovery that peer benchmarks do not obviously support, since AVO and DOLE are growing revenue 8-13% while LMNR contracts. With gross margins already compressed toward the 7.8%-11.6% peer floor and no demonstrated pricing power, any further top-line decline would likely deepen operating losses, making the current margin profile a key area of analytical skepticism.