Lot Sales was Pure Cycle’s largest product and service line in fiscal 2025, bringing in $13.69M of $26.25M (52%).
| Product and Service | FY 2016 | FY 2017 | FY 2017 | FY 2017 | FY 2018 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Lot Sales | — | $6.82M | $16.00M | $13.69M | |||||||||
| Lot Sales - Agreement With Builder | — | — | — | — | |||||||||
| Lot Sales From Agreement With Builder | — | — | — | — | |||||||||
| Phase 2 | $6.80M | — | — | — | |||||||||
| Water & Wastewater Activities | — | — | $7.28M | $3.00M | |||||||||
| Water & Wastewater Tap Fees | $4.92M | — | — | — | |||||||||
| Lot Sales - Agreement With Purchaser | — | — | — | — | |||||||||
| Lot Sales From Agreement With Purchaser | — | — | — | — | |||||||||
| Water Tap Fee Recognized Excluding Waste Water Tap Fee | — | $2.50M | $2.90M | $5.90M | |||||||||
| Water Tap Fees Recognized Excluding Waste Water Tap Fee | $4.10M | — | — | — | |||||||||
| Metered Water Usage-Commercial Customers | $4.11M | $3.06M | — | — | |||||||||
| Water Tap Fees | — | — | — | — | |||||||||
| Water Tap Fees Recognized Excluding Wastewater Tap Fees | — | — | — | — | |||||||||
| Wholesale Water Usage Revenues Upon Delivering Water To Its Customers Or Its Governmental Customer'S End-Use Customers, As Applicable | — | — | — | — | |||||||||
| Metered Water Usage - Industrial Oil & Gas | — | — | — | — | |||||||||
| Metered Water Usage From Industrial Oil & Gas Operations | — | — | — | — | |||||||||
| Wastewater Tap Fees | $800.00K | — | $500.00K | $1.40M | |||||||||
| Wastewater Tap Fee Constitutes A Right To Connect To The Company'S Wholesale Water & Wastewater Systems Through A Service Line To A Residential Or Commercial Building Or Property, And Once Granted, The Customer May Make A Physical Tap Into The Wholesale Line(S) To Connect Its Property For Water And/Or Wastewater Service | — | — | — | — | |||||||||
| Project Management Fees | — | $283.00K | $707.00K | $781.00K | |||||||||
| Project Management Fees - Recognized | $683.00K | — | — | — | |||||||||
| Special Facility Projects & Other | $334.00K | $467.00K | $894.00K | $785.00K | |||||||||
| Oil & Gas | — | — | — | — | |||||||||
| Metered Water Usage - Municipal Customers | $440.00K | $504.00K | — | — | |||||||||
| Metered Water Usage From Municipal Customers | — | — | — | — | |||||||||
| Single-Family Rentals | — | $165.00K | $481.00K | $496.00K | |||||||||
| Single Family Rentals | $82.00K | — | — | — | |||||||||
| Special Facility Projects | $100.00K | $400.00K | — | — | |||||||||
| Special Facility Funding Recognized | $200.00K | $100.00K | $100.00K | $100.00K | |||||||||
| Special Facility Funding Recognized Based On Usage | — | — | — | — | |||||||||
| Other | — | — | — | — | |||||||||
| Other Income | — | — | — | — | |||||||||
| Wastewater Treatment Fees | $248.00K | $302.00K | — | — | |||||||||
| Wastewater Monthly Treatment Fees Based On Usage | — | — | — | — | |||||||||
| Consulting Fees | $100.00K | $100.00K | $100.00K | $100.00K | |||||||||
| Consulting Fees Are Fees Receives, Typically On A Monthly Basis, From Municipalities & Area Water Providers Along The I-70 Corridor, For Contract Operations Services | — | — | — | — | |||||||||
| Water Tap Fee Constitutes A Right To Connect To The Company'S Wholesale Water & Wastewater Systems Through A Service Line To A Residential Or Commercial Building Or Property, And Once Granted, The Customer May Make A Physical Tap Into The Wholesale Line(S) To Connect Its Property For Water And/Or Wastewater Service | — | — | — | — | |||||||||
| Total | $22.92M | $14.70M | $28.96M | $26.25M |
Pure Cycle brought in $26.25M from its nine product and service lines in fiscal 2025, the year ended August 31, 2025. That was down 9.4% from $28.96M in fiscal 2024. Lot Sales was the largest at $13.69M (52.2%), ahead of Water Tap Fee Recognized Excluding Waste Water Tap Fee at $5.90M (22.5%) and Water & Wastewater Activities at $3.00M (11.4%). The other six lines brought in $3.66M combined.
Compared with fiscal 2024, Wastewater Tap Fees grew fastest, up 180.0% to $1.40M, while Water & Wastewater Activities fell the most, down 58.8% to $3.00M.
Pure Cycle began breaking out Lot Sales in fiscal 2023, Water & Wastewater Activities in fiscal 2024, Water Tap Fee Recognized Excluding Waste Water Tap Fee in fiscal 2023 and Project Management Fees in fiscal 2023. Pure Cycle stopped reporting Phase 2 ($6.80M in fiscal 2022), Water & Wastewater Tap Fees ($4.92M in fiscal 2022), Water Tap Fees Recognized Excluding Waste Water Tap Fee ($4.10M in fiscal 2022) and six others as separate lines.
Land Development was Pure Cycle’s largest segment in fiscal 2025, bringing in $15.26M of $26.09M (58%).
| Segment | FY 2014 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Land Development | $12.87M | $7.10M | $17.60M | $15.26M | |||||
| Land Development Activities | — | — | — | — | |||||
| Land Development Activities Real Estate Held & Assets That Are An Addition Or Improvement To Real Estate Held | — | — | — | — | |||||
| Water & Wastewater Resource Development | $10.05M | $7.32M | $10.67M | $10.33M | |||||
| Water & Wastewater Utility Services | — | — | — | — | |||||
| The Water & Wastewater Utility Services Business Includes Selling Water Services To Customers, Which Water Is Provided By The Company Using Water Rights Owned Or Controlled By The Company, And Developing Infrastructure To Divert, Treat And Distribute That Water And Collect, Treat And Reuse Wastewater. | — | — | — | — | |||||
| The Wholesale Water & Wastewater Services Business Includes Selling Water Service To Customers, Which Water Is Provided By The Company Using Water Rights Owned Or Controlled By The Company, And Developing Infrastructure To Divert, Treat And Distribute That Water And Collect, Treat And Reuse Wastewater | — | — | — | — | |||||
| Wholesale Water & Wasterwater | — | — | — | — | |||||
| Agricultural | — | — | — | — | |||||
| Single-Family Rentals | — | $165.00K | $481.00K | $496.00K | |||||
| Single Family Rentals | $82.00K | — | — | — | |||||
| All Other | — | — | — | — | |||||
| Total | $23.00M | $14.59M | $28.75M | $26.09M |
Pure Cycle brought in $26.09M from its three segments in fiscal 2025, the year ended August 31, 2025. That was down 9.3% from $28.75M in fiscal 2024. Land Development was the largest at $15.26M (58.5%), ahead of Water & Wastewater Resource Development at $10.33M (39.6%) and Single-Family Rentals at $496.00K (1.9%).
Compared with fiscal 2024, Water & Wastewater Resource Development fell 3.1% to $10.33M and Land Development fell 13.3% to $15.26M.
Pure Cycle began breaking out Single-Family Rentals in fiscal 2023, when it brought in $165.00K. Pure Cycle stopped reporting Single Family Rentals as a separate segment after fiscal 2022, when it brought in $82.00K.
Pure Cycle (PCYO) reports its revenue by product and service and by segment. In fiscal 2025, Lot Sales was its largest product and service line, bringing in $13.69M (52.2% of the total), followed by Water Tap Fee Recognized Excluding Waste Water Tap Fee at $5.90M (22.5%).
Lot Sales was Pure Cycle's largest product and service line in fiscal 2025, bringing in $13.69M, or 52.2% of the $26.25M total across its nine product and service lines.
Land Development was Pure Cycle's largest segment in fiscal 2025, bringing in $15.26M, or 58.5% of the $26.09M total across its three segments.
Among Pure Cycle's product and service lines that make up at least 2% of revenue, Wastewater Tap Fees grew fastest in fiscal 2025, up 180.0% from $500.00K to $1.40M.
Every figure comes from Pure Cycle's annual financial filings, as reported. Each line keeps the name Pure Cycle gives it, and years follow its fiscal calendar.
Pure Cycle's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.