# Limoneira CO (LMNR)

Informational only - not investment advice.

CIK: 0001342423
SIC: 0100 Agricultural Production-Crops
SIC breadcrumb: [Agriculture, Forestry, And Fishing](/division/A/) > [SIC Major Group 01](/major-group/01/) > [SIC 0100 Agricultural Production-Crops](/industry/0100/)
Latest 10-K filed: 2025-12-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=1342423
Filing source: https://www.sec.gov/Archives/edgar/data/1342423/000134242325000039/lmnr-20251031.htm

## At a glance

FY2025 · period end 2025-10-31 · filed 2025-12-23 · accession 0001342423-25-000039 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001342423.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 159,723,000 USD | 2025 | verified |
| Net income | -15,981,000 USD | 2025 | verified |
| Assets | 311,137,000 USD | 2025 | verified |
| Free cash flow | -19,547,000 USD | 2025 | computed |
| Net margin | -10.01% | 2025 | computed |
| Operating margin | -12.78% | 2025 | computed |
| Revenue YoY | -16.60% | 2025 | computed |
| ROE | -8.88% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.


## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 159723000 | USD | 2025 | 2025-12-23 |
| Net income | -15981000 | USD | 2025 | 2025-12-23 |
| Assets | 311137000 | USD | 2025 | 2025-12-23 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-12-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001342423.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 111,789,000 | 121,309,000 | 129,392,000 | 171,398,000 | 164,559,000 | 166,027,000 | 184,605,000 | 179,901,000 | 191,503,000 | 159,723,000 |
| Net income | 8,058,000 | 6,595,000 | 20,188,000 | -5,943,000 | -16,435,000 | -3,441,000 | -236,000 | 9,400,000 | 7,716,000 | -15,981,000 |
| Operating income | 9,188,000 | 11,863,000 | 9,486,000 | -5,514,000 | -19,008,000 | -6,333,000 | 2,201,000 | 10,783,000 | -6,178,000 | -20,405,000 |
| Diluted EPS | 0.52 | 0.42 | 1.25 | -0.37 | -0.96 | -0.23 | -0.04 | 0.50 | 0.40 | -0.93 |
| Operating cash flow | 14,304,000 | 18,482,000 | 18,397,000 | 1,365,000 | -11,317,000 | 9,605,000 | 14,830,000 | -15,870,000 | 17,853,000 | -6,009,000 |
| Capital expenditures |  |  | 13,873,000 | 15,867,000 | 10,599,000 | 9,834,000 | 10,066,000 | 10,305,000 | 9,413,000 | 13,538,000 |
| Dividends paid | 2,834,000 | 3,155,000 | 4,025,000 | 5,331,000 | 5,356,000 | 5,303,000 | 5,315,000 | 5,382,000 | 5,406,000 | 5,414,000 |
| Assets | 305,448,000 | 339,031,000 | 421,339,000 | 399,867,000 | 389,600,000 | 392,276,000 | 368,518,000 | 301,210,000 | 298,815,000 | 311,137,000 |
| Liabilities | 166,719,000 | 191,428,000 | 191,389,000 | 167,369,000 | 183,030,000 | 193,031,000 | 176,654,000 | 100,713,000 | 96,314,000 | 120,300,000 |
| Stockholders' equity | 126,498,000 | 136,793,000 | 219,140,000 | 221,688,000 | 195,760,000 | 188,435,000 | 181,054,000 | 189,687,000 | 191,691,000 | 180,027,000 |
| Free cash flow |  |  | 4,524,000 | -14,502,000 | -21,916,000 | -229,000 | 4,764,000 | -26,175,000 | 8,440,000 | -19,547,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 7.21% | 5.44% | 15.60% | -3.47% | -9.99% | -2.07% | -0.13% | 5.23% | 4.03% | -10.01% |
| Operating margin | 8.22% | 9.78% | 7.33% | -3.22% | -11.55% | -3.81% | 1.19% | 5.99% | -3.23% | -12.78% |
| Return on equity | 6.37% | 4.82% | 9.21% | -2.68% | -8.40% | -1.83% | -0.13% | 4.96% | 4.03% | -8.88% |
| Return on assets | 2.64% | 1.95% | 4.79% | -1.49% | -4.22% | -0.88% | -0.06% | 3.12% | 2.58% | -5.14% |
| Liabilities / equity | 1.32 | 1.40 | 0.87 | 0.75 | 0.93 | 1.02 | 0.98 | 0.53 | 0.50 | 0.67 |
| Current ratio | 0.78 | 0.98 | 1.15 | 1.11 | 1.35 | 1.19 | 0.96 | 0.91 | 0.74 | 1.35 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001342423.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-07-31 |  |  | 0.40 | reported discrete quarter |
| 2023-Q1 | 2023-01-31 |  |  | 0.84 | reported discrete quarter |
| 2023-Q2 | 2023-04-30 |  |  | -0.10 | reported discrete quarter |
| 2023-Q3 | 2023-07-31 | 52,497,000 | -1,163,000 | -0.07 | reported discrete quarter |
| 2023-Q4 | 2023-10-31 | 41,433,000 | -3,455,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-01-31 | 39,731,000 | -3,585,000 | -0.21 | reported discrete quarter |
| 2024-Q2 | 2024-04-30 | 44,606,000 | 6,567,000 | 0.35 | reported discrete quarter |
| 2024-Q3 | 2024-07-31 | 63,305,000 | 6,593,000 | 0.35 | reported discrete quarter |
| 2024-Q4 | 2024-10-31 | 43,861,000 | -1,859,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-01-31 | 34,305,000 | -3,074,000 | -0.18 | reported discrete quarter |
| 2025-Q2 | 2025-04-30 | 35,119,000 | -3,361,000 | -0.20 | reported discrete quarter |
| 2025-Q3 | 2025-07-31 | 47,478,000 | -855,000 | -0.06 | reported discrete quarter |
| 2025-Q4 | 2025-10-31 | 42,821,000 | -8,691,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-01-31 | 18,205,000 | -9,427,000 | -0.53 | reported discrete quarter |
| 2026-Q2 | 2026-04-30 | 23,926,000 | -21,420,000 | -1.20 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LMNR's latest 10-K: [/company/LMNR/business/](/company/LMNR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LMNR's latest 10-K: [/company/LMNR/risk-factors/](/company/LMNR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1342423/000134242326000023/lmnr-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-09
Report date: 2026-04-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 7,000 acres of land, water resources and other assets to maximize long-term stockholder value. Our current operations consist of fruit production and packing operations, rental operations, real estate and capital investment activities.

We are one of California’s oldest lemon growers and according to the California Avocado Commission, we are one of the largest growers of avocados in the United States. In addition to growing lemons and avocados, we grow wine grapes. We have agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona and Jujuy, Argentina, which collectively consist of approximately 2,300 acres of lemons, 1,700 acres of avocados and 400 acres of wine grapes. We also operate our own packinghouses in Santa Paula, California and Yuma, Arizona, where we process and pack lemons that we grow, as well as lemons grown by others. We have a 51% interest in a joint venture, Trapani Fresh Consorcio de Cooperacion (“Trapani Fresh”), a lemon orchard in Argentina. We have a 47% interest in Rosales S.A. (“Rosales”), a citrus packing, marketing and sales business located near La Serena, Chile. We have a 90% interest in Fruticola Pan de Azucar S.A. (“PDA”) and a 100% interest in Agricola San Pablo, SpA (“San Pablo”). Through November 7, 2025, these entities owned lemon and orange orchards located near La Serena, Chile.

Our water resources include water rights, usage rights and pumping rights to the water in aquifers under, and canals that run through, the land we own. Water for our farming operations is sourced from the existing water resources associated with our land, which includes rights to water in the adjudicated Santa Paula Basin (aquifer) and the un-adjudicated Fillmore and Paso Robles Basins (aquifers). We also use surface water in Arizona from the Colorado River through the Yuma Mesa Irrigation and Drainage District (“YMIDD”). We use ground water provided by wells and surface water for our Trapani Fresh farming operations in Argentina.

For more than 100 years, we have been making strategic investments in California agriculture and real estate. We currently have an interest in three real estate development projects in California. These projects include multi-family housing, single-family homes and apartments of approximately 800 units in various stages of planning and development, as well as entitlement efforts related to Ventura County farmland.

Business Division Summary

We have three business divisions: agribusiness, rental operations and real estate development. The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness, which primarily includes oranges, specialty citrus and wine grapes. The agribusiness division includes our core operations of farming, harvesting and lemon packing operations. The rental operations division includes our residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes our investments in real estate development projects. Generally, we see our Company as a land and farming company that generates annual cash flows to support our progress into diversified real estate development activities. Financial information and discussion of our four reportable segments are contained in the notes to the accompanying consolidated financial statements of this Quarterly Report.

Agribusiness Summary

In June 2025, Limoneira entered into a Commercial Packinghouse License Agreement (the “Sunkist Agreement”) with Sunkist Growers, Inc., a nonprofit marketing cooperative (“Sunkist”), effective as of November 1, 2025. The agreement permits us to grade, label, pack, prepare for marketing by Sunkist and ship Sunkist grower lemons, and to use Sunkist trademarks in these activities. The agreement has an initial term of three years with automatic one-year extensions. As of November 1, 2025, Sunkist performs the Company’s lemon sales and marketing operations. Prior to November 1, 2025, the Company marketed and sold citrus directly to food service, wholesale and retail customers throughout the United States, Canada, Asia and certain other international markets. We sell our avocados to third-party packinghouses and our wine grapes to wine producers.

Historically, our agribusiness division has been seasonal in nature, with quarterly revenues fluctuating depending on the timing and variety of crops being harvested. Cultural costs, also referred to as growing costs, in our agribusiness division tend to be higher in the first and second quarters and lower in the third and fourth quarters because of the timing of expensing cultural costs in the current year that were inventoried in the prior year. Our harvest costs generally increase in the second quarter and peak in the third quarter. In connection with the Sunkist Agreement, lemon revenues are expected to peak in the third and fourth quarters.

28

Fluctuations in price are a function of global supply and demand with weather conditions, such as unusually low temperatures, typically having the most dramatic effect on the amount of lemons supplied in any individual growing season. We believe we have a competitive advantage by maintaining our own lemon packing operations, even though a significant portion of the costs related to these operations are fixed. As a result, cost per carton is a function of fruit throughput. While we regularly monitor our costs for redundancies and opportunities for cost reductions, we also supplement the number of lemons we pack in our packinghouse with additional lemons procured from other growers. Because the fresh utilization rate for our lemons, or percentage of lemons we harvest and pack that are sold to the fresh market, is directly related to the quality of lemons we pack and, consequently, the price we receive per 40-pound box, we only pack lemons from other growers if we determine their lemons are of good quality.

Our avocado plantings have been profitable and historically were pursued to diversify our product line. Since fiscal year 2023, we expanded our avocado production by 800 acres, and we plan to expand an additional 200 acres through fiscal year 2027. This 1,000-acre expansion reflects our strategy to capitalize on robust consumer demand trends for avocados.

In addition to growing lemons and avocados, we grow wine grapes. We regularly monitor the demand for the fruit we grow in the current marketplace to identify trends.

Rental Operations Summary

Our rental operations include our residential and commercial rentals, leased land operations and organic recycling. Our residential and commercial rentals generate cash flows that we use to partially fund the operating costs of our business. In addition, our leased land business provides us with a profitable method to diversify the use of our land. Revenue from rental operations is generally level throughout the year.

Real Estate Development Summary

We invest in real estate investment projects and recognize that long-term strategies are required for successful real estate development activities. For real estate development projects and joint ventures, it is not unusual for the timing and amounts of revenues and costs, partner contributions and distributions, project loans, other financing assumptions and project cash flows to be impacted by government approvals, project revenue and cost estimates and assumptions, economic conditions, financing sources and product demand as well as other factors. Such factors could affect our results of operations, cash flows and liquidity.

Water and Mineral Rights

Our water resources include water rights, usage rights and pumping rights to the water in aquifers under, and canals that run through, the land we own. We believe we have adequate supplies of water for our agribusiness segments as well as our rental and real estate development activities. Water for our farming operations located in Ventura County, California is sourced from the existing water resources associated with our land, which includes approximately 8,500 acre-feet of water rights in the adjudicated Santa Paula Basin (aquifer) and additional rights in the un-adjudicated Fillmore Basin (aquifer). Our Windfall Farms property located in San Luis Obispo County, California obtains water from wells that derive water from the Paso Robles Basin (aquifer). Our farming operations in Yuma, Arizona source water from the Colorado River through the YMIDD, where we have access to approximately 11,500 acre-feet of Class 3 Colorado River water rights. We use ground water provided by wells and surface water for our Trapani Fresh farming operations in Argentina.

Southern California is experiencing above average precipitation for the 2025 to 2026 rainfall season. As of April 30, 2026, Ventura County was free from general drought conditions. We continue to assess the impact drought conditions may have on our California orchards.

In August 2025, the U.S. Bureau of Reclamation announced that Lake Mead will continue to operate in a Tier 1 shortage in 2026, which requires Arizona to forfeit approximately 18% of the state’s yearly allotment of water from Lake Mead. In response to this and prior years’ water shortages, we entered into fallowing agreements during fiscal years 2022 and 2023 and in February 2025, extended an existing fallowing agreement through calendar year 2026. In April 2026, we made a decision to remove all of our remaining lemon orchards in Yuma, Arizona. This decision aligns with our strategic plan to monetize Class 3 Colorado River water rights by conserving water via crop substitution to low water use crops. We continue to assess the impact these ongoing water reductions may have on our Arizona orchards.

29

Recent Developments

On June 6, 2025, we entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., a nonprofit marketing cooperative, effective as of November 1, 2025. The agreement permits us to grade, label, pack, prepare for marketing by Sunkist and ship Sunkist grower lemons, and to use Sunkist trademarks in these activities. The agreement has an initial term of three years with automatic one-year extensions. As of November 1, 2025, Sunkist performs the Company’s lemon sales and marketing operations.

On November 7, 2025, our Chilean subsidiaries, PDA and San Pablo (collectively, the “Sellers”), each entered into a Purchase and Sale Agreement and Novation Agreement (collectively, the “Purchase Agreements”) with San Pedro, SpA, a Chilean joint stock company (the “Buyer”), to sell certain real estate parcels consisting of approximately 500 acres of lemons, 100 acres of oranges and other unplanted lands including water rights associated with the parcels for an aggregate purchase price of $15.0 million. The transactions closed upon transfer of the deeds simultaneously with the execution of the Purchase Agreements.

After a period of approximately 120 days to record the transactions, which is customary in Chilean real estate transactions, the Buyer made an initial payment to the Sellers in the aggregate amount of $6.8 million, of which approximately $0.7 million is deferred until certain requirements have been fulfilled. The remainder of the Buyer’s payment obligations, in the aggregate amount of $8.2 million, will be made in installment payments in amounts that will be calculated based on the excess free cash flows of the combined operations of the sold properties and a third citrus ranch owned by the Buyer, measured annually as of

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1342423/000134242325000039/lmnr-20251031.htm
Complete FY 2025 MD&A: /company/LMNR/mda/fy2025/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2025-12-23
Report date: 2025-10-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Consolidated Financial Statements (Part II, Item 8 of this Form 10-K). This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those presented under “Risk Factors” included in Item 1A and elsewhere in this Annual Report on Form 10-K. This section generally discusses the results of operations for fiscal year 2025 compared to fiscal year 2024. For discussion related to the results of operations and changes in financial condition for fiscal year 2024 compared to fiscal year 2023 refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2024 Form 10-K, which was filed with the United States Securities and Exchange Commission (SEC) on December 23, 2024.

Overview

Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 10,500 acres of land, water resources and other assets to maximize long-term stockholder value. Our operations consist of fruit production, sales and marketing, rental operations, real estate and capital investment activities.

We have three business divisions: agribusiness, rental operations and real estate development. The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness, which primarily includes oranges, specialty citrus, wine grapes and farm management services. The agribusiness division includes our core operations of farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes our residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes our investments in real estate development projects.

Recent Developments – Refer to Part I, Item 1 “Fiscal Year 2025 Highlights and Recent Developments”

34

Results of Operations

The following table shows the results of operations (in thousands):

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

35

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of our operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes stock-based compensation, pension settlement cost, impairment of intangible asset, loss (gain) on disposal of assets, net, cash bonus related to sale of assets, gain on legal settlement, cash severance benefits, contract termination fee and gain on remeasurement of previously held equity method investment are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to us and may not be consistent with methodologies used by other companies.

EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):

[[GREPCENT_TABLE]]
[["","","","Fiscal Year Ended October 31,"],["","","","","","2025","","2024","","2023"],["Net (loss) income attributable to Limoneira Company","","","","","$","(15,981)","","","$","7,716","","","$","9,400"],["Interest income","","","","","(62)","","","(118)","","","(364)"],["Interest expense, net of patronage dividends","","","","","1,553","","","961","","","494"],["Income tax (benefit) provision","","","","","(4,649)","","","4,373","","","4,247"],["Depreciation and amortization","","","","","9,209","","","8,374","","","8,576"],["EBITDA","","","","","$","(9,930)","","","$","21,306","","","$","22,353"],["Stock-based compensation","","","","","3,077","","","4,116","","","3,841"],["Pension settlement cost","","","","","\u2014","","","\u2014","","","2,700"],["Impairment of intangible asset","","","","","\u2014","","","643","","","\u2014"],["Loss (gain) on disposal of assets, net","","","","","706","","","(507)","","","(28,849)"],["Cash bonus related to sale of assets","","","","","\u2014","","","\u2014","","","2,000"],["Gain on legal settlement","","","","","\u2014","","","\u2014","","","(2,269)"],["Cash severance benefits","","","","","447","","","1,160","","","\u2014"],["Contract termination fee","","","","","2,100","","","\u2014","","","\u2014"],["Gain on remeasurement of previously held equity method investment","","","","","(2,852)","","","\u2014","","","\u2014"],["Adjusted EBITDA","","","","","$","(6,452)","","","$","26,718","","","$","(224)"]]
[[/GREPCENT_TABLE]]

Fiscal Year 2025 Compared to Fiscal Year 2024

Revenues

Total net revenues for fiscal year 2025 were $159.7 million, compared to $191.5 million for fiscal year 2024. The 17% decrease of $31.8 million was primarily due to decreased agribusiness revenue from lemons, avocados, wine grapes and farm management, partially offset by increased agribusiness revenues from oranges, as detailed below ($ in thousands):

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended October 31,"],["","2025","","2024","","Change"],["Lemons","$","124,958","","","$","136,175","","","$","(11,217)","","(8)%"],["Avocados","11,741","","","25,114","","","(13,373)","","(53)%"],["Oranges","7,745","","","5,189","","","2,556","","49%"],["Specialty citrus and wine grapes","4,010","","","5,089","","","(1,079)","","(21)%"],["Farm management","1,622","","","10,212","","","(8,590)","","(84)%"],["Other","3,609","","","4,144","","","(535)","","(13)%"],["Agribusiness revenues","$","153,685","","","$","185,923","","","$","(32,238)","","(17)%"]]
[[/GREPCENT_TABLE]]

36

•Lemons: The decrease for fiscal year 2025, compared to fiscal year 2024, was primarily due to lower prices, partially offset by increased volume of fresh and brokered lemons sold and other lemon sales. Fresh carton sales were $83.8 million and $84.0 million, in aggregate, on 4.7 million and 4.5 million cartons of lemons sold at average per carton prices of $17.74 and $18.87 for fiscal years 2025 and 2024, respectively. Lemon revenue included brokered lemons and other lemon sales of $21.6 million and $32.0 million, packing and handling revenue of $17.9 million and $17.1 million, and lemon by-product sales of $1.7 million and $3.0 million for fiscal years 2025 and 2024, respectively.

•Avocados: The decrease for fiscal year 2025, compared to fiscal year 2024, was due to decreased volume and lower prices of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. We sold 7.4 million and 15.1 million pounds of avocados at average prices per pound of $1.60 and $1.67 for fiscal years 2025 and 2024, respectively.

•Oranges: The increase for fiscal year 2025, compared to fiscal year 2024, was primarily due to increased volume and higher prices of oranges sold. We sold 409,000 and 280,000 cartons of oranges at an average price per carton of $18.93 and $18.53 for fiscal years 2025 and 2024, respectively.

•Specialty citrus and wine grapes: The decrease for fiscal year 2025, compared to fiscal year 2024, was primarily due to decreased volume of wine grapes sold. We sold $1.8 million and $2.9 million of wine grapes during fiscal years 2025 and 2024, respectively.

•Farm management: Farm management revenue was comp

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LMNR/mda/fy2025/
All MD&A years: /company/LMNR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LMNR/mda/fy2024/): filed 2024-12-23; accession 0001342423-24-000035 (https://www.sec.gov/Archives/edgar/data/1342423/000134242324000035/lmnr-20241031.htm)
- [FY 2023 MD&A](/company/LMNR/mda/fy2023/): filed 2023-12-21; accession 0001342423-23-000037 (https://www.sec.gov/Archives/edgar/data/1342423/000134242323000037/lmnr-20231031.htm)
- [FY 2022 MD&A](/company/LMNR/mda/fy2022/): filed 2022-12-22; accession 0001342423-22-000038 (https://www.sec.gov/Archives/edgar/data/1342423/000134242322000038/lmnr-20221031.htm)
- [FY 2021 MD&A](/company/LMNR/mda/fy2021/): filed 2022-01-10; accession 0001342423-22-000009 (https://www.sec.gov/Archives/edgar/data/1342423/000134242322000009/lmnr-20211031.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (SIC 0100 Agricultural Production-Crops) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

No tailored SIC indicator subset is available for this company; use /indicators/.

No macro-to-micro thread currently includes this sector.

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LMNR.md · JSON record: /company/LMNR.json · verified financials: /company/LMNR/financials.json / /company/LMNR/financials.csv · machine TOC for the whole site: /llms.txt