ALEX Alexander & Baldwin, Inc.

Overview and Growth

In fiscal 2025, Alexander & Baldwin, Inc. recorded $206.67M of revenue, net income of $64.67M, and an operating cash inflow of $79.51M. At $206.67M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 12.7% from $236.64M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was $0.89, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 7.2% increase from fiscal 2024 diluted EPS of $0.83. At period end, total assets were $1.66B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.12x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $80.02M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 38.7%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $64.67M, after the operating, financing, tax, and other items recognized for the period. Net margin was 31.3%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $64.52M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 31.2%, adding a pre-tax profitability layer between revenue and net income. The reported tax benefit was $69.00K, favorably bridging the pretax and after-tax results. The tax benefit equaled 0.1% of positive pretax income, lifting the after-tax result. Return on period-end equity was 6.6%, relating annual net income to the equity capital on the balance sheet. Net income represented 3.9% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $1.66B of assets against $672.34M of liabilities and $987.20M of equity, revealing how the asset base was financed. The company held $11.30M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $491.58M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.5x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 29.6%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 40.5%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 0.7% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 0.7% from $1.67B in fiscal 2024, leaving current total assets lower year over year. Book equity was 1.6% lower than fiscal 2024 equity of $1.00B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

The company reported $79.51M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.23x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $52.23M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 65.7% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $27.28M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 13.2%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 1.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.