Mesabi Trust (MSB) Q1 FY2026 earnings: revenue $5 million, down 24.3% on the year
Mesabi Trust (MSB) reported revenue of $5 million for Q1 FY2026, the quarter ended 30 April 2025, down 24.3% on the same quarter a year earlier. Net income was $4 million, up 4.2% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 12 June 2025.
Revenue$5 milliondown 24.3%
Net income$4 millionup 4.2%
Diluted EPS$0.28
QuarterQ1 FY2026ended 30 April 2025
The quarter, against the one before and a year earlier
| Line | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | Change on the year |
|---|---|---|---|---|
| Revenue | 4.7 | 6.9 | 6.3 | -24.3% |
| Cost of revenue | 1.1 | 0.8 | 2.8 | -60.1% |
| Gross profit | 3.6 | 6.1 | 3.5 | +4.2% |
| Gross margin | 76.7% | 88.5% | 55.7% | |
| Net income | 3.6 | 6.1 | 3.5 | +4.2% |
| Net margin | 76.7% | 88.5% | 55.7% | |
| Diluted EPS | $0.28 basic | $0.46 | $0.27 basic | +4.3% |
$ million except per share.
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Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow and capital returned
| Line | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | 2.1 | 9.4 | 2.5 | -16.9% |
| Dividends paid | 78.1 | n/a | 4.9 | +1508.1% |
| Diluted shares, weighted | 13m | 13m | 13m | +0.0% |
| Shares outstanding at period end | 13m | 13m | 13m | +0.0% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 19.6 | 23.3 | 20.7 | -5.0% |
| Debt | 0.0 | 0.0 | 0.0 | n/a |
| Other liabilities | 7.8 | 78.4 | 4.5 | +74.6% |
| Total liabilities and equity | 27.4 | 102 | 25.1 | +9.1% |
| Cash and equivalents | 24.2 | 100 | 21.6 | +12.0% |
| Receivables | 1.9 | 1.2 | 1.8 | +4.8% |
| Other assets | 1.3 | 0.4 | 1.7 | -22.8% |
| Total assets | 27.4 | 102 | 25.1 | +9.1% |
Questions
What was Mesabi Trust's revenue in Q1 FY2026?
Mesabi Trust (MSB) reported revenue of $5 million for Q1 FY2026, the quarter ended 30 April 2025, down 24.3% on the same quarter a year earlier.
How much did Mesabi Trust earn in Q1 FY2026?
Net income for Q1 FY2026 was $4 million, up 4.2% on the year, and diluted earnings per share $0.28.
When did Mesabi Trust report Q1 FY2026 results?
Mesabi Trust filed its 10-Q for the quarter ended 30 April 2025 with the SEC on 12 June 2025.
Quarterly results, the last 20 quarters
| Q3 FY2022 | Q4 FY2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 * | Q1 FY2027 | Q2 FY2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 16.4 | 18.0 | 14.2 | -4.4 | 0.1 | -2.2 | 1.8 | 9.9 | 4.9 | 6.2 | 6.3 | 6.5 | 79.0 | 6.9 | 4.7 | 5.6 | 3.6 | 3.6 | 2.2 | 2.5 |
| Cost of revenue | 0.4 | 0.5 | 0.6 | 0.5 | 0.5 | 0.8 | 0.8 | 0.7 | 0.8 | 1.5 | 2.8 | 1.1 | 0.7 | 0.8 | 1.1 | 0.9 | 0.8 | 0.9 | 1.2 | 2.6 |
| Gross profit | 16.0 | 17.4 | 13.6 | -4.9 | -0.4 | -3.0 | 1.0 | 9.2 | 4.1 | 4.7 | 3.5 | 5.4 | 78.3 | 6.1 | 3.6 | 4.7 | 2.8 | 2.7 | 1.1 | -0.1 |
| Gross margin | 98% | 97% | 96% | n/a | -489% | n/a | 55% | 93% | 83% | 75% | 56% | 83% | 99% | 89% | 77% | 85% | 77% | 76% | 48% | -4% |
| Net income | 16.0 | 17.4 | 13.6 | -4.9 | -0.4 | -3.0 | 1.0 | 9.2 | 4.1 | 4.7 | 3.5 | 5.4 | 78.3 | 6.1 | 3.6 | 4.7 | 2.8 | 2.7 | 1.1 | -0.1 |
| Net margin | 98% | 97% | 96% | n/a | -489% | n/a | 55% | 93% | 83% | 75% | 56% | 83% | 99% | 89% | 77% | 85% | 77% | 76% | 48% | -4% |
| Diluted EPS | $1.22 basic | $1.33 basic | $1.04 basic | -$0.37 basic | -$0.03 basic | -$0.23 basic | $0.08 basic | $0.70 basic | $0.31 basic | $0.36 | $0.27 basic | $0.41 basic | $5.97 basic | $0.46 | $0.28 basic | $0.36 basic | $0.21 basic | $0.21 | $0.08 basic | -$0.01 basic |
| Operating cash flow | 18.7 | 20.5 | 13.1 | 1.6 | -0.3 | -0.5 | -0.9 | 4.6 | 5.2 | 5.7 | 2.5 | 3.8 | 78.2 | 9.4 | 2.1 | 4.4 | 3.5 | 4.4 | 0.5 | 0.2 |
| Dividends paid | 1.2 | 18.6 | 23.0 | 13.6 | 11.0 | 0.0 | n/a | n/a | n/a | n/a | 4.9 | 3.8 | 3.9 | n/a | 78.1 | 7.3 | 1.6 | 4.5 | 3.4 | 3.1 |
| Shares outstanding | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-Q for the period ended 30 April 2025, filed 12 June 2025: the filing.