LMNR on Nasdaq

Limoneira CO

Limoneira CO is a successor to several businesses.1 It is headquartered in Santa Paula, California.1 Its shares trade on Nasdaq under the symbol LMNR.1

Price unavailable

Last updated Oct 21, 2026.

Overview

$153.7MRevenue, fiscal 20252
-$16.0MNet income, fiscal 20252

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  • TickerLMNR on Nasdaq1
  • IndustryAgricultural Production-Crops1
  • HeadquartersSanta Paula, California1
  • Incorporated inDE3
  • Business address1141 Cummings Road, Santa Paula, Ca 930603
  • Filer categoryAccelerated filer3

Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. Our business and operations are described below. For detailed financial information with respect to our business and our operations, see our consolidated financial statements and the related notes to consolidated financial statements, which are included in Item 8 in this Annual Report. In addition, general information concerning our Company can be found on our website at www.limoneira.com. All of our filings with the SEC, including but not limited to, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments thereto, are available free of charge on our website as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The contents of our website referred to above are …5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-13.3%Operating margin2
-10.4%Net margin2
-17.3%Revenue growth, 20252
-8.9%Return on equity2
0.40×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Fresh Lemons brought in 49% of the revenue Limoneira CO broke down this way in fiscal 2025.

  1. Fresh Lemons$75.8M249%down 13% from 2024
  2. Lemon Packing$49.1M232%down 0% from 2024
  3. Other Agribusiness$17.0M211%down 31% from 2024
  4. Avocados$11.7M28%down 53% from 2024
Business segments by year
Business segments202320242025
Fresh Lemons$86.4M$86.9M$75.8M
Lemon Packing$51.7M$49.3M$49.1M
Other Agribusiness$29.3M$24.6M$17.0M
Avocados$7.0M$25.1M$11.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢$154.8M
  • Selling, general and admin13¢$24.5M
  • Income tax3¢$4.6M

Out of $153.7M in revenue.2 The company lost money this year.

Financial statements

Revenue6789102$153.7M in 2025+24% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $124.3M$124.3M20182019: $166.5M$166.5M2019+34%2020: $159.9M$159.9M2020−4%2021: $161.4M$161.4M2021+1%2022: $179.3M$179.3M2022+11%2023: $174.4M$174.4M2023−3%2024: $185.9M$185.9M2024+7%2025: $153.7M$153.7M2025−17%
Operating income6789102-$20.4M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M$20.0M2018: $9.5M$9.5M20182019: -$5.5M-$5.5M20192020: -$19.0M-$19.0M2020+245%2021: -$6.3M-$6.3M2021−67%2022: $2.2M$2.2M20222023: $10.8M$10.8M2023+390%2024: -$6.2M-$6.2M20242025: -$20.4M-$20.4M2025+230%
Net income6789102-$16.0M in 2025
-$20.0M-$10.0M0$10.0M$20.0M$30.0M2018: $20.2M$20.2M20182019: -$5.9M-$5.9M20192020: -$16.4M-$16.4M2020+177%2021: -$3.4M-$3.4M2021−79%2022: -$236.0K-$236.0K2022−93%2023: $9.4M$9.4M20232024: $7.7M$7.7M2024−18%2025: -$16.0M-$16.0M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-10-312024-10-312023-10-31
Agribusiness$153.7M$185.9M$174.4M
Other operations$6.0M$5.6M$5.5M
Total net revenues$159.7M$191.5M$179.9M
Agribusiness$154.8M$164.8M$169.2M
Other operations$4.5M$5.3M$4.6M
Impairment of intangible asset$0$643.0K$0
Gain on sales of water rights-$1.5M$0$0
Loss (gain) on disposal of assets, net$706.0K-$507.0K-$28.8M
Gain on remeasurement of previously held equity method investment-$2.9M$0$0
Gain on legal settlement$0$0-$2.3M
Selling, general and administrative$24.5M$27.5M$26.5M
Total costs and expenses$180.1M$197.7M$169.1M
Operating (loss) income-$20.4M-$6.2M$10.8M
Interest income$62.0K$118.0K$364.0K
Interest expense, net of patronage dividends-$1.6M-$961.0K-$494.0K
Equity in earnings of investments, net$798.0K$18.4M$5.3M
Other income (expense), net$93.0K$212.0K-$2.6M
Total other (expense) income-$600.0K$17.7M$2.6M
(Loss) income before income tax benefit (provision)-$21.0M$11.5M$13.4M
Income tax benefit (provision)$4.6M-$4.4M-$4.2M
Net (loss) income-$16.4M$7.2M$9.1M
Net loss attributable to noncontrolling interests, net$375.0K$542.0K$283.0K
Net (loss) income attributable to Limoneira Company-$16.0M$7.7M$9.4M
Preferred dividends-$501.0K-$501.0K-$501.0K
Net (loss) income applicable to common stock-$16.5M$7.2M$8.9M
Basic net (loss) income per common share (in dollars per share)-$0.93$0.40$0.50
Diluted net (loss) income per common share (in dollars per share)-$0.93$0.40$0.50
Weighted-average common shares outstanding-basic (in shares)17.8M shares17.7M shares17.6M shares
Weighted-average common shares outstanding-diluted (in shares)17.8M shares17.7M shares17.6M shares

Compare Limoneira CO with another company

Corporate structure

Limoneira CO sits at the top of its group. 15 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Limoneira CO

  • Limoneira CO Santa Paula, California
    • Agricola San Pablo SpA Subsidiary · Chile
    • Associated Citrus Packers, Inc. Subsidiary · Arizona, United States
    • Fruticola Pan de Azucar S.A. Subsidiary · Chile
    • Joint Vision Cooperative, Inc. Subsidiary · California, United States
    • Limoneira Argentina S.A.U. Subsidiary · Argentina
    • Limoneira Chile SpA Subsidiary · Chile
    • Limoneira EA1 Land LLC Subsidiary · Delaware, United States
    • Limoneira EA2 LLC Subsidiary · Delaware, United States
    • Limoneira Holland B.V. Subsidiary · Netherlands
    • Limoneira International Division, LLC Subsidiary · California, United States
    • Limoneira Lewis Community Builders, LLC Subsidiary · Delaware, United States
    • LLCB II, LLC Subsidiary · Delaware, United States
    • Trapani Fresh Consorcio de Cooperacion Subsidiary · Argentina
    • Windfall Investors, LLC Subsidiary · California, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Limoneira CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$260.1M2 Oct 31, 2025$248.6M2 Oct 31, 2024+4.6%
Accumulated depreciation$87.4M2 Oct 31, 2025$86.6M2 Oct 31, 2024+1.0%
Property and equipment, net$172.6M2 Oct 31, 2025$162.0M2 Oct 31, 2024+6.5%
Finance-lease assets$1.6M2 Oct 31, 2025$772.0K2 Oct 31, 2024+109.5%
Operating-lease assets (leased space)$640.0K2 Oct 31, 2025$2.4M2 Oct 31, 2024−73.5%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$72.2M2 Oct 31, 2025$81.5M2 Oct 31, 2024−11.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.5M2 Oct 31, 2025$1.5M2 Oct 31, 2024+0.1%
Intangible assets, net (excluding goodwill)$2.6M2 Oct 31, 2025$5.2M2 Oct 31, 2024−49.8%
Accumulated amortization$3.9M2 Oct 31, 2025$3.3M2 Oct 31, 2024+17.3%
Finite-lived intangibles, net$1.3M2 Oct 31, 2025$1.9M10 Oct 31, 2024−30.2%

Properties, in its own words

Real Estate

We own our corporate headquarters in Santa Paula, California. We own approximately 4,500 acres of farmland in California, 1,300 acres in Yuma, Arizona, 3,500 acres in La Serena, Chile and 1,200 acres in Jujuy, Argentina. The land used for agricultural plantings consists of approximately 3,100 acres of lemons, 1,500 acres of avocados, 100 acres of oranges and 400 acres of wine grapes. The Pan de Azucar and San Pablo farmland were classified as assets held for sale as of October 31, 2025 and sold November 7, 2025. We believe that our properties are generally suitable to meet our production needs for the foreseeable future. Our agribusiness land holdings are summarized below as of October 31, 2025 ($ in thousands):

The rest of Item 2

Ranch Name · Acres · Book Value · Acquisition Date · Book Valueper Acre

Limoneira/Olivelands Ranch · 1,700 · 767 · 1907, 1913, 1920 · 451

La Campana Ranch · 300 · 758 · 1964 · 2,527

Orchard Farm Ranch · 1,100 · 3,240 · 1990 · 2,945

Rancho La Cuesta Ranch · 200 · 2,899 · 1994 · 14,495

Limco Del Mar · 200 · 16,027 · 2025 · 80,136

Windfall Farms · 700 · 16,162 · 2009 · 23,089

Associated Citrus Packers · 1,300 · 14,500 · 2013 · 11,154

Pan de Azucar · 200 · 2,295 · 2017 · 11,474

San Pablo · 3,300 · 5,593 · 2018 · 1,695

Santa Clara · 1,200 · 8,600 · 2019 · 7,167

Other land · 300 · 816 · various · 2,720

Total land holdings · 10,500 · 71,657

We own our packing facilities located in Santa Paula, California and Yuma, Arizona, where we process and pack our lemons as well as lemons for other growers. We have a 5.5 acre, one-megawatt ground-based photovoltaic solar generator and one-megawatt roof array, which provide the majority of the power to operate our packing facility.

We own and maintain 238 residential housing units located in Ventura County, California, that we lease to our employees, former employees and outside tenants and we own several commercial office buildings and properties that are leased to various tenants.

We own and have equity investments in real estate development property in Ventura County, California. These properties are in various stages of development for up to approximately 800 units.

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 PDA and San Pablo farming operations in La Serena, Chile and our Trapani Fresh farming operations in Argentina.

Our rights to extract groundwater from the Santa Paula Basin are governed by the Santa Paula Basin Judgment (the “Judgment”). The Judgment was entered into in 1996 by stipulation among the United Water Conservation District, the City of Ventura and various members of the Santa Paula Basin Pumpers Association (the “Association”). The Association is a not-for-profit, mutual benefit corporation, which represents the interests of all overlying landowners with rights to extract groundwater from the Santa Paula Basin and the City of Santa Paula. We are a member of the Association and membership is governed by the Association’s Bylaws.

Our California water resources include approximately 11,100 acre-feet of water affiliated with our owned properties, of which approximately 8,500 acre-feet are adjudicated. Our Yuma, Arizona water resources include approximately 11,500 acre-feet of water sourced from the Colorado River. We own shares in various not-for-profit mutual benefit water companies. Our investments in these water companies provide us with the right to receive a proportionate share of water from each of the water companies.

We believe water is a natural resource that is critical to economic growth in the western United States and firm, reliable water rights are essential to our sustainable business practices. Consequently, we have long been a private steward and advocate of prudent and efficient water management. We have made substantial investments in securing water and water rights in quantities that are sufficient to support and, we believe, will exceed, our long-term business objectives. We strive to follow best management practices for the diversion, conveyance, distribution and use of water. In the future, we intend to continue to provide leadership in the area of, and seek innovation opportunities that promote, increased water use efficiency and the development of new sources of supply for our neighboring communities.

Item 2 of the 10-K filed Dec 23, 2025.5

Leadership

Who has led Limoneira CO, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Agricola San Pablo SpA Chile4
  • Associated Citrus Packers, Inc. Arizona4
  • Fruticola Pan de Azucar S.A. Chile4
  • Joint Vision Cooperative, Inc. California4
  • LLCB II, LLC Delaware4
  • Limoneira Argentina S.A.U. Argentina4
  • Limoneira Chile SpA Chile4
  • Limoneira EA1 Land LLC Delaware4
  • Limoneira EA2 LLC Delaware4
  • Limoneira Holland B.V. Holland4
  • Limoneira International Division, LLC California4
  • Limoneira Lewis Community Builders, LLC Delaware4
  • Trapani Fresh Consorcio de Cooperacion Argentina4
  • Windfall Investors, LLC California4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 9, 20268-K Results of operations39
  2. Aug 17, 20268-K Entered a material agreement; Impairment; Other events40
  3. Jun 18, 20268-K Ended a material agreement41
  4. Jun 9, 20268-K Results of operations42
  5. Apr 20, 20268-K Entered a material agreement; Impairment43
  6. Apr 15, 20268-K Entered a material agreement; Other events44
  7. Mar 27, 20268-K Shareholder vote45
  8. Mar 23, 20268-K Other events46
  9. Mar 12, 20268-K Results of operations47
  10. Feb 12, 20268-K Executive or director change48
  11. Feb 5, 20268-K Executive or director change49
  12. Jan 28, 20268-K Executive or director change50
  13. Apr 13, 2010New chief executive Harold S. Edwards becomes CEO15

Calendar

Coming up

  1. Around Dec 10, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Sep 9, 2026Reported quarterly or annual results39
  2. Jun 9, 2026Reported quarterly or annual results42
  3. Mar 12, 2026Reported quarterly or annual results47
  4. Dec 23, 2025Reported quarterly or annual results51
  5. Sep 9, 2025Reported quarterly or annual results52
  6. Jun 9, 2025Reported quarterly or annual results53
  7. Mar 12, 2025Reported quarterly or annual results54
  8. Dec 23, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

246 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 77 major events, 116 insider forms, 16 large holders, 17 other. The latest 20:

  1. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 9, 202610-Q EDGAR
  3. Sep 9, 20268-K EDGAR
  4. Sep 1, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Aug 17, 20268-K EDGAR
  6. Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 3, 2026144 EDGAR
  8. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Jun 18, 20268-K EDGAR
  10. Jun 9, 202610-Q EDGAR
  11. Jun 9, 20268-K EDGAR
  12. Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
  13. May 5, 20264 OWNERSHIP DOCUMENT EDGAR
  14. May 1, 2026144 EDGAR
  15. Apr 20, 20268-K EDGAR
  16. Apr 15, 20268-K EDGAR
  17. Apr 3, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Mar 27, 20268-K EDGAR
  19. Mar 27, 2026SCHEDULE 13G/A EDGAR
  20. Mar 26, 20264 OWNERSHIP DOCUMENT EDGAR

The 246 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 10 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$13.79$13.8KForm 4
Aug 3, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$12.99$13.0KForm 4
Jul 1, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$13.05$13.1KForm 4
Jun 1, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$12.77$12.8KForm 4
May 1, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$12.78$12.8KForm 4
Apr 2, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$13.41$13.4KForm 4
Mar 3, 2026Hamm Gregory C.VP, CFO and TreasurerSale1,000$13.97$14.0KForm 4
Jan 8, 2026Slater Scott SDirectorBuy5,000$12.85$64.2KForm 4
Jan 5, 2026NOLAN PETER JDirectorBuy3,580$12.78$45.8KForm 4
Jan 2, 2026NOLAN PETER JDirectorBuy16,420$12.73$209.0KForm 4
Jun 29, 2023Edwards Harold SPresident and CEOSale1,000$15.39$15.4KForm 4
Jun 29, 2023PALAMOUNTAIN MARKEVP, CFO and TreasurerSale500$15.37$7.7KForm 4
May 30, 2023Edwards Harold SPresident and CEOSale1,000$16.25$16.2KForm 4
May 30, 2023PALAMOUNTAIN MARKEVP, CFO and TreasurerSale500$16.23$8.1KForm 4
May 1, 2023Edwards Harold SPresident and CEOSale1,000$16.98$17.0KForm 4
May 1, 2023PALAMOUNTAIN MARKEVP, CFO and TreasurerSale500$16.97$8.5KForm 4
Mar 29, 2023Edwards Harold SPresident and CEOSale1,000$16.32$16.3KForm 4
Mar 29, 2023PALAMOUNTAIN MARKEVP, CFO and TreasurerSale500$16.33$8.2KForm 4
Mar 20, 2023Slater Scott SDirectorBuy3,155$15.85$50.0KForm 4
Mar 15, 2023Slater Scott SDirectorBuy3,187$15.69$50.0KForm 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Harold EdwardsPresident & Chief Executive Officer$719.2K$1.3M61
2025Mark PalamountainExecutive Vice President Chief Financial Officer & Treasurer$450.0K$742.8K61
2024Harold EdwardsPresident & Chief Executive Officer$719.2K$2.5M61
2024Mark PalamountainExecutive Vice President Chief Financial Officer & Treasurer$450.0K$1.5M61
2023Harold EdwardsPresident & Chief Executive Officer$693.3K$3.7M61
2023Mark PalamountainExecutive Vice President Chief Financial Officer & Treasurer$419.2K$2.2M61

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Global Alpha Capital Management Ltd.2,898,549$38.1M2.3%−27,718
BlackRock, Inc.1,147,405$15.1M0.0%+40,280
Vanguard Capital Management LLC715,090$9.4M0.0%−73,052
First Wilshire Securities Management Inc586,536$7.7M1.6%+8,477
Ameriprise Financial Inc517,570$6.8M0.0%New
Geode Capital Management, LLC414,572$5.4M0.0%−2,225
Dimensional Fund Advisors LP369,925$4.9M0.0%−58,680
Flax Pond Capital, LLC355,140$4.7M1.7%+184,008
State Street Corp346,289$4.5M0.0%+12,790
Peapod Lane Capital LLC340,880$4.5M3.0%+92,537
Riverwater Partners LLC337,437$4.4M1.3%+8,253
Gamco Investors, Inc. Et Al293,200$3.8M0.0%No change
Morgan Stanley218,774$2.9M0.0%+101,323
Quinn Opportunity Partners LLC180,357$2.4M0.1%No change
White Pine Capital LLC154,404$2.0M0.5%−58,271
Gabelli Funds LLC149,500$2.0M0.0%No change
Northern Trust Corp142,460$1.9M0.0%+4,519
Vanguard Portfolio Management LLC112,339$1.5M0.0%+15,994
Teton Advisors, LLC111,000$1.5M0.8%−2,000
Vanguard Fiduciary Trust Co108,142$1.4M0.0%+5,088
Cinctive Capital Management LP96,454$1.3M0.1%+25
Citadel Advisors LLC89,890$1.2M0.0%−39,979
Quantinno Capital Management LP88,604$1.2M0.0%+25,846
Robertson Stephens Wealth Management, LLC88,205$1.2M0.0%No change
Federation des caisses Desjardins du Quebec75,327$989.2K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Limoneira CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLimoneira CO1
  • CIK0001342423
  • Employer ID (EIN)77-02606925
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsOctober 311
  • Industry code (SIC)0100 Agricultural Production-Crops1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1141 Cummings Road, Santa Paula, CA 930601
  • Phone(805) 525-55411
  • Shares outstanding18,132,007 as of Aug 31, 202612
  • Public float$245.6M as of Apr 30, 20255
  • AuditorDeloitte & Touche LLP, Los Angeles, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 27, 20051
  • Filings917 in all: 4 (462), 8-K (229), 10-Q (50), 3 (26), 10-K (16), DEF 14A (16), SC 13G/A (16), SC 13G (15)1
    All 32 form types

    4/A (12), CORRESP (12), UPLOAD (10), 10-12G/A (4), 144 (4), 424B5 (4), 8-K/A (4), ARS (4), DEFA14A (4), EFFECT (4), S-3 (4), CT ORDER (3), D (3), PRE 14A (3), S-8 (2), SCHEDULE 13G/A (2), 10-12G (1), 10-Q/A (1), 3/A (1), 8-A12B (1), CERTNAS (1), S-3/A (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Dec 23, 2025
    Quarterly report (10-Q) Sep 9, 2026
    Proxy statement (DEF 14A) Feb 18, 2026
    Latest 8-K (8-K) Sep 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01LMNRNASDAQ

From the cover page of the 10-K filed Dec 23, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Limoneira CO names in Item 1A of its 10-K filed Dec 23, 2025: 46 risks under these headings, as written.5

  • Risks Related to Our Agribusiness Operations
  • Our decision to merge our citrus sales and marketing operations into Sunkist Growers, Inc. beginning November 1, 2025 may not be successful.
  • Adverse weather conditions, natural disasters, including earthquakes and wildfires, and other natural conditions, including the effects of climate change, could impose significant costs and losses on our business.
  • Our agricultural plantings are potentially subject to damage from disease and pests, which could impose losses on our business and the prevention of which could impose significant additional costs on us.
  • Our earnings are sensitive to fluctuations in market supply and prices and demand for our products.
  • Our earnings may be subject to seasonal variability.
  • Increases in commodity or raw product costs, such as fuel and paper, could adversely affect our operating results.
  • Increases in labor, personnel and benefits costs could adversely affect our operating results.
  • Changes in immigration laws could impact the ability of Limoneira to harvest its crops.
  • The lack of sufficient water would severely impact our ability to produce crops or develop real estate.
  • The use of herbicides, pesticides and other potentially hazardous substances in our operations may lead to environmental damage and result in increased costs to us.
  • Environmental and other regulation of our business, including potential climate change regulation, could adversely impact us by increasing our production cost or restricting our ability to import certain products into the United States.
The other 35 risks
  • A global economic downturn may have an adverse impact on participants in our industry, which cannot be fully predicted.
  • We are subject to the risk of product contamination and product liability claims.
  • We are subject to transportation risks.
  • Events or rumors relating to LIMONEIRA or our other trademarks and related brands or Sunkist could significantly impact our business.
  • Government regulation could increase our production costs and increase legal and regulatory expenses.
  • We depend on our infrastructure to have sufficient capacity to handle our annual lemon production needs.
  • Risks Related to Our Indebtedness
  • We may be unable to generate sufficient cash flow to service our debt obligations.
  • Restrictive covenants in our debt instruments restrict or prohibit our ability to engage in or enter into a variety of transactions, which could adversely restrict our financial and operating flexibility and subject us to other risks.
  • Despite our current indebtedness levels and the restrictive covenants set forth in agreements governing our indebtedness, we may still incur significant additional indebtedness, including secured and guaranteed indebtedness. Incurring more indebtedness could increase the risks associated with our overall indebtedness.
  • Some of our debt is based on variable rates of interest, which could result in higher interest expenses in the event of an increase in the interest rates.
  • Global capital and credit market issues affect our liquidity, increase our borrowing costs and may affect the operations of our suppliers and customers.
  • Risks Related to Our Real Estate Development Operations
  • We are involved in a cyclical industry and are affected by changes in general and local economic conditions.
  • A recession in the global economy, or a downturn in national or regional economic conditions, could adversely impact our real estate development business.
  • Higher interest rates and lack of available financing can have significant impacts on the real estate industry.
  • We are subject to various land use regulations and require governmental approvals for our developments that could be denied.
  • Third-party litigation could increase the time and cost of our real estate development efforts.
  • We are subject to environmental regulations and opposition from environmental groups that could cause delays and increase the costs of our real estate development efforts or preclude such development entirely.
  • Our real estate development projects are concentrated entirely in California.
  • If the real estate industry weakens or instability of the mortgage industry and commercial real estate financing exists, it could have an adverse effect on our real estate activities.
  • We rely on contractual arrangements with third-party advisors to assist us in carrying out our real estate development projects and are subject to risks associated with such arrangements.
  • If we are unable to complete land development projects within forecasted time and budget expectations, if at all, our financial results may be negatively affected.
  • If we are unable to obtain required land use entitlements at reasonable costs, or at all, our operating results would be adversely affected.
  • We could experience a reduction in net income or reduced cash flows if we are unable to obtain reasonably priced financing to support our real estate development projects and land development activities.
  • We may encounter other risks that could impact our ability to develop our land.
  • General Risks and Risks Related to Our Common Stock
  • Our business is highly competitive, and we cannot assure you that we will maintain our current market share.
  • Currency exchange fluctuation may impact the results of our operations.
  • We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.
  • Inflation can have a significant adverse effect on our operations.
  • System security risks, data protection breaches, cyber-attacks and systems integration issues could disrupt our internal operations or services provided to customers, and any such disruption could reduce our expected revenue, increase our expenses, damage our reputation and adversely affect our stock price.
  • The acquisition of other businesses could pose risks to our operating income.
  • The value of our common stock could be volatile.
  • Concentrated ownership of our common stock creates a risk of sudden change in our share price.
  • Our charter documents contain provisions that may delay, defer or prevent a change of control.
  • We incur increased costs as a result of being a publicly traded company.

Legal proceedings

From time to time, we are a party to various lawsuits, arbitrations or mediations that arise in the ordinary course of business. The disclosure called for by Part I, Item 3 regarding our legal proceedings is incorporated by reference herein from Note 17 – Commitments and Contingencies of the Notes to Consolidated Financial Statements in this Annual Report.

The opening of Item 3, Legal Proceedings.5

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