UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-3647

J.W. Mays, Inc.

(Exact Name of Registrant as Specified in its Charter)

New York		11-1059070
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

9 Bond Street, Brooklyn, New York		11201
Address of Principal Executive Offices		Zip Code

Registrant’s Telephone Number, Including Area Code (718) 624-7400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	MAYS	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☒	Smaller reporting company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock as of March 12, 2026 was 2,015,780.

		Page No.
Part I - Financial Information:

Item 1. Financial Statements		3

Consolidated Balance Sheets (Unaudited) – January 31, 2026 and July 31, 2025		3
Consolidated Statements of Operations (Unaudited) – Three and six months ended January 31, 2026 and 2025		4
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three and six months ended January 31, 2026 and 2025		5
Consolidated Statements of Cash Flows (Unaudited) – Six months ended January 31, 2026 and 2025		6
Notes to Consolidated Financial Statements (Unaudited)		7 - 14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		15 - 18

Item 3. Quantitative and Qualitative Disclosures About Market Risk		19

Item 4. Controls and Procedures		19

Part II - Other Information:
Item 1. Legal Proceedings		19
Item 1A. Risk Factors		19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		19
Item 3. Defaults Upon Senior Securities		19
Item 4. Mine Safety Disclosures		20
Item 5. Other Information		20
Item 6. Exhibits		20

Signatures		21


	January 31 2026			July 31 2025
ASSETS

Property and Equipment-at cost:
Land	$	6,067,805		$	6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures		83,204,963			81,018,716
Construction in progress		2,195,694			3,270,919
		85,400,657			84,289,635
Accumulated depreciation		(42,430,200	)		(41,603,389	)
Buildings - net		42,970,457			42,686,246
Property and equipment-net		49,038,262			48,754,051
Cash and cash equivalents		434,420			748,597
Restricted cash		1,040,148			1,010,148
Receivables, net		4,319,518			3,959,730
Prepaids and other assets		2,868,422			3,294,901
Deferred charges, net		3,287,552			3,517,817
Operating lease right-of-use assets		27,394,934			26,764,182
TOTAL ASSETS	$	88,383,256		$	88,049,426

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:
Mortgage payable	$	3,154,093		$	3,235,561
Accounts payable and accrued expenses		3,521,812			2,891,074
Security deposits payable		1,126,725			1,092,225
Operating lease liabilities		24,979,716			24,034,669
Deferred income taxes		3,682,000			4,034,000
Total Liabilities		36,464,346			35,287,529
Shareholders’ Equity:
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued and 2,015,780 outstanding)		2,178,297			2,178,297
Additional paid in capital		3,346,245			3,346,245
Retained earnings		47,682,220			48,525,207
		53,206,762			54,049,749
Common stock held in treasury, at cost - 162,517 shares at January 31, 2026 and July 31, 2025		(1,287,852	)		(1,287,852	)
Total shareholders’ equity		51,918,910			52,761,897
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	88,383,256		$	88,049,426


	Three Months Ended						Six Months Ended
	January 31 2026			January 31 2025			January 31 2026			January 31 2025
Revenues
Rental income	$	5,211,482		$	5,643,444		$	10,462,896		$	11,182,573
Total revenues		5,211,482			5,643,444			10,462,896			11,182,573

Expenses
Real estate operating expenses		4,127,284			4,128,415			8,204,797			7,878,554
Administrative and general expenses		1,325,921			1,251,875			2,515,739			2,544,628
Depreciation		470,677			445,274			942,939			889,340
Total expenses		5,923,882			5,825,564			11,663,475			11,312,522

Loss from operations		(712,400	)		(182,120	)		(1,200,579	)		(129,949	)

Other:
Dividend and interest income		3,218			3,464			12,370			8,427
Interest expense, net of capitalized interest		(6,778	)		(25,025	)		(6,778	)		(49,502	)
		(3,560	)		(21,561	)		5,592			(41,075	)

Loss before income taxes		(715,960	)		(203,681	)		(1,194,987	)		(171,024	)
Income taxes provision (benefit)		(207,000	)		(46,000	)		(352,000	)		(40,000	)
Net loss	$	(508,960	)	$	(157,681	)	$	(842,987	)	$	(131,024	)

Loss per common share, basic and diluted	$	(.25	)	$	(.08	)	$	(.42	)	$	(.07	)

Dividends per share	$	–		$	–		$	–		$	–

Average common shares outstanding, basic and diluted		2,015,780			2,015,780			2,015,780			2,015,780


	Common Stock		Additional Paid In Capital		Retained Earnings			Common Stock Held in Treasury			Total
Three Months Ended January 31, 2026Common Stock
Balance at October 31, 2025Additional Paid In Capital	$	2,178,297	$	3,346,245	$	48,191,180		$	(1,287,852	)	$	52,427,870
Net loss, three months ended January 31, 2026		-		-		(508,960	)		-			(508,960	)
Balance at January 31, 2026Retained Earnings	$	2,178,297	$	3,346,245	$	47,682,220		$	(1,287,852	)	$	51,918,910
Three Months Ended January 31, 2025
Balance at October 31, 2024Common Stock Held in Treasury	$	2,178,297	$	3,346,245	$	48,688,104		$	(1,287,852	)	$	52,924,794
Net loss, three months ended January 31, 2025		-		-		(157,681	)		-			(157,681	)
Balance at January 31, 2025	$	2,178,297	$	3,346,245	$	48,530,423		$	(1,287,852	)	$	52,767,113

	Common Stock		Additional Paid In Capital		Retained Earnings			Common Stock Held in Treasury			Total
Six Months Ended January 31, 2026
Balance at July 31, 2025	$	2,178,297	$	3,346,245	$	48,525,207		$	(1,287,852	)	$	52,761,897
Net loss, six months ended January 31, 2026		-		-		(842,987	)		-			(842,987	)
Balance at January 31, 2026	$	2,178,297	$	3,346,245	$	47,682,220		$	(1,287,852	)	$	51,918,910
Six Months Ended January 31, 2025
Balance at July 31, 2024	$	2,178,297	$	3,346,245	$	48,661,447		$	(1,287,852	)	$	52,898,137
Net loss, six months ended January 31, 2025		-		-		(131,024	)		-			(131,024	)
Balance at January 31, 2025	$	2,178,297	$	3,346,245	$	48,530,423		$	(1,287,852	)	$	52,767,113


	Six Months Ended
	January 31
	2026			2025
Cash Flows From Operating Activities:
Net loss	$	(842,987	)	$	(131,024	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense		11,242			10,518
Provision (benefit) for deferred income taxes		(352,000	)		(40,000	)
Depreciation		942,939			889,340
Loss on fixed asset disposal		167,700			–
Amortization of deferred charges		318,108			252,666
Operating lease expense in excess of cash payments		314,295			416,780
Deferred finance costs included in interest expense		–			15,114
Changes in Operating Assets and Liabilities:
Receivables		(371,032	)		(354,437	)
Deferred costs		(87,842	)		(136,109	)
Prepaid expenses and other assets		426,479			316,353
Accounts payable and accrued expenses		630,738			213,195
Security deposits payable		34,500			(33,187	)
Cash provided by operating activities		1,192,140			1,419,209
Cash Flows From Investing Activities:
Acquisition of property and equipment		(1,394,849	)		(662,849	)
Cash (used) in investing activities		(1,394,849	)		(662,849	)
Cash Flows From Financing Activities:
Payments - mortgages		(81,468	)		(575,339	)
Cash (used) in financing activities		(81,468	)		(575,339	)
(Decrease)/Increase in cash, cash equivalents and restricted cash		(284,177	)		181,021
Cash, cash equivalents and restricted cash at beginning of period		1,758,745			2,285,601
Cash, cash equivalents and restricted cash at end of period	$	1,474,568		$	2,466,622

Schedule of allowance for credit losses
	Allowance for Credit Loss					Credit Loss
	Period Ended					Three Months Ended				Six Months Ended
	January 31		July 31			January 31				January 31
	2026		2025			2026		2025		2026		2025
Beginning balance	$	23,208	$	42,680		$	–	$	–	$	–	$	–
Charge-offs (recoveries)		–		(57,984	)
Reserve Adjustments		11,242		38,512			6,620		9,587		11,242		10,518
Ending balance	$	34,450	$	23,208		$	6,620	$	9,587	$	11,242	$	10,518


Buildings and improvements			18-40 years
Improvements to leased property			3-40 years
Fixtures and equipment Fixtures and equipment [Member]			7-12 years
Other Other [Member]			3-5 years

				Reductions in Revenue
		Total Rent		Three Months Ended January 31				Six Months Ended January 31
Property	Period	Concession		2026		2025		2026		2025
9 Bond St., Brooklyn, New York	February, 2025 to July, 2026	$	660,000	$	120,000		-	$	240,000		-
Jowein, Brooklyn, New York	November, 2025 to October, 2026	$	361,637		93,942		-		93,942		-
Total				$	213,942		-	$	333,942		-

Schedule of mortgage payable		Current Annual Interest Rate			Final Payment Date		January 31, 2026				July 31, 2025
Fishkill building		3.98%			4/1/2040		$	3,154,093			$	3,235,561


Fiscal Year:	Amount
*For the remainder of 2026	$	83,102
2027		171,241
2028		178,182
2029		185,404
2030		192,920
After 2030		2,343,244
Total	$	3,154,093

Schedule of future minimum non-cancelable rental income
	As of January 31, 2026
Fiscal Year	Company Owned Property		Leased Property		Total
For the remainder of 2026	$	5,591,029	$	2,843,095	$	8,434,124
2027		8,697,190		5,016,913		13,714,103
2028		7,780,154		4,881,798		12,661,952
2029		7,015,409		3,941,914		10,957,323
2030		5,372,909		2,293,182		7,666,091
2031		4,066,102		1,652,674		5,718,776
After 2031		14,505,384		6,534,275		21,039,659
Total	$	53,028,177	$	27,163,851	$	80,192,028

Schedule of supplemental disclosure
	Six Months Ended
	January 31
	2026		2025
Cash Flow Information
Interest paid, including capitalized interest of $56,667 (2026) and $36,050 (2025)	$	63,715	$	87,685
Income tax paid (refunded)		—		—

Non-cash information
Recognition of operating lease right-of-use assets	$	1,575,690		—
Recognition of operating lease liabilities	$	1,575,690		—

Schedule of rent payments and expense
	Rent Payments Three Months Ended January 31				Rent Payments Six Months Ended January 31				Rent Expense Three Months Ended January 31				Rent Expense Six Months Ended January 31
Property	2026		2025		2026		2025		2026		2025		2026		2025
Jamaica Avenue at 169th Street	$	156,250	$	156,250	$	312,500	$	312,500	$	243,371	$	287,670	$	486,743	$	575,341
504-506 Fulton Street		90,564		90,564		181,128		181,128		95,299		95,299		190,597		190,597
508 Fulton Street		14,258		4,753		28,516		4,753		18,175		6,058		36,350		6,058
Total	$	261,072	$	251,567	$	522,144	$	498,381	$	356,845	$	389,027	$	713,690	$	771,996

Schedule of assets and liabilities
	Operating Lease
	Right-Of-Use Assets				Liabilities Liabilities [Member]
Property	January 31 2026		July 31 2025		January 31 2026		July 31 2025		Expiration Date
Jamaica Avenue at 169^thStreet	$	11,020,569	$	9,749,817	$	6,025,606	$	4,580,611	May 31, 2040
504-506 Fulton Street		1,748,981		1,891,731		1,921,209		2,054,487	April 30, 2031
508 Fulton Street		997,016		1,018,186		1,211,335		1,224,672	April 30, 2044
Total	$	13,766,566	$	12,659,734	$	9,158,150	$	7,859,770

Schedule of sublease rental income
	Three Months Ended January 31						Six Months Ended January 31
	2026			2025			2026			2025
Sublease income	$	1,857,920		$	1,843,926		$	3,731,557		$	3,665,580
Operating lease cost		(705,166	)		(749,180	)		(1,410,332	)		(1,498,305	)
Excess of sublease income over lease cost	$	1,152,754		$	1,094,746		$	2,321,225		$	2,167,275

Schedule of other information related to operating leases
	Three Months Ended January 31				Six Months Ended January 31
Other information:	2026		2025		2026		2025
Operating cash flows from operating leases	$	549,635	$	540,343	$	1,094,529	$	1,080,643

Schedule of annual undiscounted cash flows of the operating lease liabilities
Period Ended January 31,	Operating Leases
2027	$	2,303,496
2028		2,338,782
2029		2,359,462
2030		2,380,829
2031		2,011,528
Thereafter		21,584,365
Total undiscounted cash flows		32,978,462
Less: present value discount		(7,998,746	)
Total Lease Liabilities	$	24,979,716

●	changes in the rate of economic growth in the commercial real estate leasing market, and interest rates both nationally and locally;
●	existing indebtedness, including the potential for accelerated maturities;
●	the ability to obtain additional financing to fund our necessary capital expenditure projects on reasonable terms or at all;
●	changes in the financial condition of our customers;
●	changes in the regulatory environment and particularly burdens of increasing local, state, and federal requirements and taxes;
●	increasing trend of lease cancellations and loss of key tenants at our properties;
●	changes in our estimates of costs;
●	loss of key personnel;
●	war and/or terrorist attacks, global, national and local political unrest and protests could significantly impact buildings leased to tenants;
●	the continued availability of insurance for various policies at reasonable rates;
●	outcomes of pending and future litigation;
●	increasing competition by other landlords and building management companies, including the use of artificial intelligence and other advanced technologies among competitors;
●	compliance with our loan covenants;
●	impact of climate change on our properties and the geographic regions in which we operate;
●	recoverability of claims against our customers and others by us and claims by third parties against us;
●	changes in estimates used in our critical accounting policies;
●	cybersecurity and data privacy breach threats or incidents; and
●	pandemics and the related trends of office versus remote work practices.

	Six Months Ended January 31,
	2026			2025
Net cash provided by operating activities	$	1,192,140		$	1,419,209
Net cash (used) by investing activities		(1,394,849	)		(662,849	)
Net cash (used) by financing activities		(81,468	)		(575,339	)

	3.1	Certificate of Incorporation of J.W. Mays, Inc., as amended - incorporated by reference to Exhibit 3(i) to the Company’s Form 10-K, filed on October 5, 2017.

	3.2	By-Laws of J.W. Mays, Inc. - incorporated by reference to Exhibit 3.(ii) to the Company’s Form 10-K, filed on October 23, 1995.

	31.1*	Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a).

	31.2*	Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a).

	32*	Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	101**	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the period ended January 31, 2026, formatted in inline XBRL, include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.

	104**	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

	*	Filed herewith

	**	Submitted electronically with the report

			J.W. MAYS, Inc.
			(Registrant)

Date:	March 12, 2026	By:	/s/ LLOYD J. SHULMAN
			Lloyd J. Shulman
			Chairman of the Board,
			Chief Executive Officer and President
			(principal executive officer)

Date:	March 12, 2026	By:	/s/ WARD N. LYKE, JR.
			Ward N. Lyke, Jr.
			Vice President,
			Chief Financial Officer and Treasurer
			(principal financial officer)

SEC Form 10-Q filed by J. W. Mays Inc.