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Advanced Drainage Systems
Advanced Drainage Systems (WMS) investor relations material
Advanced Drainage Systems Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Feb, 2026
Executive summary
Net sales for Q3 FY26 rose 0.4% year-over-year to $693.4 million, with net income up 14.3% to $94.0 million and diluted EPS up 14.4% to $1.19.
Adjusted EBITDA for Q3 grew 9.3% to $209.2 million, with margin improving by 250 basis points to 30.2% on favorable mix and pricing.
Year-to-date net sales increased 3.7% to $2.4 billion, net income up 5.0% to $394.6 million, and diluted EPS up 5.2% to $5.02.
Allied Products and Infiltrator segments drove growth, supported by new products, expanded distribution, and acquisitions.
Completed the NDS acquisition, expanding the product portfolio and distribution channels.
Financial highlights
Q3 gross profit increased 7.3% to $259.2 million, with gross margin at 37.4%; year-to-date gross profit rose 7.1% to $929.7 million, with margin at 39.2%.
Year-to-date Adjusted EBITDA was $774.9 million, up 8.8%, with margin at 32.6%.
Free cash flow for the nine months was $582.4 million, and net cash from operations was $779.1 million.
Ended the quarter with $1.0 billion in cash and total liquidity of $1.6 billion.
Net leverage at 0.5x as of December 31, 2025, and 1.5x post-NDS acquisition.
Outlook and guidance
FY26 net sales guidance raised to $2.99–$3.04 billion; Adjusted EBITDA guidance increased to $930–$960 million, with margin expected at 31.1–31.6%.
Guidance includes $40 million in revenue and a 20% EBITDA margin from NDS for the remainder of the fiscal year.
Capital expenditures projected at approximately $250 million for FY26.
Fourth quarter expected to be variable due to weather impacts and macroeconomic uncertainty.
Sufficient liquidity is expected to meet obligations for at least the next twelve months.
How does NDS enhance ADS's market position
What is the rationale for increased share repurchase?
How did product mix affect Q3 profitability?
NDS integration impact on future M&A appetite?
New product revenue contribution today?
What are Pipe segment's key challenges?
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Next Advanced Drainage Systems earnings date
Q4 202614 May, 2026
Advanced Drainage Systems
Next Advanced Drainage Systems earnings date
Q4 202614 May, 2026
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Frequently asked questions
Advanced Drainage Systems, Inc (NYSE: WMS) is a leading manufacturer of corrugated high-density polyethylene (HDPE) pipes. The company distributes its storm water, sanitary, and high-density polyethylene drainage products through independent distributors and its ADS Water Management, and ADS Canada divisions.
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