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Thermon
Thermon (THR) investor relations material
Thermon 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
Achieved record quarterly revenue of $147.3 million, up 10% year-over-year, with record profitability and bookings driven by strong project activity, electrification, decarbonization, and robust end-market demand.
Adjusted EBITDA increased 12% to $35.6 million, with margin at 24.2%, up 50 basis points year-over-year.
Orders grew 14% year-over-year, with a book-to-bill ratio of 1.1x and backlog up 10% to $259.4 million.
Raised full-year fiscal 2026 guidance for revenue, Adjusted EBITDA, and EPS, reflecting confidence in continued growth and backlog conversion.
Strategic growth platforms, including Liquid Load Banks and Medium Voltage Heaters, are scaling rapidly with expanding quote logs and manufacturing capacity.
Financial highlights
Third quarter revenue was $147.3 million (+10% YoY); gross profit rose 11% to $68.7 million with gross margin at 46.6%.
Adjusted EBITDA: $35.6 million (+12% YoY); Adjusted EPS: $0.66 (+18% YoY); GAAP EPS: $0.55.
Net income: $18.3 million; net margin 12.4%; nine-month net income $41.8 million (+14% YoY).
Free cash flow for the quarter was $13.1 million, up from $8.4 million last year; nine-month free cash flow $25.7 million.
Trailing twelve months revenue: $522 million; Adjusted EBITDA margin: 22.6%.
Outlook and guidance
Fiscal 2026 revenue guidance raised to $516–$526 million (up to 5.6% YoY); Adjusted EBITDA guidance raised to $114–$120 million (up to 9.9% YoY); Adjusted EPS guidance: $2.05–$2.19.
CapEx expected to be 2.5%–3% of sales in FY2026–2027, reflecting investments in growth platforms.
Guidance assumes current tariff structures, sustained business trends, and order momentum.
Liquidity remains strong with $46.9 million in cash and $94.3 million in available borrowing capacity.
Company expects to meet liquidity needs for the next 12 months and foreseeable future.
Explain Q3 net income decline vs. adjusted growth
Detail data center solutions order ramp expectations
Discuss the shift to large project (CAPEX) sales
Liquid load bank production ramp-up timeline
Medium voltage heater capacity scaling strategy
Project mix impact on gross margin trends
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Next Thermon earnings date
Q4 202621 May, 2026
Thermon
Next Thermon earnings date
Q4 202621 May, 2026
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Frequently asked questions
Thermon Group Holdings Inc is an industrial technology company that provides thermal engineering solutions. The company designs and manufactures products used for heating, insulating, and monitoring critical industrial processes. Thermon’s offerings include heat tracing systems, heating cables, control systems, and monitoring software, which are utilized in industries such as energy, petrochemicals, power generation, and food processing. These solutions help ensure the efficient and safe operation of facilities by maintaining the proper temperature of pipes, vessels, and other equipment in harsh environments. The company is headquartered in Austin, Texas, and its shares are listed on the NYSE.
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