Argan posts record $384M quarter, lifts dividend

Argan, Inc. posts record quarterly revenue and earnings with strong margins and cash, though project backlog declines from earlier in the year.

Rhea-AI Filing Summary

Argan, Inc. (AGX) reported record results for the quarter ended July 31, 2026, with revenue of $384.0 million, up 61.5% from $237.7 million, and net income of $53.3 million versus $35.3 million. Diluted EPS rose to $3.76 from $2.50 and gross margin improved to 19.3% from 18.6%.

Adjusted EBITDA for the quarter increased to $70.0 million with an 18.2% margin, while six‑month revenue reached $674.9 million, up 56.5%, and net income reached $99.4 million. The Power segment drove growth with 53% higher revenue year over year. Cash, cash equivalents and investments totaled $1.03 billion with net liquidity of $440.4 million and no debt.

Project backlog was approximately $2.5 billion as of July 31, 2026, down from $2.9 billion at January 31, 2026. The company raised cash dividends to $0.50 per share for the quarter and $1.00 per share for the first six months, and completed the acquisition of ValCor Communications in the Teledata segment.

Positive

• Quarterly revenue surged 61.5% to $384.0 million, with net income up to $53.3 million and diluted EPS of $3.76, reflecting strong performance across all segments.
• Adjusted EBITDA for the quarter rose to $70.0 million with an 18.2% margin, while six‑month Adjusted EBITDA reached $126.5 million, indicating improved profitability.
• Cash, cash equivalents and investments reached $1.03 billion and net liquidity was $440.4 million with no debt, highlighting a very strong balance sheet.
• Cash dividends per share increased to $0.500 from $0.375 for the quarter and to $1.000 from $0.750 for the first six months, returning more capital to shareholders.

Negative

• Project backlog declined to approximately $2.5 billion at July 31, 2026 from $2.9 billion at January 31, 2026, a reduction of about $411 million.
• Other comprehensive income was negative, including net unrealized losses on available-for-sale securities of $4.6 million for the quarter and $7.2 million for the six months.
• Management noted that the higher gross margin was partially offset by decreased performance on certain projects in the Industrial and Teledata segments.

Filing Explained

The Midwest projects are complete, while Argan expects its new fabrication facility to be completed next quarter.

The company reports that it achieved final completion on the remaining project of its Midwest Solar and Battery Projects after July 31, 2026, establishing completion for that disclosed project.

Construction of its new fabrication facility remains in progress, with expected completion next quarter; that stated milestone is not yet complete.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Quarterly revenue: $384.0 million Quarterly net income: $53.3 million Diluted EPS (quarter): $3.76 +5 more

8 metrics

Quarterly revenue $384.0 million Three months ended July 31, 2026; up $146.2 million or 61.5% year over year

Quarterly net income $53.3 million Three months ended July 31, 2026; up from $35.3 million

Diluted EPS (quarter) $3.76 Three months ended July 31, 2026; prior-year quarter $2.50

Adjusted EBITDA (quarter) $70.0 million Three months ended July 31, 2026; prior-year quarter $38.5 million

Cash, cash equivalents and investments $1.03 billion As of July 31, 2026; up from $895.0 million at January 31, 2026

Project backlog $2.52 billion Approximately $2,518,000 as of July 31, 2026; down from $2,929,000 at January 31, 2026

Net liquidity $440.4 million As of July 31, 2026; up from $421.0 million at January 31, 2026

Quarterly cash dividend per share $0.500 Three months ended July 31, 2026; prior-year quarter $0.375

Key Terms

Adjusted EBITDA, Adjusted EBITDA margin, project backlog, net liquidity, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA for the quarter ended July 31, 2026 increased to $70.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted EBITDA margin financial

"Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues"

Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.

project backlog financial

"As of July 31, 2026, consolidated project backlog was approximately $2.5 billion"

A project backlog is a list of tasks or work that has been planned but not yet completed. It helps organizations organize and prioritize what needs to be done next, similar to a to-do list. For investors, a growing backlog can indicate future activity or progress, while a shrinking backlog may suggest work is being completed efficiently.

net liquidity financial

"Net liquidity was $440.4 million at July 31, 2026 and $421.0 million at January 31, 2026"

Net liquidity is the amount of cash or easily accessible funds a person or organization has after subtracting any short-term debts or obligations. It shows how much money is truly available for spending, investing, or covering immediate needs. For investors, net liquidity indicates financial flexibility and stability, helping them assess how easily they can respond to opportunities or unexpected expenses.

available-for-sale securities financial

"Net unrealized (losses) gains on available-for-sale securities"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

forward-looking statements regulatory

"Certain matters discussed in this press release may constitute forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Revenue (quarter): $384.0 million

Quarter and six months ended July 31, 2026

Revenue (quarter) $384.0 million +61.5% year over year

Net income (quarter) $53.3 million +$18.0 million vs prior-year quarter

Diluted EPS (quarter) $3.76 +$1.26 vs prior-year quarter

Adjusted EBITDA (quarter) $70.0 million +$31.5 million vs prior-year quarter

Revenue (six months) $674.9 million +56.5% vs prior-year period

Net income (six months) $99.4 million +$41.5 million vs prior-year period

Adjusted EBITDA (six months) $126.5 million +$56.5 million vs prior-year period

Project backlog $2.52 billion -$411 million vs January 31, 2026

FAQ

How did Argan, Inc. (AGX) perform financially in the second quarter of fiscal 2027?

Argan reported revenue of $384.0 million, up 61.5% year over year, and net income of $53.3 million. Diluted EPS was $3.76 versus $2.50, and gross margin improved to 19.3% from 18.6%.

What were Argan, Inc. (AGX)’s results for the first six months ended July 31, 2026?

For the six months, Argan generated $674.9 million in revenue, up 56.5% from $431.4 million, and $99.4 million in net income versus $57.8 million. Diluted EPS was $7.01 compared with $4.09 in the prior-year period.

How strong is Argan, Inc. (AGX)’s balance sheet as of July 31, 2026?

As of July 31, 2026, Argan had $1.03 billion in cash, cash equivalents and investments, net liquidity of $440.4 million, and no debt. Total assets were $1.40 billion and stockholders’ equity was $506.8 million.

What happened to Argan, Inc. (AGX)’s project backlog during this period?

Project backlog was approximately $2.5 billion at July 31, 2026, compared with about $2.9 billion at January 31, 2026, representing a decline of $411 million during the period.

How did Argan, Inc. (AGX)’s Adjusted EBITDA change year over year?

Quarterly Adjusted EBITDA increased to $70.0 million from $38.5 million, with margin rising to 18.2% from 16.2%. For six months, Adjusted EBITDA was $126.5 million versus $70.0 million, with margin improving to 18.7%.

Did Argan, Inc. (AGX) change its dividend in this quarter?

Yes. Cash dividends per share for the quarter were $0.500, up from $0.375 a year earlier. For the first six months, dividends totaled $1.000 per share, compared with $0.750 in the prior-year period.

What strategic actions did Argan, Inc. (AGX) report in its segments?

Argan highlighted strong Power segment growth, continued construction of a new Industrial fabrication facility expected to complete next quarter, and the acquisition of ValCor Communications to expand its Teledata segment’s geographic presence and client base.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/02/2026 - 04:11 PM Accepted by SEC EDGAR 09/02/2026 - 04:10 PM Learn about SEC filing dates

0000100591false00001005912026-09-022026-09-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

​

​

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of Earliest Event Reported): September 2, 2026

​

ARGAN, INC.

(Exact Name of Registrant as Specified in its Charter)

​	​	​	​	​
Delaware		001-31756		13-1947195
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

​	​	​
​	​	​
4075 Wilson Boulevard, Suite 440, Arlington, Virginia		22203
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (301) 315-0027

​

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

​	​
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

​

Emerging growth 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. ☐

​

​	​	​	​	​
Title of Each Class:	​	Trading Symbol(s):	​	Name of Each Exchange on Which Registered:
Common Stock, $0.15 Par Value	​	AGX	​	New York Stock Exchange

​

​

​

Item 2.02. Results of Operations and Financial Condition.

On September 2, 2026, Argan, Inc. (“Argan”) issued a press release announcing its financial results for the three months ended July 31, 2026. A copy of Argan’s press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.	​	Description
99.1	​	Press Release issued by Argan on September 2, 2026
104	​	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				ARGAN, INC.
​	​		​		​
Date: September 2, 2026				By:		/s/ Joshua S. Baugher
						Joshua S. Baugher
						Senior Vice President, Chief Financial Officer and Treasurer

​

​

Exhibit 99.1

​

​

Argan, Inc. Reports Second Quarter Fiscal 2027 Results

Record Revenue of $384 Million; Record Net Income of $53.3 Million

September 2, 2026 – ARLINGTON, VA – Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its second quarter of fiscal year 2027 ended July 31, 2026. The Company will host an investor conference call today, September 2, 2026, at 5:00 p.m. ET.

Consolidated Financial Highlights

($ in thousands, except per share data)

​	​	​	​	​	​	​	​	​	​	​
​	​	July 31,					​	​	​
For the Quarter Ended:	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	Change
Revenues	​	$	383,976	​	$	237,743	​	$	146,233	​
Gross profit	​	​	74,218	​	​	44,267	​	​	29,951	​
Gross margin %	​		19.3	%		18.6	%		0.7	%
Net income	​	$	53,302	​	$	35,275	​	$	18,027	​
Diluted earnings per share	​	​	3.76	​	​	2.50	​	​	1.26	​
Adjusted EBITDA(1)	​	​	70,030	​	​	38,490	​	​	31,540	​
Adjusted EBITDA margin(1)	​	​	18.2	%	​	16.2	%	​	2.0	%
Cash dividends per share	​	$	0.500	​	$	0.375	​	$	0.125	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	July 31,					​	​	​	​
For the Six Months Ended:	​	2026		​	2025		​	Change		​
Revenues	​	$	674,930	​	$	431,403	​	$	243,527	​
Gross profit	​		135,332	​		81,130	​		54,202	​
Gross margin %	​		20.1	%		18.8	%		1.3	%
Net income	​	$	99,365	​	$	57,825	​	$	41,540	​
Diluted earnings per share	​		7.01	​		4.09	​		2.92	​
Adjusted EBITDA(1)	​	​	126,469	​	​	69,977	​	​	56,492	​
Adjusted EBITDA margin(1)	​	​	18.7	%	​	16.2	%	​	2.5	%
Cash dividends per share	​		1.000	​		0.750	​		0.250	​

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	July 31,		​	January 31,		​ ​ ​	​	​
As of:	​	2026		​	2026		​	Change
Cash, cash equivalents and investments	​	$	1,028,446	​	$	894,981	​	$	133,465
Net liquidity(2)	​	​	440,360	​	​	421,000	​	​	19,360
Share repurchase treasury stock, at cost	​	​	144,914	​	​	114,361	​	​	30,553
Project backlog	​	​	2,518,000	​	​	2,929,000	​	​	(411,000)

​	​	​
(1)​	​	Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please refer to “Non-GAAP Financial Measures.”
(2)​	​	Net liquidity, or working capital, is defined as total current assets less total current liabilities.

David Watson, President and Chief Executive Officer of Argan, commented, “We delivered a strong second quarter, highlighted by record revenue of $384 million, a gross margin of 19.3%, record net income of $53 million, and record adjusted EBITDA of $70 million.

“Our Power segment continued to execute extremely well during the second quarter, growing revenue 53% year over year to $301 million at a gross margin of 22%. Following the close of the quarter, we achieved final completion on the remaining project of our Midwest Solar and Battery Projects. In our Industrial segment, construction of our new fabrication facility continues to progress as planned, with expected completion next quarter. The plant will support heightened demand for the fabrication of vessels for data centers. In our Teledata segment, we closed the acquisition of ValCor Communications, a Connecticut-based provider of installation and repair services for information, communication, and data networks. The addition of ValCor increases our geographic presence and expands the segment’s client base to defense, aerospace, and technology clients in the region.

“We are energized by the opportunities we are seeing across all three of our business segments and believe that our diverse capabilities, proven track record of excellent execution, and strong balance sheet position us well to benefit from the current demand environment. This is an exciting time for Argan and we remain focused on capturing the right projects with the right partners in the right geographies.”  

Second Quarter Results

Consolidated revenues for the quarter ended July 31, 2026, were $384.0 million, an increase of $146.2 million, or 61.5%, from consolidated revenues of $237.7 million reported for the comparable prior-year quarter. The year-over-year increase reflects higher revenues across all of the Company’s business segments. In the Power segment, revenue growth was driven by the continued ramp-up of construction activities on several contracts that have not yet reached peak construction.

For the quarter ended July 31, 2026, Argan's consolidated gross profit was $74.2 million, or 19.3% of consolidated revenues, compared to $44.3 million, or 18.6% of consolidated revenues, for the quarter ended July 31, 2025. The gross profit percentage increased between periods primarily due to the changing mix of projects and contract types and strong execution in our Power segment. The increase in gross profit percentage was partially offset by decreased performance on certain projects in our Industrial and Teledata segments.

Selling, general and administrative expenses were $17.4 million and $14.2 million for the three months ended July 31, 2026 and 2025, respectively, and represented 4.5% and 6.0% of corresponding consolidated revenues, respectively.

Other income, net, for the three months ended July 31, 2026 was $10.1 million, which primarily reflected investment income earned during the period.

For the quarter ended July 31, 2026, Argan achieved net income of $53.3 million, or $3.76 per diluted share, compared to $35.3 million, or $2.50 per diluted share, for last year’s second quarter. EBITDA for the quarter ended July 31, 2026 increased to $67.6 million compared to $36.2 million for the same quarter of last year. Adjusted EBITDA for the quarter ended July 31, 2026 increased to $70.0 million compared to $38.5 million for the same quarter of last year.

Argan continues to generate significant cash flow and increased its total balance of cash, cash equivalents and investments during the quarter. The total balances were $1.03 billion and $895.0 million as of July 31, 2026 and January 31, 2026, respectively. Net liquidity was $440.4 million at July 31, 2026 and $421.0 million at January 31, 2026; furthermore, the Company had no debt.

First Six Months Results

Consolidated revenues for the six months ended July 31, 2026, were $674.9 million, an increase of $243.5 million, or 56.5%, from consolidated revenues of $431.4 million reported for the comparable prior-year period. For the six months ended July 31, 2026, consolidated gross profit increased to approximately $135.3 million, or 20.1% of consolidated revenues, compared to consolidated gross profit of $81.1 million, or 18.8% of consolidated revenues, reported for the six months ended July 31, 2025.

For the six months ended July 31, 2026, Argan achieved net income of $99.4 million, or $7.01 per diluted share, versus net income of $57.8 million, or $4.09 per diluted share, for last year’s comparable period. EBITDA for the six months ended July 31, 2026 increased to $122.0 million compared to $66.5 million in the same period of last year. Adjusted EBITDA for the six months ended July 31, 2026 increased to $126.5 million compared to $70.0 million for the same period of last year.

As of July 31, 2026, consolidated project backlog was approximately $2.5 billion, as compared to approximately $2.9 billion at January 31, 2026.

Conference Call and Webcast

Argan will host a conference call and webcast for investors today, September 2, 2026, at 5:00 p.m. ET.

Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 327373.

The call and the accompanying slide deck will also be webcast at:

https://www.webcaster5.com/Webcast/Page/2961/54404

The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center. Please allow extra time prior to the call to visit the site.

A replay of the teleconference will be available until September 16, 2026, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 54404. A replay of the webcast can be accessed until September 2, 2027.

About Argan

Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services.

Non-GAAP Financial Measures

The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Within this press release, the Company makes reference to earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, and Adjusted EBITDA margin, each of which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as

EBITDA adjusted to exclude the impact of non-cash stock-based compensation expense. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues.

The Company believes these non-GAAP financial measures provide useful supplemental information to management and investors in evaluating the Company's operating performance because they exclude certain items that may not be indicative of the Company's core operating results or may affect comparability between periods or among companies with different capital structures, tax positions, depreciation policies, or equity compensation practices. Adjusted EBITDA and Adjusted EBITDA margin exclude stock-based compensation expense, a non-cash item that management believes impacts the comparability of operating results between reporting periods.

These non-GAAP financial measures should be considered in conjunction with, and not as substitutes for, the GAAP financial information presented in this press release. These measures have limitations as analytical tools because they exclude certain items, including interest, income tax expense, depreciation and amortization expense, and in the case of Adjusted EBITDA and Adjusted EBITDA margin, stock-based compensation expense. The methods used by the Company to calculate these non-GAAP financial measures may differ from methods used by other companies and, as a result, may not be comparable to similarly titled measures reported by other companies. Financial tables at the end of this press release provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Safe Harbor Statement

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.

​

​

​

​

Investor Relations Contacts:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203.972.9200

argan@imsinvestorrelations.com

​

Argan, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

July 31,

​

July 31,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

​

​

​

​

​

​

​

​

​

REVENUES

​

$

383,976

​

$

237,743

​

$

674,930

​

$

431,403

Cost of revenues

​

309,758

​

193,476

​

539,598

​

350,273

GROSS PROFIT

​

74,218

​

44,267

​

135,332

​

81,130

Selling, general and administrative expenses

​

17,413

​

14,212

​

33,132

​

26,733

INCOME FROM OPERATIONS

​

56,805

​

30,055

​

102,200

​

54,397

Other income, net

​

10,083

​

5,581

​

18,457

​

11,025

INCOME BEFORE INCOME TAXES

​

66,888

​

35,636

​

120,657

​

65,422

Provision for income taxes

​

13,586

​

361

​

21,292

​

7,597

NET INCOME

​

​

53,302

​

​

35,275

​

​

99,365

​

​

57,825

​

​

​

​

​

​

​

​

​

​

​

​

​

OTHER COMPREHENSIVE INCOME, NET OF TAXES

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency translation adjustments

​

(267)

​

​

(251)

​

​

(808)

​

​

3,370

Net unrealized (losses) gains on available-for-sale securities

​

​

(4,550)

​

​

(1,082)

​

​

(7,209)

​

​

1,598

COMPREHENSIVE INCOME

​

$

48,485

​

$

33,942

​

$

91,348

​

$

62,793

​

​

​

​

​

​

​

​

​

​

​

​

​

EARNINGS PER SHARE

​

​

​

​

​

​

​

​

Basic

​

$

3.80

​

$

2.57

​

$

7.10

​

$

4.23

Diluted

​

$

3.76

​

$

2.50

​

$

7.01

​

$

4.09

​

​

​

​

​

​

​

​

​

​

​

​

​

WEIGHTED AVERAGE SHARES OUTSTANDING

​

​

​

​

​

​

​

​

Basic

​

14,028

​

13,731

​

13,994

​

13,680

Diluted

​

14,164

​

14,131

​

14,181

​

14,122

​

​

​

​

​

​

​

​

​

​

​

​

​

CASH DIVIDENDS PER SHARE

​

$

0.500

​

$

0.375

​

$

1.000

​

$

0.750

​

​

Argan, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands, except per share data)

(Unaudited)

​

​	​	​	​	​	​	​
​	​	July 31,		​	January 31,
​	​ ​ ​	2026		​ ​ ​	2026
​	​	​		​	​	​
ASSETS		​	​		​	​
CURRENT ASSETS		​	​		​	​
Cash and cash equivalents	​	$	364,481	​	$	339,481
Investments	​		663,965	​	​	555,500
Accounts receivable, net	​		180,356	​		133,677
Contract assets	​		35,713	​		43,397
Other current assets	​		73,955	​		60,202
TOTAL CURRENT ASSETS	​		1,318,470	​		1,132,257
Property, plant and equipment, net	​		22,797	​		16,596
Goodwill	​		30,670	​		28,033
Intangible assets, net	​		6,030	​	​	1,450
Right-of-use and other assets	​		23,003	​	​	8,018
TOTAL ASSETS	​	$	1,400,970	​	$	1,186,354
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​		​	​		​
CURRENT LIABILITIES	​		​	​		​
Accounts payable	​	$	115,212	​	$	107,540
Accrued expenses	​		135,878	​		89,748
Contract liabilities	​		627,020	​		513,969
TOTAL CURRENT LIABILITIES	​		878,110	​		711,257
Deferred taxes, net	​		3,061	​		6,555
Noncurrent liabilities	​		12,960	​	​	6,280
TOTAL LIABILITIES	​		894,131	​		724,092
​	​	​	​	​	​	​
STOCKHOLDERS’ EQUITY	​		​	​		​
Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding	​		—	​		—
Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 14,032,792 and 13,950,712 shares outstanding at July 31, 2026 and January 31, 2026, respectively	​		2,374	​		2,374
Additional paid-in capital	​		165,039	​		167,234
Retained earnings	​		491,539	​		406,197
Treasury stock, at cost – 1,795,497 and 1,877,577 shares at July 31, 2026 and January 31, 2026, respectively	​	​	(144,914)	​	​	(114,361)
Accumulated other comprehensive (loss) income	​		(7,199)	​	​	818
TOTAL STOCKHOLDERS’ EQUITY	​		506,839	​		462,262
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	​	$	1,400,970	​	$	1,186,354

​

​

​

Argan, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(Dollars in thousands)

(Unaudited)

​

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	July 31,					​
​	​ ​ ​	2026		​ ​ ​	2025		​
Revenues	​	$	383,976	​	$	237,743	​
​	​	​	​	​	​	​	​
Net income, as reported	​	$	53,302	​	$	35,275	​
Provision for income taxes	​		13,586	​		361	​
Depreciation	​		645	​		491	​
Amortization of intangible assets	​		75	​		98	​
EBITDA	​	​	67,608	​	​	36,225	​
Stock-based compensation expense	​	​	2,422	​	​	2,265	​
Adjusted EBITDA	​	$	70,030	​	$	38,490	​
Adjusted EBITDA margin	​	​	18.2	%	​	16.2	%

​

​	​	​	​	​	​	​	​
​	​ ​ ​	Six Months Ended					​
​	​	July 31,					​
​	​ ​ ​	2026		​ ​ ​	2025		​
Revenues	​	$	674,930	​	$	431,403	​
​	​	​	​	​	​	​	​
Net income, as reported	​	$	99,365	​	$	57,825	​
Provision for income taxes	​		21,292	​		7,597	​
Depreciation	​		1,204	​		906	​
Amortization of intangible assets	​		150	​		196	​
EBITDA	​	​	122,011	​	​	66,524	​
Stock-based compensation expense	​	​	4,458	​	​	3,453	​
Adjusted EBITDA	​	$	126,469	​	$	69,977	​
Adjusted EBITDA margin	​	​	18.7	%	​	16.2	%

​

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 304.0 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 15.5 KB
• EX-101 EX-101.PRE 9.8 KB