Valmont (NYSE: VMI) boosts Q4 EPS and projects 2026 sales and profit growth
Rhea-AI Filing Summary
Valmont Industries reported mixed fourth-quarter and full-year 2025 results and issued an earnings outlook for 2026. Fourth-quarter net sales were essentially flat at $1.04 billion, but GAAP diluted EPS rose to $9.05 from $3.84, and adjusted EPS increased to $4.92.
For 2025, net sales edged up to $4.10 billion, while GAAP diluted EPS slipped to $16.79 and adjusted EPS improved to $19.09. Infrastructure remained the growth engine, with fourth-quarter sales up 7.2% to $819.0 million, while Agriculture sales fell 19.9% to $222.7 million and recorded an operating loss driven partly by $27.5 million of legal and credit loss expense in Brazil. Backlog increased to $1.65 billion, and free cash flow was $311.4 million. For 2026, Valmont projects net sales of $4.2–$4.4 billion and diluted EPS of $20.50–$23.50, reflecting expected growth led by Infrastructure and a cautious Agriculture outlook.
Positive
- None.
Negative
- None.
Insights
Valmont shows strong EPS leverage from tax items and mix, with guidance pointing to moderate 2026 growth.
Valmont Industries delivered stable 2025 revenue of $4.10 billion but relied heavily on non-recurring items and tax benefits to boost fourth-quarter GAAP EPS to $9.05. Adjusted EPS of $4.92 in Q4 and $19.09 for the year show underlying profitability, but margins compressed versus 2024 on higher costs and prior impairments.
Business performance diverged by segment. Infrastructure net sales rose 7.2% in Q4 to $819.0 million, with operating margin improving to 17.6% (and 18.3% adjusted) helped by pricing and lower SG&A. Agriculture net sales fell 19.9% to $222.7 million and swung to a small operating loss, including $27.5 million of Brazil legal and credit loss expense, highlighting ongoing end-market softness.
Cash generation remained solid, with 2025 free cash flow of $311.4 million, though below the prior year, and a leverage ratio of 1.08 based on adjusted EBITDA of $638.8 million. The 2026 outlook calls for net sales of $4.2–$4.4 billion and EPS of $20.50–$23.50, implying mid-single- to low-double-digit EPS growth. Actual results will depend on Infrastructure demand holding up, execution on capacity investments, and how quickly Agriculture stabilizes in markets such as Brazil.
8-K Event Classification
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Item 2.02. Results of Operations and Financial Condition.
Valmont Industries, Inc. issued a press release on February 17, 2026 announcing its financial results for its fiscal year and quarter ended December 27, 2025. The press release is furnished with this Form 8-K as Exhibit 99.1.
The information in Item 2.02 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 2.02 shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. | Description | |
99.1 | Earnings Press Release dated February 17, 2026 | |
104 | Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document) |
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.
VALMONT INDUSTRIES, INC. | ||||
By: | /s/ THOMAS LIGUORI | |||
Name: | Thomas Liguori |
| ||
Title: | Executive Vice President and Chief Financial Officer | |||
Date: February 17, 2026
Exhibit 99.1
| FOR IMMEDIATE RELEASE | ||
| | | |
Contact: | Renee Campbell | | |
Email: | renee.campbell@valmont.com | | |
Date: | February 17, 2026 | | |
Valmont Reports Fourth Quarter GAAP EPS of $9.05 and Adjusted EPS of $4.92;
Provides Full-Year 2026 EPS Outlook of $20.50 to $23.50
OMAHA, Neb.-- Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the fourth quarter and fiscal year ended December 27, 2025.
President and Chief Executive Officer Avner M. Applbaum commented, “In the fourth quarter we delivered improved earnings per share and grew our backlog year-over-year amid a mixed demand environment. During 2025, we focused on optimally positioning the business for future growth through capacity investments and disciplined execution.”
“Looking ahead to 2026, we expect to achieve sales and earnings growth driven by strong Infrastructure demand and additional capacity coming online, while managing Agriculture efficiently through the downcycle. We will continue to prioritize supporting our customers and allocating capital in line with our strategy to drive long-term value for shareholders.”
Fourth Quarter 2025 Highlights (all metrics compared to Fourth Quarter 2024 unless otherwise noted)
| ● | Net sales increased 0.1% to $1.04 billion |
| ● | Operating income decreased 2.9% to $116.5 million or 11.2% of net sales |
| ● | Adjusted1 operating income increased 5.6% to $126.7 million or 12.2% of net sales |
| o | Adjusted1 operating income included elevated legal and credit loss expense of $27.5 million, or $0.92 per diluted share, within the Brazil Agriculture business; the Company does not expect further material charges |
| ● | Diluted earnings per share (“EPS”) increased 135.7% to $9.05 |
| o | Diluted EPS included a $3.98 benefit of a lower effective tax rate primarily related to a tax deduction associated with the investment loss in Prospera following the wind-down of that business in 2025 |
| ● | Adjusted1 EPS increased 28.1% to $4.92, compared to $3.84 |
| ● | Cash and cash equivalents were $187.1 million and net leverage ratio1 was ~1.1x |
| ● | Invested $40.8 million in capital expenditures primarily to support capacity investments for the Utility product line |
| ● | Deployed $72.9 million to acquire the remaining interest in ConcealFab, a telecom infrastructure and technology solutions company |
1Please see Reg G reconciliation to GAAP measures at end of document
| ● | Returned $85.6 million to shareholders through $72.2 million in share repurchases and $13.4 million in dividends |
Full-Year 2025 Highlights (all metrics compared to Full-Year 2024 unless otherwise noted)
| ● | Net sales increased 0.7% to $4.10 billion |
| o | Increased backlog by $217.0 million or 15.1% to $1.65 billion, driven primarily by continued strength in utility market demand |
| ● | Operating income decreased 20.8% to $415.6 million or 10.1% of net sales; Adjusted1 operating income increased 2.5% to $537.9 million or 13.1% of net sales |
| ● | Diluted EPS decreased 2.3% to $16.79; Adjusted1 EPS increased 11.1% to $19.09, compared to $17.19 |
| ● | Operating cash flow was $456.5 million, or 11.1% of net sales |
| ● | Invested $145.0 million in capital expenditures and $101.8 million in acquisitions to support future growth |
| ● | Returned $250.6 million to shareholders through share repurchases and dividends |
| ● | Achieved return on invested capital1 of 16.6% (17.6% adjusted1) |
Key Financial Metrics
Fourth Quarter 2025 | | GAAP | | Adjusted1 | | |||||||||||||
(In thousands, except per-share amounts) | | 12/27/2025 | | 12/28/2024 | | | | | 12/27/2025 | | 12/28/2024 | | | | ||||
| | Q4 2025 | | Q4 2024 | | vs. Q4 2024 | | | Q4 2025 | | Q4 2024 | | vs. Q4 2024 | | ||||
Net Sales | | $ | 1,038,260 | | $ | 1,037,294 | | 0.1% | | | $ | 1,038,260 | | $ | 1,037,294 | | 0.1% | |
Gross Profit | | | 309,421 | | | 313,021 | | -1.2% | | | | 309,188 | | | 313,021 | | -1.2% | |
Gross Profit as a % of Net Sales | | | 29.8% | | | 30.2% | | | | | | 29.8% | | | 30.2% | | | |
Operating Income | | | 116,530 | | | 119,988 | | -2.9% | | | | 126,727 | | | 119,988 | | 5.6% | |
Operating Income as a % of Net Sales | | | 11.2% | | | 11.6% | | | | | | 12.2% | | | 11.6% | | | |
Net Earnings Attributable to VMI2 | | | 178,755 | | | 77,653 | | 130.2% | | | | 97,113 | | | 77,653 | | 25.1% | |
Diluted Earnings per Share | | | 9.05 | | | 3.84 | | 135.7% | | | | 4.92 | | | 3.84 | | 28.1% | |
Weighted Average Shares Outstanding | | | 19,745 | | | 20,197 | | | | | | 19,745 | | | 20,197 | | | |
Full Year 2025 | | GAAP | | Adjusted1 | | |||||||||||||
(In thousands, except per-share amounts) | | 12/27/2025 | | 12/28/2024 | | | | | 12/27/2025 | | 12/28/2024 | | | | ||||
| | FY 2025 | | FY 2024 | | vs. FY 2024 | | | FY 2025 | | FY 2024 | | vs. FY 2024 | | ||||
Net Sales | | $ | 4,104,102 | | $ | 4,075,034 | | 0.7% | | | $ | 4,104,102 | | $ | 4,075,034 | | 0.7% | |
Gross Profit | | | 1,239,936 | | | 1,241,212 | | -0.1% | | | | 1,241,296 | | | 1,241,212 | | 0.0% | |
Gross Profit as a % of Net Sales | | | 30.2% | | | 30.5% | | | | | | 30.2% | | | 30.5% | | | |
Operating Income | | | 415,576 | | | 524,584 | | -20.8% | | | | 537,853 | | | 524,584 | | 2.5% | |
Operating Income as a % of Net Sales | | | 10.1% | | | 12.9% | | | | | | 13.1% | | | 12.9% | | | |
Net Earnings Attributable to VMI2 | | | 334,784 | | | 348,259 | | -3.9% | | | | 380,603 | | | 348,259 | | 9.3% | |
Diluted Earnings per Share | | | 16.79 | | | 17.19 | | -2.3% | | | | 19.09 | | | 17.19 | | 11.1% | |
Weighted Average Shares Outstanding | | | 19,937 | | | 20,261 | | | | | | 19,937 | | | 20,261 | | | |
2Net earnings attributable to Valmont Industries, Inc., including changes in redemption value of redeemable noncontrolling interests of $10,754 for the fourth quarter of fiscal 2025 and ($15,489) for the full year of fiscal 2025.
Fourth Quarter 2025 Segment Review (all metrics compared to Fourth Quarter 2024 unless otherwise noted)
Infrastructure (78.6% of Net Sales)
Products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products
Sales increased 7.2% to $819.0 million, compared to $763.6 million.
Utility sales grew 21.0% driven by strong market demand, which led to higher pricing and volumes. Sales of other North America infrastructure products remained steady, excluding Solar which decreased following the
1Please see Reg G reconciliation to GAAP measures at end of document
Company’s decision to exit that market earlier in 2025. International sales declined, reflecting continued Asia-Pacific market softness.
Operating income was $143.7 million or 17.6% of net sales ($149.6 million or 18.3% adjusted1), compared to $122.0 million or 16.0% of net sales. The improvement was primarily attributable to higher pricing and volumes, and lower SG&A.
Agriculture (21.4% of Net Sales)
Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture
Sales decreased 19.9% to $222.7 million, compared to $278.0 million.
In North America, irrigation equipment sales declined due to continued agriculture market softness. International sales were also lower, primarily due to ongoing market softness in Brazil and lower project sales in the Middle East.
Operating loss was ($3.4) million, compared to operating income of $28.5 million or 10.3% of net sales. The decrease was primarily driven by lower volumes, and $27.5 million of legal and credit loss expense in Brazil.
Introducing Full-Year 2026 Financial Outlook and Key Assumptions
The Company is introducing its full-year 2026 financial outlook, including projected net sales and diluted EPS, and key assumptions for the year.
Metric | 2026 Outlook |
Net Sales | $4.2 to $4.4 billion |
Infrastructure Net Sales | $3.25 to $3.4 billion |
Agriculture Net Sales | $0.95 to $1.0 billion |
Diluted Earnings per Share1 | $20.50 to $23.50 |
Capital Expenditures | $170 to $200 million |
Effective Tax Rate | ~26.0% |
Key Assumptions
| ● | Steel cost assumptions are aligned with futures markets as of February 13, 2026 |
| ● | Foreign currency assumptions based on FX rates as of February 13, 2026 |
| ● | This outlook assumes no material change to the current trade or tariff environment |
A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and Thomas Liguori, Executive Vice President and Chief Financial Officer, will take place on Tuesday, February 17, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 4Q and Full Year 2025 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756343. The replay will be available until 10:59 p.m. CT on Tuesday, February 24, 2026.
About Valmont Industries, Inc.
For 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
1Please see Reg G reconciliation to GAAP measures at end of document
Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.
The Company’s guidance includes certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) presented on a forward-looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. Reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.
Website and Social Media Disclosure
The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.
1Please see Reg G reconciliation to GAAP measures at end of document
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per-share amounts)
(Unaudited)
| | Thirteen weeks ended | | Fifty-two weeks ended | ||||||||
| | December 27, | | December 28, | | December 27, | | December 28, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Net sales | | $ | 1,038,260 | | $ | 1,037,294 | | $ | 4,104,102 | | $ | 4,075,034 |
Cost of sales | | | 728,839 | | | 724,273 | | | 2,864,166 | | | 2,833,822 |
Gross profit | | | 309,421 | | | 313,021 | | | 1,239,936 | | | 1,241,212 |
Selling, general, and administrative expenses | | | 186,385 | | | 193,033 | | | 717,633 | | | 716,628 |
Impairment of long-lived assets | | | — | | | — | | | 91,337 | | | — |
Realignment charges | | | 6,506 | | | — | | | 15,390 | | | — |
Operating income | | | 116,530 | | | 119,988 | | | 415,576 | | | 524,584 |
Other income (expenses): | | | | | | | | | | | | |
Interest expense | | | (10,146) | | | (12,342) | | | (40,542) | | | (58,722) |
Interest income | | | 1,639 | | | 1,825 | | | 8,189 | | | 7,183 |
Gain on deferred compensation investments | | | 857 | | | 518 | | | 3,587 | | | 3,634 |
Loss on divestitures | | | — | | | (4,474) | | | — | | | (4,474) |
Other | | | 193 | | | 138 | | | (9,168) | | | (3,524) |
Total other expenses | | | (7,457) | | | (14,335) | | | (37,934) | | | (55,903) |
Earnings before income taxes and equity method investment earnings (loss) | | | 109,073 | | | 105,653 | | | 377,642 | | | 468,681 |
Income tax expense (benefit) | | | (59,639) | | | 27,199 | | | 23,864 | | | 117,978 |
Equity method investment earnings (loss) | | | 512 | | | (19) | | | (90) | | | (79) |
Net earnings | | | 169,224 | | | 78,435 | | | 353,688 | | | 350,624 |
Earnings attributable to redeemable noncontrolling interests | | | (1,223) | | | (782) | | | (3,415) | | | (2,365) |
Net earnings attributable to Valmont Industries, Inc. | | $ | 168,001 | | $ | 77,653 | | $ | 350,273 | | $ | 348,259 |
| | | | | | | | | | | | |
Weighted average shares outstanding - Basic | | | 19,589 | | | 20,031 | | | 19,795 | | | 20,122 |
Earnings per share - Basic | | $ | 9.13 | 1 | $ | 3.88 | | $ | 16.91 | 1 | $ | 17.31 |
| | | | | | | | | | | | |
Weighted average shares outstanding - Diluted | | | 19,745 | | | 20,197 | | | 19,937 | | | 20,261 |
Earnings per share - Diluted | | $ | 9.05 | 1 | $ | 3.84 | | $ | 16.79 | 1 | $ | 17.19 |
| | | | | | | | | | | | |
Cash dividends per share | | $ | 0.68 | | $ | 0.60 | | $ | 2.72 | | $ | 2.40 |
1 Basic and diluted earnings per share for the thirteen and fifty-two weeks ended December 27, 2025 included $10,754 and ($15,489) changes in redemption values of redeemable noncontrolling interests, respectively.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
| | Thirteen weeks ended | | Fifty-two weeks ended | ||||||||
| | December 27, | | December 28, | | December 27, | | December 28, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Infrastructure | | | | | | | | | | | | |
Net sales | | $ | 816,587 | | $ | 760,848 | | $ | 3,089,732 | | $ | 2,998,381 |
Gross profit | | | 245,450 | | | 230,383 | | | 925,634 | | | 903,736 |
as a percentage of net sales | | | 30.1% | | | 30.3% | | | 30.0% | | | 30.1% |
Selling, general, and administrative expenses | | | 95,605 | | | 108,345 | | | 398,504 | | | 406,596 |
as a percentage of net sales | | | 11.7% | | | 14.2% | | | 12.9% | | | 13.6% |
Impairment of long-lived assets | | | — | | | — | | | 89,356 | | | — |
Realignment charges | | | 6,174 | | | — | | | 7,600 | | | — |
Operating income | | | 143,671 | | | 122,038 | | | 430,174 | | | 497,140 |
as a percentage of net sales | | | 17.6% | | | 16.0% | | | 13.9% | | | 16.6% |
| | | | | | | | | | | | |
Agriculture | | | | | | | | | | | | |
Net sales | | $ | 221,673 | | $ | 276,446 | | $ | 1,014,370 | | $ | 1,076,653 |
Gross profit | | | 63,971 | | | 82,638 | | | 314,302 | | | 337,476 |
as a percentage of net sales | | | 28.9% | | | 29.9% | | | 31.0% | | | 31.3% |
Selling, general, and administrative expenses | | | 67,372 | | | 54,139 | | | 217,359 | | | 199,140 |
as a percentage of net sales | | | 30.4% | | | 19.6% | | | 21.4% | | | 18.5% |
Impairment of long-lived assets | | | — | | | — | | | 1,981 | | | — |
Realignment charges | | | — | | | — | | | 2,886 | | | — |
Operating income (loss) | | | (3,401) | | | 28,499 | | | 92,076 | | | 138,336 |
as a percentage of net sales | | | (1.5)% | | | 10.3% | | | 9.1% | | | 12.8% |
| | | | | | | | | | | | |
Corporate | | | | | | | | | | | | |
Selling, general, and administrative expenses | | $ | 23,408 | | $ | 30,549 | | $ | 101,770 | | $ | 110,892 |
Realignment charges | | | 332 | | | — | | | 4,904 | | | — |
Operating loss | | | (23,740) | | | (30,549) | | | (106,674) | | | (110,892) |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
| | Thirteen weeks ended December 27, 2025 | ||||||||||
| | Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||
Geographical Market: | | | | | | | | | | | | |
North America | | $ | 665,684 | | $ | 115,024 | | $ | (3,464) | | $ | 777,244 |
International | | | 153,319 | | | 107,697 | | | — | | | 261,016 |
Total sales | | $ | 819,003 | | $ | 222,721 | | $ | (3,464) | | $ | 1,038,260 |
| | | | | | | | | | | | |
Product Line: | | | | | | | | | | | | |
Utility | | $ | 424,471 | | $ | — | | $ | — | | $ | 424,471 |
Lighting and Transportation | | | 204,640 | | | — | | | — | | | 204,640 |
Coatings | | | 92,502 | | | — | | | (2,416) | | | 90,086 |
Telecommunications | | | 73,771 | | | — | | | — | | | 73,771 |
Solar | | | 23,619 | | | — | | | — | | | 23,619 |
Irrigation Equipment and Parts | | | — | | | 199,046 | | | (1,048) | | | 197,998 |
Technology Products and Services | | | — | | | 23,675 | | | — | | | 23,675 |
Total sales | | $ | 819,003 | | $ | 222,721 | | $ | (3,464) | | $ | 1,038,260 |
| | Thirteen weeks ended December 28, 2024 | ||||||||||
| | Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||
Geographical Market: | | | | | | | | | | | | |
North America | | $ | 597,830 | | $ | 129,319 | | $ | (4,209) | | $ | 722,940 |
International | | | 165,811 | | | 148,665 | | | (122) | | | 314,354 |
Total sales | | $ | 763,641 | | $ | 277,984 | | $ | (4,331) | | $ | 1,037,294 |
| | | | | | | | | | | | |
Product Line: | | | | | | | | | | | | |
Utility | | $ | 350,710 | | $ | — | | $ | — | | $ | 350,710 |
Lighting and Transportation | | | 216,130 | | | — | | | — | | | 216,130 |
Coatings | | | 87,029 | | | — | | | (2,671) | | | 84,358 |
Telecommunications | | | 74,121 | | | — | | | — | | | 74,121 |
Solar | | | 35,651 | | | — | | | (122) | | | 35,529 |
Irrigation Equipment and Parts | | | — | | | 255,042 | | | (1,538) | | | 253,504 |
Technology Products and Services | | | — | | | 22,942 | | | — | | | 22,942 |
Total sales | | $ | 763,641 | | $ | 277,984 | | $ | (4,331) | | $ | 1,037,294 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
| | Fifty-two weeks ended December 27, 2025 | ||||||||||
| | Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||
Geographical Market: | | | | | | | | | | | | |
North America | | $ | 2,515,602 | | $ | 506,316 | | $ | (15,543) | | $ | 3,006,375 |
International | | | 583,432 | | | 514,434 | | | (139) | | | 1,097,727 |
Total sales | | $ | 3,099,034 | | $ | 1,020,750 | | $ | (15,682) | | $ | 4,104,102 |
| | | | | | | | | | | | |
Product Line: | | | | | | | | | | | | |
Utility | | $ | 1,511,053 | | $ | — | | $ | — | | $ | 1,511,053 |
Lighting and Transportation | | | 830,268 | | | — | | | — | | | 830,268 |
Coatings | | | 362,209 | | | — | | | (9,163) | | | 353,046 |
Telecommunications | | | 313,882 | | | — | | | — | | | 313,882 |
Solar | | | 81,622 | | | — | | | (139) | | | 81,483 |
Irrigation Equipment and Parts | | | — | | | 926,276 | | | (6,380) | | | 919,896 |
Technology Products and Services | | | — | | | 94,474 | | | — | | | 94,474 |
Total sales | | $ | 3,099,034 | | $ | 1,020,750 | | $ | (15,682) | | $ | 4,104,102 |
| | Fifty-two weeks ended December 28, 2024 | ||||||||||
| | Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||
Geographical Market: | | | | | | | | | | | | |
North America | | $ | 2,348,250 | | $ | 570,517 | | $ | (17,045) | | $ | 2,901,722 |
International | | | 660,326 | | | 513,191 | | | (205) | | | 1,173,312 |
Total sales | | $ | 3,008,576 | | $ | 1,083,708 | | $ | (17,250) | | $ | 4,075,034 |
| | | | | | | | | | | | |
Product Line: | | | | | | | | | | | | |
Utility | | $ | 1,368,333 | | $ | — | | $ | — | | $ | 1,368,333 |
Lighting and Transportation | | | 884,128 | | | — | | | — | | | 884,128 |
Coatings | | | 353,739 | | | — | | | (9,992) | | | 343,747 |
Telecommunications | | | 250,770 | | | — | | | — | | | 250,770 |
Solar | | | 151,606 | | | — | | | (203) | | | 151,403 |
Irrigation Equipment and Parts | | | — | | | 985,840 | | | (7,055) | | | 978,785 |
Technology Products and Services | | | — | | | 97,868 | | | — | | | 97,868 |
Total sales | | $ | 3,008,576 | | $ | 1,083,708 | | $ | (17,250) | | $ | 4,075,034 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
| | December 27, | | December 28, | ||
| | 2025 | | 2024 | ||
ASSETS | | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 187,140 | | $ | 164,315 |
Receivables, net | | | 590,127 | | | 654,360 |
Inventories | | | 566,396 | | | 590,263 |
Contract assets | | | 266,922 | | | 187,257 |
Prepaid expenses and other current assets | | | 109,063 | | | 87,197 |
Total current assets | | | 1,719,648 | | | 1,683,392 |
Property, plant, and equipment, net | | | 673,863 | | | 588,972 |
Goodwill and other non-current assets | | | 975,818 | | | 1,057,608 |
Total assets | | $ | 3,369,329 | | $ | 3,329,972 |
| | | | | | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY | | | | | | |
Current liabilities: | | | | | | |
Current installments of long-term debt | | $ | 513 | | $ | 692 |
Notes payable to banks | | | — | | | 1,669 |
Mandatorily redeemable financial instrument | | | 8,922 | | | — |
Accounts payable | | | 359,539 | | | 372,197 |
Accrued expenses | | | 284,751 | | | 275,407 |
Contract liabilities | | | 52,013 | | | 126,932 |
Income taxes payable | | | 12,604 | | | 22,509 |
Dividends payable | | | 13,278 | | | 12,019 |
Total current liabilities | | | 731,620 | | | 811,425 |
Long-term debt, excluding current installments | | | 795,150 | | | 729,941 |
Operating lease liabilities | | | 130,007 | | | 134,534 |
Other non-current liabilities | | | 70,267 | | | 60,459 |
Total liabilities | | | 1,727,044 | | | 1,736,359 |
Redeemable noncontrolling interests | | | 9,498 | | | 51,519 |
Shareholders' equity | | | 1,632,787 | | | 1,542,094 |
Total liabilities, redeemable noncontrolling interests, and shareholders' equity | | $ | 3,369,329 | | $ | 3,329,972 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| | Fifty-two weeks ended | ||||
| | December 27, | | December 28, | ||
| | 2025 | | 2024 | ||
Cash flows from operating activities: | | | | | | |
Net earnings | | $ | 353,688 | | $ | 350,624 |
Depreciation and amortization | | | 88,509 | | | 95,395 |
Contribution to defined benefit pension plan | | | (3,159) | | | (19,599) |
Impairment of long-lived assets | | | 91,337 | | | — |
Loss on divestitures | | | — | | | 4,474 |
Changes in assets and liabilities | | | (82,424) | | | 128,232 |
Other | | | 8,533 | | | 13,552 |
Net cash flows from operating activities | | | 456,484 | | | 572,678 |
Cash flows from investing activities: | | | | | | |
Purchases of property, plant, and equipment | | | (145,035) | | | (79,451) |
Proceeds from divestitures, net of cash divested | | | — | | | 3,830 |
Other | | | 2,296 | | | (3,257) |
Net cash flows from investing activities | | | (142,739) | | | (78,878) |
Cash flows from financing activities: | | | | | | |
Net repayments on short-term borrowings | | | (1,652) | | | (1,485) |
Proceeds from long-term borrowings | | | 215,785 | | | 30,009 |
Principal repayments on long-term borrowings | | | (151,563) | | | (408,080) |
Dividends paid | | | (52,481) | | | (48,358) |
Purchases of redeemable noncontrolling interests | | | (101,771) | | | (17,745) |
Repurchases of common stock | | | (198,089) | | | (70,069) |
Other | | | (9,091) | | | (6,832) |
Net cash flows from financing activities | | | (298,862) | | | (522,560) |
Effect of exchange rates on cash and cash equivalents | | | 7,942 | | | (9,966) |
Net change in cash and cash equivalents | | | 22,825 | | | (38,726) |
Cash and cash equivalents—beginning of period | | | 164,315 | | | 203,041 |
Cash and cash equivalents—end of period | | $ | 187,140 | | $ | 164,315 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
USE OF NON-GAAP FINANCIAL MEASURES
Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations.
The following non-GAAP measures may be included in financial releases and other financial communications:
| ● | Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. |
| ● | Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability. |
| ● | Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. |
| ● | Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments. |
| ● | Backlog: This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under U.S. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog. |
| ● | Constant Currency: Defined as financial results adjusted for foreign currency translation impacts by translating current period and prior period activity using the same currency conversion rate. This approach is used for countries whose functional currency is not the U.S. dollar. |
| ● | ROIC: Return on invested capital (“ROIC”) and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests). |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands)
(Unaudited)
| | Thirteen weeks ended December 27, 2025 | ||||||||||
Gross Profit Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated | ||||
Gross profit - as reported | | $ | 245,450 | | $ | 63,971 | | $ | — | | $ | 309,421 |
Realignment charges | | | (287) | | | 54 | | | — | | | (233) |
Adjusted gross profit | | $ | 245,163 | | $ | 64,025 | | $ | — | | $ | 309,188 |
Net sales - as reported | | | 816,587 | | | 221,673 | | | — | | | 1,038,260 |
| | | | | | | | | | | | |
Gross profit as a % of net sales | | | 30.1% | | | 28.9% | | | NM | | | 29.8% |
Adjusted gross profit as a % of net sales | | | 30.0% | | | 28.9% | | | NM | | | 29.8% |
| | Fifty-two weeks ended December 27, 2025 | ||||||||||
Gross Profit Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated | ||||
Gross profit - as reported | | $ | 925,634 | | $ | 314,302 | | $ | — | | $ | 1,239,936 |
Realignment charges | | | 622 | | | 54 | | | — | | | 676 |
Other non-recurring charges1 | | | — | | | 684 | | | — | | | 684 |
Adjusted gross profit | | $ | 926,256 | | $ | 315,040 | | $ | — | | $ | 1,241,296 |
Net sales - as reported | | | 3,089,732 | | | 1,014,370 | | | — | | | 4,104,102 |
| | | | | | | | | | | | |
Gross profit as a % of net sales | | | 30.0% | | | 31.0% | | | NM | | | 30.2% |
Adjusted gross profit as a % of net sales | | | 30.0% | | | 31.1% | | | NM | | | 30.2% |
1Other non-recurring charges consist of asset valuation adjustments for a joint venture ag solar business.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands)
(Unaudited)
| | Thirteen weeks ended December 27, 2025 | ||||||||||
Operating Income (Loss) Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated | ||||
Operating income (loss) - as reported | | $ | 143,671 | | $ | (3,401) | | $ | (23,740) | | $ | 116,530 |
Realignment charges | | | 5,886 | | | 54 | | | 332 | | | 6,272 |
Other non-recurring charges1 | | | — | | | — | | | 3,925 | | | 3,925 |
Adjusted operating income (loss) | | $ | 149,557 | | $ | (3,347) | | $ | (19,483) | | $ | 126,727 |
Net sales - as reported | | | 816,587 | | | 221,673 | | | — | | | 1,038,260 |
| | | | | | | | | | | | |
Operating income (loss) as a % of net sales | | | 17.6% | | | NM | | | NM | | | 11.2% |
Adjusted operating income (loss) as a % of net sales | | | 18.3% | | | NM | | | NM | | | 12.2% |
| | Fifty-two weeks ended December 27, 2025 | ||||||||||
Operating Income (Loss) Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated | ||||
Operating income (loss) - as reported | | $ | 430,174 | | $ | 92,076 | | $ | (106,674) | | $ | 415,576 |
Impairment of long-lived assets | | | 89,356 | | | 1,981 | | | — | | | 91,337 |
Realignment charges | | | 8,222 | | | 2,940 | | | 4,904 | | | 16,066 |
Other non-recurring charges1 | | | 7,031 | | | 3,918 | | | 3,925 | | | 14,874 |
Adjusted operating income (loss) | | $ | 534,783 | | $ | 100,915 | | $ | (97,845) | | $ | 537,853 |
Net sales - as reported | | | 3,089,732 | | | 1,014,370 | | | — | | | 4,104,102 |
| | | | | | | | | | | | |
Operating income (loss) as a % of net sales | | | 13.9% | | | 9.1% | | | NM | | | 10.1% |
Adjusted operating income (loss) as a % of net sales | | | 17.3% | | | 9.9% | | | NM | | | 13.1% |
1Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars and shares in thousands, except per-share amounts)
(Unaudited)
| | Thirteen | | | | | Fifty-two | | | | ||
| | weeks ended | | Diluted | | weeks ended | | Diluted | ||||
| | December 27, | | earnings | | December 27, | | earnings | ||||
| | 2025 | | per share1 | | 2025 | | per share1 | ||||
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests | | $ | 178,755 | | $ | 9.05 | | $ | 334,784 | | $ | 16.79 |
Less: Change in redemption value of redeemable noncontrolling interests | | | (10,754) | | | (0.54) | | | 15,489 | | | 0.78 |
Net earnings attributable to Valmont Industries, Inc. - as reported | | $ | 168,001 | | $ | 8.51 | | $ | 350,273 | | $ | 17.57 |
Impairment of long-lived assets3 | | | — | | | — | | | 91,337 | | | 4.58 |
Realignment charges4 | | | 6,272 | | | 0.32 | | | 16,066 | | | 0.81 |
Other non-recurring charges5 | | | 3,925 | | | 0.20 | | | 14,874 | | | 0.75 |
Total adjustments, pre-tax | | | 10,197 | | | 0.52 | | | 122,277 | | | 6.13 |
Tax effect of adjustments2 | | | (2,591) | | | (0.13) | | | (13,453) | | | (0.67) |
Non-recurring tax benefit items | | | (78,494) | | | (3.98) | | | (78,494) | | | (3.94) |
Net earnings attributable to Valmont Industries, Inc. - adjusted | | $ | 97,113 | | $ | 4.92 | | $ | 380,603 | | $ | 19.09 |
Average shares outstanding - diluted | | | | | | 19,745 | | | | | | 19,937 |
1Diluted earnings per share includes rounding.
2The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.
3The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized.
4The Company took realignment actions resulting in pre-tax charges of $16.1 million, primarily severance related.
5Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF ADJUSTED EFFECTIVE TAX RATE
(Dollars in thousands)
(Unaudited)
| | Thirteen weeks ended | | Fifty-two weeks ended | ||||||||||||||
| | December 27, 2025 | | December 27, 2025 | ||||||||||||||
| | Earnings before income taxes and equity method earnings (loss) | | Income tax expense (benefit) | | Effective tax rate | | Earnings before income taxes and equity method earnings (loss) | | Income tax expense | | Effective tax rate | ||||||
As reported | | $ | 109,073 | | $ | (59,639) | | | (54.7)% | | $ | 377,642 | | $ | 23,864 | | | 6.3% |
Impairment of long-lived assets | | | — | | | — | | | | | | 91,337 | | | 6,744 | | | |
Realignment charges | | | 6,272 | | | 1,610 | | | | | | 16,066 | | | 3,970 | | | |
Other non-recurring charges1 | | | 3,925 | | | 981 | | | | | | 14,874 | | | 2,739 | | | |
Non-recurring tax benefit items | | | — | | | 78,494 | | | | | | — | | | 78,494 | | | |
Adjusted | | $ | 119,270 | | $ | 21,446 | | | 18.0% | | $ | 499,919 | | $ | 115,811 | | | 23.2% |
1Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF ADJUSTED EBITDA
(Dollars in thousands)
(Unaudited)
| | Four fiscal quarters ended | |
| | December 27, | |
| | 2025 | |
Net cash flows from operating activities | | $ | 456,484 |
Interest expense | | | 40,542 |
Income tax expense | | | 23,864 |
Impairment of long-lived assets | | | (91,337) |
Deferred income taxes | | | 19,196 |
Redeemable noncontrolling interests | | | (3,415) |
Net periodic pension cost | | | (1,052) |
Contribution to defined benefit pension plan | | | 3,159 |
Changes in assets and liabilities | | | 82,424 |
Other | | | (2,369) |
Impairment of long-lived assets | | | 91,337 |
Realignment charges | | | 16,066 |
Non-recurring non-cash charges1 | | | 3,918 |
Adjusted EBITDA | | $ | 638,817 |
| | | |
Net earnings attributable to Valmont Industries, Inc. | | $ | 350,273 |
Interest expense | |
| 40,542 |
Income tax expense | |
| 23,864 |
Depreciation and amortization | |
| 88,509 |
Stock-based compensation | |
| 24,308 |
Impairment of long-lived assets | | | 91,337 |
Realignment charges | | | 16,066 |
Non-recurring non-cash charges1 | | | 3,918 |
Adjusted EBITDA | | $ | 638,817 |
1Non-recurring non-cash charges consist of asset valuation adjustments for a joint venture ag solar business.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF LEVERAGE RATIO
(Dollars in thousands)
(Unaudited)
| | December 27, | |
| | 2025 | |
Interest-bearing debt, excluding origination fees and discounts of $24,892 | | $ | 829,477 |
Less: Cash and cash equivalents in excess of $50,000 | |
| 137,140 |
Net indebtedness | | $ | 692,337 |
Adjusted EBITDA | |
| 638,817 |
Leverage ratio | |
| 1.08 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF FREE CASH FLOW
(Dollars in thousands)
(Unaudited)
| | Fifty-two weeks ended | ||||
| | December 27, | | December 28, | ||
| | 2025 | | 2024 | ||
Net cash flows from operating activities | | $ | 456,484 | | $ | 572,678 |
Net cash flows from investing activities | | | (142,739) | | | (78,878) |
Net cash flows from financing activities | | | (298,862) | | | (522,560) |
| | | | | | |
Net cash flows from operating activities | | $ | 456,484 | | $ | 572,678 |
Purchases of property, plant, and equipment | | | (145,035) | | | (79,451) |
Free cash flow | | $ | 311,449 | | $ | 493,227 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
BACKLOG
(Dollars in millions)
(Unaudited)
| | December 27, | | December 28, | ||
| | 2025 | | 2024 | ||
Infrastructure | | $ | 1,548.3 | | $ | 1,273.3 |
Agriculture | |
| 105.4 | |
| 163.4 |
Total backlog | | $ | 1,653.7 | | $ | 1,436.7 |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF RETURN ON INVESTED CAPITAL
AND ADJUSTED RETURN ON INVESTED CAPITAL
(Dollars in thousands)
(Unaudited)
| | Fifty-two | |
| | weeks ended | |
| | December 27, | |
| | 2025 | |
Operating income | | $ | 415,576 |
Tax rate | | | 6.3% |
Tax effect on operating income | | | (26,261) |
After-tax operating income | | $ | 389,315 |
Average invested capital | | $ | 2,343,300 |
Return on invested capital | | | 16.6% |
| | | |
Operating income | | $ | 415,576 |
Impairment of long-lived assets | | | 91,337 |
Realignment charges | | | 16,066 |
Other non-recurring charges1 | | | 14,874 |
Adjusted operating income | | $ | 537,853 |
Adjusted effective tax rate | | | 23.2% |
Tax effect on adjusted operating income | | | (124,599) |
After-tax adjusted operating income | | $ | 413,254 |
Average invested capital | | $ | 2,343,300 |
Adjusted return on invested capital | | | 17.6% |
| | | |
Total assets | | $ | 3,369,329 |
Less: Defined benefit pension asset | | | (39,666) |
Less: Accounts payable | | | (359,539) |
Less: Accrued expenses | | | (284,751) |
Less: Contract liabilities | | | (52,013) |
Less: Income taxes payable | | | (12,604) |
Less: Dividends payable | | | (13,278) |
Less: Deferred income taxes | | | (5,316) |
Less: Operating lease liabilities | | | (130,007) |
Less: Deferred compensation | | | (29,631) |
Less: Other non-current liabilities | | | (35,320) |
Total invested capital | | $ | 2,407,204 |
Beginning invested capital | | $ | 2,279,395 |
Average invested capital | | $ | 2,343,300 |
1Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.