Every 10-Q that ADVANCED DRAINAGE SYSTEMS, INC. (WMS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow WMS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WMS filings page.
Advanced Drainage Systems, Inc. reported first‑quarter fiscal 2027 net sales of $1,001.1 million, up 20.6% from the prior‑year quarter. Net income from continuing operations increased 22.5% to $176.6 million. Adjusted EBITDA rose 28.8% to $358.3 million, with Adjusted EBITDA margin improving to 35.8% from 33.5%.
Stormwater net sales grew 24.2% to $809.4 million, including $94.7 million from the NDS acquisition, while Wastewater sales increased 7.5% to $191.7 million. Gross profit rose 23.5% to $408.0 million, driven by NDS, higher volumes and favorable price/cost and manufacturing, partly offset by higher transportation costs.
Operating cash flow was $260.4 million and free cash flow $203.2 million, after $57.2 million of capital expenditures. Cash totaled $162.3 million and net debt $1.60 billion, resulting in a leverage ratio of 1.5 and total liquidity of $900.9 million. The company repurchased 1.6 million shares, paid a $0.20 per‑share dividend, and had $822.5 million remaining under its $1.0 billion repurchase authorization.
Advanced Drainage Systems reported solid third-quarter fiscal 2026 results with net sales of $693.4 million, up 0.4%, and net income of $94.0 million, up 14.3%. Diluted EPS rose to $1.19 as gross margin expanded to 37.4% on favorable pricing, mix and materials.
For the first nine months, net sales grew 3.7% to $2.37 billion and net income increased 5.0% to $394.6 million, while Adjusted EBITDA rose 8.8% to $774.9 million, a 32.6% margin. Operating cash flow surged to $779.1 million, driving free cash flow of $582.4 million and cash of $1.01 billion with a low 0.5x leverage ratio.
The company continued portfolio expansion through the Orenco and River Valley Pipe acquisitions and, subsequent to quarter-end, closed the approximately $1.0 billion NDS acquisition. It also approved a new $1.0 billion share repurchase authorization, leaving $1.1 billion of total buyback capacity, while launching a restructuring plan to optimize its production and distribution network.
Advanced Drainage Systems (WMS) reported stronger Q2 FY2026 results. Net sales rose to $850.4 million, up 8.7% year over year, with growth led by Infiltrator and Allied Products & Other. Gross profit increased 15.7% to $340.1 million as price/cost and mix improved. Net income was $156.5 million, and diluted EPS was $1.99.
Operating performance improved: income from operations reached $223.3 million and Adjusted EBITDA rose 17.1% to $287.5 million. Cash from operations was $509.8 million in the first six months, supporting a cash balance of $812.9 million at quarter end. Long‑term debt stood at $1.25 billion, largely senior notes and a term loan.
The company recorded $7.2 million of Q2 expense under its 2026 Restructuring Plan and realized a $17.6 million gain from property sales. Year‑to‑date, ADS completed the River Valley Pipe asset purchase (~$18.8 million) and continues integrating Orenco. ADS also signed a definitive agreement to acquire NDS for approximately $1.0 billion, expected to close in the first quarter of calendar 2026 subject to customary approvals. A quarterly dividend of $0.18 per share was declared after quarter end.