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Advanced Drainage Systems (WMS) investor relations material
Advanced Drainage Systems Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Q2 FY26 revenue grew 9% year-over-year to $850.4 million, with net income up 19.3% to $156.5 million and diluted EPS up 19.2% to $1.99, driven by strong Infiltrator (+25%) and Allied Products (+13%) performance, favorable pricing, and product mix.
Adjusted EBITDA margin improved to 33.8% in Q2 FY26, up from 31.4% in the prior year, reflecting strong execution and higher-margin products.
Year-to-date, net sales increased 5.2% to $1.68 billion, net income rose 2.4% to $300.6 million, and adjusted EBITDA grew 8.6% to $565.7 million.
Growth was supported by new product introductions, successful material conversion, and inorganic growth from acquisitions, which contributed 3.6% of Q2 revenue growth.
Announced agreement to acquire NDS, a U.S. supplier of stormwater and irrigation products, for $1 billion, expected to close in Q1 2026.
Financial highlights
Q2 FY26 adjusted EBITDA reached $287.5 million, up 17.1% year-over-year, with a margin of 33.8%.
Free cash flow for the first six months was $399 million, up from $238 million in the prior year.
Net income for Q2 FY26 was $156.5 million, up from $131.2 million in Q2 FY25.
Gross profit for Q2 increased 15.7% to $340.1 million, driven by volume growth and favorable price/cost.
Leverage ratio improved to 0.7x, with $1.4 billion in liquidity and $813 million in cash as of September 30, 2025.
Outlook and guidance
FY26 net sales guidance raised to $2.90–$2.99 billion, with adjusted EBITDA guidance increased to $900–$940 million and margin expected at 31.0%–31.4%.
Capital expenditures projected at $200–$225 million for the year.
Guidance reflects caution due to uncertain demand, high interest rates, seasonality, and potential market volatility.
NDS acquisition: what are key integration risks?
What factors support updated FY26 guidance raise?
What caused YTD domestic pipe sales decline?
Detail NDS revenue synergy opportunities
2H demand caution vs. Q2 outperformance drivers
Long-term margin expansion drivers
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Next Advanced Drainage Systems earnings date
Q3 20265 Feb, 2026
Next Advanced Drainage Systems earnings date
Q3 20265 Feb, 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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