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Visual21 Nov 2025
Data center suppliers
Thermon Group Holdings (THR) investor relations material
Thermon Group Holdings 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 revenue grew 15% year-over-year to $131.7 million, with organic growth of 8.8% excluding F.A.T.I.; adjusted EBITDA rose 29% to $30.6 million, and net income increased 58% to $15.0 million, driven by strong order intake, margin execution, and operating leverage.
Backlog increased 17% year-over-year to $251.3 million, providing improved visibility and supporting a strong outlook.
Strategic growth initiatives in decarbonization, digitization, and diversification, including the F.A.T.I. acquisition, are driving sustained organic growth and global expansion.
Data center and medium voltage heater markets identified as significant new growth opportunities, with first orders secured and strong pipelines.
Guidance for FY26 was raised on strong Q2 performance, robust backlog, and improving business momentum.
Financial highlights
Q2 revenue: $131.7 million, up 15% year-over-year; gross profit: $61.1 million, up 20%; gross margin improved to 46.4% from 44.4%.
Adjusted EBITDA: $30.6 million, up 29% year-over-year; margin at 23.2% vs. 20.8% last year.
Net income: $15.0 million, up 58% year-over-year; GAAP EPS: $0.45, up 61%; Adjusted EPS: $0.55, up 45%.
Free cash flow: $4.4 million in Q2, down from $6.7 million last year due to inventory build and project activity.
Book-to-bill ratio: 1.0x for the quarter; new orders were $131.0 million.
Outlook and guidance
Full-year 2026 revenue guidance raised to $506–$527 million; adjusted EBITDA guidance increased to $112–$119 million; adjusted EPS guidance to $2.00–$2.15.
Guidance assumes current tariff structures remain, improved business trends continue, and stable trade environment.
Capital expenditures for fiscal 2026 projected at 2.5%–3.0% of revenue.
Poseidon solution's market impact and ramp-up
Reconcile flat orders with rising backlog/guidance
Free Cash Flow decline despite profit growth
When will data center market share target impact financials?
Scaling capacity for medium voltage heaters
Outlook for broad CapEx project execution?
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Next Thermon Group Holdings earnings date
Q3 20265 Feb, 2026
Next Thermon Group Holdings earnings date
Q3 20265 Feb, 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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