H.B. Fuller Company (FUL) Q3 2026 earnings summary

Executive summary

• Q3 2026 net revenue increased 5.2% year-over-year to $938 million, with organic revenue up 4.4% and growth across all business units, driven by higher product pricing and positive currency effects, partially offset by lower volumes.

• Adjusted EBITDA rose 9% year-over-year to $187 million, with a record margin of 19.9%, and adjusted EPS (diluted) increased 21% to $1.52.

• Net income for Q3 was $79.2 million, up from $67.2 million in Q3 2025.

• Pricing actions and restructuring offset higher raw material costs and supply chain disruptions.

• AMS acquisition expected to close by year-end, strengthening the portfolio and supporting long-term growth.

Financial highlights

• Q3 2026 net revenue: $938.2 million (up 5.2% year-over-year); organic revenue up 4.4%; adjusted EBITDA $187 million (19.9% margin); adjusted EPS $1.52 (up 21%).

• Adjusted gross profit margin rose 120 basis points to 33.5%.

• Year-to-date cash flow from operations was $183 million, up 17% year-over-year.

• Net working capital at 18.5% of annualized net revenue, up 150 basis points year-over-year due to inventory investments.

• Net debt-to-adjusted EBITDA improved to 3.0x from 3.3x a year ago.

Outlook and guidance

• Fiscal 2026 net revenue expected up mid-single digits; organic revenue up low-single digits; adjusted EBITDA guidance: $655M–$670M; adjusted EPS: $4.70–$4.85.

• Cash flow from operations (excluding AMS): $300M–$325M.

• Core tax rate forecasted at 25.5%–26.0%.

• AMS acquisition to close by year-end; leverage expected to return to 2.5x–3.0x within two years post-close.

• Management expects restructuring costs to continue into fiscal 2027, with most charges and cash payments in 2026 and 2027.