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Modine Manufacturing (MOD) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 4, 2026 · Modine Manufacturing (MOD) Q2 FY27 earnings results →

Q2 FY27 Revenue up 35% year over year to $994M · 3¢ of every $1 of revenue kept as net profit · operating margin 9.8%

Modine Manufacturing made $994M in Q2 FY27 (+35% Y/Y): Data Centers $437M, Performance Technologies $288M, Commercial HVAC $269M. Operating margin 9.8%, net earnings $30.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$994M
Year over year+35%
Operating margin9.8%
Net earnings$30.3M
Operating cash flow−$98.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $994.4M in Q2 FY27, up 35% year over year and up 14% from the previous quarter. Data Centers was the largest line at 44% of revenue. Data Centers added $213.3M year over year (up 95%), 83% of the total change.

Gross margin was 20.7%, down 1.7 points from Q2 FY26. Operating profit was $97.8M, a 9.8% margin (down 0.1 points year over year). Of the extra revenue versus Q2 FY26, 10% reached operating profit, below the 10% margin then. Operating expenses grew 18% against revenue growth of 35%. The fastest-growing cost line was SG&A (+24%). Net earnings were $30.0M, down 32% year over year. The effective tax rate was 65.6%.

Operating cash flow was −$98.5M. Non-cash charges added back $21.3M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items used $154.8M. Capital expenditures of $42.1M exceeded it, leaving free cash flow of −$140.6M.

Quarterly history

Modine Manufacturing revenue by quarterModine Manufacturing revenue by quarter$647MQ4 FY25$683MQ1 FY26$739MQ2 FY26$805MQ3 FY26$954MQ4 FY26$874MQ1 FY27$994MQ2 FY27
Modine Manufacturing net earnings by quarterModine Manufacturing net earnings by quarter$50.1MQ4 FY25$51.7MQ1 FY26$44.8MQ2 FY26−$46.8MQ3 FY26$73.6MQ4 FY26$74.3MQ1 FY27$30.3MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 4, 2026$994M+35%9.8%$30.3M−$98.5M
Q1 FY2710-QJul 30, 2026$874M+28%8.6%$74.3M$41.4M
Q4 FY2610-KMay 27, 2026$954M+48%10.9%$73.6M$195M
Q3 FY2610-QFeb 5, 2026$805M+30%11.1%−$46.8M$24.7M
Q2 FY2610-QOct 29, 2025$739M+12%9.9%$44.8M$1.4M
Q1 FY2610-QJul 31, 2025$683M+3%11.1%$51.7M$27.7M
Q4 FY2510-KMay 21, 2025$647M+7%11.5%$50.1M$54.8M

Charts

Modine Manufacturing: revenue growth, year over year and quarter over quarterModine Manufacturing: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q4 FY25+3%+6%Q1 FY26+12%+8%Q2 FY26+30%+9%Q3 FY26+48%+19%Q4 FY26+28%-8%Q1 FY27+35%+14%Q2 FY27
Latest (Q2 FY27): Y/Y +35%, Q/Q +14%.
Modine Manufacturing: where the cash came from (+) and went (−), TTM to Q2 FY27Modine Manufacturing: where the cash came from (+) and went (−), TTM to Q2 FY27Capital spending−$172MOperating cash flow$162MNet borrowing (+) / repaid (−)$154MBuybacks−$67.0MCash drawn (+) / kept (−)−$66.9MOther financing−$10.9MOther investing$3.4MPartners−$1.6MExchange rates−$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Modine Manufacturing: profit against cash, quarter by quarterModine Manufacturing: profit against cash, quarter by quarterNet incomeOperating cash flow$41.2M$60.7MQ3 FY25$50.1M$54.8MQ4 FY25$51.7M$27.7MQ1 FY26$44.8M$1.4MQ2 FY26−$46.8M$24.7MQ3 FY26$73.6M$195MQ4 FY26$74.3M$41.4MQ1 FY27$30.3M−$98.5MQ2 FY27
Latest (Q2 FY27): Net income $30.3M, Operating cash flow −$98.5M.
Modine Manufacturing: diluted shares by fiscal yearModine Manufacturing: diluted shares by fiscal year51MFY2152MFY2253MFY2353MFY2454MFY2554MFY26
+4.9% since FY21: more shares outstanding (issuance, stock pay).
Modine Manufacturing: long-term debt falling due (FY26)Modine Manufacturing: long-term debt falling due (FY26)$43.9M2027$35.6M2028$35.5M2029$10.1M2030$305M2031$400KLater
Cash $73.5M, short-term investments —, long-term debt $431M at 2026-03-31.
Modine Manufacturing in its industry: growth against margin (35 companies, SIC 3714)Modine Manufacturing in its industry: growth against margin (35 companies, SIC 3714)revenue growth, year over year →↑ operating marginmedian +2%median 4%LEAADNTBWAAPTVDCHALVVGNTDANALSNLCIIPATKVCGTXPHINCPSGNTXDORMATMUSMPTHRMPlatinum SpinCo, Inc.CVGIMPAASRISTRTHLLYAEVAWKSPXOSAZIOLIDROMTKECXJATVKMOD (+35%, 10%)
Motor Vehicle Parts & Accessories; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Power & cooling

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Modine Manufacturing

For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 13,000 employees worldwide, our businesses advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit www.modine.com.

In its own words, from its 8-K, filed Jul 29, 2026.

Modine Manufacturing against its Motor Vehicle Parts & Accessories peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +2%. Operating margin: 9.8% against the peers' median 7.6%.

CompanyQuarterRevenueY/YOp. margin
MOD Modine ManufacturingQ2 FY27$994M+35%9.8%
LEA LearQ3 2026$5.8B+2%3.4%
ADNT AdientQ4 FY26$3.7B+1%-0.1%
BWA BorgwarnerQ3 2026$3.5B-3%8.7%
APTV AptivQ3 2026$3.2B+2%8.8%
DCH DauchQ3 2026$2.9B+93%2.5%
ALV AutolivQ3 2026$2.7B-0.5%9.4%
VGNT VersigentQ3 2026$2.5B+7%7.6%
DAN DanaQ3 2026$2.0B+6%4.5%

Source: Modine Manufacturing 10-Q on SEC EDGAR · CIK 67347 · Motor Vehicle Parts & Accessories

Guidance and outlook

Modine Manufacturing: what its forward-looking statements are about (10-Q filed 2026-11-04)Modine Manufacturing: what its forward-looking statements are about (10-Q filed 2026-11-04)Other5Costs1Products1Deals1Legal & regulation1Backlog1Tax1Supply chain1Financing1
13 statements; tone +0.15 (−1 all cautious, +1 all confident); 1 hedged.
Modine Manufacturing: outlook statements against the filing beforeModine Manufacturing: outlook statements against the filing beforeConfident2

13F: who owns MOD and who is buying

Largest holders of MOD (13F)Largest holders of MOD (13F)BlackRock$766MVanguard Group$673MVanguard Capital Management LLC$636MVanguard Portfolio Management LLC$589MCapital Research Global Investors$396MInvesco$338MArtisan Partners Limited Partners…$318MState Street$312MGeode Capital Management, LLC$308MFuller & Thaler Asset Management$298M
Funds' net buying of MOD by quarter (13F)Funds' net buying of MOD by quarter (13F)$324M2024-09−$32.6M2024-12$120M2025-03−$69.8M2025-06$160M2025-09$122M2025-12−$829M2026-03−$917M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MOD

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Modine Manufacturing（MOD）财报

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