Filing Flows › Powell Industries (POWL) › Q2 FY26 › vs Q2 FY25
Powell Industries (POWL) Q2 FY26 vs Q2 FY25 (year over year)
Powell Industries's revenue rose $18.0M (+6%) from $279M in Q2 FY25 to $297M in Q2 FY26. The biggest changes: Petrochemical −$16.2M (-37%); Commercial and other industrial +$14.1M (+35%); Oil and Gas Service +$11.6M (+11%). Gross margin 29.6% against 29.9% (-0.3 pts).
Powell Industries, Q2 FY26: revenue $297M (+6% year over year), operating margin 19.4%, net earnings $45.9M, operating cash flow $51.2M. The chart draws each line against Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 29.6% | 29.9% | -0.3 pts |
| Operating margin | 19.4% | 21.1% | -1.7 pts |
| Net margin | 15.5% | 16.6% | -1.2 pts |
| Free cash flow margin | 16.6% | 6.6% | +10.1 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Oil and Gas Service | $113M | $101M | $11.6M | +11% |
| Electric utility | $80.5M | $70.3M | $10.1M | +14% |
| Commercial and other industrial | $54.4M | $40.4M | $14.1M | +35% |
| Petrochemical | $27.6M | $43.7M | −$16.2M | -37% |
| All others | $12.3M | $13.0M | −$697K | -5% |
| Light rail traction power | $9.0M | $10.0M | −$960K | -10% |
| Revenue | $297M | $279M | $18.0M | +6% |
| Gross profit | $87.9M | $83.4M | $4.5M | +5% |
| Cost of revenue | $209M | $195M | $13.5M | +7% |
| Other income, net | $4.2M | $3.6M | $648K | +18% |
| Operating profit | $57.6M | $58.9M | −$1.3M | -2% |
| Operating expenses | $30.4M | $24.5M | $5.8M | +24% |
| Pre-tax earnings | $61.8M | $62.5M | −$690K | -1% |
| Research & development | $4.3M | $2.7M | $1.5M | +56% |
| SG&A | $25.8M | $21.8M | $4.1M | +19% |
| Net earnings | $45.9M | $46.3M | −$443K | -1% |
| Income tax | $15.9M | $16.1M | −$247K | -2% |
| Depreciation & amortization | $2.2M | $1.7M | $464K | +27% |
| Share-based compensation | $1.3M | $1.0M | $239K | +23% |
| Working capital & other | $1.8M | −$26.7M | $28.5M | — |
| Operating cash flow | $51.2M | $22.4M | $28.8M | +128% |
| Free cash flow (OCF − capex) | $49.3M | $18.3M | $31.0M | +169% |
| Capital expenditures | $1.8M | $4.1M | −$2.2M | -55% |
Questions
How much did Powell Industries's revenue grow year over year in Q2 FY26?
Powell Industries's revenue rose $18.0M (+6%) from $279M in Q2 FY25 to $297M in Q2 FY26.
What drove Powell Industries's revenue change in Q2 FY26?
Petrochemical −$16.2M (-37%); Commercial and other industrial +$14.1M (+35%); Oil and Gas Service +$11.6M (+11%).