Filing Flows › Powell Industries (POWL) › Q2 FY26
Powell Industries (POWL) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 5, 2026
Powell Industries (POWL) reported revenue of $297M for the second quarter fiscal 2026 (Q2 FY26), +6% from a year earlier and +18% from the quarter before. Operating margin was 19.4%, net earnings $45.9M (15.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $297M | +18% | +6% |
| Gross profit | $87.9M | +23% | +5% |
| Operating profit | $57.6M | +35% | -2% |
| Net earnings | $45.9M | +11% | -1% |
| Operating cash flow | $51.2M | +17% | +128% |
| Free cash flow | $49.3M | +19% | +169% |
What changed
Revenue was $296.6M in Q2 FY26, up 6% year over year and up 18% from the previous quarter. Oil and Gas Service was the largest line at 38% of revenue. Commercial and other industrial added $14.1M year over year (up 35%), 78% of the total change. Petrochemical declined 37%.
Gross margin was 29.6%, down 0.3 points from Q2 FY25. Operating profit was $57.6M, a 19.4% margin (down 1.7 points year over year). Operating profit fell $1.3M even though revenue rose $18.0M versus Q2 FY25, so costs grew faster than sales. Operating expenses grew 24% against revenue growth of 6%. The fastest-growing cost line was Research & development (+56%). Net earnings were $45.9M, down 1% year over year. The effective tax rate was 25.7%.
Operating cash flow was $51.2M (up 128% year over year), 112% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $1.3M of share-based compensation. Capital expenditures of $1.8M left free cash flow of $49.3M.
Questions
What was Powell Industries' revenue in the second quarter fiscal 2026?
Powell Industries (POWL) reported revenue of $297M for the second quarter fiscal 2026 (Q2 FY26), +6% from a year earlier and +18% from the quarter before.
Was Powell Industries profitable in the second quarter fiscal 2026?
Operating profit was $57.6M (19.4% of revenue) and net earnings $45.9M.
Source: Powell Industries 10-Q on SEC EDGAR.