Filing Flows › Industrials › Perma-Pipe International Holdings (PPIH)
Perma-Pipe International Holdings (PPIH) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Sep 9, 2026 · Perma-Pipe International Holdings (PPIH) Q2 FY27 earnings results →
Q2 FY27 Revenue up 24% year over year to $59.6M · 4¢ of every $1 of revenue kept as net profit · operating margin 7.1%
Perma-Pipe International Holdings made $59.6M in Q2 FY27 (+24% Y/Y). Operating margin 7.1%, net earnings $2.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.
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What changed this quarter
Revenue was $59.6M in Q2 FY27, up 24% year over year and up 19% from the previous quarter.
Gross margin was 29.2%, down 0.9 points from Q2 FY26. Operating profit was $4.3M, a 7.1% margin (up 0.5 points year over year). Of the extra revenue versus Q2 FY26, 9% reached operating profit, above the 7% margin then. Operating expenses grew 17% against revenue growth of 24%. The fastest-growing cost line was General & admin (+18%). Net earnings were $2.5M, up 199% year over year. The effective tax rate was 15.6%.
Operating cash flow was $7.2M, 222% of net income including minority interests. Non-cash charges added back $1.7M of depreciation and amortization and $233K of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $2.0M left free cash flow of $5.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Sep 9, 2026 | $59.6M | +24% | 7.1% | $2.5M | $7.2M |
| Q1 FY27 | 10-Q | Jun 9, 2026 | $50.3M | +8% | 9.2% | $1.8M | $6.1M |
| Q4 FY26 | 10-K | Apr 16, 2026 | $55.1M | +22% | 12.6% | $4.9M | −$6.8M |
| Q3 FY26 | 10-Q | Dec 12, 2025 | $61.1M | +47% | 18.6% | $6.3M | $17.3M |
| Q2 FY26 | 10-Q | Sep 15, 2025 | $47.9M | +28% | 6.7% | $851K | −$2.0M |
| Q1 FY26 | 10-Q | Jun 13, 2025 | $46.7M | +36% | 16.9% | $5.0M | $733K |
| Q4 FY25 | 10-K | May 1, 2025 | $45.0M | +12% | 12.1% | $1.8M | $6.0M |
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📈Investments: gains and what it boughtinteractive
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About Perma-Pipe International Holdings
Perma-Pipe International Holdings, Inc., collectively with its subsidiaries ("PPIH", the "Company", "we", "our" or the "Registrant"), is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company was incorporated in Delaware on October 12, 1993. The Company's common stock is traded on the Nasdaq Global Market and reported under the ticker symbol "PPIH". The Company's fiscal year ends on January 31. Years, results and balances described as 2025, 2024 and 2023 are for the fiscal year ending January 31, 2026 and the fiscal years ended January 31, 2025 and 2024, respectively.
In its own words, from its annual report, filed May 1, 2025.
Perma-Pipe International Holdings against its Industrial & Commercial Fans & Blowers & Air Purifing Equip peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +24% against the peers' median +24%. Operating margin: 7.1% against the peers' median 7.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PPIH Perma-Pipe International Holdings | Q2 FY27 | $59.6M | +24% | 7.1% |
| MAIR Madison Air Solutions | Q3 2026 | $1.1B | +25% | 19.1% |
| DCI Donaldson | Q4 FY26 | $1.1B | +8% | 16.7% |
| CECO Ceco Environmental | Q2 2026 | $285M | +54% | -11.6% |
| FTEK Fuel Tech | Q3 2026 | $8.7M | +16% | -6.0% |
Source: Perma-Pipe International Holdings 10-Q on SEC EDGAR · CIK 914122 · Industrial & Commercial Fans & Blowers & Air Purifing Equip
13F: who owns PPIH and who is buying
More on PPIH
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results