Filing Flows › Perma-Pipe International Holdings (PPIH) › Q2 FY26
Perma-Pipe International Holdings (PPIH) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 15, 2025
Perma-Pipe International Holdings (PPIH) reported revenue of $47.9M for the second quarter fiscal 2026 (Q2 FY26), +28% from a year earlier and +2% from the quarter before. Operating margin was 6.7%, net earnings $851K (1.8% of revenue).
Perma-Pipe International Holdings, Q2 FY26: revenue $47.9M (+28% year over year), operating margin 6.7%, net earnings $851K, operating cash flow −$2.0M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.9M | +2% | +28% |
| Gross profit | $14.4M | -14% | +7% |
| Operating profit | $3.2M | -60% | -48% |
| Net earnings | $851K | -83% | -74% |
| Operating cash flow | −$2.0M | -378% | — |
What changed
Revenue was $47.9M in Q2 FY26, up 28% year over year and up 2% from the previous quarter.
Gross margin was 30.1%, down 5.8 points from a year earlier. Operating profit was $3.2M, a 6.7% margin (down 9.7 points year over year). Operating profit fell $3.0M even though revenue rose $10.4M versus a year earlier, so costs grew faster than sales. Operating expenses grew 53% against revenue growth of 28%. The fastest-growing cost line was General & admin (+68%). Net earnings were $851K, down 74% year over year. The effective tax rate was 54.1%.
Operating cash flow was −$2.0M. Non-cash charges added back $1.0M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $5.7M. Capital expenditures of $2.6M exceeded it, leaving free cash flow of −$4.6M.
Questions
What was Perma-Pipe International Holdings' revenue in the second quarter fiscal 2026?
Perma-Pipe International Holdings (PPIH) reported revenue of $47.9M for the second quarter fiscal 2026 (Q2 FY26), +28% from a year earlier and +2% from the quarter before.
Was Perma-Pipe International Holdings profitable in the second quarter fiscal 2026?
Operating profit was $3.2M (6.7% of revenue) and net earnings $851K.
Source: Perma-Pipe International Holdings 10-Q on SEC EDGAR.