Filing Flows › Perma-Pipe International Holdings (PPIH) › Q3 FY26
Perma-Pipe International Holdings (PPIH) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 12, 2025
Perma-Pipe International Holdings (PPIH) reported revenue of $61.1M for the third quarter fiscal 2026 (Q3 FY26), +47% from a year earlier and +28% from the quarter before. Operating margin was 18.6%, net earnings $6.3M (10.3% of revenue).
Perma-Pipe International Holdings, Q3 FY26: revenue $61.1M (+47% year over year), operating margin 18.6%, net earnings $6.3M, operating cash flow $17.3M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.1M | +28% | +47% |
| Gross profit | $21.0M | +46% | +49% |
| Operating profit | $11.4M | +258% | +104% |
| Net earnings | $6.3M | +642% | +154% |
| Operating cash flow | $17.3M | — | +235% |
| Free cash flow | $12.4M | — | +155% |
What changed
Revenue was $61.1M in Q3 FY26, up 47% year over year and up 28% from the previous quarter.
Gross margin was 34.4%, up 0.5 points from a year earlier. Operating profit was $11.4M, a 18.6% margin (up 5.2 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 13% margin then. Operating expenses grew 13% against revenue growth of 47%. The fastest-growing cost line was General & admin (+14%). Net earnings were $6.3M, up 154% year over year. The effective tax rate was 27.4%.
Operating cash flow was $17.3M (up 235% year over year), 218% of net income including minority interests. Non-cash charges added back $1.0M of depreciation and amortization and $320K of share-based compensation. Working capital and other items added $8.1M. Capital expenditures of $4.9M left free cash flow of $12.4M.
Questions
What was Perma-Pipe International Holdings' revenue in the third quarter fiscal 2026?
Perma-Pipe International Holdings (PPIH) reported revenue of $61.1M for the third quarter fiscal 2026 (Q3 FY26), +47% from a year earlier and +28% from the quarter before.
Was Perma-Pipe International Holdings profitable in the third quarter fiscal 2026?
Operating profit was $11.4M (18.6% of revenue) and net earnings $6.3M.
Source: Perma-Pipe International Holdings 10-Q on SEC EDGAR.