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Advanced Drainage Systems (WMS) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Advanced Drainage Systems (WMS) Q2 FY27 earnings results →

Q2 FY27 Revenue up 5% year over year to $889M · 12¢ of every $1 of revenue kept as net profit · operating margin 21.9%

Advanced Drainage Systems made $889M in Q2 FY27 (+5% Y/Y): Stormwater $712M, Wastewater $177M. Operating margin 21.9%, net earnings $110M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$889M
Year over year+5%
Operating margin21.9%
Net earnings$110M
Operating cash flow—

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $889.4M in Q2 FY27, up 5% year over year and down 11% from the previous quarter. Stormwater was the largest line at 80% of revenue. Stormwater added $41.4M year over year (up 6%), 106% of the total change. Wastewater declined 1%.

Gross margin was 38.9%, down 1.1 points from Q2 FY26. Operating profit was $194.9M, a 21.9% margin (down 4.3 points year over year). Operating profit fell $28.4M even though revenue rose $39.0M versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 29% against revenue growth of 5%. Net earnings were $110.4M, down 29% year over year. The effective tax rate was 28.6%.

Quarterly history

Advanced Drainage Systems revenue by quarterAdvanced Drainage Systems revenue by quarter$616MQ4 FY25$830MQ1 FY26$850MQ2 FY26$693MQ3 FY26$677MQ4 FY26$1.0BQ1 FY27$889MQ2 FY27
Advanced Drainage Systems net earnings by quarterAdvanced Drainage Systems net earnings by quarter$77.2MQ4 FY25$144MQ1 FY26$156MQ2 FY26$93.6MQ3 FY26$32.9MQ4 FY26$169MQ1 FY27$110MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$889M+5%21.9%$110M—
Q1 FY2710-QAug 6, 2026$1.0B+21%25.4%$169M$260M
Q4 FY2610-KMay 21, 2026$677M+10%7.9%$32.9M$39.9M
Q3 FY2610-QFeb 5, 2026$693M+0.4%19.7%$93.6M$269M
Q2 FY2610-QNov 6, 2025$850M+9%26.3%$156M$235M
Q1 FY2610-QAug 7, 2025$830M+2%24.8%$144M$275M
Q4 FY2510-KMay 15, 2025$616M-6%19.0%$77.2M$41.2M

Charts

Advanced Drainage Systems: revenue growth, year over year and quarter over quarterAdvanced Drainage Systems: revenue growth, year over year and quarter over quarterY/YQ/Q-6%Q4 FY25+2%+35%Q1 FY26+9%+2%Q2 FY26+0%-18%Q3 FY26+10%-2%Q4 FY26+21%+48%Q1 FY27+5%-11%Q2 FY27
Latest (Q2 FY27): Y/Y +5%, Q/Q -11%.
Advanced Drainage Systems: where the cash came from (+) and went (−), FY26Advanced Drainage Systems: where the cash came from (+) and went (−), FY26Acquisitions−$991MOperating cash flow$819MOther financing$317MCapital spending−$250MCash drawn (+) / kept (−)$235MBuybacks−$92.0MDividends−$56.1MAsset & business sales$32.5MNet borrowing (+) / repaid (−)−$13.4MTaxes on employees’ shares−$7.1MShares issued$6.8MOther investing−$3.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Advanced Drainage Systems: profit against cash, quarter by quarterAdvanced Drainage Systems: profit against cash, quarter by quarterNet incomeOperating cash flow$82.3M$190MQ3 FY25$76.8M$41.2MQ4 FY25$144M$275MQ1 FY26$156M$235MQ2 FY26$94.0M$269MQ3 FY26$34.1M$39.9MQ4 FY26$171M$260MQ1 FY27$110MQ2 FY27
Latest (Q2 FY27): Net income $110M, Operating cash flow —.
Advanced Drainage Systems: diluted shares by fiscal yearAdvanced Drainage Systems: diluted shares by fiscal year72MFY2173MFY2283MFY2379MFY2478MFY2578MFY26
+9.5% since FY21: more shares outstanding (issuance, stock pay).
Advanced Drainage Systems: long-term debt falling due (FY26)Advanced Drainage Systems: long-term debt falling due (FY26)$5.9M2027$8.2M2028$32.7M2029$6.0M2030$1.1BLater
Cash $223M, short-term investments —, long-term debt $1.6B at 2026-03-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Advanced Drainage Systems

Unless the context otherwise indicates or requires, as used in this Annual Report on Form 10-K, the terms “we,” “our,” “us,” “ADS” and the “Company” refer to Advanced Drainage Systems, Inc. and its directly- and indirectly-owned subsidiaries as a combined entity, except where it is clear that the terms mean only Advanced Drainage Systems, Inc. exclusive of its subsidiaries. The term “Infiltrator” refers to Infiltrator Water Technologies, LLC, our wholly-owned subsidiary. ADS is the leading manufacturer of innovative water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions to manage the world’s most precious resource: water. Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications.

In its own words, from its 10-K, filed May 21, 2026.

Source: Advanced Drainage Systems 10-Q on SEC EDGAR · CIK 1604028 · Plastics Foam Products

Guidance and outlook

Advanced Drainage Systems Revenue: guidance against what was reportedAdvanced Drainage Systems Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24FY25$2.9BFY26$3.1BFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Advanced Drainage Systems: what its forward-looking statements are about (10-Q filed 2026-11-05)Advanced Drainage Systems: what its forward-looking statements are about (10-Q filed 2026-11-05)Margins1Other1Costs1Demand1Financing1
5 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns WMS and who is buying

Largest holders of WMS (13F)Largest holders of WMS (13F)BlackRock$1.2BVanguard Group$1.1BVanguard Portfolio Management LLC$582MVanguard Capital Management LLC$533MState Street$423MFirst Trust Advisors LP$418MUBS AM, a distinct business unit …$368MImpax Asset Management Group$290MBaillie Gifford$288MAmerican Century Companies$257M
Funds' net buying of WMS by quarter (13F)Funds' net buying of WMS by quarter (13F)−$37.3M2024-09$110M2024-12$277M2025-03$335M2025-06$85.1M2025-09−$260M2025-12−$201M2026-03−$144M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WMS

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

中文版：Advanced Drainage Systems（WMS）财报

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