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How Advanced Drainage Systems (WMS) makes money

Advanced Drainage Systems (WMS) made $889M of revenue in the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier. Stormwater brought in $712M (80%); Wastewater brought in $177M (20%). Of every dollar of revenue, 39¢ was left as gross profit, 22¢ was left as operating profit, 12¢ was left as net earnings.

Drawing the Sankey…

Advanced Drainage Systems revenue by segment, Q2 FY27Advanced Drainage Systems revenue by segment, Q2 FY27Stormwater$712MWastewater$177M
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: where each dollar of revenue goesAdvanced Drainage Systems: where each dollar of revenue goesCost of revenue61¢Gross profit39¢Operating expenses17¢Operating profit22¢Income tax5¢Net earnings12¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Stormwater$712M80.1%-12%+6%
Wastewater$177M19.9%-8%-1%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$889M100.0%
Cost of revenue$544M61.1%
Gross profit$346M38.9%
Operating expenses$151M17.0%
Operating profit$195M21.9%
Income tax$44.2M5.0%
Net earnings$110M12.4%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$889M+5%
Q1 FY27$1.0B+21%
Q4 FY26$677M+10%
Q3 FY26$693M+0.4%
Q2 FY26$850M+9%
Q1 FY26$830M+2%
Q4 FY25$616M-6%

From Advanced Drainage Systems' 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Advanced Drainage Systems make money?

Advanced Drainage Systems (WMS) made $889M of revenue in the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier. Stormwater brought in $712M (80%); Wastewater brought in $177M (20%). Of every dollar of revenue, 39¢ was left as gross profit, 22¢ was left as operating profit, 12¢ was left as net earnings.

What is Advanced Drainage Systems' biggest business?

Stormwater: $712M in the second quarter fiscal 2027, 80% of revenue, +6% from a year earlier.

What is Advanced Drainage Systems' profit margin?

Net earnings were $110M, 12.4% of revenue, in the second quarter fiscal 2027; the operating margin was 21.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.