Perma-Pipe International Holdings, Inc. (PPIH) Income Statement
PPIH FY2026 at a glance
Fiscal year ended January 31, 2026 · U.S. dollarsPPIH revenue and net income
Where PPIH's revenue goes
FY2026Each bar shows an amount and its share of revenue. PPIH kept 8.1% of revenue as net income.
PPIH profit margins
PPIH growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +33.2% | +13.9% | +20.0% | +5.6% |
| Gross profit | +30.5% | +22.0% | +44.1% | +10.0% |
| Operating income | +45.1% | +38.3% | — | +26.2% |
| Net income | +89.6% | +42.0% | — | — |
| EPS (diluted) | +88.3% | +42.0% | — | +13.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PPIH quarterly EPS vs estimates
Perma-Pipe International beat the analyst EPS estimate in 2 of the last 3 quarters.
PPIH income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210.9M | $158.4M | $150.7M | $142.6M | $138.6M | $84.7M | $127.7M | $129.0M | $105.2M | $98.8M |
| Cost of revenue | $141.4M | $105.1M | $109.2M | $104.3M | $106.0M | $73.5M | $98.6M | $105.6M | $93.5M | $87.1M |
| Gross profit | $69.5M | $53.2M | $41.5M | $38.3M | $32.5M | $11.2M | $29.0M | $23.3M | $11.7M | $11.7M |
| Research & development | — | $100,000 | $500,000 | $700,000 | $400,000 | $300,000 | $300,000 | $200,000 | $300,000 | $200,000 |
| Sales, general & admin | $40.0M | $32.9M | $28.1M | $22.0M | $24.4M | $22.6M | $24.2M | $20.6M | $21.3M | $17.6M |
| Total operating expenses | $40.0M | $32.9M | $28.1M | $27.2M | $24.4M | $22.6M | $24.2M | $20.6M | $21.3M | $22.5M |
| Operating income | $29.4M | $20.3M | $13.4M | $11.1M | $8.1M | −$11.4M | $4.9M | $2.7M | −$9.5M | −$11.6M |
| Interest income | $298,000 | $284,000 | $163,000 | $124,000 | $90,000 | $268,000 | $201,000 | $164,000 | $111,000 | $177,000 |
| Interest expense | $2.1M | $2.2M | $2.4M | $2.2M | $918,000 | $649,000 | $1.1M | $1.3M | $808,000 | $746,000 |
| Income before taxes | $27.5M | $18.5M | $9.9M | $9.6M | $8.3M | −$7.8M | $5.0M | $1.6M | −$10.2M | −$13.8M |
| Income taxes | $6.8M | $5.4M | −$3.3M | $3.6M | $2.3M | −$133,000 | $1.5M | $2.1M | −$233,000 | −$611,000 |
| Net income | $17.0M | $9.0M | $10.5M | $5.9M | $6.1M | −$7.6M | $3.6M | −$550,000 | −$10.0M | −$12.5M |
| EBITDA | $34.5M | $24.0M | $16.1M | $15.4M | $13.6M | −$2.4M | $10.6M | $7.3M | −$4.4M | −$7.5M |
| EPS (diluted) | $2.09 | $1.11 | $1.31 | $0.73 | $0.72 | −$0.94 | $0.42 | −$0.07 | −$1.07 | −$1.39 |
| Gross margin | 32.9% | 33.6% | 27.5% | 26.9% | 23.5% | 13.2% | 22.8% | 18.1% | 11.2% | 11.9% |
| Operating margin | 14.0% | 12.8% | 8.9% | 7.8% | 5.9% | −13.4% | 3.8% | 2.1% | −9.0% | −11.7% |
| Net margin | 8.1% | 5.7% | 6.9% | 4.2% | 4.4% | −9.0% | 2.8% | −0.4% | −9.5% | −12.6% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.6M | $50.3M | $55.1M | $61.1M | $47.9M | $46.7M | $45.0M | $41.6M | $37.5M | $34.3M | $40.2M | $45.7M |
| Cost of revenue | $42.2M | $35.6M | $37.8M | $40.1M | $33.5M | $30.0M | $29.8M | $27.5M | $24.0M | $23.8M | $28.1M | $32.5M |
| Gross profit | $17.4M | $14.6M | $17.3M | $21.0M | $14.4M | $16.7M | $15.2M | $14.1M | $13.5M | $10.5M | $12.0M | $13.2M |
| Research & development | — | — | — | — | — | — | — | — | — | $500,000 | $500,000 | — |
| Sales, general & admin | $13.2M | $10.0M | $10.4M | $9.6M | $11.2M | $8.8M | $9.7M | $8.5M | $7.3M | $6.1M | $6.2M | $7.1M |
| Total operating expenses | $13.2M | $10.0M | $10.4M | $9.6M | $11.2M | $8.8M | $39.5M | $8.5M | $7.3M | $7.4M | $7.5M | $7.1M |
| Operating income | $4.3M | $4.6M | $7.0M | $11.4M | $3.2M | $7.9M | $5.4M | $5.6M | $6.1M | $3.1M | $4.6M | $6.0M |
| Interest expense | $507,000 | $605,000 | $505,000 | $497,000 | $415,000 | $406,000 | $735,000 | $468,000 | $514,000 | $507,000 | $478,000 | $640,000 |
| Income before taxes | $3.9M | $3.9M | $6.4M | $10.9M | $2.8M | $7.4M | $5.2M | $5.1M | $5.6M | $2.6M | $3.2M | $4.9M |
| Income taxes | $604,000 | $1.3M | $787,000 | $3.0M | $1.5M | $1.6M | — | $1.6M | $1.3M | $770,000 | −$6.6M | $1.5M |
| Net income | $2.5M | $1.8M | $4.9M | $6.3M | $851,000 | $5.0M | $1.8M | $2.5M | $3.3M | $1.4M | $8.6M | $1.9M |
| EBITDA | $6.0M | $6.1M | $9.0M | $12.4M | $4.1M | $8.8M | — | $6.5M | $7.0M | $3.9M | $4.9M | $6.5M |
| EPS (diluted) | $0.79 | $0.22 | $0.60 | $0.77 | $0.10 | $0.61 | $0.22 | $0.31 | $0.40 | $0.18 | $1.08 | $0.24 |
| Gross margin | 29.2% | 29.1% | 31.4% | 34.4% | 30.1% | 35.8% | 33.7% | 33.9% | 35.9% | 30.6% | 30.0% | 28.9% |
| Operating margin | 7.1% | 9.2% | 12.6% | 18.6% | 6.7% | 16.9% | 12.1% | 13.4% | 16.4% | 9.1% | 11.3% | 13.2% |
| Net margin | 4.3% | 3.6% | 8.9% | 10.3% | 1.8% | 10.6% | 3.9% | 6.0% | 8.8% | 4.2% | 21.5% | 4.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PPIH's financial statements (latest annual report filed April 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PPIH financial results
In fiscal year 2026 (ended January 31, 2026), Perma-Pipe International reported revenue of $210.9 million, up 33.2% from the year before. It had net income of $17.0 million (up 89.6%), a net profit margin of 8.1%. Diluted earnings per share came to $2.09. Over five years revenue grew at an average rate of 20.0% a year.
See the PPIH stock overview for the latest quote and news, or the PPIH chart for price history and technical indicators.
PPIH income statement FAQ
What is Perma-Pipe International's annual revenue?
Perma-Pipe International reported total revenue of $210.9 million for fiscal year 2026, which ended on January 31, 2026. That was up 33.2% from $158.4 million the previous year.
Is Perma-Pipe International profitable?
Yes. Perma-Pipe International reported net income of $17.0 million in fiscal 2026, a net profit margin of 8.1%; its operating margin was 14.0%.
What is Perma-Pipe International's gross margin?
Perma-Pipe International's gross margin was 32.9% in fiscal 2026: for every $100 of revenue, Perma-Pipe International kept $33 after the direct cost of its products and services.
How fast is Perma-Pipe International growing?
Revenue grew 20.0% a year on average over the last five fiscal years, from $84.7 million to $210.9 million.
What are Perma-Pipe International's earnings per share?
Perma-Pipe International earned $2.09 per diluted share in fiscal 2026, compared with $1.11 a year earlier.
When does Perma-Pipe International's fiscal year end?
Perma-Pipe International's fiscal year ends in January. The latest annual report covers the year ended January 31, 2026 and was filed on April 16, 2026.