Advanced Drainage Systems, Inc. (WMS) Income Statement
WMS FY2026 at a glance
Fiscal year ended March 31, 2026 · U.S. dollarsWMS revenue and net income
Where WMS's revenue goes
FY2026Each bar shows an amount and its share of revenue. WMS kept 14.0% of revenue as net income.
WMS profit margins
WMS growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.0% | −0.2% | +9.0% | +10.0% |
| Gross profit | +1.2% | −0.3% | +9.9% | +16.4% |
| Operating income | +4.5% | −1.5% | +14.8% | +24.6% |
| Net income | −5.3% | −5.6% | +13.7% | +32.1% |
| EPS (diluted) | +6.6% | +0.6% | +13.0% | +37.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WMS quarterly EPS vs estimates
Advanced Drainage Systems beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.89).
WMS income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.90B | $2.87B | $3.07B | $2.77B | $1.98B | $1.67B | $1.38B | $1.33B | $1.26B |
| Cost of revenue | $1.94B | $1.81B | $1.73B | $1.95B | $1.97B | $1.29B | $1.18B | $1.06B | $1.03B | $961.5M |
| Gross profit | $1.11B | $1.09B | $1.15B | $1.12B | $800.4M | $690.1M | $497.5M | $327.0M | $302.5M | $295.8M |
| Research & development | — | — | — | — | — | — | — | $2.7M | $2.2M | $3.4M |
| Sales, general & admin | $469.5M | $380.4M | $380.9M | $348.0M | $327.1M | $271.7M | $271.1M | $186.0M | $191.2M | $202.4M |
| Total operating expenses | $420.8M | $436.8M | $413.8M | $399.1M | $388.5M | $345.6M | $592.9M | $193.9M | $199.2M | $211.0M |
| Operating income | $686.7M | $657.4M | $732.1M | $719.3M | $411.9M | $344.5M | −$95.3M | $129.4M | $88.3M | $76.3M |
| Interest income | $25.0M | $23.5M | $22.0M | $9.8M | $33.5M | $35.7M | $85.3M | $18.4M | $12.0M | $6.5M |
| Interest expense | $93.8M | $91.8M | $88.9M | $70.2M | $33.5M | $35.7M | $82.7M | $18.6M | $15.3M | $17.5M |
| Income before taxes | $564.9M | $593.6M | $672.3M | $661.9M | $385.1M | $312.3M | −$177.7M | $111.6M | $76.9M | $64.8M |
| Income taxes | $135.0M | $141.1M | $159.0M | $150.6M | $110.1M | $86.4M | $14.1M | $30.0M | $11.4M | $24.6M |
| Net income | $426.5M | $450.2M | $509.9M | $507.1M | $271.3M | $224.2M | −$193.2M | $77.8M | $62.0M | $33.0M |
| EBITDA | $872.5M | $864.5M | $910.5M | $872.4M | $558.9M | $493.5M | $281.8M | $202.1M | $167.2M | $154.7M |
| EPS (diluted) | $6.27 | $5.88 | $6.49 | $6.15 | $4.67 | $3.41 | $1.23 | $1.54 | $0.99 | $0.68 |
| Gross margin | 36.3% | 37.7% | 39.9% | 36.4% | 28.9% | 34.8% | 29.7% | 23.6% | 22.7% | 23.5% |
| Operating margin | 22.5% | 22.6% | 25.5% | 23.4% | 14.9% | 17.4% | −5.7% | 9.3% | 6.6% | 6.1% |
| Net margin | 14.0% | 15.5% | 17.7% | 16.5% | 9.8% | 11.3% | −11.5% | 5.6% | 4.7% | 2.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $676.8M | $693.4M | $850.4M | $829.9M | $615.8M | $690.5M | $782.6M | $815.3M | $653.8M | $662.4M | $780.2M |
| Cost of revenue | $593.1M | $457.8M | $447.7M | $510.2M | $499.4M | $389.5M | $448.9M | $488.7M | $482.9M | $401.9M | $402.5M | $477.5M |
| Gross profit | $408.0M | $219.0M | $245.7M | $340.1M | $330.4M | $226.3M | $241.6M | $293.9M | $332.5M | $252.0M | $259.8M | $302.7M |
| Sales, general & admin | $130.8M | $137.6M | $108.7M | $119.2M | $104.0M | $92.5M | $100.8M | $94.1M | $94.1M | $101.2M | $91.3M | $91.7M |
| Total operating expenses | $153.5M | $89.8M | $108.7M | $116.8M | $124.7M | $109.3M | $114.7M | $106.6M | $106.2M | $116.6M | $106.6M | $104.6M |
| Operating income | $254.5M | $129.2M | $136.9M | $223.3M | $205.7M | $117.0M | $126.9M | $187.4M | $226.2M | $135.4M | $153.3M | $198.0M |
| Interest income | $1.5M | $1.8M | $8.5M | $8.0M | $6.7M | $4.6M | $4.8M | $7.0M | $7.1M | — | $4.8M | $14.4M |
| Interest expense | $27.0M | $25.1M | $22.6M | $23.1M | $23.0M | $22.7M | $23.1M | $23.2M | $22.8M | $22.9M | $22.3M | $21.9M |
| Income before taxes | $229.0M | $40.6M | $124.6M | $208.9M | $190.8M | $100.0M | $109.4M | $172.1M | $212.2M | $121.8M | $137.0M | $184.5M |
| Income taxes | $52.4M | $5.4M | $30.6M | $52.4M | $46.7M | $23.2M | $27.1M | $40.9M | $49.9M | $26.3M | $30.1M | $47.5M |
| Net income | $168.5M | $32.9M | $93.6M | $156.0M | $143.9M | $77.2M | $81.2M | $130.4M | $161.4M | $94.8M | $105.6M | $135.8M |
| EBITDA | $319.1M | $125.6M | $196.8M | $284.9M | $262.7M | $150.7M | $179.4M | $239.1M | $274.4M | $164.1M | $196.1M | $242.3M |
| EPS (diluted) | $2.49 | $1.07 | $1.27 | $1.98 | $1.95 | $1.03 | $1.09 | $1.70 | $2.06 | $1.31 | $1.40 | $1.71 |
| Gross margin | 40.8% | 32.4% | 35.4% | 40.0% | 39.8% | 36.7% | 35.0% | 37.6% | 40.8% | 38.5% | 39.2% | 38.8% |
| Operating margin | 25.4% | 19.1% | 19.7% | 26.3% | 24.8% | 19.0% | 18.4% | 23.9% | 27.7% | 20.7% | 23.1% | 25.4% |
| Net margin | 16.8% | 4.9% | 13.5% | 18.3% | 17.3% | 12.5% | 11.8% | 16.7% | 19.8% | 14.5% | 15.9% | 17.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WMS's financial statements (latest annual report filed May 21, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WMS financial results
In fiscal year 2026 (ended March 31, 2026), Advanced Drainage Systems reported revenue of $3.1 billion, up 5.0% from the year before. It had net income of $426.5 million (down 5.3%), a net profit margin of 14.0%. Diluted earnings per share came to $6.27. Over five years revenue grew at an average rate of 9.0% a year.
See the WMS stock overview for the latest quote and news, or the WMS chart for price history and technical indicators.
WMS income statement FAQ
What is Advanced Drainage Systems's annual revenue?
Advanced Drainage Systems reported total revenue of $3.1 billion for fiscal year 2026, which ended on March 31, 2026. That was up 5.0% from $2.9 billion the previous year.
Is Advanced Drainage Systems profitable?
Yes. Advanced Drainage Systems reported net income of $426.5 million in fiscal 2026, a net profit margin of 14.0%; its operating margin was 22.5%.
What is Advanced Drainage Systems's gross margin?
Advanced Drainage Systems's gross margin was 36.3% in fiscal 2026: for every $100 of revenue, Advanced Drainage Systems kept $36 after the direct cost of its products and services.
How fast is Advanced Drainage Systems growing?
Revenue grew 9.0% a year on average over the last five fiscal years, from $2.0 billion to $3.1 billion.
What are Advanced Drainage Systems's earnings per share?
Advanced Drainage Systems earned $6.27 per diluted share in fiscal 2026, compared with $5.88 a year earlier.
When will Advanced Drainage Systems report its next earnings?
Advanced Drainage Systems is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Advanced Drainage Systems's fiscal year end?
Advanced Drainage Systems's fiscal year ends in March. The latest annual report covers the year ended March 31, 2026 and was filed on May 21, 2026.