# Worthington Enterprises (WOR) Q1 2026 Financial Results Summary
COLUMBUS, Ohio (September 23, 2025) – Worthington Enterprises Inc. (NYSE: WOR) reported its financial results for the first quarter of fiscal 2026, which ended on August 31, 2025.
## Summary of Key Financial Metrics
– **Net Sales**:
– $303.7 million, an **increase of 18%** from $257.3 million in Q1 2025.
– **Net Earnings**:
– $34.8 million, up **45%** from $24.0 million in Q1 2025.
– **Adjusted EBITDA**:
– $65.1 million, a **34% increase** from $48.4 million in Q1 2025.
– **Earnings Per Share (EPS)**:
– Diluted EPS of $0.70, improved from $0.48 in Q1 2025.
– Adjusted EPS (diluted) rose to $0.74, compared to $0.50 in the same quarter last year.
– **Operating Cash Flow**:
– Flat at **$41.1 million**, similar to the prior year.
– **Free Cash Flow**:
– Decreased **12%** to $27.9 million from $31.5 million in Q1 2025, attributed to increased capital expenditures related to facility modernization.
## Shareholder Actions
– **Quarterly Dividend**:
– Declared at **$0.19** per common share, payable on December 29, 2025, to shareholders of record as of December 15, 2025.
– **Share Repurchase**:
– 100,000 common shares repurchased for $6.3 million, leaving an additional 5,265,000 shares available under the repurchase authorization.
## Segment Performance
– **Consumer Products**:
– Net sales of **$118.9 million**, a slight increase of **1.1%** from $117.6 million in Q1 2025.
– Adjusted EBITDA decreased **9%** to $16.1 million compared to $17.8 million in Q1 2025, impacted by lower volumes and increased SG&A expenses.
– **Building Products**:
– Net sales of **$184.8 million**, a significant increase of **32.2%** from $139.7 million in Q1 2025, driven by higher volumes and contributions from the acquisition of Elgen.
– Adjusted EBITDA surged **45.6%** to $57.8 million, primarily motivated by volume growth in owned businesses.
## Cash Flow and Balance Sheet
– **Cash Position**:
– Ended the quarter with cash of **$167.1 million**, a decrease of **$83.0 million** from May 31, 2025, primarily due to the acquisition of Elgen.
– **Capital Expenditures**:
– Totaled **$13.2 million**, which included approximately **$8.6 million** related to ongoing facility modernization.
– **Total Debt**:
– Concluded the quarter with total long-term debt of **$306.0 million**, a slight increase from the previous quarter.
## Income Tax and Equity Earnings
– **Income Tax Expense**:
– **$10.9 million**, up from **$6.8 million** in Q1 2025, reflecting higher pre-tax earnings. The estimated annual effective tax rate decreased to **23.8%** from **24.5%** year-over-year.
– **Equity Earnings**:
– Equity income increased by **3.3%** to $36.7 million, largely from higher contributions from WAVE, which improved by **14.5%** from the previous year.
## Outlook and Strategic Initiatives
– The company expressed confidence in its strategy and operational execution, buoyed by the acquisition of Elgen, which strengthens its HVAC presence in commercial sectors.
– Worthington Enterprises anticipates leveraging a robust balance sheet and strategic growth initiatives to drive long-term shareholder value.
For more details, the company will conduct a quarterly conference call on September 24, 2025, at 8:30 a.m. Eastern Time. More information can be found on the company’s website.
Here’s the extracted tables in HTML format:
### WORTHINGTON ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per common share amounts)
| Three Months Ended | 2025 | 2024 | ||
|---|---|---|---|---|
| August 31, | Net sales | $303,707 | $257,308 | |
| Cost of goods sold | 221,423 | 194,813 | ||
| Gross profit | 82,284 | 62,495 | ||
| Selling, general and administrative expense | 70,565 | 66,036 | ||
| Restructuring and other expense, net | 2,476 | 1,158 | ||
| Operating income (loss) | 9,243 | (4,699) | ||
| Other income (expense): | ||||
| Miscellaneous income (expense), net | (156) | 486 | ||
| Interest expense, net | (63) | (489) | ||
| Equity in net income of unconsolidated affiliates | 36,657 | 35,492 | ||
| Earnings before income taxes | 45,681 | 30,790 | ||
| Income tax expense | 10,860 | 6,782 | ||
| Net earnings | 34,821 | 24,008 | ||
| Net loss attributable to noncontrolling interest | (327) | (245) | ||
| Net earnings attributable to controlling interest | $35,148 | $24,253 | ||
| Basic | Weighted average common shares outstanding | 49,264 | 49,487 | |
| Earnings per share attributable to controlling interest | $0.71 | $0.49 | ||
| Diluted | Weighted average common shares outstanding | 50,026 | 50,365 | |
| Earnings per share attributable to controlling interest | $0.70 | $0.48 | ||
| Cash dividends declared per common share | $0.19 | $0.17 |
—
### WORTHINGTON ENTERPRISES, INC. CONSOLIDATED BALANCE SHEETS (In thousands)
| August 31, 2025 | May 31, 2025 | |||
|---|---|---|---|---|
| Assets | Current assets: | |||
| Cash and cash equivalents | $167,122 | $250,075 | ||
| Receivables, less allowances of $906 and $907, respectively | 214,078 | 215,824 | ||
| Inventories | ||||
| Raw materials | 103,069 | 80,522 | ||
| Work in process | 9,660 | 9,408 | ||
| Finished products | 88,831 | 79,463 | ||
| Total inventories | 201,560 | 169,393 | ||
| Income taxes receivable | 4,579 | 12,720 | ||
| Prepaid expenses and other current assets | 38,701 | 37,358 | ||
| Total current assets | 626,040 | 685,370 | ||
| Investment in unconsolidated affiliates | 129,678 | 129,262 | ||
| Operating lease assets | 39,603 | 22,699 | ||
| Goodwill | 412,304 | 376,480 | ||
| Other intangibles, net of accumulated amortization of $92,988 and $88,887, respectively | 222,889 | 190,398 | ||
| Other assets | 20,880 | 20,717 | ||
| Property, plant and equipment: | ||||
| Land | 8,735 | 8,703 | ||
| Buildings and improvements | 134,797 | 132,742 | ||
| Machinery and equipment | 384,904 | 372,798 | ||
| Construction in progress | 45,688 | 33,326 | ||
| Total property, plant and equipment | 574,124 | 547,569 | ||
| Less: accumulated depreciation | 287,381 | 277,343 | ||
| Total property, plant and equipment, net | 286,743 | 270,226 | ||
| Total assets | $1,738,137 | $1,695,152 | ||
| Liabilities and equity | Current liabilities: | |||
| Accounts payable | $102,841 | $103,205 | ||
| Accrued compensation, contributions to employee benefit plans and related taxes | 33,479 | 43,864 | ||
| Dividends payable | 9,999 | 9,172 | ||
| Other accrued items | 35,842 | 34,478 | ||
| Current operating lease liabilities | 7,556 | 6,014 | ||
| Income taxes payable | 71 | 109 | ||
| Total current liabilities | 189,788 | 196,842 | ||
| Other liabilities | 57,465 | 53,364 | ||
| Distributions in excess of investment in unconsolidated affiliate | 103,166 | 103,767 | ||
| Long-term debt | 306,010 | 302,868 | ||
| Noncurrent operating lease liabilities | 32,694 | 17,173 | ||
| Deferred income taxes | 89,183 | 82,901 | ||
| Total liabilities | 778,306 | 756,915 | ||
| Shareholders’ equity – controlling interest | 959,108 | 937,187 | ||
| Noncontrolling interest | 723 | 1,050 | ||
| Total equity | 959,831 | 938,237 | ||
| Total liabilities and equity | $1,738,137 | $1,695,152 |
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