Advanced Drainage Systems (WMS) financial statements
Advanced Drainage Systems reported revenue of $3.1B in fiscal 2026, up 10.3% a year over 9 years.
Net income was $426M and the operating margin 20.3%, against 6.1% in 2017.
Free cash flow was $569M, and the company returned $56M in dividends and $92M in net buybacks.
The diluted share count rose 39% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Advanced Drainage Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.3B | $1.4B | $1.7B | $2.0B | $2.8B | $3.1B | $2.9B | $2.9B | $3.1B |
| Cost of revenue | $961M | $1.0B | $1.1B | $1.2B | $1.3B | $1.9B | $2.0B | $1.7B | $1.8B | $1.9B |
| Gross profit | $296M | $302M | $327M | $316M | $690M | $800M | $1.1B | $1.1B | $1.1B | $1.2B |
| Selling, general and admin | $202M | $191M | $186M | $271M | $268M | — | — | — | — | — |
| Operating income | $76M | $88M | $129M | -$95M | $345M | $412M | $719M | $732M | $657M | $619M |
| Pre-tax income | $65M | $77M | $112M | -$180M | $312M | $384M | $657M | $667M | $589M | $560M |
| Income tax | $25M | $11M | $30M | $14M | $86M | $110M | $151M | $159M | $141M | $135M |
| Net income | $62M | $62M | $78M | -$193M | $224M | $271M | $507M | $510M | $450M | $426M |
| EPS (diluted) | $0.99 | $0.99 | $1.22 | -$3.21 | $2.59 | $3.15 | $6.08 | $6.45 | $5.76 | $5.44 |
| Diluted shares | 56M | 56M | 58M | 64M | 72M | 73M | 83M | 79M | 78M | 78M |
| Gross margin | 23.5% | 22.7% | 23.6% | 18.9% | 34.8% | 28.9% | 36.4% | 39.9% | 37.7% | 38.3% |
| Operating margin | 6.1% | 6.6% | 9.3% | -5.7% | 17.4% | 14.9% | 23.4% | 25.5% | 22.6% | 20.3% |
| Net margin | 4.9% | 4.7% | 5.6% | -11.5% | 11.3% | 9.8% | 16.5% | 17.7% | 15.5% | 14.0% |
Balance sheet
Fiscal years, from Advanced Drainage Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $18M | $9M | $174M | $195M | $20M | $217M | $490M | $463M | $223M |
| Receivables | $169M | $172M | $187M | $200M | $236M | $342M | $307M | $324M | $333M | $391M |
| Inventory | $258M | $264M | $265M | $282M | $301M | $494M | $464M | $464M | $488M | $543M |
| Total current assets | $441M | $458M | $467M | $666M | $743M | $872M | $1.0B | $1.3B | $1.3B | $1.2B |
| Property, plant and equipment | $407M | $399M | $399M | $481M | $504M | $619M | $733M | $876M | $1.1B | $1.2B |
| Goodwill | $101M | $103M | $103M | $598M | $599M | $610M | $620M | $617M | $720M | $1.0B |
| Total assets | $1.0B | $1.0B | $1.0B | $2.4B | $2.4B | $2.6B | $2.9B | $3.3B | $3.7B | $4.5B |
| Total current liabilities | $256M | $221M | $206M | $238M | $318M | $391M | $379M | $440M | $398M | $509M |
| Long-term debt | $311M | $271M | $209M | $1.1B | $782M | $909M | $1.3B | $1.3B | $1.3B | $1.6B |
| Total liabilities | $696M | $609M | $542M | $1.6B | $1.4B | $1.5B | $1.9B | $2.0B | $2.1B | $2.5B |
| Shareholders' equity | $223M | $308M | $384M | $526M | $820M | $893M | $824M | $1.2B | $1.5B | $1.9B |
| Net debt | $342M | $280M | $226M | $923M | $594M | $908M | $1.1B | $781M | $798M | $1.4B |
Cash flow
Fiscal years, from Advanced Drainage Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $104M | $137M | $152M | $306M | $452M | $275M | $708M | $718M | $581M | $819M |
| Capital spending | $47M | $42M | $43M | $68M | $79M | $149M | $167M | $184M | $213M | $250M |
| Free cash flow | $58M | $95M | $108M | $239M | $373M | $126M | $541M | $534M | $369M | $569M |
| Stock-based compensation | $18M | $19M | $22M | $32M | $65M | $24M | $22M | $32M | $27M | $32M |
| Dividends paid | $17M | $18M | $26M | $92M | $32M | $37M | $40M | $44M | $50M | $56M |
| Share buybacks (net) | — | -$8M | — | $0 | $0 | -$292M | -$575M | -$207M | -$70M | -$92M |
| Free cash flow margin | 4.6% | 7.2% | 7.8% | 14.2% | 18.8% | 4.5% | 17.6% | 18.6% | 12.7% | 18.7% |
| Dividends per share | $0.30 | $0.33 | $0.45 | $1.44 | $0.45 | $0.51 | $0.48 | $0.56 | $0.64 | $0.72 |
Questions
What was Advanced Drainage Systems's revenue in 2026?
$3.1B in fiscal 2026, from its 10-K filing.
How much free cash flow does Advanced Drainage Systems generate?
$569M in fiscal 2026 (operating cash flow minus capital spending).
From Advanced Drainage Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.