Advanced Drainage Systems, Inc. is a leading manufacturer of thermoplastic corrugated pipe and related water management products. Headquartered in Hilliard, Ohio, the company provides stormwater and onsite wastewater solutions for commercial, residential, infrastructure, and agricultural applications. It is notable for being the largest maker of high-density polyethylene pipe in the United States and heavily utilizing recycled plastics in its manufacturing processes.
Financial Statements
In thousands, USD
FY 2026
FY 2025
FY 2024
FY 2023
Total Revenues
3,050,376
2,904,245
2,874,473
3,071,121
Cost of Sales
1,882,990
1,810,004
1,728,524
1,952,713
Gross Profit
1,167,386
1,094,241
1,145,949
1,118,408
Selling, General & Administrative Expenses
469,549
380,378
370,714
339,504
Depreciation & Amortization Expenses
59,424
52,569
51,469
55,197
Other Operating Expenses
19,211
3,858
(8,365)
4,397
Operating Profit
619,202
657,436
732,131
719,310
Interest Expense
(59,414)
(67,971)
(65,378)
(62,210)
Total Non-Operating Income
(59,414)
(67,971)
(65,378)
(62,210)
Income Before Provision for Income Taxes
559,788
589,465
666,753
657,100
Provision for Income Taxes
134,988
141,063
158,998
150,589
Consolidated Net Income
424,800
448,402
507,755
506,511
Net Income Attributable to Minority Interests and Other
(2,755)
(1,770)
(2,160)
(575)
Net Income Attributable to Discontinued Operations
(1,090)
—
—
—
Net Income Attributable to Common Shareholders
426,465
450,172
509,915
507,086
Basic EPS
5.48
5.81
6.52
6.16
Diluted EPS
5.44
5.76
6.45
6.08
Basic Weighted Average Shares Outstanding
77,756
77,549
78,252
82,315
Diluted Weighted Average Shares Outstanding
78,383
78,188
79,017
83,336
Shares Outstanding
72,654
77,566
77,550
78,947
FY 2026
FY 2025
FY 2024
FY 2023
Cash and Cash Equivalents
223,012
463,319
490,163
217,128
Total Cash and Cash Equivalents
223,012
463,319
490,163
217,128
Accounts Receivable
390,536
333,221
323,576
306,945
Total Trade Receivables
390,536
333,221
323,576
306,945
Inventories
543,381
488,269
464,200
463,994
Other Current Assets
73,900
39,974
22,028
29,422
Total Current Assets
1,230,829
1,324,783
1,299,967
1,017,489
Net Property, Plant & Equipment
1,217,165
1,051,040
876,351
733,059
Net Intangible Assets
848,527
448,060
352,652
407,627
Goodwill
1,042,716
720,223
617,183
620,193
Other Long-Term Assets
166,386
146,254
122,760
122,757
Total Assets
4,505,623
3,690,360
3,268,913
2,901,125
Accounts Payable
237,706
218,024
254,401
210,111
Accrued Expenses
212,623
137,295
155,336
145,457
Current Portion of Long-Term Debt
5,865
9,934
11,870
14,693
Current Portion of Leases
38,136
33,143
18,015
8,541
Other Current Liabilities
15,139
—
—
—
Total Current Liabilities
509,469
398,396
439,622
378,802
Long-Term Debt
1,605,958
1,251,589
1,259,522
1,269,391
Leases
121,935
131,000
61,661
32,272
Other Long-Term Liabilities
312,297
273,587
227,409
225,800
Total Long-Term Liabilities
2,040,190
1,656,176
1,548,592
1,527,463
Total Liabilities
2,549,659
2,054,572
1,988,214
1,906,265
Common Stock
11,710
11,694
11,679
11,647
Treasury Stock
(1,325,713)
(1,219,408)
(1,140,578)
(920,999)
Additional Paid-in Capital
1,342,091
1,277,694
1,219,834
1,134,864
Accumulated Other Comprehensive Income
(32,290)
(37,178)
(29,830)
(27,580)
Retained Earnings
1,862,936
1,492,634
1,092,208
626,215
Total Common Shareholders' Equity
1,858,734
1,525,436
1,153,313
824,147
Minority Interests and Other
97,230
110,352
127,386
170,713
Total Shareholders' Equity
1,955,964
1,635,788
1,280,699
994,860
Total Liabilities and Shareholders' Equity
4,505,623
3,690,360
3,268,913
2,901,125
FY 2026
FY 2025
FY 2024
FY 2023
Net Income
428,773
452,573
513,291
511,353
Depreciation & Amortization
216,261
183,281
154,903
145,149
Share-Based Compensation Expense
32,354
26,581
31,986
21,659
Other Adjustments
58,622
1,230
(8,412)
(3,729)
Changes in Trade Receivables
(2,288)
1,414
(14,590)
37,487
Changes in Inventories
30,609
(15,749)
594
30,224
Changes in Accounts Payable
53,960
(63,856)
40,431
(29,037)
Changes in Other Operating Activities
(1,417)
(3,983)
(275)
(5,296)
Cash from Operating Activities
819,054
581,491
717,928
707,810
Capital Expenditure
(249,766)
(212,944)
(183,812)
(166,913)
Payments for Business Acquisitions
(991,064)
(237,310)
—
(48,010)
Proceeds from Business Divestments
32,541
—
27,498
—
Other Investing Activities
(3,531)
2,388
650
446
Cash from Investing Activities
(1,211,820)
(447,866)
(155,664)
(214,477)
Issuance of Short-Term Debt
75,500
—
—
123,200
Repayments of Short-Term Debt
(75,500)
—
—
(237,500)
Net Issuance / (Repayments) of Short-Term Debt
0
—
—
(114,300)
Issuance of Long-Term Debt
1,127,200
—
—
500,000
Repayments of Long-Term Debt
(766,187)
(11,897)
(14,738)
(19,532)
Net Issuance / (Repayments) of Long-Term Debt
361,013
(11,897)
(14,738)
480,468
Issuance of Common Shares
6,850
9,971
6,454
5,700
Repurchases of Common Shares
(91,958)
(69,922)
(207,308)
(575,027)
Net Issuance / (Repurchases) of Common Shares
(85,108)
(59,951)
(200,854)
(569,327)
Common Share Dividends Paid
(56,124)
(49,737)
(43,995)
(39,612)
Other Financing Activities
(63,464)
(36,142)
(24,756)
(53,507)
Cash from Financing Activities
156,317
(157,727)
(284,343)
(296,278)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,145
(2,475)
799
(52)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash