Advanced Drainage Systems, Inc. announced its financial results for the fourth quarter and full fiscal year ended March 31, 2025, on May 15, 2025. For the full fiscal year 2025, net sales increased by 1.0% to $2,904.2 million, compared to $2,874.5 million in the prior year.
Diluted net income per share for fiscal year 2025 decreased by 10.7% to $5.76, down from $6.45 in the prior year. Adjusted EBITDA for the full year decreased by 3.7% to $889.2 million, compared to $922.9 million in the prior year, resulting in an Adjusted EBITDA margin of 30.6%.
For the fourth quarter of fiscal year 2025, net sales decreased by 5.8% to $615.8 million, and diluted EPS decreased by 18.2% to $0.99. The company issued its fiscal year 2026 outlook, projecting net sales between $2.825 billion and $2.975 billion and Adjusted EBITDA between $850 million and $910 million.
Domestic construction market sales increased 3% in fiscal year 2025, driven by material conversion. Organic sales in the Infiltrator and Allied Products segments increased 4.6% and 2.5% respectively, with these segments collectively representing 44% of revenue.
Cash provided by operating activities totaled $581.5 million in FY2025, and the company maintained $1.1 billion in liquidity with a leverage ratio of 1.1 times. Capital expenditures are expected to be approximately $275 million in fiscal year 2026, focusing on growth and productivity.
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