WMS financial statements

The full income statement, balance sheet, and cash-flow statement for Advanced Drainage Systems Inc. (WMS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 77.5M2024-09 77.5M2024-12 77.6M2025-03 77.6M2025-06 77.8M2025-09 77.8M2025-12 77.9M2026-03 76.6M2026-06 75.4M-2.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2026	FY2025	FY2024	FY2023	FY2022
Income Statement	as ofMar 31 ’26	as ofMar 31 ’25	as ofMar 31 ’24	as ofMar 31 ’23	as ofMar 31 ’22
Revenue	3.05B YoY+5.0%	2.90B YoY+1.0%	2.87B YoY-6.4%	3.07B YoY+10.9%	2.77B YoY+39.7%
Gross profit	1.17B YoY+6.7%	1.09B YoY-4.5%	1.15B YoY+2.5%	1.12B YoY+39.7%	800M YoY+16.0%
Restructuring	—	—	—	-4.10M	—
Amortization of intangibles	59.4M YoY+13.0%	52.6M YoY+2.1%	51.5M YoY-6.8%	55.2M YoY-13.7%	64.0M YoY-13.2%
Operating income	619M YoY-5.8%	657M YoY-10.2%	732M YoY+1.8%	719M YoY+74.6%	412M YoY+19.6%
Other non-operating income	34.5M YoY+44.6%	23.8M YoY+1.5%	23.5M YoY+194.6%	7.97M YoY+55.0%	5.14M YoY+51.1%
Equity-method income	5.06M YoY+21.4%	4.17M YoY-24.7%	5.54M YoY+14.3%	4.84M YoY+205.3%	1.59M YoY+689.1%
Pre-tax income	560M YoY-5.0%	589M YoY-11.6%	667M YoY+1.5%	657M YoY+71.3%	384M YoY+22.8%
Income tax	135M YoY-4.3%	141M YoY-11.3%	159M YoY+5.6%	151M YoY+36.8%	110M YoY+27.4%
	426M YoY-5.3%	450M YoY-11.7%	510M YoY+0.6%	507M YoY+86.9%	271M YoY+21.0%
Net income to non-controlling interest	2.31M YoY-3.9%	2.40M YoY-28.9%	3.38M YoY-20.9%	4.27M YoY+15.5%	3.69M YoY+98.7%
Preferred dividends	—	—	—	—	294K YoY-15.8%
Net income to common	—	450M YoY-11.7%	510M YoY+0.6%	507M YoY+120.9%	230M YoY+23.8%
	$5.44 YoY-5.6%	$5.76 YoY-10.7%	$6.45 YoY+6.1%	$6.08 YoY+93.0%	$3.15 YoY+21.6%
EPS (basic)	$5.48 YoY-5.7%	$5.81 YoY-10.9%	$6.52 YoY+5.8%	$6.16 YoY+91.3%	$3.22 YoY+22.0%
	77.8M YoY+0.3%	77.5M YoY-0.9%	78.3M YoY-4.9%	82.3M YoY+15.5%	71.3M YoY+1.6%
	78.4M YoY+0.2%	78.2M YoY-1.0%	79.0M YoY-5.2%	83.3M YoY+14.3%	72.9M YoY+1.9%
Dividends per share	$0.72 YoY+12.5%	$0.64 YoY+14.3%	$0.56 YoY+16.7%	$0.48 YoY+9.1%	$0.44 YoY+22.2%
Balance Sheet	as ofMar 31 ’26	as ofMar 31 ’25	as ofMar 31 ’24	as ofMar 31 ’23	as ofMar 31 ’22
	1.23B YoY-7.1%	1.32B YoY+1.9%	1.30B YoY+27.8%	1.02B YoY+16.7%	872M YoY+17.4%
Cash & equivalents	223M YoY-51.9%	463M YoY-5.5%	490M YoY+125.7%	217M YoY+978.9%	20.1M YoY-89.7%
Accounts receivable	391M YoY+17.2%	333M YoY+3.0%	324M YoY+5.4%	307M YoY-10.2%	342M YoY+44.7%
Inventory	543M YoY+11.3%	488M YoY+5.2%	464M YoY+0.0%	464M YoY-6.1%	494M YoY+64.2%
Other current assets	30.4M YoY-4.2%	31.8M YoY+44.3%	22.0M YoY-25.1%	29.4M YoY+87.4%	15.7M YoY+45.1%
	4.51B YoY+22.1%	3.69B YoY+12.9%	3.27B YoY+12.7%	2.90B YoY+9.5%	2.65B YoY+9.8%
Property, plant & equipment	1.22B YoY+15.8%	1.05B YoY+19.9%	876M YoY+19.5%	733M YoY+18.4%	619M YoY+22.8%
Operating lease right-of-use	73.8M YoY+7.2%	68.8M YoY+27.9%	53.8M YoY+6.0%	50.8M YoY-7.0%	54.6M YoY+74.7%
Goodwill	1.04B YoY+44.8%	720M YoY+16.7%	617M YoY-0.5%	620M YoY+1.6%	610M YoY+1.9%
Intangible assets	849M YoY+89.4%	448M YoY+27.1%	353M YoY-13.5%	408M YoY-5.5%	431M YoY-10.5%
Other non-current assets	166M YoY+13.8%	146M YoY+19.1%	123M YoY+0.0%	123M YoY+5.1%	117M YoY+36.6%
	509M YoY+27.9%	398M YoY-9.4%	440M YoY+16.1%	379M YoY-3.2%	391M YoY+22.9%
Accounts payable	238M YoY+9.0%	218M YoY-14.3%	254M YoY+21.1%	210M YoY-6.6%	225M YoY+31.5%
Short-term & current debt	5.87M YoY-41.0%	9.93M YoY-16.3%	11.9M YoY-19.2%	14.7M YoY-24.5%	19.5M YoY+177.9%
Current lease liability	21.3M YoY+9.5%	19.5M YoY+23.8%	15.7M YoY+9.4%	14.4M YoY+1.2%	14.2M YoY+57.9%
Finance lease liability (current)	38.1M YoY+15.1%	33.1M YoY+84.0%	18.0M YoY+110.9%	8.54M YoY+67.8%	5.09M YoY-73.7%
	2.55B YoY+24.1%	2.05B YoY+3.3%	1.99B YoY+4.3%	1.91B YoY+23.4%	1.54B YoY+14.4%
Long-term debt	1.61B YoY+28.3%	1.25B YoY-0.6%	1.26B YoY-0.8%	1.27B YoY+39.7%	909M YoY+16.2%
Non-current lease liability	52.9M YoY+8.4%	48.8M YoY+24.9%	39.1M YoY+5.4%	37.1M YoY-9.7%	41.0M YoY+83.2%
Operating lease liability (total)	74.2M YoY+8.7%	68.2M YoY+24.6%	54.8M YoY+6.5%	51.4M YoY-6.9%	55.2M YoY+76.0%
Finance lease liability (total)	160M YoY-2.5%	164M YoY+106.0%	79.7M YoY+95.2%	40.8M YoY+147.6%	16.5M YoY-68.5%
Finance lease liability	122M YoY-6.9%	131M YoY+112.5%	61.7M YoY+91.1%	32.3M YoY+183.3%	11.4M YoY-65.4%
Deferred tax liabilities	221M YoY+16.1%	190M YoY+21.5%	157M YoY-1.5%	159M YoY-5.6%	168M YoY+3.9%
Other non-current liabilities	91.3M YoY+9.8%	83.2M YoY+17.6%	70.7M YoY+5.9%	66.7M YoY+2.8%	64.9M YoY+18.6%
	1.86B YoY+21.8%	1.53B YoY+32.3%	1.15B YoY+39.9%	824M YoY-7.7%	893M YoY+8.9%
Common stock	11.7M YoY+0.1%	11.7M YoY+0.1%	11.7M YoY+0.3%	11.6M YoY+0.3%	11.6M YoY+0.3%
Additional paid-in capital	1.34B YoY+5.0%	1.28B YoY+4.7%	1.22B YoY+7.5%	1.13B YoY+6.5%	1.07B YoY+16.0%
Retained earnings	1.86B YoY+24.8%	1.49B YoY+36.7%	1.09B YoY+74.4%	626M YoY+294.2%	159M YoY+311.3%
Treasury stock	1.33B YoY+8.7%	1.22B YoY+6.9%	1.14B YoY+23.8%	921M YoY+189.0%	319M YoY+2808.0%
Accumulated other comprehensive income	-32.3M YoY+13.1%	-37.2M YoY-24.6%	-29.8M YoY-8.2%	-27.6M YoY-13.1%	-24.4M YoY-0.7%
Non-controlling interest	23.6M YoY+33.2%	17.7M YoY-5.9%	18.8M YoY+7.5%	17.5M YoY+5.2%	16.6M YoY+21.1%
Total equity incl. non-controlling	1.88B YoY+22.0%	1.54B YoY+31.7%	1.17B YoY+39.3%	842M YoY-7.5%	910M YoY+9.1%
Total liabilities & equity	4.51B YoY+22.1%	3.69B YoY+12.9%	3.27B YoY+12.7%	2.90B YoY+9.5%	2.65B YoY+9.8%
	85.3M YoY+1.9%	83.8M YoY+1.8%	82.3M YoY+4.1%	79.1M YoY+4.7%	75.5M YoY+4.8%
	72.7M YoY+1.1%	71.9M YoY+1.4%	70.9M YoY+1.9%	69.5M YoY-3.9%	72.3M YoY+1.0%
	76.6M YoY-1.3%	77.6M YoY+0.2%	77.4M YoY-2.0%	79.0M YoY-6.4%	84.4M YoY+17.8%
Cash Flow	as ofMar 31 ’26	as ofMar 31 ’25	as ofMar 31 ’24	as ofMar 31 ’23	as ofMar 31 ’22
	819M YoY+40.9%	581M YoY-19.0%	718M YoY+1.4%	708M YoY+157.5%	275M YoY-39.2%
Depreciation & amortization	216M YoY+18.0%	183M YoY+18.3%	155M YoY+6.7%	145M YoY+2.4%	142M YoY+113.5%
Intangible amortization	59.4M YoY+13.0%	52.6M YoY+2.1%	51.5M YoY-6.8%	55.2M YoY-13.7%	64.0M YoY-13.2%
Deferred income taxes	35.2M YoY+10079.6%	-353K YoY+84.4%	-2.26M YoY+76.9%	-9.79M YoY-540.2%	2.22M YoY+116.2%
Change in inventory	-30.6M YoY-294.4%	15.7M YoY+2751.3%	-594K YoY+98.0%	-30.2M YoY-115.9%	190M YoY+1202.9%
	-1.21B YoY-170.6%	-448M YoY-187.7%	-156M YoY+27.4%	-214M YoY-7.9%	-199M YoY-155.3%
Capital expenditure	250M YoY+17.3%	213M YoY+15.8%	184M YoY+10.1%	167M YoY+12.0%	149M YoY+89.3%
Free cash flow	569M YoY+54.5%	369M YoY-31.0%	534M YoY-1.3%	541M YoY+329.9%	126M YoY-66.3%
Acquisitions	991M YoY+317.6%	237M	0.00 YoY-100.0%	48.0M YoY-2.6%	49.3M
Other investing activities	3.53M YoY+247.9%	-2.39M YoY-267.4%	-650K YoY-45.7%	-446K YoY-201.1%	441K YoY+149.9%
	156M YoY+199.1%	-158M YoY+44.5%	-284M YoY+4.0%	-296M YoY-18.0%	-251M YoY+29.2%
Long-term debt issued	27.2M	0.00	0.00 YoY-100.0%	500M	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	92.0M YoY+31.5%	69.9M YoY-66.3%	207M YoY-63.9%	575M YoY+96.9%	292M
Dividends paid	56.1M YoY+12.8%	49.7M YoY+13.1%	44.0M YoY+11.1%	39.6M YoY+7.0%	37.0M YoY+20.7%
Other financing activities	-2.00K YoY-200.0%	2.00K	0.00 YoY+100.0%	-260K YoY-39.8%	-186K YoY+87.5%
Net change in cash	-235M YoY-785.4%	-26.6M YoY-109.5%	279M YoY+41.5%	197M YoY+212.6%	-175M YoY-941.8%
Interest paid	87.0M YoY-2.7%	89.5M YoY+3.7%	86.3M YoY+42.7%	60.5M YoY+84.1%	32.8M YoY-12.7%
Income taxes paid	113M YoY-20.3%	142M YoY-11.8%	161M YoY-3.5%	167M YoY+57.0%	106M YoY+8.9%
Valuation Ratios	as ofMar 31 ’26	as ofMar 31 ’25	as ofMar 31 ’24	as ofMar 31 ’23	as ofMar 31 ’22
Market cap	10.5B YoY+24.6%	8.43B YoY-37.8%	13.6B YoY+103.8%	6.65B YoY-33.6%	10.0B YoY+35.4%
P/E	24.6× YoY+31.5%	18.7× YoY-29.9%	26.7× YoY+103.8%	13.1× YoY-64.5%	36.9× YoY+11.9%
P/S	3.4× YoY+18.6%	2.9× YoY-34.2%	4.4× YoY+103.8%	2.2× YoY-40.2%	3.6× YoY-3.1%
P/B	5.7× YoY+2.3%	5.5× YoY-61.5%	14.3× YoY+77.8%	8.1× YoY-28.1%	11.2× YoY+24.3%
P/FCF	18.5× YoY-19.3%	22.9× YoY-8.7%	25.1× YoY+103.8%	12.3× YoY-84.6%	79.7× YoY+301.9%
	4.1% YoY-24.0%	5.3% YoY+42.7%	3.7% YoY-50.9%	7.6% YoY+181.7%	2.7% YoY-10.6%
	5.4% YoY+24.0%	4.4% YoY+9.6%	4.0% YoY-50.9%	8.1% YoY+548.0%	1.3% YoY-75.1%
	0.53% YoY-10.9%	0.59% YoY+81.2%	0.33% YoY-43.0%	0.57% YoY+53.9%	0.37% YoY+6.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WMS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WMS filings on SEC EDGAR → Not investment advice.