Matrix Service (MTRX) Q1 FY2027 earnings: revenue $219 million, up 3.5% on the year

Matrix Service Co. (MTRX) reported revenue of $219 million for Q1 FY2027, the quarter ended 30 September 2026, up 3.5% on the same quarter a year earlier. Net income was $6 million, and diluted earnings per share $0.22. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$219 million

+3.5% on the year · -10.3% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

2.0%

-2.6% a year earlier

Q2 FY2025Q1 FY2027

Net income

$6 million

+441.9% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$0.22

+450.0% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue rose and net income turned positive: Revenue was $219.4 million versus $211.9 million a year earlier. Net income was $6.2 million, or $0.22 per diluted share, against a net loss of $3.7 million.
Storage and Terminal revenue up 12%: Storage and Terminal Solutions revenue rose to $122.9 million on more specialty tank work and associated balance of plant. Gross margin was 9.0% versus 5.9%.
Refinery front-end engineering selected: Matrix was selected for front-end engineering and design of the Brownsville storage tank farm. Management expects the facility to be the first major new US refinery in more than 50 years.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	219	245	212	-10.3%	+3.5%
Cost of revenue	201	225	198	-10.5%	+1.8%
Gross profit	18.1	19.5	14.2	-7.3%	+27.3%
Gross margin	8.2%	8.0%	6.7%
Selling, general and administrative	13.3	16.9	16.3	-21.2%	-18.3%
Operating income	4.5	-0.9	-5.5
Operating margin	2.0%	-0.4%	-2.6%
Interest expense	0.2	0.1	0.1	+53.3%	+29.1%
Income tax	-0.0	0.1	0.1
Net income	6.2	1.1	-3.7	+441.9%
Net margin	2.8%	0.5%	-1.7%
Diluted EPS	$0.22	$0.04	-$0.13	+450.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	-37.0	-8.8	-25.9
Capital expenditure	0.8	1.4	2.0	-45.1%	-62.4%
Free cash flow	-37.7	-10.2	-27.9
Free cash flow margin	-17.2%	-4.2%	-13.2%
Cash from investing	-0.4	-0.9	-1.8
Cash from financing	-3.4	0.1	-4.3
Depreciation and amortisation	1.8	1.9	2.5	-7.9%	-27.5%
Share-based compensation	1.3	1.7	1.9	-20.6%	-31.0%
Buybacks	2.5	n/a	0.0
Diluted shares, weighted	28m	29m	28m	-0.1%	+1.7%
Shares outstanding at period end	28m	28m	28m	+1.6%	-0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	147	142	136	+3.4%	+7.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	14.0	15.1	15.9	-7.2%	-11.9%
Other liabilities	406	446	446	-8.8%	-8.9%
Total liabilities and equity	567	603	598	-5.9%	-5.2%
Fixed assets	35.5	36.3	41.3	-2.0%	-14.1%
Goodwill	29.0	28.9	29.0	+0.3%	-0.1%
Intangible assets	n/a	0.0	0.3
Cash and equivalents	182	223	192	-18.2%	-5.2%
Receivables	191	172	160	+11.0%	+19.0%
Inventory	7.5	6.2	5.6	+21.6%	+35.0%
Other assets	122	136	169	-10.6%	-28.0%
Total assets	567	603	598	-5.9%	-5.2%

Questions

What was Matrix Service's revenue in Q1 FY2027?

Matrix Service (MTRX) reported revenue of $219 million for Q1 FY2027, the quarter ended 30 September 2026, up 3.5% on the same quarter a year earlier.

How much did Matrix Service earn in Q1 FY2027?

Net income for Q1 FY2027 was $6 million, and diluted earnings per share $0.22.

When did Matrix Service report Q1 FY2027 results?

Matrix Service filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	162	177	201	208	194	187	206	198	175	166	189	166	187	200	216	212	211	207	245	219
Cost of revenue	159	179	200	195	195	182	191	186	164	160	177	158	176	187	208	198	197	190	225	201
Gross profit	3.2	-1.8	0.9	13.0	-1.3	4.4	14.7	11.9	10.6	5.6	12.4	7.8	10.9	12.8	8.1	14.2	13.1	17.2	19.5	18.1
Gross margin	2%	-1%	0%	6%	-1%	2%	7%	6%	6%	3%	7%	5%	6%	6%	4%	7%	6%	8%	8%	8%
SG&A	15.9	17.0	18.1	16.8	17.5	16.9	17.0	17.1	15.7	19.9	17.3	18.6	17.3	17.7	17.6	16.3	15.1	15.2	16.9	13.3
Operating income	-13.4	-35.5	-18.2	-5.1	-32.4	-12.8	-2.6	-5.3	-5.1	-14.4	-5.3	-10.8	-6.4	-5.0	-12.9	-5.5	-2.2	-1.0	-0.9	4.5
Operating margin	-8%	-20%	-9%	-2%	-17%	-7%	-1%	-3%	-3%	-9%	-3%	-7%	-3%	-2%	-6%	-3%	-1%	-1%	-0%	2%
Interest expense	0.5	0.2	0.2	0.4	0.9	0.3	0.5	0.3	0.3	0.1	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
Pre-tax income	-13.9	-35.0	13.5	-6.5	-32.8	-13.0	-0.4	-3.2	-2.8	-14.6	-4.4	-9.2	-5.5	-3.4	-10.8	n/a	n/a	n/a	n/a	n/a
Tax rate	n/a	n/a	0%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	-24.9	-34.9	13.5	-6.5	-32.8	-12.7	-0.3	-3.2	-2.9	-14.6	-4.4	-9.2	-5.5	-3.4	-11.3	-3.7	-0.9	0.8	1.1	6.2
Net margin	-15%	-20%	7%	-3%	-17%	-7%	-0%	-2%	-2%	-9%	-2%	-6%	-3%	-2%	-5%	-2%	-0%	0%	0%	3%
Diluted EPS	-$0.93	-$1.30	$0.50	-$0.24	-$1.22	-$0.47	-$0.01	-$0.12	-$0.10	-$0.53	-$0.16	-$0.33	-$0.20	-$0.12	-$0.40	-$0.13	-$0.03	$0.03	$0.04	$0.22
Operating cash flow	30.5	-33.9	-31.7	-35.2	17.6	20.0	7.8	-28.9	29.6	24.8	47.0	11.9	33.6	31.2	40.7	-25.9	7.5	34.2	-8.8	-37.0
Capital expenditure	0.3	0.8	2.0	1.6	1.3	3.4	2.8	0.5	0.4	4.8	1.3	1.9	0.9	2.6	2.3	2.0	1.2	0.9	1.4	0.8
Free cash flow	30.2	-34.7	-33.7	-36.8	16.4	16.6	5.0	-29.4	29.2	20.0	45.7	10.0	32.7	28.7	38.4	-27.9	6.3	33.2	-10.2	-37.7
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	2.5
Shares outstanding	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	28m	28m	28m	28m	28m	28m	28m	28m	28m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.