Phibro Animal Health (PAHC) FY2026 results: revenue $1.5 billion, up 17.1% on the year
Phibro Animal Health Corp. (PAHC) reported revenue of $1.5 billion for fiscal 2026, the year ended 30 June 2026, up 17.1% on the year before. Net income was $100 million, up 106.6%, and diluted earnings per share $2.43. The figures are the company's own, from the 10-K it filed with the SEC on 26 August 2026.
Revenue
$1.5 billion
+17.1% on the year
FY2019FY2026
Operating margin
12.8%
8.5% a year earlier
FY2019FY2026
Net income
$100 million
+106.6% on the year
FY2019FY2026
Diluted EPS
$2.43
+104.2% on the year
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
Quarterly net sales and net income rose: Fourth-quarter net sales were $396.7 million, up $18.1 million or 5%. Net income was $21.7 million, up 26%, and diluted EPS was $0.53.
Adjusted EBITDA rose 39% for year: Full-year Adjusted EBITDA was $255.0 million, up 39%. Quarterly Adjusted EBITDA was $64.2 million, up 29%, with adjusted diluted EPS of $0.85.
MFA acquisition drove Animal Health growth: Full-year Animal Health net sales were $1,162.2 million, up 21%. Sales from the MFA portfolio acquired October 31, 2024 added $146.1 million of incremental revenue.
Quarterly gross margin widened 490 basis points: Quarterly gross margin was 33.9%, up 490 basis points from 29.0%, on higher sales volume and favorable product mix.
Gross leverage at 2.9 times: Gross leverage was 2.9x at June 30, 2026, on $737.9 million of total debt and twelve-month Adjusted EBITDA of $255.0 million.
$ million except per share. Read moreFree 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
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
69.0
80.1
87.6
-13.9%
Capital expenditure
59.1
38.3
41.2
+54.3%
Free cash flow
9.9
41.8
46.4
-76.4%
Free cash flow margin
0.6%
3.2%
4.6%
Cash from investing
-71.5
-289
-48.2
Cash from financing
-6.6
207
-6.8
Depreciation and amortisation
51.5
45.6
36.2
+13.0%
Share-based compensation
1.6
0.7
0.5
+122.7%
Dividends paid
19.5
19.4
19.4
+0.1%
Dividend per share
$0.48
$0.48
$0.48
0.0%
Diluted shares, weighted
41m
41m
41m
+0.7%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
385
286
257
+34.9%
Debt
733
719
488
+2.0%
Operating lease liabilities
45.4
33.7
29.9
+34.6%
Other liabilities
338
323
208
+4.6%
Total liabilities and equity
1,501
1,361
982
+10.3%
Fixed assets
369
355
203
+4.1%
Goodwill
60.0
59.6
54.6
+0.7%
Intangible assets
30.1
36.5
45.0
-17.6%
Investments
20.6
9.0
44.0
+128.6%
Cash and equivalents
61.4
68.0
70.6
-9.7%
Receivables
239
228
169
+4.7%
Inventory
535
444
266
+20.4%
Other assets
186
161
129
+16.0%
Total assets
1,501
1,361
982
+10.3%
10-K for the year ended 30 June 2026, filed 26 August 2026: the filing.