Advanced Drainage Systems (WMS) FY2025 results: revenue $2.9 billion, up 1.0% on the year
Advanced Drainage Systems, Inc. (WMS) reported revenue of $2.9 billion for fiscal 2025, the year ended 31 March 2025, up 1.0% on the year before. Net income was $450 million, down 11.7%, and diluted earnings per share $5.76. The figures are the company's own, from the 10-K it filed with the SEC on 15 May 2025.
Revenue
$2.9 billion
+1.0% on the year
FY2018FY2025
Operating margin
22.6%
25.5% a year earlier
FY2018FY2025
Net income
$450 million
-11.7% on the year
FY2018FY2025
Diluted EPS
$5.76
-10.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
581
718
708
-19.0%
Capital expenditure
213
184
167
+15.8%
Free cash flow
369
534
541
-31.0%
Free cash flow margin
12.7%
18.6%
17.6%
Cash from investing
-448
-156
-214
Cash from financing
-158
-284
-296
Depreciation and amortisation
183
155
145
+18.3%
Share-based compensation
26.6
32.0
21.7
-16.9%
Buybacks
69.9
207
575
-66.3%
Dividends paid
49.7
44.0
39.6
+13.1%
Dividend per share
$0.64
$0.56
$0.48
+14.3%
Diluted shares, weighted
78m
79m
83m
-1.0%
Shares outstanding at period end
72m
71m
70m
+1.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,525
1,153
824
+32.3%
Non-controlling interest
17.7
18.8
17.5
-5.9%
Redeemable equity
92.7
109
153
-14.7%
Debt
1,269
1,281
1,296
-0.9%
Operating lease liabilities
48.8
39.1
37.1
+24.9%
Finance lease liabilities
131
61.7
32.3
+112.5%
Other liabilities
606
606
541
-0.1%
Total liabilities and equity
3,690
3,269
2,901
+12.9%
Fixed assets
1,051
876
733
+19.9%
Goodwill
720
617
620
+16.7%
Intangible assets
448
353
408
+27.1%
Cash and equivalents
463
490
217
-5.5%
Receivables
333
324
307
+3.0%
Inventory
488
464
464
+5.2%
Other assets
186
145
152
+28.6%
Total assets
3,690
3,269
2,901
+12.9%
10-K for the year ended 31 March 2025, filed 15 May 2025: the filing.