Advanced Drainage Systems (WMS) FY2026 results: revenue $3.1 billion, up 5.0% on the year

Advanced Drainage Systems designs, makes and sells thermoplastic corrugated pipe and related water management products for the stormwater and onsite wastewater industries, used in residential, non-residential, infrastructure and agriculture applications. It was founded in 1966, is a Delaware corporation and has its principal executive offices in Hilliard, Ohio. Its fiscal year ends March 31.

Segments and products

After acquiring National Diversified Sales (NDS) on February 2, 2026, it reorganized into two reportable segments, Stormwater and Wastewater, the latter formerly called Infiltrator. Stormwater products include single, double and triple wall corrugated polypropylene and polyethylene pipe, storm retention and detention chambers, PVC drainage structures, fittings, water quality filters and separators, and NDS channel drains, catch basins and access boxes. Its N-12 dual wall high-density polyethylene (HDPE) pipe competes in storm sewer and drainage markets also served by concrete pipe, and its SaniTite HP triple wall polypropylene pipe is used in sanitary sewer applications. Wastewater products include plastic leachfield chambers and systems, onsite wastewater tanks and accessories. NDS designs and makes residential stormwater and drainage products for managing water around homes.

Manufacturing and materials

It serves customers in the United States, Canada, Mexico and other countries through 64 manufacturing plants and 41 distribution centers, including six plants and seven distribution centers owned or leased by its joint ventures. It makes its corrugated pipe by continuous extrusion and can produce more than one billion pounds of pipe a year in the United States. It buys in excess of 1.0 billion pounds of virgin and recycled resin a year from approximately 450 suppliers.

Customers and competition

It has approximately 16,000 customers, and a majority of its sales go through distributors, including national and independent waterworks distributors, along with national retailers, buying groups and co-ops. It competes against concrete pipe, corrugated steel pipe and PVC pipe producers and many HDPE pipe producers, and the filing describes the stormwater drainage industry as highly fragmented. Its sales have historically been higher in the first and second fiscal quarters, when weather and daylight favor construction.

People

At March 31, 2026 it had 6,425 employees, 5,785 of them in the United States, 365 in Canada and 275 elsewhere, of whom 4,035 were hourly and 2,390 salaried. Approximately 100 hourly workers in its Mexican joint venture were covered by collective bargaining agreements.

From Advanced Drainage Systems' annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 21 May 2026: read the full 10-K.