$POWL

POWELL INDUSTRIES INC

CIK:0000080420|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 311,740	$ 286,273	$ 859,539	$ 806,335
Cost of goods sold	216,441	198,374	604,886	575,480
Gross profit	95,299	87,899	254,653	230,855
Selling, general and administrative expenses	26,702	25,116	77,703	68,359
Research and development expenses	4,300	2,659	11,856	7,881
Amortization of intangible assets	221	0	666	0
Operating income	64,076	60,124	164,428	154,615
Other expenses (income):
Interest income, net	(5,047)	(3,977)	(13,515)	(11,397)
Income before income taxes	69,123	64,101	177,943	166,012
Income tax provision	16,963	15,867	38,506	36,685
Net income	$ 52,160	$ 48,234	$ 139,437	$ 129,327
Earnings per share:
Basic (in dollars per share)	$ 1.43	$ 1.33	$ 3.83	$ 3.57
Diluted (in dollars per share)	$ 1.42	$ 1.32	$ 3.81	$ 3.54
Weighted average shares:
Basic (in shares)	36,432	36,212	36,396	36,176
Diluted (in shares)	36,604	36,525	36,566	36,497
Dividends per share (in dollars per share)	$ 0.0900	$ 0.0892	$ 0.2692	$ 0.2667

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 139,437	$ 129,327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,496	5,215
Stock-based compensation	4,280	3,675
Unrealized mark-to-market (gain) loss on derivative contracts	(354)	(433)
Bad debt expense (recovery), net	107	(149)
Deferred income taxes	11,636	(2,847)
Gain on cash surrender value of life insurance	(118)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(146,438)	2,747
Contract assets and liabilities, net	188,763	(18,381)
Inventories	(11,064)	(2,728)
Income taxes	(11,088)	(2,543)
Prepaid expenses and other current assets	(4,347)	1,051
Accounts payable	15,973	(7,513)
Accrued liabilities	(766)	(2,216)
Other, net	2,521	1,657
Net cash provided by operating activities	195,038	106,862
Investing Activities:
Purchases of short-term investments	0	(37,262)
Maturities of short-term investments	24,857	44,407
Purchases of property, plant and equipment	(10,386)	(11,380)
Proceeds from sale of property, plant and equipment	17	20
Net cash provided by (used in) investing activities	14,488	(4,215)
Financing Activities:
Shares withheld in lieu of employee tax withholding	(14,698)	(12,030)
Dividends paid	(9,792)	(9,640)
Net cash used in financing activities	(24,490)	(21,670)
Net increase in cash and cash equivalents	185,036	80,977
Effect of exchange rate changes on cash and cash equivalents	(2,214)	2,158
Cash and cash equivalents at beginning of period	450,739	315,331
Cash and cash equivalents at end of period	$ 633,561	$ 398,466

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current Assets:
Cash and cash equivalents	$ 633,561	$ 450,739
Short-term investments	0	24,788
Accounts receivable, less allowance for credit losses of $435 and $368, respectively	362,412	217,065
Contract assets	116,002	136,679
Inventories	95,371	84,719
Prepaid expenses	13,206	10,591
Other current assets	10,619	7,135
Total Current Assets	1,231,171	931,716
Property, plant and equipment, net	118,634	111,049
Operating lease assets, net	2,524	1,664
Goodwill	6,049	6,125
Intangible assets, net	5,397	6,138
Deferred income tax assets	21,804	33,440
Other assets	21,119	18,852
Total Assets	1,406,698	1,108,984
Current Liabilities:
Accounts payable	86,572	67,080
Contract liabilities	466,362	297,949
Accrued compensation and benefits	32,323	39,184
Accrued product warranty	6,595	6,356
Current operating lease liabilities	947	882
Income taxes payable	2,417	11,028
Other current liabilities	29,434	23,908
Total Current Liabilities	624,650	446,387
Deferred compensation	16,892	13,707
Long-term operating lease liabilities	1,577	782
Deferred income tax liabilities	5,195	5,297
Other long-term liabilities	2,200	2,041
Total Liabilities	650,514	468,214
Commitments and Contingencies (Note G)
Stockholders’ Equity:
Preferred stock, par value $0.01; 5,000,000 shares authorized; none issued	0	0
Common stock, par value $0.01; 90,000,000 shares authorized; Shares issued: 38,850,618 and 38,628,588, respectively Shares outstanding: 36,432,564 and 36,210,534, respectively	388	129
Additional paid-in capital	52,514	62,834
Retained earnings	759,396	629,848
Treasury stock, 2,418,054 shares at cost	(24,999)	(24,999)
Accumulated other comprehensive loss	(31,115)	(27,042)
Total Stockholders’ Equity	756,184	640,770
Total Liabilities and Stockholders’ Equity	$ 1,406,698	$ 1,108,984