APOGEE ENTERPRISES, INC.
For the period ended Oct 6, 2026. Filed Oct 6, 2026.
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Oct 6, 2026 · Filed Oct 6, 2026
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APOG$45.77-0.3%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Contact
Contact
Jeremy Steffan
Vice President, Investor Relations & Communications
952.346.3502
ir@apog.com
| Apogee Enterprises, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Income | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended · Six Months Ended | ||||||||
| (In thousands, except per share amounts) · August 29, 2026 · August 30, 2025 · % Change · August 29, 2026 · August 30, 2025 · % Change | ||||||||
| Net sales | $391,135 | $358,194 | 9.2% | $733,820 | $704,816 | 4.1% | ||
| Cost of sales | 294,970 | 275,587 | 7.0% | 562,624 | 547,084 | 2.8% | ||
| Gross profit | 96,165 | 82,607 | 16.4% | 171,196 | 157,732 | 8.5% | ||
| Selling, general and administrative expenses | 62,679 | 55,719 | 12.5% | 118,870 | 123,913 | (4.1)% | ||
| Operating income | 33,486 | 26,888 | 24.5% | 52,326 | 33,819 | 54.7% | ||
| Interest expense, net | 3,554 | 4,075 | (12.8)% | 6,388 | 7,921 | (19.4)% | ||
| Other income, net | 485 | 5,140 | (90.6)% | 412 | 4,458 | (90.8)% | ||
| Earnings before income taxes | 30,417 | 27,953 | 8.8% | 46,350 | 30,356 | 52.7% | ||
| Income tax expense | 8,037 | 4,304 | 86.7% | 12,433 | 9,394 | 32.4% | ||
| Net earnings | $22,380 | $23,649 | (5.4)% | $33,917 | $20,962 | 61.8% | ||
| Basic earnings per share | $1.08 | $1.10 | (1.8)% | $1.62 | $0.98 | 65.3% | ||
| Diluted earnings per share | $1.07 | $1.10 | (2.7)% | $1.61 | $0.97 | 66.0% | ||
| Weighted average basic shares outstanding | 20,722 | 21,408 | (3.2)% | 20,884 | 21,373 | (2.3)% | ||
| Weighted average diluted shares outstanding | 20,901 | 21,590 | (3.2)% | 21,014 | 21,562 | (2.5)% | ||
| Cash dividends per common share | $0.27 | $0.26 | 3.8% | $0.54 | $0.52 | 3.8% | ||
| % of Sales | ||||||||
| Gross margin | 24.6% | 23.1% | 23.3% | 22.4% | ||||
| Selling, general and administrative expenses | 16.0% | 15.6% | 16.2% | 17.6% | ||||
| Operating margin | 8.6% | 7.5% | 7.1% | 4.8% | ||||
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Consolidated Condensed Balance Sheets | ||
| (Unaudited) | ||
| (In thousands) | August 29, 2026 | February 28, 2026 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $36,529 | $39,523 |
| Receivables, net | 206,327 | 198,516 |
| Inventories, net | 116,760 | 98,059 |
| Contract assets | 68,806 | 59,512 |
| Other current assets | 43,888 | 43,823 |
| Total current assets | 472,310 | 439,433 |
| Property, plant and equipment, net | 277,349 | 255,032 |
| Operating lease right-of-use assets | 42,534 | 48,736 |
| Goodwill | 255,499 | 236,744 |
| Intangible assets, net | 154,383 | 111,261 |
| Other non-current assets | 42,029 | 31,139 |
| Total assets | $1,244,104 | $1,122,345 |
| Liabilities and shareholders' equity | ||
| Current liabilities | ||
| Accounts payable | $89,423 | $105,478 |
| Accrued compensation and benefits | 45,506 | 39,667 |
| Contract liabilities | 59,343 | 60,903 |
| Operating lease liabilities | 14,618 | 14,729 |
| Other current liabilities | 55,749 | 46,079 |
| Total current liabilities | 264,639 | 266,856 |
| Long-term debt | 335,545 | 232,279 |
| Non-current operating lease liabilities | 32,351 | 39,375 |
| Non-current self-insurance reserves | 26,866 | 24,914 |
| Other non-current liabilities | 61,369 | 47,127 |
| Total shareholders’ equity | 523,334 | 511,794 |
| Total liabilities and shareholders’ equity | $1,244,104 | $1,122,345 |
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Consolidated Statement of Cash Flows | ||
| (Unaudited) | ||
| Six Months Ended | ||
| August 29, 2026 | August 30, 2025 | |
| (In thousands) | ||
| Operating Activities | ||
| Net earnings | $33,917 | $20,962 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 26,569 | 24,943 |
| Share-based compensation | 4,927 | 2,773 |
| Deferred income taxes | 3,494 | 17,214 |
| Impairment of long-lived assets | — | 7,418 |
| Settlement of New Markets Tax Credit transaction | — | (4,597) |
| Non-cash lease expense | 6,064 | 5,474 |
| Other, net | 4,137 | 4,129 |
| Changes in operating assets and liabilities: | ||
| Receivables | 4,666 | (9,204) |
| Inventories | (9,931) | (9,735) |
| Contract assets | (9,379) | 10,518 |
| Accounts payable | (15,576) | (2,575) |
| Accrued compensation and benefits | 2,971 | (9,681) |
| Contract liabilities | (1,621) | 15,734 |
| Operating lease liability | (6,952) | (4,608) |
| Accrued income taxes | 2,426 | (11,008) |
| Other current assets and liabilities | (2,453) | (20,477) |
| Net cash provided by operating activities | 43,259 | 37,280 |
| Investing Activities | ||
| Capital expenditures | (17,796) | (11,827) |
| Purchases of marketable securities | (7,418) | (200) |
| Acquisition of business, net of cash acquired | (99,574) | |
| Other, net | 2,957 | 1,144 |
| Net cash used by investing activities | (121,831) | (10,883) |
| Financing Activities | ||
| Proceeds from revolving credit facilities | 161,000 | 76,000 |
| Repayment on revolving credit facilities | (54,867) | (91,000) |
| Repayment of term loans | (2,867) | — |
| Repurchase of common stock | (16,099) | — |
| Dividends paid | (11,175) | (11,043) |
| Other, net | (1,117) | (3,087) |
| Net cash (used by) provided by financing activities | 74,875 | (29,130) |
| Effect of exchange rates on cash | 702 | 811 |
| Decrease in cash and cash equivalents | (2,994) | (1,922) |
| Cash and cash equivalents at beginning of period | 39,523 | 41,448 |
| Cash and cash equivalents at end of period | $36,529 | $39,526 |
| Non-cash Activity | ||
| Capital expenditures in accounts payable | $1,348 | $2,202 |
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Components of Changes in Net Sales | ||||||
| (Unaudited) | ||||||
| Three Months Ended August 29, 2026 | ||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated |
| Fiscal 2026 net sales | $140,935 | $100,490 | $72,181 | $48,390 | $(3,802) | $358,194 |
| Organic business (1) | 2,585 | 7,974 | (1,120) | 6,867 | 273 | 16,579 |
| Acquisition (2) | — | — | 16,362 | — | — | 16,362 |
| Fiscal 2027 net sales | $143,520 | $108,464 | $87,423 | $55,257 | $(3,529) | $391,135 |
| Total net sales growth (decline) | 1.8% | 7.9% | 21.1% | 14.2% | 7.2% | 9.2% |
| Organic business (1) | 1.8% | 7.9% | (1.6)% | 14.2% | 7.2% | 4.6% |
| Acquisition (2) | —% | —% | 22.7% | —% | —% | 4.6% |
| Six Months Ended August 29, 2026 | ||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated |
| Fiscal 2026 net sales | $269,559 | $206,995 | $145,454 | $90,640 | $(7,832) | $704,816 |
| Organic business (1) | (3,596) | 16,705 | (6,679) | 8,941 | (2,729) | 12,642 |
| Acquisition (2) | — | — | 16,362 | — | — | 16,362 |
| Fiscal 2027 net sales | $265,963 | $223,700 | $155,137 | $99,581 | $(10,561) | $733,820 |
| Total net sales (decline) growth | (1.3)% | 8.1% | 6.7% | 9.9% | (34.8)% | 4.1% |
| Organic business (1) | (1.3)% | 8.1% | (4.6)% | 9.9% | (34.8)% | 1.8% |
| Acquisition (2) | —% | —% | 11.2% | —% | —% | 2.3% |
| (1) | Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date. |
| (2) | The acquisition of Kalwall, completed on July 1, 2026. |
| Apogee Enterprises, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Business Segment Information | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended · Six Months Ended | ||||||||
| (In thousands) · August 29, 2026 · August 30, 2025 · % Change · August 29, 2026 · August 30, 2025 · % Change | ||||||||
| Segment net sales | ||||||||
| Architectural Metals | $143,520 | $140,935 | 1.8% | $265,963 | $269,559 | (1.3)% | ||
| Architectural Services | 108,464 | 100,490 | 7.9% | 223,700 | 206,995 | 8.1% | ||
| Architectural Glass | 87,423 | 72,181 | 21.1% | 155,137 | 145,454 | 6.7% | ||
| Performance Surfaces | 55,257 | 48,390 | 14.2% | 99,581 | 90,640 | 9.9% | ||
| Intersegment eliminations | (3,529) | (3,802) | (7.2)% | (10,561) | (7,832) | 34.8% | ||
| Net sales | $391,135 | $358,194 | 9.2% | $733,820 | $704,816 | 4.1% | ||
| Segment adjusted EBITDA | ||||||||
| Architectural Metals | $22,116 | $20,828 | 6.2% | $35,816 | $30,195 | 18.6% | ||
| Architectural Services | 6,249 | 5,016 | 24.6% | 12,385 | 11,084 | 11.7% | ||
| Architectural Glass | 12,992 | 11,647 | 11.5% | 18,885 | 25,064 | (24.7)% | ||
| Performance Surfaces | 12,410 | 11,221 | 10.6% | 18,987 | 19,179 | (1.0)% | ||
| Corporate and other | (4,229) | (4,344) | (2.6)% | (4,420) | (6,770) | (34.7)% | ||
| Adjusted EBITDA | $49,538 | $44,368 | 11.7% | $81,653 | $78,752 | 3.7% | ||
| Segment adjusted EBITDA margins | ||||||||
| Architectural Metals | 15.4% | 14.8% | 13.5% | 11.2% | ||||
| Architectural Services | 5.8% | 5.0% | 5.5% | 5.4% | ||||
| Architectural Glass | 14.9% | 16.1% | 12.2% | 17.2% | ||||
| Performance Surfaces | 22.5% | 23.2% | 19.1% | 21.2% | ||||
| Adjusted EBITDA margin | 12.7% | 12.4% | 11.1% | 11.2% | ||||
Segment net sales is defined as net sales of the segment including revenue related to intersegment transactions.
Intersegment net sales eliminations are presented separately to exclude these sales from our consolidated total.
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||
| (Unaudited) | ||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated |
| Net earnings (loss) | $18,221 | $5,488 | $7,804 | $8,349 | $(17,482) | $22,380 |
| Interest expense (income), net | 384 | (40) | (250) | — | 3,461 | 3,554 |
| Income tax expense | — | — | 325 | — | 7,711 | 8,037 |
| Depreciation and amortization | 3,511 | 801 | 4,207 | 3,929 | 743 | 13,191 |
| EBITDA | 22,116 | 6,249 | 12,086 | 12,278 | (5,567) | 47,162 |
| Acquisition-related costs (1) | — | — | 906 | 132 | 1,338 | 2,376 |
| Adjusted EBITDA | $22,116 | $6,249 | $12,992 | $12,410 | $(4,229) | $49,538 |
| EBITDA margin | 15.4% | 5.8% | 14.4% | 22.2% | N/M | 12.1% |
| Adjusted EBITDA margin | 15.4% | 5.8% | 15.5% | 22.5% | N/M | 12.6% |
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||
| (Unaudited) | ||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated |
| Net earnings (loss) | $20,874 | $1,433 | $8,429 | $6,245 | $(13,332) | $23,649 |
| Interest expense (income), net | 444 | (86) | (131) | — | 3,848 | 4,075 |
| Income tax expense | — | — | 26 | — | 4,278 | 4,304 |
| Depreciation and amortization | 3,752 | 911 | 3,323 | 3,789 | 732 | 12,507 |
| EBITDA | 25,070 | 2,258 | 11,647 | 10,034 | (4,474) | 44,535 |
| Acquisition-related costs (1) | — | — | — | 1,187 | 120 | 1,307 |
| Restructuring costs (2) | 355 | 2,758 | — | — | 10 | 3,123 |
| NMTC settlement gain (3) | (4,597) | — | — | — | — | (4,597) |
| Adjusted EBITDA | $20,828 | $5,016 | $11,647 | $11,221 | $(4,344) | $44,368 |
| EBITDA margin | 17.8% | 2.2% | 16.1% | 20.7% | N/M | 12.4% |
| Adjusted EBITDA margin | 14.8% | 5.0% | 16.1% | 23.2% | N/M | 12.4% |
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. |
| (2) | Restructuring costs related to Project Fortify Phase 2. |
| (3) | Settlement of a New Market Tax Credit transaction. |
| Apogee Enterprises, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||
| (Unaudited) | ||||||||
| (In thousands) · Architectural Metals · Architectural Services · Architectural Glass · Performance Surfaces · Corporate and Other · Consolidated | ||||||||
| Net earnings (loss) | $27,981 | $10,860 | $10,300 | $10,976 | $(26,200) | $33,917 | ||
| Interest expense (income), net | 770 | (74) | (422) | — | 6,114 | 6,388 | ||
| Income tax expense | 396 | 12,037 | 12,433 | |||||
| Depreciation and amortization | 7,065 | 1,599 | 7,705 | 7,879 | 1,521 | 25,769 | ||
| EBITDA | 35,816 | 12,385 | 17,979 | 18,855 | (6,528) | 78,507 | ||
| Acquisition-related costs (1) | — | — | 906 | 132 | 2,108 | 3,146 | ||
| Adjusted EBITDA | $35,816 | $12,385 | $18,885 | $18,987 | $(4,420) | $81,653 | ||
| EBITDA margin | 13.5% | 5.5% | 12.4% | 18.9% | N/M | 10.7% | ||
| Adjusted EBITDA margin | 13.5% | 5.5% | 13.1% | 19.1% | N/M | 11.0% | ||
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||
| (Unaudited) | ||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated |
| Net earnings (loss) | $24,543 | $(4,759) | $18,631 | $10,377 | $(27,830) | $20,962 |
| Interest expense (income), net | 901 | (138) | (276) | — | 7,434 | 7,921 |
| Income tax (benefit) expense | (43) | (8) | 116 | — | 9,329 | 9,394 |
| Depreciation and amortization | 7,566 | 1,983 | 6,593 | 7,338 | 1,463 | 24,943 |
| EBITDA | 32,967 | (2,922) | 25,064 | 17,715 | (9,604) | 63,220 |
| Acquisition-related costs (1) | — | — | — | 1,464 | 193 | 1,657 |
| Restructuring costs (2) | 1,825 | 14,006 | — | — | 2,641 | 18,472 |
| NMTC settlement gain (3) | (4,597) | — | — | — | — | (4,597) |
| Adjusted EBITDA | $30,195 | $11,084 | $25,064 | $19,179 | $(6,770) | $78,752 |
| EBITDA margin | 12.2% | (1.4%) | 17.2% | 19.5% | N/M | 9.0% |
| Adjusted EBITDA margin | 11.2% | 5.4% | 17.2% | 21.2% | N/M | 11.2% |
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. |
| (2) | Restructuring costs related to Project Fortify Phase 2. |
| (3) | Settlement of a New Market Tax Credit transaction. |
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted net earnings and adjusted diluted earnings per share
(Unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 |
| Net earnings | $22,380 | $23,649 | $33,917 | $20,962 |
| Acquisition-related costs (1) | 2,376 | 1,307 | 3,146 | 1,657 |
| Restructuring costs (2) | — | 3,123 | — | 18,472 |
| NMTC settlement gain (3) | — | (4,597) | — | (4,597) |
| Income tax impact on above adjustments (4) | (355) | (2,384) | (543) | (3,546) |
| Adjusted net earnings | $24,401 | $21,098 | $36,520 | $32,948 |
| Three Months Ended | Six Months Ended | |||
| August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | |
| Diluted earnings per share | $1.07 | $1.10 | $1.61 | $0.97 |
| Acquisition-related costs (1) | 0.11 | 0.06 | 0.15 | 0.08 |
| Restructuring costs (2) | — | 0.14 | — | 0.86 |
| NMTC settlement gain (3) | — | (0.21) | — | (0.21) |
| Income tax impact on above adjustments (4) | (0.02) | (0.11) | (0.03) | (0.16) |
| Adjusted diluted earnings per share | $1.17 | $0.98 | $1.74 | $1.53 |
| Weighted average diluted shares outstanding | 20,901 | 21,590 | 21,014 | 21,562 |
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. |
| (2) | Restructuring costs related to Project Fortify Phase 2 in fiscal 2026. |
| (3) | Settlement of a New Market Tax Credit transaction. |
| (4) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. |
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