WORTHINGTON ENTERPRISES, INC.
For the period ended May 31, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jul 30, 2025
WOR$60.50-1.2%Stored close · as of Nov 6, 2026
Contents
DEFINED TERMS
References in this Form 10-K to “we,” “our,” “us” or the “Company” are collectively to Worthington Enterprises and its consolidated subsidiaries. In addition, the following terms, when used in this Form 10-K, have the meanings set forth below:
| Term | Definition |
|---|---|
| ABI | Architecture Billings Index |
| AICPA | American Institute of Certified Public Accountants |
| AOCI | Accumulated other comprehensive (income) loss |
| AI | Artificial intelligence |
| ArtiFlex | ArtiFlex Manufacturing, LLC |
| ASC 606 | ASU 2014-09, Revenue from Contracts with Customers |
| ASU | Accounting Standards Update |
| Board | Board of Directors of Worthington Enterprises |
| CARES Act | Coronavirus Aid, Relief and Economic Security Act |
| ClarkDietrich | Clarkwestern Dietrich Building Systems LLC |
| CEO | Chief Executive Officer |
| CIO | Chief Information Officer |
| CISO | Chief Information Security Officer |
| Code | Internal Revenue Code of 1986, as amended |
| CODM | Chief Operating Decision Maker |
| common shares | The common shares, no par value, of Worthington Enterprises |
| COVID-19 | The novel coronavirus disease first known to originate in December 2019 |
| Credit Facility | Our $500,000,000 unsecured revolving credit facility with a group of lenders maturing on September 27, 2028 |
| Distribution | The pro-rata distribution of all outstanding shares of Worthington Steel whereby each holder of record of Worthington Enterprises common shares received one common share of Worthington Steel for every one common share of Worthington Enterprises held as of the Record Date. |
| DIY | Do-it-yourself |
| EPS | Earnings per common share |
| Elgen | Elgen Manufacturing Company, Inc. |
| Equity income | Equity in net income of unconsolidated affiliates |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FIN 48 | ASC 740-10, the provision formerly FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” |
| fiscal 2022 | Our fiscal year ended May 31, 2022 |
| fiscal 2023 | Our fiscal year ended May 31, 2023 |
| fiscal 2024 | Our fiscal year ended May 31, 2024 |
| fiscal 2025 | Our fiscal year ending May 31, 2025 |
| fiscal 2026 | Our fiscal year ending May 31, 2026 |
| GAAP | U.S. generally accepted accounting principles |
| GDP | Gross domestic product |
| GDPR | General Data Protection Regulation of the European Union |
| Gerstenslager Plan | The Gerstenslager Company Bargaining Unit Employees’ Pension Plan |
| GTI | General Tools & Instruments Company LLC |
| Halo | WH Products, LLC |
| Hexagon | Hexagon Composites ASA |
| HPG | Halo Products Group, LLC |
| HMI | The National Association of Home Builders/Wells Fargo Housing Market Index |
| HVAC | Heating, ventilation, and air conditioning |
| IRS | U.S. Internal Revenue Service |
| LPG | Liquified Petroleum Gas |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| New Senior Notes | Collectively, the New Series A Senior Note and the New Series B Senior Notes |
| New Series A Senior Note | The senior unsecured note issued by Worthington Enterprises on August 23, 2019, in the principal amount of €36,700,000 that bears interest at a rate of 2.06% and are scheduled to be repaid on August 23, 2031. |
| New Series B Senior Notes | The senior unsecured notes issued by Worthington Enterprises on August 23, 2019, in the principal amount of €55,000,000 that bears interest at a rate of 2.40% and are scheduled to be repaid on August 23, 2034. |
| NOL | Net operating loss |
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| Term | Definition |
|---|---|
| NYSE | New York Stock Exchange |
| OCI | Other comprehensive income (loss) |
| Original Senior Notes | Collectively, the Original Series A Senior Note and the Original Series B Senior Notes |
| Original Series A Senior Note | The senior unsecured note issued by one of our European subsidiaries on August 23, 2019, in the principal amount of €36,700,000, which had an interest rate of 1.56% and was set to mature on August 23, 2031. |
| Original Series B Senior Notes | The senior unsecured notes issued by one of our European subsidiaries on August 23, 2019, in the principal amount of €55,000,000, which had an interest rate of 1.90% and was set to mature on August 23, 2034. |
| OSHA | U.S. Occupational Safety and Health Administration |
| PSLRA | Private Securities Litigation Reform Act of 1995, as amended |
| Record Date | Close of business on November 21, 2023 |
| Ragasco | Ragasco AS |
| ROU | Right of use |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| Separation | The separation of our steel processing business, effective December 1, 2023 |
| SG&A | Selling, general and administrative expenses |
| Simple SOFR | Simple Secured Overnight Financing Rate |
| U.S. | United States of America |
| Voestalpine | Voestalpine Automotive Components Nagold GmbH & Co. KG |
| WAVE | Worthington Armstrong Venture |
| Workhorse | Taxi Workhorse Holdings, LLC |
| Worthington Steel | Worthington Steel, Inc. |
| Worthington Enterprises | Worthington Enterprises, Inc. (formerly known as Worthington Industries, Inc.) |
| Worthington Steel Credit Facility | Worthington Steel’s $550,000,000 senior secured revolving credit facility with a group of lenders |
| 2025 Annual Meeting | The Annual Meeting of Shareholders of Worthington Enterprises to be held on September 23, 2025 |
| 2025 Proxy Statement | The definitive Proxy Statement of Worthington Enterprises relating to the 2025 Annual Meeting |
| 2024 Notes | The senior unsecured notes that we issued on August 10, 2012, in the principal amount of $150,000,000, which bore interest at a rate of 4.60%, were set to mature on August 10, 2024, and were paid in full on December 6, 2023. |
| 2026 Notes | The senior unsecured notes that we issued on April 15, 2014, in the principal amount of $250,000,000, which bore interest at a rate of 4.55%, were scheduled to mature on April 15, 2026, and were paid in full on July 28, 2023. |
| 2032 Notes | The senior unsecured notes that were issued on July 28, 2017, in the principal amount of $200,000,000, which bear an interest rate of 4.30% and are scheduled to mature on July 28, 2032. |
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