WORTHINGTON ENTERPRISES, INC.
For the period ended May 31, 2026. Filed Jul 30, 2026.
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FY2026 · Filed Jul 30, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Fiscal Years Ended May 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Operating activities: | |||
| Net earnings | $155,035 | $94,970 | $117,821 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 57,272 | 48,262 | 80,704 |
| Impairment of goodwill and long-lived assets | - | 50,813 | 34,377 |
| Provision for (benefit from) deferred income taxes | 8,439 | (18,439) | 2,762 |
| Impairment of investment in note receivable | - | 5,000 | 11,170 |
| Loss on extinguishment of debt | - | - | 1,534 |
| Bad debt expense (income) | 358 | 3,158 | (450) |
| Equity in net income of unconsolidated affiliates, net of distributions | 5,361 | 8,769 | 5,722 |
| Net loss on sale of assets | 3,290 | 277 | 28,980 |
| Stock-based compensation | 13,734 | 16,186 | 16,688 |
| Unrealized loss on investment in marketable securities | 975 | - | - |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | 7,706 | (22,261) | 50,078 |
| Inventories | (11,557) | 11,500 | 63,596 |
| Accounts payable | 3,820 | 619 | (65,401) |
| Accrued compensation and employee benefits | (1,986) | 1,807 | 468 |
| Other operating items, net | (16,328) | 9,083 | (58,073) |
| Net cash provided by operating activities | 226,119 | 209,744 | 289,976 |
| Investing activities: | |||
| Investment in property, plant and equipment | (55,913) | (50,580) | (83,527) |
| Acquisitions, net of cash acquired | (304,148) | (95,018) | (42,035) |
| Proceeds from sale of assets, net of selling costs | 245 | 13,455 | 865 |
| Investment in note receivable | - | - | (14,900) |
| Investment in non-marketable equity securities, net of distributions | (251) | (2,958) | (2,296) |
| Excess distributions from unconsolidated affiliate | - | - | 1,085 |
| Net cash used by investing activities | (360,067) | (135,101) | (140,808) |
| Financing activities: | |||
| Dividends paid | (36,890) | (33,903) | (56,819) |
| Repurchase of common shares | (43,710) | (30,883) | - |
| Proceeds from issuance of common shares, net of tax withholdings | (5,948) | (4,007) | (11,399) |
| Principal payments on long-term obligations | (1,854) | - | (393,890) |
| Dividend from Worthington Steel at Separation | - | - | 150,000 |
| Distribution to Worthington Steel at Separation | - | - | (218,048) |
| Net proceeds from short-term borrowings, net of issuance costs | - | - | 172,187 |
| Payments to noncontrolling interests | - | - | (1,920) |
| Net cash used by financing activities | (88,402) | (68,793) | (359,889) |
| (Decrease) increase in cash and cash equivalents | (222,350) | 5,850 | (210,721) |
| Cash and cash equivalents at beginning of year | 250,075 | 244,225 | 454,946 |
| Cash and cash equivalents at end of year | $27,725 | $250,075 | $244,225 |
The cash flows related to discontinued operations have not been segregated. Accordingly, the consolidated statements of cash flows include the results from continuing and discontinued operations. See “Note B – Discontinued Operations” for a summarization of significant non-cash items related to discontinued operations.
WORTHINGTON ENTERPRISES, INC.
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