Worthington Steel, Inc.
For the period ended May 31, 2026. Filed Jul 30, 2026.
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FY2026 · Filed Jul 30, 2026
WS$39.37+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Statements of Cash Flows
(In millions)
| Fiscal Years Ended May 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Operating activities: | |||
| Net earnings (loss) | $(12.9) | $119.3 | $170.1 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 84.2 | 66.0 | 65.3 |
| Impairment of goodwill, long-lived assets, and other assets | 114.3 | 7.4 | 1.4 |
| Provision for (benefit from) deferred income taxes | (10.4) | (3.1) | 1.1 |
| Bad debt expense | 0.8 | 1.8 | 1.1 |
| Equity in net income of unconsolidated affiliate, net of distributions | 3.2 | 8.4 | (20.4) |
| Net (gain) loss on sale of assets | (4.7) | (0.7) | 1.0 |
| Stock-based compensation | 13.9 | 11.0 | 10.3 |
| Unrealized gain on equity securities | (16.0) | - | - |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | (16.3) | 34.1 | (1.4) |
| Inventories | 47.2 | (16.7) | 16.4 |
| Accounts payable | (17.4) | 15.8 | (26.7) |
| Accrued compensation and employee benefits | 5.4 | (9.8) | 7.9 |
| Other operating items, net | 9.9 | (3.2) | (26.6) |
| Net cash provided by operating activities | 201.2 | 230.3 | 199.5 |
| Investing activities: | |||
| Investment in property, plant and equipment | (121.2) | (130.4) | (103.4) |
| Acquisitions, net of cash acquired | (2.9) | - | (21.0) |
| Proceeds from sale of assets, net of selling costs | 16.6 | 1.3 | 1.2 |
| Purchases of equity securities | (106.2) | - | - |
| Other investing activities | 0.3 | - | - |
| Net cash used in investing activities | (213.4) | (129.1) | (123.2) |
| Financing activities: | |||
| Distribution to the Former Parent in connection with the Separation | - | - | (150.0) |
| Transfers to the Former Parent, net | - | - | (47.6) |
| Proceeds from short-term borrowings, net | 25.0 | 15.0 | 127.2 |
| Proceeds from revolving credit facility borrowings - swing loans | 1,622.0 | 508.7 | 266.1 |
| Repayment of revolving credit facility borrowings - swing loans | (1,610.8) | (522.5) | (248.1) |
| Proceeds from long-term debt, net of issuance costs | 38.1 | 2.3 | - |
| Principal payments on long-term debt | (22.4) | - | - |
| Payments of tax withholdings, net of proceeds from issuance of common shares | (5.9) | (3.1) | 0.3 |
| Payments to noncontrolling interests | (6.0) | (17.0) | (8.8) |
| Dividends paid | (32.6) | (31.9) | (7.9) |
| Payments of debt issuance costs | (4.4) | - | - |
| Net cash provided by (used in) financing activities | 3.0 | (48.5) | (68.8) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 0.9 | - | - |
| Increase (decrease) in cash, cash equivalents and restricted cash | (8.3) | 52.7 | 7.5 |
| Cash, cash equivalents, and restricted cash at beginning of year | 92.9 | 40.2 | 32.7 |
| Cash, cash equivalents, and restricted cash at end of year | $84.6 | $92.9 | $40.2 |
WORTHINGTON STEEL, INC.
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