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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number 001-08399

WORTHINGTON ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)


Ohio		31-1189815
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 West Old Wilson Bridge Road, Columbus, Ohio		43085
(Address of principal executive offices)		(Zip Code)

     (614) 438-3210

    

     (Registrant’s telephone number, including area code)

    

     Not Applicable

    

     (Former name, former address and former fiscal year, if changed since last report)

    

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, Without Par Value	WOR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

On April 6, 2026, the number of common shares, without par value, of the registrant issued and outstanding was 49,252,994.

Table of Contents

TABLE OF CONTENTS


Commonly Used or Defined Terms			ii
Cautionary Note Regarding Forward-Looking Statements			iv
Use of Non-GAAP Financial Measures and Definitions			1
Part I. Financial Information
	Item 1.	Financial Statements
		Consolidated Balance Sheets – February 28, 2026 and May 31, 2025	5
		Consolidated Statements of Earnings – Three Months and Nine Months Ended February 28, 2026 and 2025	6
		Consolidated Statements of Comprehensive Income – Three Months and Nine Months Ended February 28, 2026 and 2025	7
		Consolidated Statements of Cash Flows – Three Months and Nine Months Ended February 28, 2026 and 2025	8
		Condensed Notes to Consolidated Financial Statements (Unaudited)	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
	Item 4.	Controls and Procedures	37
Part II. Other Information

	Item 1.	Legal Proceedings	38
	Item 1A.	Risk Factors	38
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
	Item 3.	Defaults Upon Senior Securities	39
	Item 4.	Mine Safety Disclosures	39
	Item 5.	Other Information	39
	Item 6.	Exhibits	39
Signatures			40

Table of Contents

COMMONLY USED OR DEFINED TERMS

References in this Form 10-Q 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-Q, have the meanings set forth below:


Term		Definition
ABI		Architecture Billings Index
AI		Artificial intelligence
AOCI		Accumulated other comprehensive income (loss)
ASU		Accounting Standards Update
ATSR		Annualized absolute total shareholder return
Board		Board of Directors of Worthington Enterprises, Inc.
CARES Act		Coronavirus Aid, Relief and Economic Security Act
CEO		Chief Executive Officer
ClarkDietrich		Clarkwestern Dietrich Building Systems LLC
CODM		Chief Operating Decision Maker
common shares		The common shares, no par value, of Worthington Enterprises
Credit Facility		Our $500,000,000 unsecured revolving credit facility with a group of lenders
current year period		The nine months ended February 28, 2026
current year quarter		The three months ended February 28, 2026
DMI		Dodge Momentum Index
EBIT		Earnings before interest and taxes
EBITDA		Earnings before interest, taxes, depreciation, and amortization
Elgen		Elgen Manufacturing Company, Inc.
EPS		Earnings per common share
equity income		Equity in net income of unconsolidated affiliates
ETR		Effective income tax rate
Exchange Act		Securities Exchange Act of 1934, as amended
FASB		Financial Accounting Standards Board
fiscal 2024		Our fiscal year ended May 31, 2024
fiscal 2025		Our fiscal year ended May 31, 2025
fiscal 2026		Our fiscal year ending May 31, 2026
Form 10-Q		This Quarterly Report on Form 10-Q for the quarterly period ended February 28, 2026
GAAP		U.S. generally accepted accounting principles
Halo		WH Products, LLC
Hexagon Composites		Hexagon Composites ASA, which is traded on the Euronext Oslo as HEX
Hexagon Purus		Hexagon Purus ASA, which is traded on the Euronext Oslo as HPUR
HMI		National Association of Home Builders/Wells Fargo Housing Market Index
HVAC		Heating, ventilation, and air conditioning
Hydrostat		Hydrostat, Inc.
IEEPA		International Emergency Economic Powers Act, as amended
LIRA		Leading Indicator of Remodeling Activity
LPG		Liquefied petroleum gas
LSI		LSI Group, LLC
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
N.M.		Not meaningful
OCI		Other comprehensive income (loss)
prior year period		The nine months ended February 28, 2025
prior year quarter		The three months ended February 28, 2025
PSLRA		Private Securities Litigation Reform Act of 1995, as amended
Ragasco		Ragasco AS
SEC		Securities and Exchange Commission
SES		Sustainable Energy Solutions
Separation		The separation of our former steel processing business, effective December 1, 2023
SG&A		Selling, general and administrative expenses
simple SOFR		Simple Secured Overnight Financing Rate
special PSA		Special award of common shares subject to performance-based and time-based vesting restrictions

Table of Contents


Term		Definition
Steel Supply and Services Agreement		Steel Supply and Services Agreement, dated November 30, 2023, by and between Worthington Steel and Worthington Enterprises.
third quarter of fiscal 2026		Our fiscal quarter ended February 28, 2026
Trademark License Agreement		Trademark License Agreement, dated November 30, 2023, by and between Worthington Steel and Worthington Enterprises.
Transition Services Agreement		Transition Services Agreement, dated November 30, 2023, by and between Worthington Steel and Worthington Enterprises.
U.S.		United States of America
WAVE		Worthington Armstrong Venture
Workhorse		Taxi Workhorse Holdings, LLC
Worthington Enterprises		Worthington Enterprises, Inc. (formerly known as Worthington Industries, Inc.)
Worthington Steel		Worthington Steel, Inc.
2025 Form 10-K		Our Annual Report on Form 10-K for fiscal 2025 as filed with the SEC on July 30, 2025
2026 Form 10-K		Our Annual Report on Form 10-K for fiscal 2026

Also see the definitions included in the “Use of Non-GAAP Financial Measures and Definitions” section of this Form 10-Q.

iii

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Selected statements contained in this Form 10-Q, including, without limitation, in MD&A and in “Note D – Contingent Liabilities and Commitments,” constitute “forward-looking statements,” as that term is used in the PSLRA. We wish to take advantage of the safe harbor provisions included in the PSLRA. Forward-looking statements reflect our current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee,” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to:

•

future or expected cash positions, liquidity and ability to access financial markets and capital;

•

outlook, strategy or business plans;

•

future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures;

•

pricing trends for raw materials and finished goods and the impact of pricing changes;

•

the ability to improve or maintain margins;

•

expected demand or demand trends;

•

additions to product lines and opportunities to participate in new markets;

•

expected benefits from transformation and innovation efforts;

•

the ability to improve performance and competitive position;

•

anticipated working capital needs, capital expenditures and asset sales;

•

anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof;

•

projected profitability potential;

•

the ability to make acquisitions, form joint ventures and consolidate operations, and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations;

•

projected capacity and the alignment of operations with demand;

•

the ability to operate profitably and generate cash in down markets;

•

the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets;

•

the ability to attract, retain and develop key personnel and skilled labor, and to execute effective management succession and workforce planning;

•

expectations for inventories, jobs and orders;

•

expectations for the economy and markets or improvements therein;

•

expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value;

•

effects of judicial rulings, laws and regulations;

•

anticipated improvements in our business and efficiencies to be gained from the use of AI and other technologies;

•

effects of cybersecurity breaches and other disruptions to information technology infrastructure; and

•

other non-historical matters.

Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow:

•

the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital;

•

the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a U.S. withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships;

•

changing prices and/or supply of steel, natural gas, oil, copper, zinc, and other raw materials;

•

product demand and pricing;

•

changes in product mix, product substitution and market acceptance of our products;

•

volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, energy, labor and other items required by operations;

•

effects of sourcing and supply chain constraints, including interruptions in deliveries of raw materials and supplies or the loss of key supplier relationships;

Table of Contents

•

increases in freight and energy costs;

•

the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters;

•

effects of facility closures and the consolidation of operations;

•

the effect of financial difficulties, consolidation and other changes within construction and other industries in which we participate;

•

failure to maintain appropriate levels of inventories;

•

financial difficulties (including bankruptcy filings) of end-users and customers, suppliers, joint venture partners and others with whom we do business;

•

the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts;

•

the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis;

•

the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom;

•

capacity levels and efficiencies, within facilities, within major product markets and within the industries in which we participate;

•

the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, public health emergencies, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts, terrorist activities, or other causes;

•

changes in customer demand, inventories, spending patterns, product choices, and supplier choices;

•

risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of our products in global markets;

•

the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment;

•

the operational, data privacy, security, regulatory, and legal risks associated with our reliance on AI technologies as well as our inability to stay abreast of technological advancements and our dependence on third parties who rely on AI technologies;

•

the effect of inflation, interest rate increases and economic recession, which may negatively impact our operations and financial results;

•

deviation of actual results from estimates and/or assumptions used by us in the application of our significant accounting policies;

•

the level of imports and import prices in our markets;

•

the effect of national, regional and global economic conditions generally and within major product markets;

•

the impact of environmental laws and regulations or the actions of the U.S. Environmental Protection Agency or similar regulators which increase costs or limit our ability to use or sell certain products;

•

the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations;

•

the impact of judicial rulings and governmental regulations, both in the U.S. and abroad, including those adopted by the SEC and other governmental agencies as contemplated by the CARES Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010;

•

the effect of healthcare laws in the U.S. and potential changes for such laws which may increase our healthcare and other costs and negatively impact our operations and financial results;

•

the effects of tax laws in the U.S. and potential changes for such laws, which may increase our costs and negatively impact our operations and financial results;

•

cybersecurity risks;

•

the effects of privacy and information security laws and standards;

•

the seasonality of our operations;

•

the effects of competition and price pressures from competitors; and

•

other risks described from time to time in our filings with the SEC, including those described in “Part I – Item 1A. – Risk Factors” of the 2025 Form 10-K.

We note these risk factors for investors as contemplated by the PSLRA. Forward-looking statements should be construed in the light of such risks. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

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USE OF NON-GAAP FINANCIAL MEASURES AND DEFINITIONS

NON-GAAP FINANCIAL MEASURES. This Form 10-Q includes certain financial measures that are not calculated and presented in accordance with GAAP. Non-GAAP financial measures typically exclude items that management believes are not reflective of our ongoing operations, and thus should not be included when evaluating our performance. Management uses these non-GAAP financial measures to evaluate ongoing performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information regarding the performance of our ongoing operations and should not be considered as an alternative to the comparable GAAP financial measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in our business and enable investors to evaluate our operations and future prospects in the same manner as management.

Beginning in the third quarter of fiscal 2026, we updated our definition of adjusted operating income, adjusted net earnings, adjusted EBITDA, and adjusted EPS – diluted to exclude the acquisition-related amortization of inventory step-up charges. Non-GAAP financial measures for prior periods presented in this Form 10-Q have been recast for comparability.

The following provides an explanation of each non-GAAP financial measure presented in this Form 10-Q:

Adjusted operating income (loss) is defined as operating income (loss) excluding the items listed below, to the extent naturally included in operating income (loss).

Adjusted net earnings is defined as net earnings attributable to controlling interest excluding the after-tax effect of the excluded items outlined below.

Adjusted EPS - diluted is defined as adjusted net earnings divided by diluted weighted-average common shares outstanding for the applicable period.

Adjusted EBITDA is the measure by which management evaluates segment performance and overall profitability. Adjusted EBITDA excludes additional items including, but not limited to, those listed below, as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of ongoing operations. Adjusted EBITDA also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance and determines incentive compensation. At the segment level, adjusted EBITDA includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate level within the unallocated corporate and other category.

Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales.

EXCLUSIONS FROM NON-GAAP FINANCIAL MEASURES

Management believes it is useful to exclude the following items from its non-GAAP financial measures for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from non-GAAP financial measures that do not occur in the ordinary course of our ongoing business operations and note them in the reconciliation from net earnings to the non-GAAP financial measure adjusted EBITDA.

•

Amortization of inventory step-up represents the increase in inventory fair value associated with our acquisitions. The increase in inventory fair value is amortized to cost of sales over the period that the related inventory is sold. The amortization of inventory step-up is excluded because it is a non-cash expense that is not indicative of ongoing operating results.

•

Impairment charges are excluded because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which management believes facilitates the comparison of historical, current and forecasted financial results.

•

Restructuring and other expense, net consist of established programs that are intended to fundamentally change our operations, and as such are excluded from our non-GAAP financial measures. Our restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. Our restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental costs associated with our restructuring activities. Restructuring and other expense, net, may also include other nonrecurring items included in operating income but incremental to our normal business activities. These items are excluded because they are not indicative of the ongoing operations of our underlying business.

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•

Loss on partial sale of investment in SES, which resulted from the divestiture of our 49% interest in the Composites business of the SES joint venture, is excluded because it did not occur in the normal course of business.

•

Unrealized loss on investment in marketable equity securities represents the net impact of unrealized losses resulting from mark-to-market adjustments on our marketable equity securities. We exclude this activity because it is not reflective of on-going operating activity and does not provide a meaningful evaluation of operating performance.

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(In thousands, except per common share amounts)

Consolidated Results – Selected Non-GAAP Adjusted Results


	Three Months Ended February 28, 2026
			Earnings
			Before		Income
	Operating		Income		Tax			Net		Diluted
	Income		Taxes		Expense			Earnings (1)		EPS (1)
GAAP	$	31,543	$	60,114	$	14,994		$	45,463	$	0.92
Amortization of inventory step-up (2)		1,500		1,500		(367	)		1,133		0.02
Restructuring and other expense, net		2,186		2,186		(512	)		1,674		0.03
Unrealized loss on investment in marketable securities (4)		-		340		(84	)		256		0.01
Non-GAAP	$	35,229	$	64,140	$	15,957		$	48,526	$	0.98


	Three Months Ended February 28, 2025
			Earnings
			Before		Income
	Operating		Income		Tax		Net		Diluted
	Income		Taxes		Expense		Earnings (1)		EPS (1)
GAAP	$	20,868	$	52,579	$	13,240	$	39,663	$	0.79
Restructuring and other expense, net		5,374		5,374		295		5,669		0.12
Non-GAAP	$	26,242	$	57,953	$	12,945	$	45,332	$	0.91


	Nine Months Ended February 28, 2026
			Earnings
			Before		Income
	Operating		Income		Tax			Net		Diluted
	Income		Taxes		Expense			Earnings (1)		EPS (1)
GAAP	$	53,050	$	141,575	$	34,605		$	107,939	$	2.17
Amortization of inventory step-up (2)		3,651		3,651		(888	)		2,763		0.06
Restructuring and other expense, net		6,306		6,306		(1,292	)		5,014		0.11
Loss on partial sale of investment in SES (3)		-		2,950		-			2,950		0.06
Unrealized loss on investment in marketable securities (4)		-		1,584		(385	)		1,199		0.01
Non-GAAP	$	63,007	$	156,066	$	37,170		$	119,865	$	2.41


	Nine Months Ended February 28, 2025
			Earnings
			Before		Income
	Operating		Income		Tax			Net		Diluted
	Income		Taxes		Expense			Earnings (1)		EPS (1)
GAAP	$	19,690	$	120,478	$	29,122		$	92,176	$	1.84
Amortization of inventory step-up		1,477		1,477		(369	)		1,108		0.02
Restructuring and other expense, net		9,152		9,152		(632	)		8,520		0.17
Non-GAAP	$	30,319	$	131,107	$	30,123		$	101,804	$	2.03

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(In thousands, except per common share amounts)

Consolidated Results - Adjusted EBITDA


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Net earnings (GAAP)	$	45,120		$	39,339		$	106,970		$	91,356
Plus: Net loss attributable to noncontrolling interest		343			324			969			820
Net earnings attributable to controlling interest		45,463			39,663			107,939			92,176
Interest expense, net		1,828			628			3,363			2,150
Income tax expense		14,994			13,240			34,605			29,122
EBIT (5)		62,285			53,531			145,907			123,448
Amortization of inventory step-up (2)		1,500			-			3,651			1,477
Restructuring and other expense, net		2,186			5,374			6,306			9,152
Loss on partial sale of investment in SES (3)		-			-			2,950			-
Unrealized loss on investment in marketable securities (4)		340			-			1,584			-
Adjusted EBIT (5)		66,311			58,905			160,398			134,077
Depreciation and amortization		14,552			11,950			41,402			35,707
Stock-based compensation (6)		3,752			2,924			10,504			10,122
Adjusted EBITDA (non-GAAP)	$	84,615		$	73,779		$	212,304		$	179,906

Net earnings margin (GAAP)		11.9	%		12.9	%		10.6	%		10.9	%
Adjusted EBITDA margin (non-GAAP)		22.3	%		24.2	%		21.0	%		21.5	%

(1)

Excludes the impact of noncontrolling interest.

(2)

Reflects the amortization of the step-up to fair market value of acquired inventory related to the LSI and Elgen acquisitions in fiscal 2026 and the Ragasco acquisition in fiscal 2025. We updated the definition of our non-GAAP financial measures to exclude inventory step-up charges in the third quarter of fiscal 2026. All previously reported amounts in this Form 10-Q have been recast to conform to this change.

(3)

Reflects the loss incurred in connection with divestment of our 49% interest in the composite assets of our SES joint venture on October 16, 2025. In exchange for our interest in the divested assets, we received common shares of both Hexagon Composites and Hexagon Purus.

(4)

Reflects the unrealized loss associated with the marketable securities noted in footnote (3) above.

(5)

EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate our performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of net earnings to adjusted EBITDA, which is a non-GAAP financial measure used by management.

(6)

Excludes $2.7 million of stock-based compensation reported in restructuring and other expense, net in the consolidated statement of earnings for the prior year period related to the accelerated vesting of certain outstanding equity awards upon retirement of a key employee.

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Item 1. – Financial Statements

WORTHINGTON ENTERPRISES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)


	(Unaudited)
	February 28,		May 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	5,979	$	250,075
Receivables, less allowances of $1,062 and $907, respectively		231,878		215,824
Inventories:
Raw materials		104,684		80,522
Work in process		8,087		9,408
Finished products		84,817		79,463
Total inventories		197,588		169,393
Income taxes receivable		25,374		12,720
Prepaid expenses and other current assets		43,044		37,358
Total current assets		503,863		685,370
Investments in unconsolidated affiliates		118,678		129,262
Operating lease assets		44,703		22,699
Goodwill		499,492		376,480
Other intangible assets, net of accumulated amortization of $101,791 and $88,887, respectively		327,353		190,398
Other assets		24,900		20,717
Property, plant and equipment:
Land		8,746		8,703
Buildings and improvements		136,279		132,742
Machinery and equipment		409,609		372,798
Construction in progress		57,206		33,326
Total property, plant and equipment		611,840		547,569
Less: accumulated depreciation		307,291		277,343
Total property, plant and equipment, net		304,549		270,226
Total assets	$	1,823,538	$	1,695,152

Liabilities and equity
Current liabilities:
Accounts payable	$	107,386	$	103,205
Short-term borrowings		4,792		-
Accrued compensation, contributions to employee benefit plans and related taxes		43,062		43,864
Dividends payable		9,833		9,172
Other accrued items		39,659		34,478
Current operating lease liabilities		7,950		6,014
Income taxes payable		554		109
Total current liabilities		213,236		196,842
Other liabilities		58,462		53,364
Distributions in excess of investment in unconsolidated affiliate		109,592		103,767
Long-term debt		307,256		302,868
Noncurrent operating lease liabilities		37,681		17,173
Deferred income taxes, net		94,751		82,901
Total liabilities		820,978		756,915
Shareholders’ equity - controlling interest		1,002,479		937,187
Noncontrolling interest		81		1,050
Total equity		1,002,560		938,237
Total liabilities and equity	$	1,823,538	$	1,695,152

See condensed notes to consolidated financial statements.

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WORTHINGTON ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per common share amounts)

(Unaudited)


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Net sales	$	378,677		$	304,524		$	1,009,836		$	835,878
Cost of goods sold		269,203			215,277			733,449			610,077
Gross profit		109,474			89,247			276,387			225,801
Selling, general and administrative expense		75,745			63,005			217,031			196,959
Restructuring and other expense, net		2,186			5,374			6,306			9,152
Operating income		31,543			20,868			53,050			19,690
Other income (expense):
Miscellaneous income (expense), net		(316	)		258			(4,602	)		809
Interest expense, net		(1,828	)		(628	)		(3,363	)		(2,150	)
Equity in net income of unconsolidated affiliates		30,715			32,081			96,490			102,129
Earnings before income taxes		60,114			52,579			141,575			120,478
Income tax expense		14,994			13,240			34,605			29,122
Net earnings		45,120			39,339			106,970			91,356
Net loss attributable to noncontrolling interest		(343	)		(324	)		(969	)		(820	)
Net earnings attributable to controlling interest	$	45,463		$	39,663		$	107,939		$	92,176

Basic
Weighted average common shares outstanding		49,073			49,377			49,167			49,443
Earnings per share attributable to controlling interest	$	0.93		$	0.80		$	2.20		$	1.86

Diluted
Weighted average common shares outstanding		49,665			49,981			49,822			50,171
Earnings per share attributable to controlling interest	$	0.92		$	0.79		$	2.17		$	1.84

Cash dividends declared per common share	$	0.19		$	0.17		$	0.57		$	0.51

See condensed notes to consolidated financial statements.

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WORTHINGTON ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Net earnings	$	45,120		$	39,339		$	106,970		$	91,356
Other comprehensive income (loss), net of tax
Foreign currency translation		5,304			(2,704	)		5,756			(5,439	)
Pension liability adjustment		(7	)		161			(15	)		167
Cash flow hedges		860			548			(99	)		441
Other comprehensive income (loss), net of tax		6,157			(1,995	)		5,642			(4,831	)
Comprehensive income		51,277			37,344			112,612			86,525
Comprehensive loss attributable to noncontrolling interest		(343	)		(324	)		(969	)		(820	)
Comprehensive income attributable to controlling interest	$	51,620		$	37,668		$	113,581		$	87,345

See condensed notes to consolidated financial statements.

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WORTHINGTON ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Operating activities:
Net earnings	$	45,120		$	39,339		$	106,970		$	91,356
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		14,552			11,950			41,402			35,707
Provision for (benefit from) deferred income taxes		4,294			(8,016	)		7,812			(10,871	)
Bad debt (income) expense		(97	)		1,128			112			3,189
Equity in net income of unconsolidated affiliates, net of distributions		4,064			3,089			8,991			10,810
Net loss (gain) on sale of assets		(17	)		(21	)		2,995			(547	)
Stock-based compensation		3,752			2,924			10,504			12,787
Unrealized loss on investment in marketable securities		340			-			1,584			-
Changes in assets and liabilities, net of impact of acquisitions:
Receivables		(16,973	)		(18,553	)		3,870			(9,023	)
Inventories		10,998			14,128			(1,699	)		15,558
Accounts payable		6,612			46			(3,365	)		(12,600	)
Accrued compensation and employee benefits		13,658			8,838			(820	)		(4,628	)
Other operating items, net		(24,365	)		2,279			(23,838	)		15,592
Net cash provided by operating activities		61,938			57,131			154,518			147,330

Investing activities:
Investment in property, plant and equipment		(13,794	)		(12,704	)		(39,421	)		(37,494	)
Acquisitions, net of cash acquired		(212,191	)		-			(304,426	)		(88,156	)
Proceeds from sale of assets, net of selling costs		18			59			18			13,444
Investment in non-marketable equity securities, net of distributions		(58	)		(833	)		(113	)		(2,873	)
Net cash used by investing activities		(226,025	)		(13,478	)		(343,942	)		(115,079	)

Financing activities:
Dividends paid		(9,341	)		(8,422	)		(27,540	)		(25,507	)
Repurchase of common shares		(5,374	)		(6,170	)		(25,328	)		(21,052	)
Net proceeds from short term borrowings		4,792						4,792
Principal payments on long-term obligations		(284	)		-			(760	)		-
Proceeds from issuance of common shares, net of tax withholdings		(15	)		(22	)		(5,836	)		(7,073	)
Net cash used by financing activities		(10,222	)		(14,614	)		(54,672	)		(53,632	)

(Decrease) increase in cash and cash equivalents		(174,309	)		29,039			(244,096	)		(21,381	)
Cash and cash equivalents at beginning of period		180,288			193,805			250,075			244,225
Cash and cash equivalents at end of period	$	5,979		$	222,844		$	5,979		$	222,844

See condensed notes to consolidated financial statements.

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WORTHINGTON ENTERPRISES, INC.

CONDENSED Notes to Consolidated Financial Statements (UNAUDITED)

(In thousands, except common share and per common share amounts)

Note A – Basis of Presentation

Basis of Presentation

These interim unaudited consolidated financial statements include the accounts of Worthington Enterprises and its consolidated subsidiaries. Significant intercompany accounts and transactions have been eliminated.

We own an 80% controlling interest in Halo. Halo is consolidated with the equity owned by the other joint venture members shown as “noncontrolling interests” in our consolidated balance sheets, and the other joint venture members’ portions of net earnings and OCI are shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings and consolidated statements of comprehensive income, respectively.

Investments in unconsolidated affiliates that we do not control are accounted for using the equity method with our proportionate share of income or loss recognized within equity income in our consolidated statements of earnings. See further discussion of our unconsolidated affiliates in “Note B – Investments in Unconsolidated Affiliates.”

These interim unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal and recurring nature except those which have been disclosed elsewhere in this Form 10-Q, necessary for a fair presentation of the consolidated financial statements for these interim periods, have been included. Operating results for the third quarter of fiscal 2026 are not necessarily indicative of the results that may be expected for the full fiscal year. For further information, refer to the consolidated financial statements and notes thereto included in the 2025 Form 10-K.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

Relationship with Worthington Steel

We are party to several agreements with Worthington Steel that govern our ongoing relationship following the Separation, including a Trademark License Agreement, both a short and long-term Transition Services Agreement, and a Steel Supply and Services Agreement. Transactions governed by these agreements are considered related party transactions.

Pursuant to the Steel Supply and Services Agreement, Worthington Steel manufactures and supplies to us, at reasonable market rates, certain flat rolled steel products, and will provide us with certain related support services such as design, engineering/technical services, price risk management, scrap management, steel purchasing, supply chain optimization and product rework services, and other services at our request that are ancillary to the supply of the flat rolled steel products. Purchases from Worthington Steel under the Steel Supply and Services Agreement totaled $34,607 and $27,536 for the current year quarter and prior year quarter, respectively, and $103,508 and $78,991 for the current year period and prior year period, respectively. Accounts payable related to these purchases were $10,614 and $9,099 as of February 28, 2026 and May 31, 2025, respectively.

Activity under all other agreements between Worthington Steel and us related to the Separation was immaterial for the periods presented.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard requires enhanced income tax disclosures, including more detailed information in the effective tax rate reconciliation and disaggregated disclosures of income taxes paid by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. While adoption of this ASU is not expected to have a material effect on our consolidated financial condition, results of operations, or cash flows, it will result in expanded income tax disclosures beginning in the 2026 Form 10-K.

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In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,” which expands the disclosure of significant costs and expenses. This ASU requires expanded disclosures of significant costs and expenditures within cost of goods sold and SG&A, including amounts of inventory purchased, employee compensation, depreciation, amortization and selling expenses. This ASU also requires expanded qualitative disclosures, including a description of selling expenses and a description of non-disaggregated expenses. This standard is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We expect this ASU to only impact our disclosures with no impact on our results of operations, cash flows and financial condition.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software,” which modernizes and clarifies the threshold entities apply to begin capitalizing development costs for internal-use software. This guidance is effective for interim and annual periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of this ASU will have on our results of operations, cash flows and financial condition.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the application, form and content, and required disclosures for interim financial statements prepared in accordance with GAAP. The ASU improves the organization and clarity of Topic 270 by specifying interim reporting requirements, consolidating required interim disclosures and introducing a disclosure principle for events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. This guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities. Early adoption is permitted. The amendments in this ASU are not expected to have a material effect on our financial position or results of operations.

Note B – Investments in Unconsolidated Affiliates

Investments in joint ventures that we do not control, either through majority ownership or otherwise, are unconsolidated and accounted for using the equity method. At February 28, 2026, we held investments in the following unconsolidated joint ventures: ClarkDietrich (25%); SES (49%); WAVE (50%); and Workhorse (20%).

On October 16, 2025, we divested our 49% interest in the composite business of the SES joint venture, resulting in a loss of $2,950, recorded in miscellaneous income (expense), net in the consolidated statement of earnings for the current year period. In exchange for our interest in the divested assets, we received common shares of both Hexagon Composites and Hexagon Purus. Refer to “Note O – Fair Value Measurements” for information regarding the fair value measurement of these common shares.

We received distributions from unconsolidated affiliates totaling $105,481 during the current year period. We have received cumulative distributions from WAVE in excess of our investment balance, which resulted in a negative asset balance of $109,592 and $103,767 at February 28, 2026 and May 31, 2025, respectively. In accordance with the applicable accounting guidance, we have reclassified the negative balances to distributions in excess of investment in unconsolidated affiliate within our consolidated balance sheets. We will continue to record our equity in the net income of WAVE as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on our consolidated balance sheets. If it becomes probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will immediately recognize any balance classified as a liability as income.

We use the cumulative earnings approach to determine the cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities unless the cumulative distributions exceed our share of the cumulative equity in the net earnings of the joint venture. In such cases, the excess distributions are considered returns of investment and are classified as investing activities in our consolidated statements of cash flows.

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WAVE and ClarkDietrich are included within the Building Products segment, while the SES and Workhorse joint ventures are reported within Other. The following tables summarize financial information for our unconsolidated affiliates for the periods presented:


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
WAVE
Net sales	$	122,245		$	118,357		$	377,695		$	358,889
Operating income		56,635			54,681			181,785			168,111
Depreciation and amortization		1,512			1,436			3,941			3,797
Interest expense, net		3,813			4,032			11,644			12,676
Income tax expense		88			70			204			267
Net earnings		52,847			50,531			170,598			155,736

ClarkDietrich
Net sales	$	274,314		$	271,184		$	846,920		$	863,486
Operating income		23,758			36,942			62,427			108,521
Depreciation and amortization		5,194			3,997			14,275			11,804
Interest expense (income), net		(248	)		6			(138	)		(100	)
Income tax expense (benefit)		(70	)		312			(110	)		898
Net earnings		22,902			37,944			63,169			111,840

Other
Net sales	$	56,037		$	70,258		$	201,868		$	246,087
Operating loss		(5,043	)		(8,129	)		(9,295	)		(7,945	)
Depreciation and amortization		2,209			1,972			6,612			7,535
Interest expense, net		188			243			633			992
Income tax expense (benefit)		7			(24	)		323			147
Net loss		(5,206	)		(8,432	)		(10,955	)		(7,665	)

Note C – Restructuring and Other Expense, Net

Restructuring activities consist of established programs that are intended to fundamentally change our operations. Our restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. Our restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental operating items associated with our ongoing businesses that are nonrecurring in nature but incremental to our normal business activities.

A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption in our consolidated statement of earnings for the current year period is summarized below:


	Balance at							Balance at
	May 31, 2025		Expense		Payments			February 28, 2026
Early retirement and severance	$	585	$	923	$	(1,192	)	$	316
Other restructuring charges (1)		100		5,383		(5,483	)		-
	$	685	$	6,306	$	(6,675	)	$	316

(1)

During the current year period, other restructuring charges consisted primarily of acquisition-related costs such as advisory, legal, and other professional fees.

The total liability associated with our restructuring activities as of February 28, 2026 is expected to be paid in the next 12 months.

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Note D – Contingent Liabilities and Commitments

Legal Proceedings

We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly affect our consolidated financial position or future results of operations. We also believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations.

Note E – Guarantees

We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

At February 28, 2026, we also had in place $9,204 of outstanding stand-by letters of credit issued to third-party service providers. The fair value of these guaranteed instruments, based on premiums paid, was not material and no amounts were drawn against them at February 28, 2026.

Note F – Debt

Our multi-year revolving Credit Facility is scheduled to mature on September 27, 2028. Borrowings under the Credit Facility have maturities of up to one year. We have the option to borrow at rates equal to an applicable margin over the overnight bank funding rate, the prime rate of PNC Bank, National Association or the adjusted daily simple SOFR. The applicable margin is determined by our total leverage ratio. At February 28, 2026, there were $4,792 of borrowings outstanding under the Credit Facility bearing interest at a weighted average of 4.9%, leaving $495,208 available for use. At May 31, 2025, there were no borrowings outstanding under the Credit Facility.

Note G – Other Comprehensive Income (Loss)

The following table summarizes the tax effects on each component of OCI for the periods presented:


	Three Months Ended
	February 28,
	2026									2025
	Before-Tax			Tax			Net-of-Tax			Before-Tax			Tax			Net-of-Tax
Foreign currency translation	$	4,324		$	980		$	5,304		$	(1,519	)	$	(1,185	)	$	(2,704	)
Pension liability adjustment		(9	)		2			(7	)		7			154			161
Cash flow hedges		1,157			(297	)		860			694			(146	)		548
Other comprehensive income (loss)	$	5,472		$	685		$	6,157		$	(818	)	$	(1,177	)	$	(1,995	)


	Nine Months Ended
	February 28,
	2026								2025
	Before-Tax			Tax		Net-of-Tax			Before-Tax			Tax			Net-of-Tax
Foreign currency translation	$	4,752		$	1,004	$	5,756		$	(4,433	)	$	(1,006	)	$	(5,439	)
Pension liability adjustment		(19	)		4		(15	)		16			151			167
Cash flow hedges		(144	)		45		(99	)		575			(134	)		441
Other comprehensive income (loss)	$	4,589		$	1,053	$	5,642

WORTHINGTON ENTERPRISES, INC. 10-Q