Reported Q: Q2 2026 Rev YoY: +4.7% EPS YoY: +89.0% Move: -1.65%
Argan Inc
AGX
$437.48 -1.65%
Exchange NYSE Sector Industrials Industry Engineering Construction
Q2 2026
Published: Sep 4, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for AGX

Reported

Report Date

Sep 4, 2025

Quarter Q2 2026

Revenue

237.74M

YoY: +4.7%

EPS

2.50

YoY: +89.0%

Market Move

-1.65%

Previous quarter: Q1 2026

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Earnings Highlights

  • Revenue of $237.74M up 4.7% year-over-year
  • EPS of $2.50 increased by 89% from previous year
  • Gross margin of 18.6%
  • Net income of 35.28M
  • ""We have $572 million of cash, cash equivalents, and investments generating meaningful investment yields. Our net liquidity was $344 million, and we had no debt at 07/31/2025."" - David Watson
AGX
Company AGX

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Executive Summary

Argan Inc delivered a standout second quarter of fiscal 2026, underscored by strong execution in its Power Industry Services segment and a return to robust profitability amid a highly active project backlog. Consolidated revenue rose 5% year over year to $237.7 million (reported as $238 million in commentary), with a notable sequential uptick of approximately 23% versus the prior quarter. The company posted a record net income of $35.3 million ($2.50 per diluted share) and EBITDA of $36.3 million (EBITDA margin of 15.2%), alongside an 18.6% gross margin, up from 13.7% in the prior-year period. The quarterly results were supported by a blockbuster backlog of about $2.0 billion, with backlog composition heavily skewed toward natural gas (approximately 61%) and renewable (29%). This backlog quality supports visibility into multi-year project execution across the three reportable segments: Power Industry Services, Industrial Fabrication and Field Services (Industrial Construction Services), and Telecommunications Infrastructure Services. Argan closes the quarter with a debt-free balance sheet, approximately $572 million of cash and investments, and net liquidity of $344 million, while returning capital to shareholders via a 37.5 cent quarterly dividend and ongoing stock repurchases. Management also highlighted a favorable long-term demand backdrop from electrification, AI data-center growth, and the aging natural gas infrastructure, positioning Argan to benefit from a sustained build-out of energy infrastructure. The guidance is intentionally non-GAAP and lumpy given project-based economics, but management signaled expectations for continued backlog growth and stronger execution in H2, with capacity to handle roughly 10–12 power projects concurrently. Key near-term milestones include progress on the Trumbull 950 MW natural gas-fired plant (first fire achieved in Q2, second unit in August) and ongoing development of Ireland’s 170–300 MW facilities and related data-center/vessel fabrication programs.

Key Performance Indicators

Revenue
Increasing
237.74M
QoQ: 22.76% | YoY: 4.73%
Gross Profit
Increasing
44.27M
18.62% margin
QoQ: 20.09% | YoY: 42.31%
Operating Income
Increasing
30.06M
QoQ: 23.47% | YoY: 60.92%
Net Income
Increasing
35.28M
QoQ: 56.43% | YoY: 93.84%
EPS
Increasing
2.57
QoQ: 55.76% | YoY: 88.97%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2026 237.74 2.50 +4.7% View
Q1 2026 193.66 1.60 +22.8% View
Q4 2025 232.47 2.22 +41.3% View
Q3 2025 257.01 2.00 +57.0% View
Q2 2025 227.02 1.31 +60.6% View