Key Takeaways:
- Valmont Industries Q4 2025 net sales rose 0.1% to $1.04 billion; adjusted EPS increased 28.1% to $4.92.
- Full-year 2025 net sales increased 0.7% to $4.10 billion; adjusted EPS rose 11.1% to $19.09.
- Infrastructure segment sales grew 7.2% in Q4, driven by strong utility demand.
- Agriculture segment sales declined 19.9% in Q4 amid continued market softness.
- The company projects 2026 net sales of $4.2–$4.4 billion and diluted EPS of $20.50–$23.50.
Valmont Industries Fourth Quarter 2025 Results
Valmont Industries reported fourth quarter 2025 net sales of $1.04 billion, a 0.1% increase compared to the same period in 2024. Operating income declined 2.9% to $116.5 million, representing 11.2% of net sales. Adjusted operating income increased 5.6% to $126.7 million, or 12.2% of net sales.
Diluted earnings per share (EPS) rose 135.7% to $9.05, reflecting a $3.98 benefit from a lower effective tax rate, primarily tied to a tax deduction associated with the investment loss in Prospera following its wind-down in 2025. Adjusted EPS increased 28.1% to $4.92.
Cash and cash equivalents totaled $187.1 million at quarter end, with a net leverage ratio of approximately 1.1x. During the quarter, the company invested $40.8 million in capital expenditures, primarily for utility capacity expansion, acquired the remaining interest in ConcealFab for $72.9 million, and returned $85.6 million to shareholders through share repurchases and dividends.
President and CEO Avner M. Applbaum stated, “In the fourth quarter we delivered improved earnings per share and grew our backlog year-over-year amid a mixed demand environment.”
Valmont Industries Full-Year 2025 Performance
For fiscal year 2025, net sales increased 0.7% to $4.10 billion. Backlog rose 15.1% year-over-year to $1.65 billion, driven largely by continued strength in utility market demand.
Operating income declined 20.8% to $415.6 million, or 10.1% of net sales. Adjusted operating income increased 2.5% to $537.9 million, or 13.1% of net sales. Diluted EPS decreased 2.3% to $16.79, while adjusted EPS increased 11.1% to $19.09.
Operating cash flow totaled $456.5 million, representing 11.1% of net sales. The company invested $145.0 million in capital expenditures and $101.8 million in acquisitions, and returned $250.6 million to shareholders.
Segment Performance
Infrastructure
Infrastructure sales increased 7.2% in Q4 to $819.0 million. Utility sales grew 21.0%, supported by strong demand, higher pricing, and increased volumes. Operating income for the segment was $143.7 million, or 17.6% of net sales.
For the full year, Infrastructure continued to benefit from strength in utility markets, contributing significantly to backlog growth.
Agriculture
Agriculture sales declined 19.9% in Q4 to $222.7 million, reflecting continued softness in North America and Brazil, as well as lower project sales in the Middle East. The segment recorded an operating loss of $3.4 million, compared to operating income of $28.5 million in Q4 2024. Results included $27.5 million in legal and credit loss expense within the Brazil Agriculture business.
Valmont Industries 2026 Outlook
Valmont projects 2026 net sales between $4.2 billion and $4.4 billion, representing growth of 2.5% to 7%. Infrastructure net sales are expected to increase 5% to 9%, while Agriculture net sales are projected to range from down 6.5% to up 0.5%.
The company forecasts diluted EPS of $20.50 to $23.50 and capital expenditures of $170 million to $200 million. The effective tax rate is expected to be approximately 26%.
Applbaum commented, “Looking ahead to 2026, we expect to achieve sales and earnings growth driven by strong Infrastructure demand and additional capacity coming online, while managing Agriculture efficiently through the downcycle.”
Discover Valmont Industries's financial results.
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