# Advanced Drainage Systems, Inc.: overview

WMS · NYSE · CIK 1604028 · [Consumer discretionary](/sectors/consumer-discretionary.md) · fiscal year ends Mar 31

Pages: [Overview](/companies/wms.md) · [Financials](/companies/wms/financials.md) · [Filings](/companies/wms/filings.md) · [Insiders](/companies/wms/insiders.md)

Latest reported revenue: [$1.00bn](/filings/0001604028-26-000037.md) for Q1 FY2027, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001604028-26-000037).

## Last eight quarters

| Line item | Unit | Q2 FY2025 (2024-09-30) | Q3 FY2025 (2024-12-31) | Q4 FY2025 (2025-03-31) | Q1 FY2026 (2025-06-30) | Q2 FY2026 (2025-09-30) | Q3 FY2026 (2025-12-31) | Q4 FY2026 (2026-03-31) | Q1 FY2027 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [783](/filings/0001604028-25-000043.md) | [691](/filings/0001604028-26-000007.md) | [616 d](/filings/0001604028-26-000019.md) | [830](/filings/0001604028-26-000037.md) | [850](/filings/0001604028-25-000043.md) | [693](/filings/0001604028-26-000007.md) | [677 d](/filings/0001604028-26-000019.md) | [1,001](/filings/0001604028-26-000037.md) |
| Gross margin | % | [37.6%](/filings/0001604028-25-000043.md) | [35.0%](/filings/0001604028-26-000007.md) | [36.7% d](/filings/0001604028-26-000019.md) | [39.8%](/filings/0001604028-26-000037.md) | [40.0%](/filings/0001604028-25-000043.md) | [37.4%](/filings/0001604028-26-000007.md) | [35.1% d](/filings/0001604028-26-000019.md) | [40.8%](/filings/0001604028-26-000037.md) |
| Operating margin | % | [23.9%](/filings/0001604028-25-000043.md) | [18.4%](/filings/0001604028-26-000007.md) | [19.0% d](/filings/0001604028-26-000019.md) | [24.8%](/filings/0001604028-26-000037.md) | [26.3%](/filings/0001604028-25-000043.md) | [19.7%](/filings/0001604028-26-000007.md) | [7.9% d](/filings/0001604028-26-000019.md) | [25.4%](/filings/0001604028-26-000037.md) |
| Net margin | % | [16.7%](/filings/0001604028-25-000043.md) | [11.8%](/filings/0001604028-26-000007.md) | [12.5% d](/filings/0001604028-26-000019.md) | [17.3%](/filings/0001604028-26-000037.md) | [18.3%](/filings/0001604028-25-000043.md) | [13.5%](/filings/0001604028-26-000007.md) | [4.9% d](/filings/0001604028-26-000019.md) | [16.8%](/filings/0001604028-26-000037.md) |
| Diluted EPS | $ per share | [1.67](/filings/0001604028-25-000043.md) | [1.04](/filings/0001604028-26-000007.md) | not reported | [1.84](/filings/0001604028-26-000037.md) | [1.99](/filings/0001604028-25-000043.md) | [1.19](/filings/0001604028-26-000007.md) | not reported | [2.19](/filings/0001604028-26-000037.md) |
| Free cash flow | $m | [112 d](/filings/0001604028-25-000043.md) | [136 d](/filings/0001604028-26-000007.md) | [(5.3) d](/filings/0001604028-26-000019.md) | [222](/filings/0001604028-26-000037.md) | [176 d](/filings/0001604028-25-000043.md) | [184 d](/filings/0001604028-26-000007.md) | [(13.1) d](/filings/0001604028-26-000019.md) | [203](/filings/0001604028-26-000037.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.

## Last five fiscal years

| Line item | Unit | FY2022 (2022-03-31) | FY2023 (2023-03-31) | FY2024 (2024-03-31) | FY2025 (2025-03-31) | FY2026 (2026-03-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,769](/filings/0001604028-24-000011.md) | [3,071](/filings/0001604028-25-000012.md) | [2,874](/filings/0001604028-26-000019.md) | [2,904](/filings/0001604028-26-000019.md) | [3,050](/filings/0001604028-26-000019.md) |
| Gross margin | % | [28.9%](/filings/0001604028-24-000011.md) | [36.4%](/filings/0001604028-25-000012.md) | [39.9%](/filings/0001604028-26-000019.md) | [37.7%](/filings/0001604028-26-000019.md) | [38.3%](/filings/0001604028-26-000019.md) |
| Operating margin | % | [14.9%](/filings/0001604028-24-000011.md) | [23.4%](/filings/0001604028-25-000012.md) | [25.5%](/filings/0001604028-26-000019.md) | [22.6%](/filings/0001604028-26-000019.md) | [20.3%](/filings/0001604028-26-000019.md) |
| Net margin | % | [9.8%](/filings/0001604028-24-000011.md) | [16.5%](/filings/0001604028-25-000012.md) | [17.7%](/filings/0001604028-26-000019.md) | [15.5%](/filings/0001604028-26-000019.md) | [14.0%](/filings/0001604028-26-000019.md) |
| Diluted EPS | $ per share | [3.15](/filings/0001604028-24-000011.md) | [6.08](/filings/0001604028-25-000012.md) | [6.45](/filings/0001604028-26-000019.md) | [5.76](/filings/0001604028-26-000019.md) | [5.44](/filings/0001604028-26-000019.md) |
| Free cash flow | $m | [126](/filings/0001604028-24-000011.md) | [541](/filings/0001604028-25-000012.md) | [534](/filings/0001604028-26-000019.md) | [369](/filings/0001604028-26-000019.md) | [569](/filings/0001604028-26-000019.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/wms/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.17bn | 7,469,940 |  | Added +47,211 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $581.6m | 3,705,538 |  | Added +89,851 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $533.2m | 3,397,037 |  | Reduced −26,666 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $422.8m | 2,693,665 |  | Added +204,134 |
| [FIRST TRUST ADVISORS LP](/funds/1125816.md) | 2026-06-30 | $417.6m | 2,660,753 |  | Added +616,696 |
| [UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC](/funds/861177.md) | 2026-06-30 | $368.3m | 2,346,623 |  | Reduced −103,500 |
| [Impax Asset Management Group plc](/funds/1749768.md) | 2026-06-30 | $289.7m | 1,845,942 |  | Reduced −81,568 |
| [BAILLIE GIFFORD & CO](/funds/1088875.md) | 2026-06-30 | $288.1m | 1,835,297 |  | Reduced −212,052 |
| [AMERICAN CENTURY COMPANIES INC](/funds/748054.md) | 2026-06-30 | $256.5m | 1,634,302 |  | Reduced −23,451 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $218.8m | 1,393,836 |  | Added +60,496 |

## Recent filings

[All 1,017 filings](/companies/wms/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-05 | 11:00 ET | [8-K](/filings/0001193125-26-413092.md) | 1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-413092 |
| 2026-08-06 | 20:08 ET | [10-Q](/filings/0001604028-26-000037.md) | Quarterly report, period 2026-06-30 | 0001604028-26-000037 |
| 2026-08-06 | 11:03 ET | [8-K](/filings/0001604028-26-000034.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001604028-26-000034 |
| 2026-07-16 | 20:08 ET | [8-K](/filings/0001604028-26-000030.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001604028-26-000030 |
| 2026-06-18 | 11:23 ET | [8-K](/filings/0001604028-26-000028.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001604028-26-000028 |
| 2026-06-03 | 20:16 ET | [DEF 14A](/filings/0001604028-26-000024.md) | Proxy statement, period 2026-03-31 | 0001604028-26-000024 |
| 2026-05-21 | 20:08 ET | [8-K](/filings/0001604028-26-000020.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001604028-26-000020 |
| 2026-05-21 | 20:06 ET | [10-K](/filings/0001604028-26-000019.md) | Annual report, period 2026-03-31 | 0001604028-26-000019 |
| 2026-05-21 | 11:06 ET | [8-K](/filings/0001604028-26-000014.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001604028-26-000014 |
| 2026-02-27 | 21:06 ET | [8-K](/filings/0001193125-26-082558.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-082558 |

## Latest annual report

[Form 10-K for the fiscal year ended Mar 31, 2026](/filings/0001604028-26-000019.md), filed May 21, 2026.

## Forecast league

Q2 FY2027, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/d39eda21-c70c-4f27-8255-a903c1a84105)

## About the filer

- CIK: 1604028
- Tickers: WMS
- Exchange: NYSE
- SIC code: 3086 Plastics Foam Products
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.