Argan Inc (AGX)

Argan, Inc. Declares Regular Quarterly Cash Dividend of $0.50 Per Common ShareJune 10, 2026 4:10 PM
Business Wire Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces that its Board of Directors (the “Board”) declared a regular quarterly cash dividend in the amount of $0.50 per share of common stock. The dividend will be payable on July 31, 2026, to stockholders of record at the close of business on July 23, 2026. David Watson, President and Chief Executive Officer of Argan commented, “Our payment of a quarterly dividend is an important and longstanding practice recognizing the commitment our shareholders have shown us through their support of the Argan, and we are pleased to announce our regular quarterly dividend of $0.50 per share. We are seeing a tremendous opportunity set, reflecting significant demand for our expertise and capabilities. We remain disciplined in leveraging this favorable environment while focusing on identifying the right projects, in the right locations, with the right partners, to continue delivering exceptional execution across our business.” About Argan Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services. Safe Harbor Statement Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.  View source version on businesswire.com: https://www.businesswire.com/news/home/20260610884881/en/ Company Contact:
David Watson
301.315.0027 Investor Relations Contacts:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
argan@imsinvestorrelations.com Original: Argan, Inc. Declares Regular Quarterly Cash Dividend of $0.50 Per Common Share

Argan, Inc. Reports First Quarter Fiscal 2027 ResultsJune 4, 2026 4:05 PM
Business Wire Record Revenue of $291.0 Million; Backlog of $2.8 Billion Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its first quarter of fiscal year 2027 ended April 30, 2026. The Company will host an investor conference call today, June 4, 2026, at 5:00 p.m. ET. Consolidated Financial Highlights ($ in thousands, except per share data)       April 30,         For the Quarter Ended:   2026   2025   Change   Revenues   $ 290,954   $ 193,660   $ 97,294   Gross profit     61,114     36,863     24,251   Gross margin %     21.0 %   19.0 %   2.0 % Net income   $ 46,063   $ 22,550   $ 23,513   Diluted earnings per share     3.24     1.60     1.64   Adjusted EBITDA(1)     56,439     31,487     24,952   Adjusted EBITDA margin(1)     19.4 %   16.3 %   3.1 % Cash dividends per share   $ 0.500   $ 0.375   $ 0.125       April 30,   January 31,       As of:   2026   2026   Change Cash, cash equivalents and investments   $ 973,555   $ 894,981   $ 78,574   Net liquidity(2)     421,419     421,000     419   Share repurchase treasury stock, at cost     134,969     114,361     20,608   Project backlog     2,767,000     2,929,000     (162,000 ) (1)   Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please refer to “Non-GAAP Financial Measures.” (2)   Net liquidity, or working capital, is defined as total current assets less total current liabilities. David Watson, President and Chief Executive Officer of Argan, commented, “We delivered a strong start to fiscal 2027 with record revenue of $291 million, gross margin of 21%, diluted earnings per share of $3.24, and adjusted EBITDA of $56.4 million. Our first quarter results reflect exceptional execution across our business, with all three of our operating segments achieving significant revenue growth as compared to the first quarter of fiscal 2026. “Our project pipeline remains robust, with heightened demand for our capabilities as the electrification of everything, the onshoring of domestic manufacturing, and the proliferation of data centers continue to create an urgent need for additional energy infrastructure. Gas-fired plants remain the ideal solution for delivering the reliable, uninterrupted power needed, and only a limited number of firms are able to successfully execute these complex projects. The robust demand environment, coupled with our proven track record, allows us a disciplined approach in choosing the right projects, in the right locations, with the right partners. “Our industrial segment is also seeing increased demand, highlighted by a data center contract we were awarded in November 2025 for the fabrication of pressure vessels. In support of this project and to better position us to address new opportunities, we have begun construction on a new fabrication facility in North Carolina, which we expect to complete during the third quarter of fiscal 2027. “Argan remains very well positioned with the skill set, financial flexibility, industry relationships and longstanding customer base to capitalize on the current demand environment as we strengthen our leadership role as a partner of choice for the buildout of energy and industrial infrastructure.” First Quarter Results Consolidated revenues for the quarter ended April 30, 2026, were $291.0 million, an increase of $97.3 million, or 50.2%, from consolidated revenues of $193.7 million reported for the comparable prior-year quarter. The year-over-year increase reflects higher revenues across all of the Company’s business segments. In the Power segment, revenue growth was driven by the continued ramp-up of construction activities on recently awarded contracts. For the quarter ended April 30, 2026, Argan's consolidated gross profit was $61.1 million, or 21.0% of consolidated revenues, compared to $36.9 million, or 19.0% of consolidated revenues, for the quarter ended April 30, 2025. The increase primarily reflects improved gross profit margins in the Power segment, driven by a shift in project and contract mix, strong project execution, and the achievement of substantial completion ahead of schedule on the final Midwest Solar and Battery Project. Selling, general and administrative expenses were $15.7 million and $12.5 million for the three months ended April 30, 2026 and 2025, respectively, and represented 5.4% and 6.5% of corresponding consolidated revenues, respectively. Other income, net, for the three months ended April 30, 2026 was $8.4 million, which primarily reflected investment income earned during the period. For the quarter ended April 30, 2026, Argan achieved net income of $46.1 million, or $3.24 per diluted share, compared to $22.6 million, or $1.60 per diluted share, for last year’s first quarter. EBITDA for the quarter ended April 30, 2026 increased to $54.4 million compared to $30.3 million for the same quarter of last year. Adjusted EBITDA for the quarter ended April 30, 2026 increased to $56.4 million compared to $31.5 million for the same quarter of last year. Argan continues to generate significant cash flow and increased its total balance of cash, cash equivalents and investments during the quarter. The total balances were $973.6 million and $895.0 million as of April 30, 2026 and January 31, 2026, respectively. Balance sheet net liquidity was $421.4 million at April 30, 2026 and $421.0 million at January 31, 2026; furthermore, the Company had no debt. As of April 30, 2026, consolidated project backlog was approximately $2.8 billion, as compared to approximately $2.9 billion at January 31, 2026. Conference Call and Webcast Argan will host a conference call and webcast for investors today, June 4, 2026, at 5:00 p.m. ET. Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 208616. The call and the accompanying slide deck will also be webcast at: https://www.webcaster5.com/Webcast/Page/2961/54078 The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center. Please allow extra time prior to the call to visit the site. A replay of the teleconference will be available until June 18, 2026, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 54078. A replay of the webcast can be accessed until June 4, 2027. About Argan Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services. Non-GAAP Financial Measures The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Within this press release, the Company makes reference to earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, and Adjusted EBITDA margin, each of which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as EBITDA adjusted to exclude the impact of non-cash stock-based compensation expense. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues. The Company believes these non-GAAP financial measures provide useful supplemental information to management and investors in evaluating the Company's operating performance because they exclude certain items that may not be indicative of the Company's core operating results or may affect comparability between periods or among companies with different capital structures, tax positions, depreciation policies, or equity compensation practices. Adjusted EBITDA and Adjusted EBITDA margin exclude stock-based compensation expense, a non-cash item that management believes impacts the comparability of operating results between reporting periods. These non-GAAP financial measures should be considered in conjunction with, and not as substitutes for, the GAAP financial information presented in this press release. These measures have limitations as analytical tools because they exclude certain items, including interest, income tax expense, depreciation and amortization expense, and in the case of Adjusted EBITDA and Adjusted EBITDA margin, stock-based compensation expense. The methods used by the Company to calculate these non-GAAP financial measures may differ from methods used by other companies and, as a result, may not be comparable to similarly titled measures reported by other companies. Financial tables at the end of this press release provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Safe Harbor Statement Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings. Argan, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (In thousands, except per share data)       Three Months Ended     April 30,     2026   2025     (Unaudited) REVENUES   $ 290,954     $ 193,660 Cost of revenues     229,840       156,797 GROSS PROFIT     61,114       36,863 Selling, general and administrative expenses     15,719       12,521 INCOME FROM OPERATIONS     45,395       24,342 Other income, net     8,374       5,444 INCOME BEFORE INCOME TAXES     53,769       29,786 Provision for income taxes     7,706       7,236 NET INCOME     46,063       22,550               OTHER COMPREHENSIVE INCOME, NET OF TAXES             Foreign currency translation adjustments     (541 )     3,621 Net unrealized (losses) gains on available-for-sale securities     (2,659 )     2,680 COMPREHENSIVE INCOME   $ 42,863     $ 28,851               EARNINGS PER SHARE             Basic   $ 3.30     $ 1.65 Diluted   $ 3.24     $ 1.60               WEIGHTED AVERAGE SHARES OUTSTANDING             Basic     13,959       13,628 Diluted     14,197       14,112               CASH DIVIDENDS PER SHARE   $ 0.500     $ 0.375 Argan, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in thousands, except per share data)                   April 30,   January 31,     2026   2026     (Unaudited)       ASSETS             CURRENT ASSETS             Cash and cash equivalents   $ 355,847     $ 339,481   Investments     617,708       555,500   Accounts receivable, net     130,808       133,677   Contract assets     36,917       43,397   Other current assets     74,828       60,202   TOTAL CURRENT ASSETS     1,216,108       1,132,257   Property, plant and equipment, net     18,271       16,596   Goodwill     28,033       28,033   Intangible assets, net     1,375       1,450   Deferred taxes, net     —       —   Right-of-use and other assets     22,651       8,018   TOTAL ASSETS   $ 1,286,438     $ 1,186,354                 LIABILITIES AND STOCKHOLDERS’ EQUITY             CURRENT LIABILITIES             Accounts payable   $ 123,850     $ 107,540   Accrued expenses     105,065       89,748   Contract liabilities     565,774       513,969   TOTAL CURRENT LIABILITIES     794,689       711,257   Deferred taxes, net     4,907       6,555   Noncurrent liabilities     13,331       6,280   TOTAL LIABILITIES     812,927       724,092                 STOCKHOLDERS’ EQUITY             Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding     —       —   Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 14,020,427 and 13,950,712 shares outstanding at April 30, 2026 and January 31, 2026, respectively     2,374       2,374   Additional paid-in capital     163,233       167,234   Retained earnings     445,255       406,197   Treasury stock, at cost – 1,807,862 and 1,877,577 shares at April 30, 2026 and January 31, 2026, respectively     (134,969 )     (114,361 ) Accumulated other comprehensive (loss) income     (2,382 )     818   TOTAL STOCKHOLDERS’ EQUITY     473,511       462,262   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,286,438     $ 1,186,354   Argan, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (Dollars in thousands) (Unaudited)                     Three Months Ended       April 30,       2026   2025   Revenues   $ 290,954   $ 193,660                   Net income, as reported   $ 46,063   $ 22,550   Provision for income taxes     7,706     7,236   Depreciation     559     415   Amortization of intangible assets     75     98   EBITDA     54,403     30,299   Stock-based compensation expense     2,036     1,188   Adjusted EBITDA   $ 56,439   $ 31,487   Adjusted EBITDA margin     19.4 %   16.3 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260604142927/en/ Company Contact:
David Watson
301.315.0027 Investor Relations Contacts:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
argan@imsinvestorrelations.com Original: Argan, Inc. Reports First Quarter Fiscal 2027 Results

Argan, Inc. to Announce First Quarter Fiscal 2027 Results and Host Conference Call on Thursday, June 4, 2026May 21, 2026 4:05 PM
Business Wire Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announced that the Company will release its first quarter fiscal 2027 financial results after the market closes on Thursday, June 4, 2026. Management will host a webcast with an accompanying slide presentation and conference call on Thursday, June 4, 2026 at 5:00 p.m. ET. Participants can access the live webcast by visiting this link. To access the call by phone, participants can use the following dial-in information: Domestic: 888-506-0062 International: 973-528-0011 Access code: 208616 A replay of the teleconference will be available until June 18, 2026, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 54078. A replay of the webcast can be accessed until June 4, 2027. About Argan Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521193394/en/ Company Contact:
David Watson
301.315.0027 Investor Relations:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
argan@imsinvestorrelations.com Original: Argan, Inc. to Announce First Quarter Fiscal 2027 Results and Host Conference Call on Thursday, June 4, 2026

Argan, Inc. Announces Increase to Share Repurchase Program, Declares Regular Quarterly Cash Dividend of $0.50 Per Common ShareApril 8, 2026 4:05 PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces that its Board of Directors (the “Board”) approved an increase to the Company’s existing share repurchase program from $150 million to $200 million and extended the expiration date through January 31, 2030. The Board also declared a regular quarterly cash dividend in the amount of $0.50 per common share. The dividend will be payable on April 30, 2026, to stockholders of record at the close of business on April 22, 2026.


David Watson, President and Chief Executive Officer of Argan commented, “Our ability to again increase our share repurchase authorization reflects Argan’s strong and sustained cash generation, robust balance sheet and our conviction around the long-term demand environment for our capabilities. This is an exciting time for our Company, with exceptionally strong demand for our services and the expansion of our share repurchase program reflects the Board’s confidence in Argan’s ability to deliver continued success as well as our commitment to providing long-term value to shareholders. We're also pleased to announce a regular quarterly cash dividend of $0.50 per common share.


“As we enter our twentieth year building power infrastructure, we remain as disciplined today as we were in our first year in how we execute on projects. We are energized by the opportunities we’re seeing and remain focused on continuing to drive revenue growth and profitability in fiscal 2027 and beyond.”


About Argan


Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services.


Safe Harbor Statement


Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408965150/en/
Company Contact:

David Watson

301.315.0027


Investor Relations Contacts:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203.972.9200

argan@imsinvestorrelations.com


Original: Argan, Inc. Announces Increase to Share Repurchase Program, Declares Regular Quarterly Cash Dividend of $0.50 Per Common Share

Argan, Inc. Reports Fourth Quarter and Fiscal Year 2026 ResultsMarch 26, 2026 4:05 PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its fourth quarter and fiscal year ended January 31, 2026. The Company will host an investor conference call today, March 26, 2026, at 5:00 p.m. ET.


Consolidated Financial Highlights


($ in thousands, except per share data)




 






 






 






 






 







 






 






 







 






 






 








 






 






January 31,






 







 






 






 








For the Quarter Ended:






 






2026






 







2025






 







Change






 








Revenues






 






$






262,050






 







$






232,474






 







$






29,576






 








Gross profit






 






 






65,599






 







 






47,613






 







 






17,986






 








Gross margin %






 






 






25.0






%







 






20.5






%







 






4.5






%








Net income






 






$






49,212






 







$






31,369






 







$






17,843






 








Diluted earnings per share






 






 






3.47






 







 






2.22






 







 






1.25






 








EBITDA






 






 






55,976






 







 






39,259






 







 






16,717






 








EBITDA as a % of revenues






 






 






21.4






%







 






16.9






%







 






4.5






%








Cash dividends per share






 






 






0.500






 







 






0.375






 







 






0.125






 









 






 






 






 






 







 






 






 







 






 






 








 






 






January 31,






 







 






 






 








For the Fiscal Year Ended:






 






2026






 







2025






 







Change






 








Revenues






 






$






944,606






 







$






874,179






 







$






70,427






 








Gross profit






 






 






193,678






 







 






140,989






 







 






52,689






 








Gross margin %






 






 






20.5






%







 






16.1






%







 






4.4






%








Net income






 






$






137,774






 







$






85,459






 







$






52,315






 








Diluted earnings per share






 






 






9.74






 







 






6.15






 







 






3.59






 








EBITDA






 






 






162,797






 







 






113,500






 







 






49,297






 








EBITDA as a % of revenues






 






 






17.2






%







 






13.0






%







 






4.2






%








Cash dividends per share






 






 






1.750






 







 






1.350






 







 






0.400






 









 






 






 






 






 






 






 






 






 






 






 








 






 






January 31,






 






 






 






 








As of:






 






2026






 






2025






 






Change






 








Cash, cash equivalents and investments






 






$






894,981






 






$






525,137






 






$






369,844






 








Net liquidity (1)






 






 






421,000






 






 






301,443






 






 






119,557






 








Share repurchase treasury stock, at cost






 






 






114,361






 






 






105,643






 






 






8,718






 








Project backlog






 






 






2,929,000






 






 






1,361,000






 






 






1,568,000






 









(1)






 






Net liquidity, or working capital, is defined as total current assets less total current liabilities.







David Watson, President and Chief Executive Officer of Argan, commented, “Our record fourth quarter performance capped a year of strong execution throughout fiscal 2026, driving record top and bottom-line performance for the full year. During the year, we added $2.5 billion in new contract value, increasing our consolidated project backlog to more than $2.9 billion at year-end, reflecting substantial growth across the entire Argan platform. These are exciting times for our company as demand for our services remains exceptionally strong.


“With our longstanding customer base, proven track record of executional excellence, and industry-leading experience building large, complex power generating facilities, Argan is uniquely positioned to capitalize on the strong demand for reliable, high-performing energy infrastructure. The rapid growth of AI and data centers, the electrification of everything, the replacement of aging power facilities, and a prolonged period of underinvestment in power infrastructure are placing increasing pressure on our power grids. We are seeing a robust pipeline of opportunities to build new gas-fired power plants capable of delivering reliable, high-quality power on a 24/7 basis.


“As Argan enters its 20th year of building power plants, we remain as disciplined today as we were in our first year in the way we pursue opportunities and deliver successful project outcomes for our customers, employees, and shareholders. We are energized by our ability to continue driving meaningful revenue growth and enhanced profitability in the years ahead.”


Fourth Quarter Results


Consolidated revenues for the quarter ended January 31, 2026, were $262.1 million, an increase of $29.6 million, or 12.7%, from consolidated revenues of $232.5 million reported for the comparable prior-year quarter. The year-over-year increase reflects higher revenues across all of the Company’s business segments. In the Power segment, revenues increased as recently awarded contracts progressed through the early stages of construction, generating revenues that were not present in the prior-year period.


For the quarter ended January 31, 2026, Argan’s consolidated gross profit was $65.6 million, or 25.0% of consolidated revenues. Consolidated gross profit for the quarter ended January 31, 2025 was $47.6 million, or 20.5% of consolidated revenues. The increase from the comparable prior-year quarter is primarily due to improved gross profit margins for the Power segment, reflecting strong project execution, including the early achievement of substantial completion at the Trumbull Energy Center.


Selling, general and administrative expenses were $17.9 million and $14.9 million for the three months ended January 31, 2026 and 2025, respectively, and represented 6.8% and 6.4% of corresponding consolidated revenues, respectively.


Other income, net, for the three months ended January 31, 2026 was $7.7 million, which primarily reflected investment income earned during the period.


For the quarter ended January 31, 2026, Argan achieved net income of $49.2 million, or $3.47 per diluted share, compared to $31.4 million, or $2.22 per diluted share, for last year’s fourth quarter. EBITDA for the quarter ended January 31, 2026 increased to $56.0 million compared to $39.3 million for the same quarter of last year.


Argan continues to generate significant cash flow and increased its total balance of cash, cash equivalents and investments during the quarter. The total balances were $895.0 million and $525.1 million as of January 31, 2026 and 2025, respectively. Balance sheet net liquidity was $421.0 million at January 31, 2026 and $301.4 million at January 31, 2025; furthermore, the Company had no debt.


Fiscal Year 2026 Results


Consolidated revenues for Fiscal 2026 were $944.6 million, an increase of $70.4 million, or 8.1%, from consolidated revenues of $874.2 million reported for Fiscal 2025. Consolidated gross profit for Fiscal 2026 increased to approximately $193.7 million, or 20.5% of consolidated revenues, compared to consolidated gross profit of $141.0 million, or 16.1% of consolidated revenues, reported for Fiscal 2025.


For Fiscal 2026, Argan achieved net income of $137.8 million, or $9.74 per diluted share, versus net income of $85.5 million, or $6.15 per diluted share, for Fiscal 2025. EBITDA for Fiscal 2026 was $162.8 million, an increase of $49.3 million from EBITDA of $113.5 million for Fiscal 2025.


As of January 31, 2026, consolidated project backlog was approximately $2.9 billion, as compared to approximately $1.4 billion at January 31, 2025.


Conference Call and Webcast


Argan will host a conference call and webcast for investors today, March 26, 2026, at 5:00 p.m. ET.


Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 815489.


The call and the accompanying slide deck will also be webcast at:


https://www.webcaster5.com/Webcast/Page/2961/53563


The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center. Please allow extra time prior to the call to visit the site.


A replay of the teleconference will be available until April 9, 2026, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 53563. A replay of the webcast can be accessed until March 26, 2027.


About Argan


Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides teledata infrastructure services.


Non-GAAP Financial Measures


The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Within this press release, the Company makes reference to earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure. The Company believes that the non-GAAP financial measure described in this press release is important to management and investors because the measure supplements the understanding of Argan’s ongoing operating results, excluding the effects of capital structure, depreciation, amortization, and income tax rates. The non-GAAP financial measure referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this press release. Financial tables at the end of this press release provide reconciliations of the non-GAAP financial measures to the comparable GAAP measures.


Safe Harbor Statement


Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.




ARGAN, INC. AND SUBSIDIARIES








CONSOLIDATED STATEMENTS OF EARNINGS








(In thousands, except per share data)







 



 






 






Three Months Ended






 






Fiscal Year Ended








 






 






January 31,






 






January 31,








 






 






2026






 






2025






 






2026






 






2025








 






 






(Unaudited)






 






 






 






 






 






 








REVENUES






 






$






262,050






 






 






$






232,474






 






 






$






944,606






 






$






874,179






 








Cost of revenues






 






 






196,451






 






 






 






184,861






 






 






 






750,928






 






 






733,190






 








GROSS PROFIT






 






 






65,599






 






 






 






47,613






 






 






 






193,678






 






 






140,989






 








Selling, general and administrative expenses






 






 






17,928






 






 






 






14,946






 






 






 






58,977






 






 






52,794






 








INCOME FROM OPERATIONS






 






 






47,671






 






 






 






32,667






 






 






 






134,701






 






 






88,195






 








Other income, net






 






 






7,722






 






 






 






5,965






 






 






 






25,808






 






 






23,009






 








INCOME BEFORE INCOME TAXES






 






 






55,393






 






 






 






38,632






 






 






 






160,509






 






 






111,204






 








Provision for income taxes






 






 






6,181






 






 






 






7,263






 






 






 






22,735






 






 






25,745






 








NET INCOME






 






 






49,212






 






 






 






31,369






 






 






 






137,774






 






 






85,459






 








 






 






 






 






 






 






 






 






 






 






 






 






 








OTHER COMPREHENSIVE INCOME, NET OF TAXES






 






 






 






 






 






 






 






 






 






 






 






 








Foreign currency translation adjustments






 






 






1,204






 






 






 






(389






)






 






 






4,739






 






 






(2,322






)








Net unrealized (losses) gains on available-for-sale securities






 






 






(277






)






 






 






(450






)






 






 






2,617






 






 






(619






)








COMPREHENSIVE INCOME






 






$






50,139






 






 






$






30,530






 






 






$






145,130






 






$






82,518






 








 






 






 






 






 






 






 






 






 






 






 






 






 








EARNINGS PER SHARE






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






$






3.54






 






 






$






2.31






 






 






$






10.00






 






$






6.35






 








Diluted






 






$






3.47






 






 






$






2.22






 






 






$






9.74






 






$






6.15






 








 






 






 






 






 






 






 






 






 






 






 






 






 








WEIGHTED AVERAGE SHARES OUTSTANDING






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






13,895






 






 






 






13,598






 






 






 






13,772






 






 






13,448






 








Diluted






 






 






14,182






 






 






 






14,135






 






 






 






14,147






 






 






13,906






 








 






 






 






 






 






 






 






 






 






 






 






 






 








CASH DIVIDENDS PER SHARE






 






$






0.500






 






 






$






0.375






 






 






$






1.750






 






$






1.350






 









ARGAN, INC. AND SUBSIDIARIES








CONSOLIDATED BALANCE SHEETS








(Dollars in thousands, except per share data)







 



 






 






January 31,








 






 






2026






 






2025








ASSETS






 






 






 






 






 






 








CURRENT ASSETS






 






 






 






 






 






 








Cash and cash equivalents






 






$






339,481






 






 






$






145,263






 








Investments






 






 






555,500






 






 






 






379,874






 








Accounts receivable, net






 






 






133,677






 






 






 






175,808






 








Contract assets






 






 






43,397






 






 






 






28,430






 








Other current assets






 






 






60,202






 






 






 






51,925






 








TOTAL CURRENT ASSETS






 






 






1,132,257






 






 






 






781,300






 








Property, plant and equipment, net






 






 






16,596






 






 






 






14,463






 








Goodwill






 






 






28,033






 






 






 






28,033






 








Intangible assets, net






 






 






1,450






 






 






 






1,826






 








Deferred taxes, net






 






 






—






 






 






 






552






 








Right-of-use and other assets






 






 






8,018






 






 






 






10,053






 








TOTAL ASSETS






 






$






1,186,354






 






 






$






836,227






 








 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY






 






 






 






 






 






 








CURRENT LIABILITIES






 






 






 






 






 






 








Accounts payable






 






$






107,540






 






 






$






97,297






 








Accrued expenses






 






 






89,748






 






 






 






83,319






 








Contract liabilities






 






 






513,969






 






 






 






299,241






 








TOTAL CURRENT LIABILITIES






 






 






711,257






 






 






 






479,857






 








Deferred taxes, net






 






 






6,555






 






 






 






—






 








Noncurrent liabilities






 






 






6,280






 






 






 






4,513






 








TOTAL LIABILITIES






 






 






724,092






 






 






 






484,370






 








 






 






 






 






 






 






 








STOCKHOLDERS’ EQUITY






 






 






 






 






 






 








Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding






 






 






—






 






 






 






—






 








Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 13,950,712 and 13,634,214 shares outstanding at January 31, 2026 and 2025, respectively






 






 






2,374






 






 






 






2,374






 








Additional paid-in capital






 






 






167,234






 






 






 






168,966






 








Retained earnings






 






 






406,197






 






 






 






292,698






 








Treasury stock, at cost – 1,877,577 and 2,194,075 shares at January 31, 2026 and 2025, respectively






 






 






(114,361






)






 






 






(105,643






)








Accumulated other comprehensive income (loss)






 






 






818






 






 






 






(6,538






)








TOTAL STOCKHOLDERS’ EQUITY






 






 






462,262






 






 






 






351,857






 








TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY






 






$






1,186,354






 






 






$






836,227






 









ARGAN, INC. AND SUBSIDIARIES








RECONCILIATIONS TO EBITDA








(In thousands)








(Unaudited)







 



 






 






Three Months Ended








 






 






January 31,








 






 






2026






 






2025








Net income, as reported






 






$






49,212






 






$






31,369








Provision for income taxes






 






 






6,181






 






 






7,263








Depreciation






 






 






501






 






 






529








Amortization of intangible assets






 






 






82






 






 






98








EBITDA






 






$






55,976






 






$






39,259









 






 






 






 






 






 






 








 






 






Fiscal Year Ended








 






 






January 31,








 






 






2026






 






2025








Net income, as reported






 






$






137,774






 






$






85,459








Provision for income taxes






 






 






22,735






 






 






25,745








Depreciation






 






 






1,912






 






 






1,905








Amortization of intangible assets






 






 






376






 






 






391








EBITDA






 






$






162,797






 






$






113,500







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326456425/en/
Company Contact:

David Watson

301.315.0027


Investor Relations Contacts:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203.972.9200

argan@imsinvestorrelations.com


Original: Argan, Inc. Reports Fourth Quarter and Fiscal Year 2026 Results