Advanced Drainage Systems delivered third‐quarter earnings of $1.27 per share, surpassing the consensus estimate of $1.11 and marking a 17% year‐over‐year increase from $1.09 in Q3 of fiscal 2025. While the company did not disclose exact revenue figures on today’s call, management emphasized broad‐based volume gains across its core non‐residential and residential end markets, driven by robust infrastructure activity and continued growth in stormwater solutions.

CEO Scott Barbour highlighted ongoing investments in capacity expansion and automation, noting that two new thermoplastic extrusion lines are scheduled to come online in mid‐2026 to alleviate supply constraints. Craig Taylor, President of the Infiltrator business, reported record backlog in underground water management products, attributing it to stronger agricultural and municipal ordering patterns. CFO Scott Cottrill reiterated the company’s commitment to returning capital through share repurchases and emphasized that free cash flow conversion improved sequentially despite higher working capital requirements. All executives reminded listeners of the standard risk factors detailed in the company’s latest Form 10‐K and declined to update full‐year guidance at this time.