Argan rockets after blowout Q4 earnings, $2.9B backlog and cash pile jump
Argan shares are surging after the company posted a major Q4 fiscal 2026 earnings beat, reporting EPS of $3.47 versus a $2.13 forecast on $262.1 million in revenue. The company also ended the year with $2.929 billion of project backlog and $895.0 million of cash, cash equivalents and investments, reinforcing an upbeat demand outlook.
1. What’s driving the move
Argan (AGX) is ripping higher after releasing fourth-quarter and full-year fiscal 2026 results after the close on Thursday, March 26, 2026. The quarter delivered a sharp earnings upside surprise, with diluted EPS of $3.47 versus a $2.13 forecast, alongside revenue of $262.05 million (below the $271.02 million forecast), as profitability and margins came in far stronger than expected.
2. The numbers that caught investors’ attention
For the quarter ended January 31, 2026, Argan posted net income of $49.2 million on $262.1 million in revenue, with gross margin at 25.0% and EBITDA of $56.0 million (21.4% of revenue). For the full fiscal year, the company reported net income of $137.8 million and diluted EPS of $9.74 on $944.6 million in revenue, with EBITDA of $162.8 million (17.2% of revenue).
3. Backlog and balance-sheet fuel the bullish read-through
Argan finished fiscal 2026 with project backlog of $2.929 billion, up from $1.361 billion a year earlier, alongside cash, cash equivalents and investments of $895.0 million. Management highlighted $2.5 billion in new contract value added during the year and pointed to strong demand tied to power infrastructure needs, including growth in AI and data centers and rising grid pressure—commentary investors are treating as confirmation that the current cycle has runway.