Valmont Industries reported Q4 adjusted diluted EPS of $4.92, a 28.1% year-over-year increase, and GAAP EPS of $9.05, driven in part by a $78.5 million tax benefit. The company acquired the remaining 40% of ConcealFab and entered 2026 with a $1.5 billion backlog, up 22% year-over-year, largely driven by utility demand.

Infrastructure segment sales rose 7.2% to $819 million, with utility sales up 21% on favorable pricing and higher volumes, yielding operating income of $149.6 million, or an 18.3% margin. Agriculture revenue fell 19.9% to $222.7 million, producing a $3.3 million operating loss that included $27.5 million in legal reserves and credit losses.

For 2025, Valmont achieved $4.1 billion in net sales and $538 million in operating income (13.1% margin), with adjusted diluted EPS of $19.09, up 11.1%. The company generated $457 million in operating cash flow, invested $145 million in capex, produced $311 million in free cash flow, and returned $250 million to shareholders through dividends and share repurchases.

Valmont forecasts 2026 net sales of $4.2 billion to $4.4 billion and diluted EPS of $20.50 to $23.50, implying up to 4.8% revenue and 15.2% EPS growth. It plans $170 million to $200 million in capex for brownfield utility capacity expansions, automation, and AI-enabled throughput improvements to support volume-led utility growth.