# AZZ INC (AZZ)

Informational only - not investment advice.

CIK: 0000008947
SIC: 3470 Coating, Engraving & Allied Services
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 34](/major-group/34/) > [SIC 3470 Coating, Engraving & Allied Services](/industry/3470/)
Latest 10-K filed: 2026-04-22
SEC page: https://www.sec.gov/edgar/browse/?CIK=8947
Filing source: https://www.sec.gov/Archives/edgar/data/8947/000000894726000068/azz-20260228.htm

## At a glance

FY2026 · period end 2026-02-28 · filed 2026-04-22 · accession 0000008947-26-000068 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000008947.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,650,080,000 USD | 2026 | verified |
| Net income | 317,260,000 USD | 2026 | verified |
| Assets | 2,213,474,000 USD | 2026 | verified |
| Free cash flow | 444,670,000 USD | 2026 | computed |
| Net margin | 19.23% | 2026 | computed |
| Operating margin | 16.04% | 2026 | computed |
| Revenue YoY | +4.58% | 2026 | computed |
| ROE | 23.73% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AZZ | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 19.2% | 6.1% | 97 | 35 |
| Operating margin | 16.0% | 9.3% | 74 | 32 |
| Revenue growth | 4.6% | 4.5% | 54 | 36 |
| FCF margin | 26.9% | 10.7% | 100 | 35 |
| ROE | 23.7% | 11.6% | 91 | 35 |
| ROA | 14.3% | 4.4% | 97 | 36 |
| Liabilities / equity | 0.66 | 0.89 | 38 | 35 |
| Current ratio | 1.70 | 2.59 | 23 | 36 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 34 SIC Major Group 34, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1650080000 | USD | 2026 | 2026-04-22 |
| Net income | 317260000 | USD | 2026 | 2026-04-22 |
| Assets | 2213474000 | USD | 2026 | 2026-04-22 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000008947.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 927,087,000 | 1,061,817,000 | 480,574,000 | 525,598,000 | 1,323,649,000 | 1,537,589,000 | 1,577,744,000 | 1,650,080,000 |
| Net income |  | 61,264,000 | 45,169,000 | 51,208,000 | 48,234,000 | 39,614,000 | 84,022,000 | -52,974,000 | 101,607,000 | 128,833,000 | 317,260,000 |
| Operating income |  | 98,908,000 | 48,248,000 | 76,956,000 | 79,343,000 | 47,477,000 | 79,219,000 | 173,638,000 | 221,600,000 | 236,364,000 | 264,617,000 |
| Gross profit |  | 205,332,000 | 160,309,000 | 198,621,000 | 237,228,000 | 122,899,000 | 146,153,000 | 295,943,000 | 363,461,000 | 382,680,000 | 394,955,000 |
| Diluted EPS |  | 2.35 | 1.73 | 1.96 | 1.84 | 1.52 | 3.35 | -2.45 | 3.46 | 1.79 | 10.50 |
| Operating cash flow | 143,589,000 | 111,176,000 | 76,810,000 | 110,475,000 | 142,310,000 | 92,035,000 | 86,010,000 |  | 244,468,000 | 249,909,000 | 525,446,000 |
| Capital expenditures |  | 41,434,000 | 29,612,000 | 24,615,000 | 32,595,000 | 27,179,000 | 23,590,000 | 57,120,000 | 95,119,000 | 115,883,000 | 80,776,000 |
| Dividends paid |  | 16,645,000 | 17,678,000 | 17,718,000 | 17,822,000 | 17,642,000 | 16,874,000 | 22,739,000 | 31,418,000 | 23,108,000 | 23,075,000 |
| Share buybacks |  | 5,282,000 | 7,518,000 | 0.00 | 5,799,000 | 48,311,000 | 30,815,000 | 0.00 | 0.00 | 0.00 | 20,000,000 |
| Assets |  | 978,354,000 | 1,028,209,000 | 1,088,570,000 | 1,073,831,000 | 999,227,000 | 1,133,027,000 | 2,221,479,000 | 2,195,505,000 | 2,227,101,000 | 2,213,474,000 |
| Liabilities |  | 445,218,000 | 463,006,000 | 484,842,000 | 439,465,000 | 375,935,000 | 465,662,000 | 1,368,019,000 | 1,261,014,000 | 1,181,606,000 | 876,443,000 |
| Stockholders' equity |  | 533,136,000 | 565,203,000 | 603,728,000 | 634,366,000 | 623,292,000 | 667,365,000 | 619,738,000 | 700,769,000 | 1,045,495,000 | 1,337,031,000 |
| Cash and cash equivalents |  | 11,302,000 | 20,853,000 | 24,005,000 | 36,687,000 | 14,837,000 | 12,082,000 | 2,820,000 | 4,349,000 | 1,488,000 | 705,000 |
| Free cash flow |  | 69,742,000 | 47,198,000 | 85,860,000 | 109,715,000 | 64,856,000 | 62,420,000 |  | 149,349,000 | 134,026,000 | 444,670,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 5.52% | 4.54% | 8.24% | 15.99% | -4.00% | 6.61% | 8.17% | 19.23% |
| Operating margin |  |  |  | 8.30% | 7.47% | 9.88% | 15.07% | 13.12% | 14.41% | 14.98% | 16.04% |
| Return on equity |  | 11.49% | 7.99% | 8.48% | 7.60% | 6.36% | 12.59% | -8.55% | 14.50% | 12.32% | 23.73% |
| Return on assets |  | 6.26% | 4.39% | 4.70% | 4.49% | 3.96% | 7.42% | -2.38% | 4.63% | 5.78% | 14.33% |
| Liabilities / equity |  | 0.84 | 0.82 | 0.80 | 0.69 | 0.60 | 0.70 | 2.21 | 1.80 | 1.13 | 0.66 |
| Current ratio |  | 2.17 | 2.50 | 2.30 | 1.26 | 2.62 | 2.57 | 2.23 | 1.89 | 1.70 | 1.70 |

## As-reported value updates

15 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AZZ/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000008947.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-08-31 |  |  | -1.91 | reported discrete quarter |
| 2023-Q3 | 2022-11-30 |  |  | -0.97 | reported discrete quarter |
| 2024-Q1 | 2023-05-31 |  |  | 0.98 | reported discrete quarter |
| 2024-Q2 | 2023-08-31 | 398,542,000 | 28,332,000 | 0.97 | reported discrete quarter |
| 2024-Q3 | 2023-11-30 | 381,605,000 | 26,890,000 | 0.92 | reported discrete quarter |
| 2024-Q4 | 2024-02-29 | 366,569,000 | 17,863,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-05-31 | 413,208,000 | 39,602,000 | -1.38 | reported discrete quarter |
| 2025-Q2 | 2024-08-31 | 409,007,000 | 35,419,000 | 1.18 | reported discrete quarter |
| 2025-Q3 | 2024-11-30 | 403,654,000 | 33,603,000 | 1.12 | reported discrete quarter |
| 2025-Q4 | 2025-02-28 | 351,875,000 | 20,209,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-05-31 | 421,962,000 | 170,908,000 | 5.66 | reported discrete quarter |
| 2026-Q2 | 2025-08-31 | 417,275,000 | 89,346,000 | 2.95 | reported discrete quarter |
| 2026-Q3 | 2025-11-30 | 425,746,000 | 41,075,000 | 1.36 | reported discrete quarter |
| 2026-Q4 | 2026-02-28 | 385,097,000 | 15,931,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-05-31 | 448,530,000 | 52,006,000 | 1.72 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AZZ's latest 10-K: [/company/AZZ/business/](/company/AZZ/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AZZ's latest 10-K: [/company/AZZ/risk-factors/](/company/AZZ/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/8947/000000894726000162/azz-20260531.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-08
Report date: 2026-05-31

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as "may," "could," "should," "expects," "plans," "will," "might," "would," "projects," "currently," "intends," "outlook," "forecasts," "targets," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This Quarterly Report may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction; infrastructure; transportation; HVAC & appliance; container; and the metal coatings end markets. We could also experience additional increases, including increases due to inflation, in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process and paint used in our coil coating process; supply chain vendor delays; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ's growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov.

You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

The following discussion should be read in conjunction with "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

Business Operations Update

Our results for the three months ended May 31, 2026 were impacted primarily by the growth in demand for our manufactured solutions in the construction, industrial and container end markets.

The demand for our manufacturing solutions was the primary contributor to net income of $52.0 million for the current three-month period. Our operating results for the current three-month period, including operating results by segment, are described in the summary on the following page, and detailed descriptions can be found below under "Results of Operations."

Our operations generated $37.1 million of cash for the current three-month period. The components of our liquidity and descriptions of our cash flows, capital investments, and other utilities, construction and matters impacting our liquidity and capital resources can be found below under "Liquidity and Capital Resources."

26

Table of Contents

Outlook

While it is difficult to predict future North American economic activity and its impact on the demand for our galvanizing and coil coating solutions, as well the impact that political or regulatory developments may have on us, we have noted several factors below that have impacted or may impact our results of operations during the second quarter of fiscal 2027.

•Sales prices in our AZZ Metal Coatings segment are expected to modestly increase from current levels, supported by continued increases in input costs. Fluctuations in product mix, along with competitive market pressures, may impact selling price.

•Sales prices in our AZZ Precoat Metals segment are expected to increase on average from past levels, resulting from passing through higher pricing on specified materials, although fluctuations in mix may impact the average selling price.

•Demand in our AZZ Metal Coatings and AZZ Precoat Metals segments is expected to follow our typical seasonal patterns.

•Volumes for our AZZ Metal Coatings segment remain at normal seasonal levels, which should support the continued demand for our metal coatings solutions.

•Customer inventories for our AZZ Precoat Metals segment remain at normal seasonal levels, which should support the continued demand for our coil coating solutions.

RESULTS OF OPERATIONS

Overview

We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets, predominantly in North America. We operate three distinct business segments, the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our discussion and analysis of financial condition and results of operations is divided by each of our segments, along with corporate costs and other costs not specifically identifiable to a segment. Management believes that the most meaningful analysis of our results of operations is to analyze our performance by segment. We use sales and operating income by segment to evaluate the performance of our segments. Segment operating income consists of sales less cost of sales and selling, general and administrative expenses that are specifically identifiable to a segment.

27

Table of Contents

QUARTER ENDED MAY 31, 2026 COMPARED TO THE QUARTER ENDED MAY 31, 2025

Segment Sales and Operating Income

The following tables contain operating segment data by segment, for the Company's corporate operations and on a consolidated basis (in thousands):

[[GREPCENT_TABLE]]
[["","Three Months Ended May 31, 2026"],["","Metal Coatings","","Precoat Metals","","Infrastructure Solutions(1)","","Corporate(2)","","Total"],["Sales","$","210,305","","","$","238,225","","","$","\u2014","","","$","\u2014","","","$","448,530"],["Cost of sales","147,452","","","188,909","","","\u2014","","","\u2014","","","336,361"],["Gross margin","62,853","","","49,316","","","\u2014","","","\u2014","","","112,169"],["Selling, general and administrative","6,302","","","7,781","","","\u2014","","","21,053","","","35,136"],["Operating income (loss)","56,551","","","41,535","","","\u2014","","","(21,053)","","","77,033"],["Interest expense","\u2014","","","\u2014","","","\u2014","","","(11,264)","","","(11,264)"],["Equity in earnings of unconsolidated subsidiary","\u2014","","","\u2014","","","509","","","\u2014","","","509"],["Other expense","(2)","","","\u2014","","","\u2014","","","(258)","","","(260)"],["Income (loss) before income tax","$","56,549","","","$","41,535","","","$","509","","","(32,575)","","","66,018"],["Income tax expense","","","","","","","14,012","","","14,012"],["Net income (loss)","","","","","","","$","(46,587)","","","$","52,006"]]
[[/GREPCENT_TABLE]]

See notes below tables.

[[GREPCENT_TABLE]]
[["","Three Months Ended May 31, 2025"],["","Metal Coatings","","Precoat Metals","","Infrastructure Solutions(1)","","Corporate(2)","","Total"],["Sales","$","187,215","","","$","234,747","","","$","\u2014","","","$","\u2014","","","$","421,962"],["Cost of sales(3)","130,356","","","187,476","","","\u2014","","","\u2014","","","317,832"],["Gross margin","56,859","","","47,271","","","\u2014","","","\u2014","","","104,130"],["Selling, general and administrative(4)","6,127","","","7,917","","","80","","","20,457","","","34,581"],["Operating income (loss)","50,732","","","39,354","","","(80)","","","(20,457)","","","69,549"],["Interest expense","\u2014","","","\u2014","","","\u2014","","","(18,563)","","","(18,563)"],["Equity in earnings of unconsolidated subsidiary(5)","\u2014","","","\u2014","","","173,523","","","\u2014","","","173,523"],["Other income (expense)","(61)","","","\u2014","","","\u2014","","","1,388","","","1,327"],["Income (loss) before income tax","$","50,671","","","$","39,354","","","$","173,443","","","(37,632)","","","225,836"],["Income tax expense","","","","","","","54,928","","","54,928"],["Net income (loss)","","","","","","","$","(92,560)","","","$","170,908"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","The AZZ Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV."],["(2)","Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments."],["(3)","For the three months ended May 31, 2025, the AZZ Metal Coatings segment includes restructuring charges of $3.8 million. See \"Item 1. Financial Statements\u2014Note 17.\""],["(4)","Includes stock-based compensation expense of $2.2 million, of which $0.4 million and $1.8 million are included in the AZZ Metal Coatings segment and the Corporate segment, respectively. See \"Item 1. Financial Statements\u2014Note 15.\""],["(5)","During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group (\"EPG\") to nVent Electric plc. Following the completion of the sale, we received a distribution of $273.2 million during the three months ended May 31, 2025, which was $107.4 million as of May 31, 2025. The excess distribution of $165.8 million was recorded as equity in earnings of unconsolidated subsidiary during three months ended May 31, 2025. See \"Item 1. Financial Statements\u2014Note 8.\""]]
[[/GREPCENT_TABLE]]

28

Table of Contents

For the current quarter, we recorded sales of $448.5 million, compared to the prior year quarter of $422.0 million. Of total sales for the current quarter, 46.9% were generated from the AZZ Metal Coatings segment and 53.1% of sales were generated from the AZZ Precoat Metals segment. Net income for the current quarter was $52.0 million, compared to $170.9 million for the prior year quarter. Net income as a percentage of sales was 11.6% for the current quarter as compared to 40.5% for the prior year quarter. Diluted earnings per common share decreased by 69.6%, to $1.72 per share for the current quarter, compared to $5.66 per share for the prior year quarter. The decrease was primarily due to the recognition of equity in earnings for the excess distribution from the AVAIL JV in the prior year quarter.

Sales

Sales for the AZZ Metal Coatings segment increased $23.1 million, or 12.3%, for the current quarter compared to the prior year quarter. The increase was primarily due to $22.2 million resulting from a higher volume of steel processed, mainly due to increases in the construction and industrial en

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/8947/000000894726000068/azz-20260228.htm
Complete FY 2026 MD&A: /company/AZZ/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-04-22
Report date: 2026-02-28

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion together with "Item 8. Financial Statements and Supplementary Data." This discussion contains forward-looking statements regarding our business and operations; see "Forward-Looking Statements" at the beginning of this Annual Report on Form 10-K. Our actual results may differ materially from those we currently anticipate as a result of the factors we describe under "Item 1A. Risk Factors" and elsewhere in this Annual Report on Form 10-K.

A discussion regarding our financial condition and results of operations as well as our liquidity and capital resources for fiscal year 2025 compared to fiscal year 2024 can be found under "Item 7. Management's Discussion and Analysis" in our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, filed with the SEC on April 21, 2025, which such discussion is hereby incorporated by reference.

Overview

We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. We operate three distinct business segments, the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment, which consists of the Company's 40% investment in the AVAIL JV joint venture. Our discussion and analysis of financial condition and results of operations is presented for each of our segments, along with corporate costs and other costs not specifically identifiable to a segment. References herein to fiscal years are to the twelve-month periods that end in February of the relevant calendar year. For example, the twelve-month period ended February 28, 2026 is referred to as "fiscal 2026," "fiscal year 2026", "current year" or "current period", and the twelve-month period ended February 28, 2025 is referred to as "fiscal 2025," "fiscal year 2025," "prior year" or "prior year period."

Business Operations Update

Our results for the year ended February 28, 2026 were favorably impacted primarily by the recognition of equity in earnings for the AVAIL JV, which included the gain from AVAIL's sale of the Electrical Products Group and the Welding Services Business, and by the growth in demand for our manufactured solutions in the electrical, construction and industrial end markets.

The equity in earnings from the AVAIL JV was the primary contributor to net income available to common shareholders of $317.3 million for the year ended February 28, 2026. Our operating results for fiscal 2026, including operating results by segment, are described in the summary on the following page, and detailed descriptions can be found below under “Results of Operations.”

Our operations generated $525.4 million of cash in fiscal 2026. The components of our liquidity and descriptions of our cash flows, capital investments, and other utilities, construction and matters impacting our liquidity and capital resources can be found below under "Liquidity and Capital Resources."

Outlook

While it is difficult to predict future North American economic activity and its impact on the demand for our galvanizing and coil coating solutions, as well the impact that political or regulatory developments may have on us, we have noted several factors below that have impacted or may impact our results of operations during the first quarter of fiscal 2027.

•Sales prices in our AZZ Metal Coatings segment are expected to remain consistent with current levels. Fluctuations in product mix, along with competitive market pressures, may impact selling price.

•Sales prices in our AZZ Precoat Metals segment are expected to increase on average from past levels, resulting from passing through higher pricing on specified materials along with increased overall selling prices, although fluctuations in mix may impact the average selling price.

•Demand in our AZZ Metal Coatings and AZZ Precoat Metals segments is expected to follow our typical seasonal patterns.

•Volumes for our AZZ Metal Coatings segment remain at normal seasonal levels, which should support the continued demand for our metal coatings solutions.

•Customer inventories for our AZZ Precoat Metals segment remain at normal seasonal levels, which should support the continued demand for our coil coating solutions.

22

Table of Contents

Results of Operations

Income before income tax for our operating segments and corporate operations for fiscal 2026 and 2025 was as follows (in thousands):

[[GREPCENT_TABLE]]
[["","Year Ended February 28, 2026"],["","Metal Coatings(1)","","Precoat Metals","","Infrastructure Solutions(2)","","Corporate(3)(4)","","Total"],["Sales","$","758,709","","","$","891,371","","","$","\u2014","","","$","\u2014","","","$","1,650,080"],["Cost of sales","531,089","","","724,036","","","\u2014","","","\u2014","","","1,255,125"],["Gross margin","227,620","","","167,335","","","\u2014","","","\u2014","","","394,955"],["Selling, general and administrative(5)","23,982","","","29,251","","","130","","","76,975","","","130,338"],["Operating income (loss)","203,638","","","138,084","","","(130)","","","(76,975)","","","264,617"],["Interest expense","\u2014","","","\u2014","","","\u2014","","","(55,650)","","","(55,650)"],["Equity in earnings of unconsolidated subsidiaries(6)","\u2014","","","\u2014","","","209,733","","","\u2014","","","209,733"],["Other income (expense)","(43)","","","18","","","\u2014","","","1,640","","","1,615"],["Income (loss) before income tax","$","203,595","","","$","138,102","","","$","209,603","","","$","(130,985)","","","$","420,315"]]
[[/GREPCENT_TABLE]]

See notes on page 23.

[[GREPCENT_TABLE]]
[["","Year Ended February 28, 2025"],["","Metal Coatings","","Precoat Metals","","Infrastructure Solutions(2)","","Corporate(3)(4)","","Total"],["Sales","$","665,107","","","$","912,637","","","$","\u2014","","","$","\u2014","","","$","1,577,744"],["Cost of sales","464,260","","","730,804","","","\u2014","","","\u2014","","","1,195,064"],["Gross margin","200,847","","","181,833","","","\u2014","","","\u2014","","","382,680"],["Selling, general and administrative(5)","22,372","","","34,005","","","6,737","","","83,202","","","146,316"],["Operating income (loss)","178,475","","","147,828","","","(6,737)","","","(83,202)","","","236,364"],["Interest expense","\u2014","","","\u2014","","","\u2014","","","(81,282)","","","(81,282)"],["Equity in earnings of unconsolidated subsidiaries","\u2014","","","\u2014","","","16,163","","","\u2014","","","16,163"],["Other income (expense)","247","","","\u2014","","","\u2014","","","(809)","","","(562)"],["Income (loss) before income tax","$","178,722","","","$","147,828","","","$","9,426","","","$","(165,293)","","","$","170,683"]]
[[/GREPCENT_TABLE]]

Read the full FY 2026 MD&A: /company/AZZ/mda/fy2026/
All MD&A years: /company/AZZ/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/AZZ/mda/fy2025/): filed 2025-04-21; accession 0000008947-25-000046 (https://www.sec.gov/Archives/edgar/data/8947/000000894725000046/azz-20250228.htm)
- [FY 2024 MD&A](/company/AZZ/mda/fy2024/): filed 2024-04-22; accession 0000008947-24-000044 (https://www.sec.gov/Archives/edgar/data/8947/000000894724000044/azz-20240229.htm)
- [FY 2023 MD&A](/company/AZZ/mda/fy2023/): filed 2023-04-25; accession 0000008947-23-000042 (https://www.sec.gov/Archives/edgar/data/8947/000000894723000042/azz-20230228.htm)
- [FY 2022 MD&A](/company/AZZ/mda/fy2022/): filed 2022-04-22; accession 0000008947-22-000034 (https://www.sec.gov/Archives/edgar/data/8947/000000894722000034/azz-20220228.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3470 Coating, Engraving & Allied Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AZZ.md · JSON record: /company/AZZ.json · verified financials: /company/AZZ/financials.json / /company/AZZ/financials.csv · machine TOC for the whole site: /llms.txt