Armstrong World Industries Inc. (AWI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.25	$2.36	+4.9%	—	$472M	—
Q1 26	$1.81	$1.69	-6.6%	—	$409.9M	—
Q4 25	$1.68	$1.61	-4.2%	—	$388.3M	—
Q3 25	$2.03	$2.05	+1.0%	—	$425.2M	—
Q2 25	$1.78	$2.09	+17.4%	—	$424.6M	—
Q1 25	$1.53	$1.66	+8.5%	—	$382.7M	—
Q4 24	$1.38	$1.5	+8.7%	—	$367.7M	—
Q3 24	$1.76	$1.81	+2.8%	—	$386.6M	—
Q2 24	$1.55	$1.62	+4.5%	—	$365.1M	—
Q1 24	$1.23	$1.38	+12.2%	—	$326.3M	—
Q4 23	$1.04	$1.22	+17.3%	—	$312.3M	—
Q3 23	$1.31	$1.6	+22.1%	—	$347.3M	—
Q2 23	$1.31	$1.38	+5.3%	—	$325.4M	—
Q1 23	$1.1	$1.12	+1.8%	—	$310.2M	—
Q4 22	$1.12	$1.08	-3.6%	—	$304.5M	—
Q3 22	$1.47	$1.36	-7.5%	—	$325M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.19	—	—	$1.6B	—
FY24	—	$6.08	—	—	$1.4B	—
FY23	—	$5	—	—	$1.3B	—
FY22	—	$4.45	—	—	$1.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$837.3M	$893.6M	$975.3M	$1B	$936.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B
YoY change	+4%	+6.72%	+9.14%	+6.44%	-9.75%	+18.1%	+11.4%	+5.04%	+11.6%	+12.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	837.3M	893.6M	975.3M	1B	936.9M	1.1B	1.2B	1.3B	1.4B	1.6B
Cost of revenue	530.3M	578.2M	641.8M	643M	603.8M	701M	784M	798.2M	864.1M	962.1M
Gross profit	307M	315.4M	333.5M	395.1M	333.1M	405.6M	449.1M	497M	581.6M	658.7M
Gross margin	36.7%	35.3%	34.2%	38.1%	35.6%	36.7%	36.4%	38.4%	40.2%	40.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	184.2M	138.6M	159M	174.3M	163.2M	232.1M	231.7M	256.6M	308.5M	339.5M
Operating expenses	184.2M	138.6M	159M	174.3M	163.2M	232.1M	231.7M	256.6M	308.5M	339.5M
Operating income	122.8M	176.8M	174.5M	220.8M	169.9M	173.5M	217.4M	240.4M	273.1M	319.2M
Operating margin	14.7%	19.8%	17.9%	21.3%	18.1%	15.7%	17.6%	18.6%	18.9%	19.7%
Non-operating income, net	76.3M	78.9M	103.1M	113.8M	-272.8M	92M	66.8M	89.7M	110M	111.7M
Pretax income	150.6M	222.1M	242.7M	299.4M	-126.7M	242.7M	257.6M	298.3M	347.1M	400.3M
Income tax	51.3M	1.5M	53.1M	57.1M	-42.6M	57.4M	57.7M	74.5M	82.2M	91.6M
Net income	104.7M	119.6M	185.9M	214.5M	-99.1M	183.2M	202.9M	223.8M	264.9M	308.7M
Net margin	12.5%	13.4%	19.1%	20.7%	-10.6%	16.6%	16.5%	17.3%	18.3%	19%
EBITDA	279.9M	346.7M	361.3M	409.9M	-39.5M	358M	379.4M	422.9M	492.3M	554.3M
EPS	1.88	2.23	3.61	4.47	-2.07	3.82	4.45	5	6.08	7.19
Diluted EPS	1.87	2.21	3.56	4.32	-2.07	3.82	4.37	4.99	6.02	7.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	347.3M	312.3M	326.3M	365.1M	386.6M	367.7M	382.7M	424.6M	425.2M	388.3M	409.9M	472M
Cost of revenue	205.9M	192.8M	202M	215.8M	222.5M	223.8M	232.8M	248.8M	246.7M	233.8M	254.6M	277M
Gross profit	141.4M	119.5M	124.3M	149.3M	164.1M	143.9M	149.9M	175.8M	178.5M	154.5M	155.3M	195M
Gross margin	40.7%	38.3%	38.1%	40.9%	42.4%	39.1%	39.2%	41.4%	42%	39.8%	37.9%	41.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	64.6M	67.4M	65.7M	79.9M	77.6M	85.4M	78M	84.5M	90.1M	87.4M	88.4M	93.7M
Operating expenses	64.6M	67.4M	65.7M	79.9M	77.6M	85.4M	78M	84.5M	90.1M	87.4M	88.4M	93.7M
Operating income	76.8M	52.1M	58.6M	69.4M	86.5M	58.5M	71.9M	91.3M	88.4M	67.1M	66.9M	101.3M
Operating margin	22.1%	16.7%	18%	19%	22.4%	15.9%	18.8%	21.5%	20.8%	17.3%	16.3%	21.5%
Non-operating income, net	25.7M	13.7M	30M	28.8M	28.2M	22.3M	27.3M	32.6M	29.3M	23M	28.8M	33.4M
Pretax income	93.7M	60.7M	80.2M	87.1M	103.8M	76M	90.7M	115.3M	109.5M	84.8M	88.4M	126.9M
Income tax	24.2M	13.9M	20.3M	21.2M	26.9M	13.8M	21.6M	27.5M	23.2M	19.3M	21.6M	30.2M
Net income	69.5M	46.8M	59.9M	65.9M	76.9M	62.2M	69.1M	87.8M	86.3M	65.5M	66.8M	96.7M
Net margin	20%	15%	18.4%	18%	19.9%	16.9%	18.1%	20.7%	20.3%	16.9%	16.3%	20.5%
EBITDA	125.2M	92.8M	113.8M	124.4M	140.4M	114.4M	128.5M	154.4M	147M	123.9M	125.4M	165.8M
EPS	1.56	—	1.37	1.5	1.76	1.43	1.59	2.03	2	1.53	1.56	2.28
Diluted EPS	1.56	—	1.36	1.5	1.75	1.42	1.58	2.01	1.98	1.51	1.55	2.26

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	3.2B	3B	4.5B	3.6B	5.6B	3.1B	4.4B	6.2B	8.2B	7B
Enterprise value	3B	3.9B	3.5B	5.1B	4.2B	6.1B	3.7B	5B	6.7B	8.6B	7.4B
Shares outstanding	55.4M	53.3M	51.3M	48M	47.9M	48M	45.6M	44.7M	43.6M	42.9M	42.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.1	27	16.1	21	—	30.4	15.4	19.6	23.2	26.6	22.3
P/S	2.77	3.61	3.06	4.34	3.8	5.03	2.53	3.39	4.26	5.06	4.06
P/B	8.69	7.7	13.2	12.4	7.9	10.7	5.84	7.43	8.13	9.11	7.79
EV/EBITDA	10.9	11.3	9.63	12.5	-105.8	17.2	9.77	11.7	13.6	15.5	16.4
EV/Sales	3.64	4.38	3.57	4.92	4.46	5.55	3.01	3.83	4.62	5.3	4.35
Earnings yield	4.52%	3.71%	6.23%	4.76%	—	3.29%	6.49%	5.09%	4.3%	3.76%	4.48%
FCF yield	-2.37%	2.5%	4.4%	2.47%	4.59%	1.93%	3.44%	3.41%	2.99%	3%	3.17%
PEG	—	—	—	—	—	—	—	—	—	—	1.76

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36.7%	35.3%	34.2%	38.1%	35.6%	36.7%	36.4%	38.4%	40.2%	40.6%	41.3%
Operating margin	14.7%	19.8%	17.9%	21.3%	18.1%	15.7%	17.6%	18.6%	18.9%	19.7%	21.6%
Net margin	12.5%	13.4%	19.1%	20.7%	-10.6%	16.6%	16.5%	17.3%	18.3%	19%	18.6%
ROE	39.3%	28.5%	82.3%	58.8%	-22%	35.3%	37.9%	37.8%	35%	34.3%	36.6%
ROA	5.96%	6.38%	10.1%	14.4%	-5.77%	10.7%	12%	13.4%	14.4%	16%	10.6%
ROIC	8.12%	15.8%	18.9%	18.5%	15.9%	12.1%	15.1%	15.5%	16.3%	19.2%	18%
Return on tangible assets	11.6%	12.1%	19.5%	38.1%	-20.6%	34.4%	37.8%	45.1%	50.3%	48.3%	50.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.81	2.4	1.31	1.57	1.81	1.54	1.95	1.61	1.4	1.46	1.52
Quick ratio	1.6	2.2	1.19	1.13	1.34	1.11	1.35	1.07	0.96	1	1.06
Debt / equity	3.28	2.03	3.63	1.77	1.68	1.29	1.28	1.08	0.79	0.55	0.66
Debt / assets	0.5	0.45	0.45	0.43	0.44	0.39	0.41	0.38	0.33	0.26	0.29
Net debt / EBITDA	2.61	1.99	1.37	1.47	-15.7	1.6	1.53	1.35	1.06	0.69	0.89
Interest coverage	4.04	7.27	7.19	8.8	-4.26	11.6	10.5	9.45	9.72	13.1	14.2
Effective tax rate	34.1%	0.68%	21.9%	19.1%	0%	23.7%	22.4%	25%	23.7%	22.9%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.1	16.8	19	21.6	19.6	23.1	27.1	29	33.2	37.8	39.5
EPS (basic)	1.88	2.23	3.61	4.47	-2.07	3.82	4.45	5	6.08	7.19	7.19
EPS (diluted)	1.87	2.21	3.56	4.32	-2.07	3.82	4.37	4.99	6.02	7.08	7.29
Book value per share	4.81	7.87	4.41	7.6	9.42	10.8	11.7	13.2	17.4	21	20.9
FCF per share	-0.99	1.51	2.56	2.32	3.41	2.24	2.36	3.35	4.22	5.73	5.78
Cash per share	2.57	2.99	6.35	0.94	2.86	2.05	2.33	1.58	1.82	2.63	1.86
Capex per share	1.88	1.68	1.4	1.49	1.16	1.66	1.64	1.87	1.34	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.4%	10%	7.37%	6.87%	5.91%	7.21%	6.07%	6.47%	4.05%	—	—
Capex / operating cash flow	69.6%	67.6%	22.9%	29%	-69%	29%	28.6%	26.6%	17.1%	—	—
Payout ratio	0%	0%	4.63%	16.6%	-39.6%	22.6%	21.8%	21%	19.1%	17.9%	18.1%
Dividend yield	0%	0%	0.29%	0.79%	1.1%	0.74%	1.41%	1.07%	0.82%	0.67%	0.82%

Yield

0.82%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.339

ex-dividend Aug 5, 2026

Payout ratio

18%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 5, 2026	$0.339
May 11, 2026	$0.339
Mar 5, 2026	$0.339
Nov 6, 2025	$0.339
Aug 7, 2025	$0.308
May 8, 2025	$0.308
Mar 6, 2025	$0.308
Nov 7, 2024	$0.308

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$347.3M	$312.3M	$326.3M	$365.1M	$386.6M	$367.7M	$382.7M	$424.6M	$425.2M	$388.3M	$409.9M	$472M
YoY change	+6.86%	+2.56%	+5.19%	+12.2%	+11.3%	+17.7%	+17.3%	+16.3%	+9.98%	+5.6%	+7.11%	+11.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	142.3M	159.6M	325.7M	45.3M	136.9M	98.1M	106M	70.8M	79.3M	112.7M
Receivables	56.9M	62.8M	70.4M	82.4M	77.9M	104.7M	107.4M	102.1M	133M	130.6M
Inventory	46.9M	53.8M	61.2M	68.5M	81.5M	90.2M	110M	104M	109.8M	124.6M
Total current assets	406.2M	648.9M	717.6M	244.4M	311.8M	321.9M	356.5M	313M	348.9M	391.5M
Property, plant & equipment	262.4M	275.3M	268.5M	320.4M	314M	325M	321.4M	344.9M	375.3M	409.8M
Goodwill & intangibles	855.4M	882.2M	884M	929.8M	1.2B	1.2B	1.1B	1.2B	1.3B	1.3B
Total assets	1.8B	1.9B	1.8B	1.5B	1.7B	1.7B	1.7B	1.7B	1.8B	1.9B
Accounts payable	68.7M	67.6M	82.2M	79.4M	81.3M	105.8M	105M	91M	132.4M	123.6M
Short-term debt	25M	32.5M	55M	11.5M	31.8M	32.8M	8.1M	32.3M	34.4M	27.1M
Total current liabilities	224.1M	269.9M	549.5M	155.2M	172.3M	209.6M	182.7M	194.5M	249.7M	267.4M
Long-term debt	848.6M	817.7M	764.8M	634.6M	723.9M	638.8M	678.9M	608.1M	565.5M	466.8M
Total liabilities	1.5B	1.5B	1.6B	1.1B	1.3B	1.2B	1.2B	1.1B	1.1B	1B
Shareholders' equity	266.4M	419.3M	226M	364.9M	450.9M	519.7M	535M	591.8M	757.1M	900.7M
Total debt	873.6M	850.2M	819.8M	646.1M	755.7M	671.6M	687M	640.4M	599.9M	493.9M
Net debt	731.7M	690.6M	494.1M	600.8M	618.8M	573.5M	581M	569.6M	520.6M	381.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	96.6M	70.8M	69.6M	73.6M	73.7M	79.3M	82.8M	81.1M	90.1M	112.7M	79.8M	78.6M
Receivables	112.8M	102.1M	120.5M	130.3M	129.5M	133M	148.2M	151.6M	155.5M	130.6M	168.1M	185.8M
Inventory	107.2M	104M	106.4M	113.8M	116M	109.8M	117.1M	116.4M	123.5M	124.6M	129.5M	127.4M
Total current assets	350.1M	313M	330.7M	351.2M	357.7M	348.9M	371.5M	375.6M	395.7M	391.5M	402.4M	425.3M
Property, plant & equipment	613.1M	344.9M	614.4M	662.7M	639.7M	375.3M	667.1M	669.7M	682.2M	409.8M	710.9M	713.2M
Goodwill & intangibles	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B
Total assets	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B	1.9B	1.9B	1.9B	1.9B	2B	2B
Accounts payable	95.3M	91M	87.2M	106.4M	113.2M	132.4M	93.9M	97.2M	107M	123.6M	118.8M	129.9M
Short-term debt	27.1M	32.3M	32.4M	33.5M	33.8M	34.4M	35.2M	37.3M	38.5M	27.1M	28.3M	28.5M
Total current liabilities	185.8M	194.5M	184.4M	200M	218.4M	249.7M	231.6M	232.9M	261.1M	267.4M	262.1M	280M
Long-term debt	650.3M	608.1M	605.8M	677.1M	587.4M	565.5M	559.8M	524.4M	457.8M	466.8M	540.7M	550.9M
Total liabilities	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B	1.1B	1B	1B	1B	1.1B	1.1B
Shareholders' equity	585.5M	591.8M	626.8M	669M	717M	757.1M	793.4M	837.8M	889.2M	900.7M	892.9M	884.3M
Total debt	677.4M	640.4M	638.2M	710.6M	621.2M	599.9M	595M	561.7M	496.3M	493.9M	569M	579.4M
Net debt	580.8M	569.6M	568.6M	637M	547.5M	520.6M	512.2M	480.6M	406.2M	381.2M	489.2M	500.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	104.7M	119.6M	185.9M	214.5M	-99.1M	183.2M	202.9M	223.8M	264.9M	308.7M
Depreciation & amortization	89.2M	89.2M	79.4M	72.1M	84M	96.5M	83.7M	89.2M	103.2M	120.4M
Stock-based compensation	12.4M	10.2M	14M	9.5M	6.8M	11.3M	14.3M	18.8M	18.3M	21.9M
Change in working capital	-142.9M	-73.7M	16.1M	-66.6M	16.3M	-22.1M	-47.5M	-10.8M	-45.8M	-37.3M
Operating cash flow	149.7M	132.6M	313.8M	246M	-80.3M	274.9M	261.8M	314.8M	342.3M	355.5M
Capital expenditure	-104.2M	-89.7M	-71.9M	-71.3M	-55.4M	-79.8M	-74.8M	-83.8M	-58.5M	—
Investing cash flow	-16.8M	-54.2M	309.6M	-41.2M	-134.7M	-2.1M	28.2M	-10.4M	-79.3M	104.8M
Dividends paid	0	0	-8.6M	-35.6M	-39.2M	-41.4M	-44.2M	-46.9M	-50.6M	-55.2M
Share repurchases	-43.8M	-80.4M	-306.6M	-131.3M	-44.4M	-80M	-165M	-132M	-59.9M	-8.7M
Financing cash flow	-219.6M	-106M	-347.7M	-195.2M	278.3M	-208.5M	-199.9M	-321.8M	-177.6M	-319.3M
Net change in cash	-86.7M	-27.6M	275.7M	9.6M	63.3M	64.3M	90.1M	-17.4M	85.4M	141M
Free cash flow	-54.9M	80.7M	131.3M	111.4M	163.4M	107.4M	107.6M	149.7M	184M	246.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	69.5M	46.8M	59.9M	65.9M	76.9M	62.2M	69.1M	87.8M	86.3M	65.5M	66.8M	96.7M
Depreciation & amortization	22.7M	23.4M	24.3M	25.5M	26.1M	27.3M	29.3M	30.5M	30.1M	30.5M	29.7M	30.2M
Stock-based compensation	4.1M	6.8M	4.1M	4.6M	5.2M	4.4M	4.5M	5.3M	6.5M	5.6M	3.8M	6M
Change in working capital	4.4M	-3.7M	-33.4M	-24.8M	-9.7M	3.9M	-33.6M	-17.2M	-24.2M	12.8M	-41M	-28.5M
Operating cash flow	103.5M	70.4M	53.6M	71.1M	101.3M	98.1M	67.6M	105.1M	122.9M	110M	32.1M	93.8M
Capital expenditure	-18.6M	-23.7M	-14.7M	-19.9M	-10M	-16M	-19.1M	-19.9M	—	—	—	—
Investing cash flow	-4.6M	-9.8M	5.9M	-87.3M	20.2M	-18.1M	6M	7.1M	25.2M	27.4M	-33.7M	30.5M
Dividends paid	-11.3M	-12.5M	-12.3M	-12.6M	-12.2M	-13.5M	-13.4M	-13.8M	-13.4M	-14.6M	-14.7M	-15.5M
Share repurchases	-40.4M	-33.5M	-15M	-14.2M	-19.4M	-15.5M	-22M	-30.4M	-35.1M	78.8M	-60.6M	-76.8M
Financing cash flow	-112.5M	-116.7M	-33.7M	102.8M	-121M	-60.6M	-42.6M	-92.1M	-117.3M	-67.3M	-9.2M	-105M
Net change in cash	-13.6M	-56.1M	25.8M	86.6M	500K	19.4M	31M	20.1M	30.8M	70.1M	-10.8M	19.3M
Free cash flow	63.9M	43.4M	11.7M	37.4M	77.1M	57.8M	21.9M	61.7M	100.3M	62.2M	14.4M	69.8M

Armstrong World Industries Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement