Argan backlog doubles to $2.9B on five new gas-fired power projects; FY2026 net income up 61%

Filed March 26, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Consolidated backlog more than doubled from $1.4B to $2.9B, driven by five new gas-fired power plant contracts totaling over 4.5 GW across Texas and Ireland with completion dates through 2029.

  MD&A: Backlog verify on EDGAR →
• high

  Net income rose 61% to $137.8M (diluted EPS $9.74 vs. $6.15 prior year) on 440 basis points of gross margin expansion to 20.5%, reflecting strong execution on international operations and the Trumbull Energy Center.

  MD&A: Results of Operations verify on EDGAR →
• high

  Industrial segment backlog increased nearly fivefold from $53.2M to $253.0M, reversing prior-year decline and signaling strong near-term revenue growth in automotive, data centers, and water treatment.

  MD&A: Industrial Backlog verify on EDGAR →