Zurn Elkay Q1 revenue jumps 11%, margin expands 270bp; tariff ruling creates refund upside

Filed April 21, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 22, 2025 · ~1 min read

Key Changes

• high

  Revenue accelerated to 11% growth ($433M) from 4% prior year, with operating margin expanding 270 basis points to 19% driven by pricing and productivity gains across nearly all product categories.

  MD&A: Revenue and Operating Margin verify on EDGAR →
• high

  Supreme Court invalidated certain IEEPA tariffs in Feb 2026; company is importer of record for affected goods but hasn't recognized potential refund due to recovery uncertainty, creating unquantified upside.

  MD&A: Tariff Uncertainty verify on EDGAR →
• high

  Revolver expanded from $200M to $550M with maturity extended to 2031; total liquidity (cash plus availability) surged 144% to $814M while leverage improved to 0.57x from 0.98x.

  MD&A: Liquidity and Credit Facility verify on EDGAR →