10-Q · July 2, 2026
Lindsay Corporation's Q3 FY2026 results reflected a 5% decline in revenue to $160.8 million compared to the prior year, attributed primarily to a drop in irrigation segment sales. Despite this, the company reported a…
Earnings analysis · 10-K
LNN earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Lindsay retains attractive long-term positioning in water-efficiency and transportation-safety products, supported by proprietary technology, a broad international footprint, and limited competition in moveable…
Read full summary
Lindsay retains attractive long-term positioning in water-efficiency and transportation-safety products, supported by proprietary technology, a broad international footprint, and limited competition in moveable barriers. However, fiscal 2026 showed a meaningful deterioration after the fiscal 2025 peak: revenue fell 6%, operating margin declined 250 basis points to 10.5%, and diluted EPS fell 21% to $5.33, with both segments contracting. Large MENA project activity, subdued North American demand, Brazil financing constraints, and weaker cash generation outweigh the strategic benefits of buybacks, the planned Brazil acquisition, and ongoing product investment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.33
What stood out
-
Technology and dealer network support moat
The company is pursuing global market expansion, margin improvement, strategic acquisitions, and technology-led irrigation solutions including GPS guidance, variable-rate irrigation, FieldNET remote management, FieldNETAdvisor, and IIoT products. Four manufacturers control a substantial majority of the U.S. center-pivot market, and Lindsay sells through more than 200 independent U.S. dealers.
-
Profitability reset after fiscal 2025 peak
Fiscal 2026 revenue declined 6% to $635.9 million, gross margin fell to 28.9% from 31.2%, operating margin fell to 10.5% from 13.0%, and diluted EPS declined to $5.33 from $6.78. The three-year revenue trend was $607.1 million in fiscal 2024, $676.4 million in fiscal 2025, and $635.9 million in fiscal 2026, indicating a sharp fiscal 2025 peak followed by contraction.
-
Irrigation dominates; project timing hurts infrastructure
Irrigation remained the core business at 85% of fiscal 2026 revenue, with $541.5 million of sales, while infrastructure revenue declined to $94.4 million because a prior-year $20 million Road Zipper project did not repeat. International irrigation revenue was $279.3 million, or approximately 52% of irrigation revenue, and included a favorable $12.1 million currency-translation effect.
-
MENA execution and Brazil expansion
The new MENA irrigation agreement is valued at more than $80 million, with approximately $70 million recognized in fiscal 2026. The company also entered a definitive agreement on October 19, 2026 to acquire Brazilian hose-reel manufacturer Setorial Irrigação for approximately R$49.1 million, excluding working-capital adjustments.
-
Aggressive buybacks despite lower cash generation
Operating cash flow was $74.9 million in fiscal 2026 versus $132.9 million in fiscal 2025, while capital expenditures were $40.2 million versus $42.5 million. The company repurchased $80.7 million of stock, up from $11.5 million, paid $15.4 million of dividends, and retained $100.0 million of repurchase authorization at year-end.
-
Fiscal 2027 investment remains substantial
Management expects approximately $40.0 million of fiscal 2027 capital expenditures for equipment replacement, productivity improvements, new product development, and commercial growth. The plan includes manufacturing modernization and productivity investments expected to occur primarily in the first half of fiscal 2027.
What to watch
-
MENA and customer concentration
Revenue concentration increased materially: one irrigation customer represented 12% of consolidated fiscal 2026 revenue, versus no customer above 10% in fiscal 2024. The company also has an approximately $80 million MENA agreement, and says timing could change as the Iran conflict evolves; MENA projects are exposed to geopolitical, funding, and supply-chain disruption.
-
Emerging AI and cyber exposure
The company added an AI-specific risk, stating that AI tools may produce incorrect, incomplete, or biased analysis and may increase exposure to cybersecurity incidents, unauthorized disclosure, and privacy-law breaches. A successful cyber incident could cause manufacturing disruption, lost revenue, litigation, regulatory penalties, and reputational damage, although no cyber threat materially affected fiscal 2026 results.
-
Unapproved remediation cost uncertainty
The Lindsay, Nebraska environmental remediation plan remains preliminary and has not been approved by the EPA or NDEE. The company accrued $10.6 million, including $8.0 million discounted liability, but states actual costs could exceed the accrual because of regulatory changes, remediation effectiveness, technology, and unforeseen site conditions.
Management's outlook
The filing provides no numeric revenue or EPS guidance. It expects fiscal 2027 capital expenditures of approximately $40.0 million; management also says North American irrigation demand will likely remain tempered, while international markets provide the most significant growth opportunities.
Earlier filings 4
10-Q · April 2, 2026
Lindsay reported weak Q2 results: revenues fell to $157.715M (Q2 FY2026) from $187.064M a year earlier and gross/operating margins compressed sharply, driving diluted EPS down to $1.15. Operating cash flow for the six…
10-Q · January 8, 2026
Lindsay reported Q1 (three months ended November 30, 2025) revenues of $155.818M, down from $166.281M a year earlier, while diluted EPS was $1.54 versus $1.57 prior year. Gross profit was $50.102M and operating income…
10-K · October 23, 2025
Lindsay describes a two‑segment strategy (Irrigation and Infrastructure) focused on product innovation (GPS, variable rate, IIoT/FieldNET) and international expansion; fiscal 2025 saw execution of a large MENA…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.