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Dec 31, 2025
Thermon Q3 2026 Earnings Report
Thermon reported record revenue, profitability, and bookings for the third quarter of fiscal year 2026.
Key Takeaways
Thermon achieved record third-quarter results, with revenue increasing by 9.6% to $147.3 million, driven by strong end-market demand and effective pricing. Adjusted EBITDA grew by 11.9% to $35.6 million, and new orders reached a record $158.2 million, resulting in a book-to-bill ratio of 1.1x. The company also raised its full-year fiscal 2026 guidance.
Record third-quarter revenue of $147.3 million, up 9.6% year-over-year.
Adjusted EBITDA increased by 11.9% to $35.6 million, with an Adjusted EBITDA margin of 24.2%.
New orders reached a record $158.2 million, representing a 14.1% increase and a book-to-bill ratio of 1.1x.
Net leverage ratio improved to 0.8x at quarter-end, reflecting strong financial discipline.
Revenue by Segment
Forward Guidance
Thermon is raising its full-year Fiscal 2026 guidance, anticipating continued strong performance driven by disciplined pricing, favorable book-to-bill ratio, and sustained large-project activity.
Positive Outlook
- Increased full-year Fiscal 2026 revenue guidance to $516 million - $526 million.
- Raised Adjusted EBITDA guidance to $114 million - $120 million.
- GAAP EPS guidance increased to $1.64 - $1.78 per share.
- Adjusted EPS expected to be $2.05 - $2.19 per share.
- Strong visibility into the remainder of the year due to resilient demand across key end markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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