Bookings in Q4 were a record $342 million with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year-over-year.
Free cash flow for Q4 was $34 million, exceeding expectations, and full year free cash flow was a record $119 million.
GAAP net income in Q4 was $16 million versus a net loss of $11 million in the prior year quarter; full year GAAP net loss improved to $38 million from $138 million.
Q4 adjusted EBITDA was $51 million with a margin of 18.8%, up over 700 basis points sequentially; full year adjusted EBITDA was $119 million with a 13.1% margin.
Q4 revenue was $273 million, up 9.9% year-over-year, with full year revenue of $912 million, up 9.2%.
Adjusted EBITDA increased by $4 million with a 70 basis point margin improvement driven by price/cost gains in Fiber, Polymers, and Integrated segments.
Containerboard divestment contributed $872 million in sales and $168 million EBITDA year-to-date, with $122 million sales and $25 million EBITDA expected in August and September.
Durable Metals experienced volume declines of 5.8% due to industrial softness but maintained flat gross profit with margin improvement.
Free cash flow surged nearly 400% to $171 million in Q3, demonstrating business resilience amid macroeconomic challenges.
Integrated Solutions sales and gross profit were flat year-over-year, with a 160 basis point margin decline due to product mix.
Polymers segment saw sales growth from volume, price, and mix, with gross profit up over $10 million and margins up 150 basis points.
Sustainable Fiber volumes declined 7.6%, but gross profit increased by $8 million with a 360 basis point margin improvement.
Australia segment sales fell 50.1% to $30.6 million due to normalization of sprayer deliveries, with a pretax loss of $2.1 million versus prior year pretax income of $1.4 million.
Construction segment sales decreased 10.2% to $72 million with a pretax loss of $1.2 million compared to prior year pretax income of $0.2 million.
Domestic Agriculture segment sales declined 18.7% to $345.8 million with a pretax loss of $12.3 million versus prior year pretax income of $6.7 million.
Europe segment sales increased 44% to $98.1 million, driven by Romania and EU stimulus, with pretax income rising to $5.1 million from a $2.3 million loss.
Gross profit decreased to $93.6 million from $112.4 million, with gross margin at 17.1% versus 17.7% last year.
Net loss was $6 million, or $0.26 loss per diluted share, compared to adjusted net income of $4 million or $0.17 EPS last year.
Operating expenses decreased 2.6% year-over-year to $92.7 million, and floorplan interest expense declined to $11.5 million from $13 million.
Total revenue for Q2 fiscal 2026 was $546.4 million, down 14% from $633.7 million in the prior year period.
Dafinchi