ADVANCED DRAINAGE SYSTEMS, INC., 10-Q filed on 2/5/2026
Quarterly Report
v3.25.4
Cover - shares
 9 Months Ended
Dec. 31, 2025
Jan. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-36557  
Entity Registrant Name ADVANCED DRAINAGE SYSTEMS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 51-0105665  
Entity Address, Address Line One 4024 Green Stripe Lane  
Entity Address, City or Town Hilliard  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 43026  
City Area Code 800  
Local Phone Number 733-7473  
Title of each class Common Stock, $0.01 par value per share  
Trading Symbol(s) WMS  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   77,895,585
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001604028  
Current Fiscal Year End Date --03-31  
v3.25.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Current assets:    
Cash $ 1,008,190 $ 463,319
Receivables (less allowance for doubtful accounts of $7,954 and $7,684, respectively) 237,594 333,221
Inventories 431,245 488,269
Other current assets 28,065 39,974
Total current assets 1,705,094 1,324,783
Property, plant and equipment, net 1,153,550 1,051,040
Other assets:    
Goodwill 725,200 720,223
Intangible assets, net 410,286 448,060
Other assets 150,181 146,254
Total assets 4,144,311 3,690,360
Current liabilities:    
Current maturities of debt obligations 6,458 9,934
Current maturities of finance lease obligations 36,664 33,143
Accounts payable 168,884 218,024
Other accrued liabilities 193,865 137,295
Accrued income taxes 7,506 0
Total current liabilities 413,377 398,396
Long-term debt obligations (less unamortized debt issuance costs of $6,415 and $7,715, respectively) 1,275,701 1,251,589
Long-term finance lease obligations 126,847 131,000
Deferred tax liabilities 216,786 190,416
Other liabilities 82,583 83,171
Total liabilities 2,115,294 2,054,572
Commitments and contingencies (see Note 10)
Mezzanine equity:    
Redeemable common stock: $0.01 par value; 4,816 and 5,702 shares outstanding, respectively 78,252 92,652
Total mezzanine equity 78,252 92,652
Stockholders’ equity:    
Common stock; $0.01 par value: 1,000,000 shares authorized; 85,004 and 83,750 shares issued, respectively; 73,060 and 71,864 shares outstanding, respectively 11,707 11,694
Paid-in capital 1,329,164 1,277,694
Common stock in treasury, at cost (1,226,454) (1,219,408)
Accumulated other comprehensive loss (30,197) (37,178)
Retained earnings 1,844,101 1,492,634
Total ADS stockholders’ equity 1,928,321 1,525,436
Noncontrolling interest in subsidiaries 22,444 17,700
Total stockholders’ equity 1,950,765 1,543,136
Total liabilities, mezzanine equity and stockholders’ equity $ 4,144,311 $ 3,690,360
v3.25.4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Allowance for doubtful accounts $ 7,954 $ 7,684
Unamortized debt issuance costs $ 6,415 $ 7,715
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 85,004,000 83,750,000
Common stock, shares outstanding (in shares) 73,060,000 71,864,000
Redeemable Common Stock    
Mezzanine equity, par value per share $ 0.01 $ 0.01
Mezzanine equity, shares outstanding (in shares) 4,816,000 5,702,000
v3.25.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Net sales $ 693,354,000 $ 690,538,000 $ 2,373,615,000 $ 2,288,484,000
Cost of goods sold 434,202,000 448,944,000 1,443,893,000 1,420,495,000
Gross profit 259,152,000 241,594,000 929,722,000 867,989,000
Operating expenses:        
Selling, general and administrative 108,742,000 100,778,000 331,927,000 288,962,000
Loss (gain) on disposal of assets and costs from exit and disposal activities 87,000 (477,000) (8,815,000) 432,000
Intangible amortization 13,500,000 14,429,000 40,746,000 38,140,000
Income from operations 136,823,000 126,864,000 565,864,000 540,455,000
Other expense:        
Interest expense 22,579,000 23,094,000 68,724,000 69,074,000
Interest income and other, net (8,499,000) (4,792,000) (23,216,000) (18,864,000)
Income before income taxes 122,743,000 108,562,000 520,356,000 490,245,000
Income tax expense 30,557,000 27,091,000 129,630,000 117,897,000
Equity in net income of unconsolidated affiliates (1,851,000) (818,000) (3,902,000) (3,437,000)
Net income 94,037,000 82,289,000 394,628,000 375,785,000
Less: net income attributable to noncontrolling interest 411,000 1,058,000 1,063,000 2,770,000
Net income attributable to ADS $ 93,626,000 $ 81,231,000 $ 393,565,000 $ 373,015,000
Weighted average common shares outstanding:        
Basic (in shares) 77,815 77,540 77,736 77,541
Diluted (in shares) 78,447 78,115 78,336 78,196
Net income per share:        
Basic (in dollars per share) $ 1.20 $ 1.05 $ 5.06 $ 4.81
Diluted (in dollars per share) $ 1.19 $ 1.04 $ 5.02 $ 4.77
v3.25.4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 94,037,000 $ 82,289,000 $ 394,628,000 $ 375,785,000
Currency translation (loss) income 3,488,000 (8,221,000) 9,280,000 (12,016,000)
Comprehensive income 97,525,000 74,068,000 403,908,000 363,769,000
Less: other comprehensive (loss) income attributable to noncontrolling interest 437,000 (532,000) 2,299,000 (3,468,000)
Less: net income attributable to noncontrolling interest 411,000 1,058,000 1,063,000 2,770,000
Total comprehensive income attributable to ADS $ 96,677,000 $ 73,542,000 $ 400,546,000 $ 364,467,000
v3.25.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net income $ 394,628,000 $ 375,785,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 156,443,000 133,671,000
Deferred income taxes 25,054,000 510,000
(Gain) loss on disposal of assets and costs from exit and disposal activities (8,815,000) 432,000
Stock-based compensation 25,816,000 21,758,000
Amortization of deferred financing charges 1,300,000 1,533,000
Fair market value adjustments to derivatives 569,000 383,000
Equity in net income of unconsolidated affiliates (3,902,000) (3,437,000)
Other operating activities 1,755,000 (1,849,000)
Changes in working capital:    
Receivables 100,183,000 83,059,000
Inventories 62,615,000 (179,000)
Prepaid expenses and other current assets 900,000 (2,564,000)
Accounts payable, accrued expenses, and other liabilities 22,587,000 (68,838,000)
Net cash provided by operating activities 779,133,000 540,264,000
Cash Flows from Investing Activities    
Capital expenditures (196,737,000) (166,410,000)
Proceeds from disposal of assets 32,254,000 831,000
Acquisitions, net of cash acquired (18,558,000) (237,310,000)
Other investing activities (3,531,000) 0
Net cash used in investing activities (186,572,000) (402,889,000)
Cash Flows from Financing Activities    
Payments on syndicated Term Loan Facility (5,250,000) (5,250,000)
Payments on Equipment Financing (2,623,000) (3,909,000)
Proceeds from commercial loan agreement 27,200,000 0
Payments on finance lease obligations (31,237,000) (17,820,000)
Repurchase of common stock 0 (69,922,000)
Cash dividends paid (42,099,000) (37,324,000)
Proceeds from Noncontrolling Interests 3,342,000 0
Proceeds from exercise of stock options 5,058,000 8,927,000
Payment of withholding taxes on vesting of restricted stock units (7,046,000) (10,646,000)
Other financing activities 5,000 0
Net cash used in financing activities (52,650,000) (135,944,000)
Effect of exchange rate changes on cash 1,721,000 (2,526,000)
Net change in cash 541,632,000 (1,095,000)
Cash and restricted cash at beginning of period 469,271,000 495,848,000
Cash and restricted cash at end of period 1,010,903,000 494,753,000
Cash 1,008,190,000 488,859,000
Restricted cash (included in Other current assets and Other assets, respectively, in the Condensed Consolidated Balance Sheets) $ 2,713,000 $ 5,894,000
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($)
Total
KSOP redeemable common stock conversion
Redeemable Common Stock
Redeemable Common Stock
KSOP redeemable common stock conversion
Total ADS Stockholders’ Equity
Common Stock
Paid -In Capital
Common Stock in Treasury
Accumulated Other Compre-hensive Loss
Retained Earnings
Non- controlling Interest in Subsidiaries
Beginning balance, common stock (in shares) at Mar. 31, 2024           82,283,000          
Beginning balance, treasury stock (in shares) at Mar. 31, 2024               11,415,000      
Beginning balance at Mar. 31, 2024 $ 1,172,115,000       $ 1,153,313,000 $ 11,679,000 $ 1,219,834,000 $ (1,140,578,000) $ (29,830,000) $ 1,092,208,000 $ 18,802,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income 375,785,000       373,015,000         373,015,000 2,770,000
Other comprehensive loss (12,016,000)       (8,548,000)       (8,548,000)   (3,468,000)
Common stock dividends (37,332,000)       (37,332,000)         (37,332,000)  
Proceeds from Noncontrolling Interests 0                    
Share repurchases (in shares)               420,000      
Share repurchases 68,179,000       68,179,000     $ 68,179,000      
KSOP redeemable common stock conversion (in shares)           821,000          
KSOP redeemable common stock conversion 13,334,000       13,334,000 $ 8,000 13,326,000        
Exercise of common stock options (in shares)           227,000          
Exercise of common stock options 8,927,000       8,927,000 $ 3,000 8,924,000        
Restricted stock awards (in shares)           99,000   27,000      
Restricted stock awards (4,709,000)       (4,709,000) $ 1,000   $ (4,710,000)      
Performance-based restricted stock units (in shares)           93,000   34,000      
Stock-based compensation expense 21,758,000       21,758,000   21,758,000        
Stock-based compensation expense           $ 1,000          
ESPP Share Issuance (in shares)           50,000          
Stock-based compensation expense 5,392,000       5,392,000   5,391,000        
Performance-based restricted stock units (in shares) (5,936,000)       (5,936,000) $ 1,000   $ (5,937,000)      
Other (3,000)       (3,000)   (3,000)        
Ending balance, common stock (in shares) at Dec. 31, 2024           83,573,000          
Ending balance, treasury stock (in shares) at Dec. 31, 2024               11,896,000      
Ending balance at Dec. 31, 2024 1,469,136,000       1,451,032,000 $ 11,693,000 1,269,230,000 $ (1,219,404,000) (38,378,000) 1,427,891,000 18,104,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2024     6,682,000                
Mezzanine equity, beginning balance at Mar. 31, 2024 108,584,000   $ 108,584,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
KSOP redeemable common stock conversion (in shares)       (821,000)              
KSOP redeemable common stock conversion   $ (13,334,000)   $ (13,334,000)              
Mezzanine equity, ending balance (in shares) at Dec. 31, 2024     5,861,000                
Mezzanine equity, ending balance at Dec. 31, 2024 $ 95,250,000   $ 95,250,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
Common stock dividends per share (in dollars per share) $ 0.48                    
Beginning balance, common stock (in shares) at Sep. 30, 2024           83,359,000          
Beginning balance, treasury stock (in shares) at Sep. 30, 2024               11,896,000      
Beginning balance at Sep. 30, 2024 $ 1,394,035,000       1,376,457,000 $ 11,690,000 1,255,794,000 $ (1,219,438,000) (30,689,000) 1,359,100,000 17,578,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income 82,289,000       81,231,000         81,231,000 1,058,000
Other comprehensive loss (8,221,000)       (7,689,000)       (7,689,000)   (532,000)
Common stock dividends (12,440,000)       (12,440,000)         (12,440,000)  
Dividends declared to noncontrolling interest holder                     (1,960,000)
Share repurchases 104,000       104,000     (104,000)      
KSOP redeemable common stock conversion (in shares)           184,000          
KSOP redeemable common stock conversion 2,981,000       2,981,000 $ 2,000 2,979,000        
Exercise of common stock options (in shares)           4,000          
Exercise of common stock options 233,000       233,000 $ 1,000 232,000        
Restricted stock awards (in shares)           1,000          
Restricted stock awards (70,000)       (70,000)     $ (70,000)      
Stock-based compensation expense 7,798,000       7,798,000   7,798,000        
ESPP Share Issuance (in shares)           25,000          
Stock-based compensation expense 2,428,000       2,428,000   2,428,000        
Other (1,000)       (1,000)   (1,000)        
Ending balance, common stock (in shares) at Dec. 31, 2024           83,573,000          
Ending balance, treasury stock (in shares) at Dec. 31, 2024               11,896,000      
Ending balance at Dec. 31, 2024 1,469,136,000       1,451,032,000 $ 11,693,000 1,269,230,000 $ (1,219,404,000) (38,378,000) 1,427,891,000 18,104,000
Mezzanine equity, beginning balance (in shares) at Sep. 30, 2024     6,045,000                
Mezzanine equity, beginning balance at Sep. 30, 2024 98,231,000   $ 98,231,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
KSOP redeemable common stock conversion (in shares)       (184,000)              
KSOP redeemable common stock conversion   (2,981,000)   $ (2,981,000)              
Mezzanine equity, ending balance (in shares) at Dec. 31, 2024     5,861,000                
Mezzanine equity, ending balance at Dec. 31, 2024 $ 95,250,000   $ 95,250,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
Common stock dividends per share (in dollars per share) $ 0.16                    
Beginning balance, common stock (in shares) at Mar. 31, 2025 71,864,000         83,750,000          
Beginning balance, treasury stock (in shares) at Mar. 31, 2025               11,886,000      
Beginning balance at Mar. 31, 2025 $ 1,543,136,000       1,525,436,000 $ 11,694,000 1,277,694,000 $ (1,219,408,000) (37,178,000) 1,492,634,000 17,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income 394,628,000       393,565,000         393,565,000 1,063,000
Other comprehensive loss 9,280,000       6,981,000       6,981,000   2,299,000
Common stock dividends (42,098,000)       (42,098,000)         (42,098,000)  
Dividends declared to noncontrolling interest holder (1,960,000)                   (1,960,000)
Proceeds from Noncontrolling Interests 3,342,000                   3,342,000
KSOP redeemable common stock conversion (in shares)           886,000          
KSOP redeemable common stock conversion 14,400,000       14,400,000 $ 9,000 14,391,000        
Exercise of common stock options (in shares)           120,000          
Exercise of common stock options 5,058,000       5,058,000 $ 1,000 5,057,000        
Restricted stock awards (in shares)           100,000   29,000      
Restricted stock awards (3,469,000)       (3,469,000) $ 1,000   $ (3,470,000)      
Performance-based restricted stock units (in shares)           85,000   29,000      
Stock-based compensation expense 25,816,000       25,816,000   25,816,000        
Stock-based compensation expense           $ 1,000          
ESPP Share Issuance (in shares)           63,000          
Stock-based compensation expense 6,208,000       6,208,000   6,207,000        
Performance-based restricted stock units (in shares) (3,575,000)       (3,575,000) $ 1,000   $ (3,576,000)      
Other $ (1,000)       (1,000)   (1,000)        
Ending balance, common stock (in shares) at Dec. 31, 2025 73,060,000         85,004,000          
Ending balance, treasury stock (in shares) at Dec. 31, 2025               11,944,000      
Ending balance at Dec. 31, 2025 $ 1,950,765,000       1,928,321,000 $ 11,707,000 1,329,164,000 $ (1,226,454,000) (30,197,000) 1,844,101,000 22,444,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2025     5,702,000                
Mezzanine equity, beginning balance at Mar. 31, 2025 92,652,000   $ 92,652,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
KSOP redeemable common stock conversion (in shares)       (886,000)              
KSOP redeemable common stock conversion   (14,400,000)   $ (14,400,000)              
Mezzanine equity, ending balance (in shares) at Dec. 31, 2025     4,816,000                
Mezzanine equity, ending balance at Dec. 31, 2025 $ 78,252,000   $ 78,252,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
Common stock dividends per share (in dollars per share) $ 0.54                    
Beginning balance, common stock (in shares) at Sep. 30, 2025           84,602,000          
Beginning balance, treasury stock (in shares) at Sep. 30, 2025               11,942,000      
Beginning balance at Sep. 30, 2025 $ 1,846,537,000       1,826,323,000 $ 11,703,000 1,309,458,000 $ (1,226,102,000) (33,248,000) 1,764,512,000 20,214,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income 94,037,000       93,626,000         93,626,000 411,000
Other comprehensive loss 3,488,000       3,051,000       3,051,000   437,000
Common stock dividends (14,037,000)       (14,037,000)         (14,037,000)  
Dividends declared to noncontrolling interest holder (1,960,000)                    
Proceeds from Noncontrolling Interests 3,342,000                   3,342,000
KSOP redeemable common stock conversion (in shares)           266,000          
KSOP redeemable common stock conversion 4,322,000       4,322,000 $ 3,000 4,319,000        
Exercise of common stock options (in shares)           99,000          
Exercise of common stock options 3,576,000       3,576,000 $ 1,000 3,575,000        
Restricted stock awards (in shares)           5,000   1,000      
Restricted stock awards (243,000)       (243,000)     $ (243,000)      
Performance-based restricted stock units (in shares)           2,000   1,000      
Stock-based compensation expense 8,835,000       8,835,000   8,835,000        
ESPP Share Issuance (in shares)           30,000          
Stock-based compensation expense 2,972,000       2,972,000   2,972,000        
Performance-based restricted stock units (in shares) (109,000)       (109,000)     $ (109,000)      
Other $ 5,000       5,000   5,000        
Ending balance, common stock (in shares) at Dec. 31, 2025 73,060,000         85,004,000          
Ending balance, treasury stock (in shares) at Dec. 31, 2025               11,944,000      
Ending balance at Dec. 31, 2025 $ 1,950,765,000       $ 1,928,321,000 $ 11,707,000 $ 1,329,164,000 $ (1,226,454,000) $ (30,197,000) $ 1,844,101,000 $ 22,444,000
Mezzanine equity, beginning balance (in shares) at Sep. 30, 2025     5,082,000                
Mezzanine equity, beginning balance at Sep. 30, 2025 82,574,000   $ 82,574,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
KSOP redeemable common stock conversion (in shares)       (266,000)              
KSOP redeemable common stock conversion   $ (4,322,000)   $ (4,322,000)              
Mezzanine equity, ending balance (in shares) at Dec. 31, 2025     4,816,000                
Mezzanine equity, ending balance at Dec. 31, 2025 $ 78,252,000   $ 78,252,000                
Increase (Decrease) in Temporary Equity [Roll Forward]                      
Common stock dividends per share (in dollars per share) $ 0.18                    
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Common stock dividends per share (in dollars per share) $ 0.18 $ 0.16 $ 0.54 $ 0.48
v3.25.4
Background and Summary of Significant Accounting Policies
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Background and Summary of Significant Accounting Policies BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business - Advanced Drainage Systems, Inc., incorporated in Delaware, and its subsidiaries (collectively referred to as “ADS” or the “Company”) designs, manufactures and markets innovative water management solutions in the stormwater and onsite septic wastewater industries, providing superior drainage solutions for use in the construction and agriculture marketplace. ADS’s products are used across a broad range of end markets and applications, including non-residential, residential, infrastructure and agriculture applications.
The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies, LLC (“Infiltrator”) and International. The Company also reports the results of its Allied Products and all other business segments as Allied Products & Other.
Historically, sales of the Company’s products have been higher in the first and second quarters of each fiscal year due to favorable weather and longer daylight conditions accelerating construction activity during these periods. Seasonal variations in operating results may also be impacted by inclement weather conditions, such as cold or wet weather, which can delay projects.
Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2025 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2025 (“Fiscal 2025 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of December 31, 2025, the results of operations for the three and nine months ended December 31, 2025 and cash flows for the nine months ended December 31, 2025. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2025 Form 10-K.
Presentation - Prior period segment results and related disclosures have been recast to conform to the current period segment presentation. See “Note 13. Business Segment Information” for additional information.
Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation.
Recent Accounting Guidance
Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued an accounting standards update (“ASU”) which amends Accounting Standards Codification (“ASC”) 326-20 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. An entity is required to disclose whether it has elected to use the practical expedient and, if so, whether it has also applied the accounting policy election. The ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The new guidance is to be applied prospectively. The Company is currently evaluating the impact this standard will have on the Condensed Consolidated Financial Statements.
Accounting for and Disclosure of Software Costs - In September 2025, the FASB issued an ASU which amends certain aspects of ASC 350-40. The amended guidance eliminates project stages and requires capitalizing software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. When evaluating if a project is probable to be completed, significant development uncertainty must be assessed. Additionally, disclosures for property, plant and equipment will be required for all capitalized software costs. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on the Condensed Consolidated Financial Statements.
v3.25.4
Restructuring & (Gain) Loss on Disposal and Exit Activities
 9 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Restructuring & (Gain) Loss on Disposal and Exit Activities RESTRUCTURING AND LOSS (GAIN) ON DISPOSAL OF ASSETS AND COSTS FROM EXIT AND DISPOSAL ACTIVITIES
In fiscal 2026, the Company undertook certain restructuring and realignment activities (the “2026 Restructuring Plan”) to optimize the Company’s production, recycling and distribution network. Under the 2026 Restructuring Plan, during the three and nine months ended December 31, 2025, the Company recorded expense of $1.7 million and $17.7 million, respectively, related to the closure of one of the Company’s recycling facilities to optimize its recycling network, one offsite storage location and one distribution yard. The Company does not currently have an estimate of additional costs or an expected end date for the restructuring actions. The following table summarizes the activities included in Restructuring and realignment expense during the periods presented.
Three Months Ended
December 31,		Nine Months Ended
December 31,
(Amounts in thousands)2025202420252024
Loss (gain) on disposal of assets and costs from exit and disposal activities:
Accelerated depreciation$— $— $1,764 $— 
Severance— — 1,854 — 
Impairment of right-of-use assets21 — 2,141 — 
Other exit and disposal costs69 — 1,875 — 
Selling, general and administrative expenses:
Realignment expenses1,616 — 10,038 — 
Total 2026 Restructuring Plan activities$1,706 — $17,672 — 
The costs incurred under the 2026 Restructuring Plan to date are classified as operating expenses and not allocated to a segment. During the three and nine months ended December 31, 2025, the Company recorded accelerated depreciation, severance costs, impairment of right-of-use lease assets and other exit and disposal costs. Other exit and disposal activities include legal and professional fees, inventory and equipment transfer costs and other costs.
The following table summarizes the restructuring liability for the periods presented:
(In thousands)2025
Accrual balance at April 1$— 
Costs incurred17,672 
Non-cash charges(3,905)
Expenses paid(13,343)
Accrual balance at end of period$424 
The restructuring liability is recorded in Other accrued liabilities in the Company’s Condensed Consolidated Balance Sheet.
Loss (Gain) on Disposal of Assets and Costs From Exit and Disposal Activities - The Company recorded a less than $0.1 million loss and a $16.4 million gain on disposal of assets in the three and nine months ended December 31, 2025, respectively. The sale of properties previously held-for-sale resulted in the gain of $18.1 million. The remaining balance is due to the sale or disposal of other property, plant and equipment.
v3.25.4
Acquisitions
 9 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions ACQUISITIONS
Acquisition of Orenco - On October 1, 2024, the Company’s wholly-owned subsidiary, Infiltrator, completed the acquisition of Orenco Systems, Inc. (“Orenco”), a leading manufacturer of decentralized wastewater management products serving residential and non-residential end markets. The fair value of consideration transferred was approximately $236.3 million, which represented the purchase price of $255.0 million, net of cash acquired of $18.7 million. The purchase price excludes transactions costs. The acquisition was funded from cash on hand. Orenco will be included in the Infiltrator reportable segment.
The following table summarizes the consideration transferred and the purchase price allocation of assets acquired and liabilities assumed:
(Amounts in thousands)AmountValuation AdjustmentsFinal Amount
Accounts receivable$12,117 $— $12,117 
Inventory15,651 — 15,651 
Other current assets219 — 219 
Property, plant and equipment7,305 — 7,305 
Goodwill103,676 555 104,231 
Intangible assets148,000 — 148,000 
Other assets9,041 — 9,041 
Accounts payable(3,618)— (3,618)
Accrued expenses(15,823)— (15,823)
Deferred tax liabilities(34,531)(1,572)(36,103)
Other liabilities(4,727)— (4,727)
Total fair value of consideration transferred
$237,310 $(1,017)$236,293 
The goodwill of $104.2 million represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed and is attributable to expected operating efficiencies. The goodwill is not deductible for income tax purposes and is assigned to Infiltrator.
Acquisition of River Valley Pipe - On May 8, 2025, the Company completed its acquisition of the assets of River Valley Pipe LLC (“River Valley Pipe”), a privately-owned pipe manufacturing company located in the Midwest region of the United States. The preliminary fair value of consideration transferred was approximately $18.8 million. The acquisition was funded from cash on hand. River Valley Pipe is included in the Pipe reportable segment.
The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed.
(Amounts in thousands)Initial AmountValuation AdjustmentsFinal Amount
Accounts receivable$3,101 $— $3,101 
Inventory3,027 — 3,027 
Property, plant and equipment6,986 — 6,986 
Goodwill4,964 (1,029)3,935 
Intangible assets2,970 — 2,970 
Other assets75 75 
Accounts payable(1,227)— (1,227)
Accrued expenses(285)236 (49)
Other liabilities(35)— (35)
Total fair value of consideration transferred
$19,576 $(793)$18,783 
The preliminary goodwill of $3.9 million represents the excess of consideration transferred over the preliminary fair value of assets acquired and liabilities assumed and is attributable to expected operating efficiencies. The goodwill is deductible for income tax purposes and is assigned to Pipe.
The preliminary purchase price excludes transaction costs. During the nine months ended December 31, 2025, the Company incurred $0.5 million of transaction costs related to the acquisition such as legal, accounting, valuation and other professional services. These costs are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income.
The identifiable intangible assets recorded in connection with the acquisition of River Valley Pipe are based on preliminary valuations including customer relationships and tradename totaling $3.0 million. The intangible assets will be amortized on a straight-line basis over their estimated useful lives.
(Amounts in thousands)Preliminary fair valuePreliminary Useful Lives
Customer relationships$2,600 10 years
Tradename3705 years
Total identifiable intangible assets$2,970 
The Company has excluded certain disclosures required under ASC 805, Business Combinations as they are not material to the financial statements.
v3.25.4
Revenue Recognition
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Revenue Disaggregation - The Company disaggregates net sales by Domestic, International and Infiltrator and further disaggregates Domestic and International by product type, consistent with its reportable segment disclosure. This disaggregation level best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Refer to “Note 13. Business Segment Information” for the Company’s disaggregation of Net sales by reportable segment. The following table presents net sales (including intersegment net sales) disaggregated by product type for the Company’s International segment.
Three Months Ended
December 31,		Nine Months Ended
December 31,
(Amounts in thousands)2025202420252024
International
International - Pipe$35,453 $36,909 $111,702 $125,281 
International - Allied Products & Other15,030 16,372 48,467 49,664 
Total International$50,483 $53,281 $160,169 $174,945 
Contract Balances - The Company recognizes a contract asset representing the Company’s right to recover products upon the receipt of returned products and a contract liability for the customer refund. The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
(In thousands)December 31, 2025March 31, 2025
Contract asset - product returns$948 $1,381 
Refund liability2,982 4,032 
v3.25.4
Leases
 9 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases LEASES
Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 11 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities.
v3.25.4
Inventories
 9 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories as of the periods presented consisted of the following:
(In thousands)December 31, 2025March 31, 2025
Raw materials$96,787 $105,146 
Finished goods334,458383,123
Total inventories$431,245 $488,269 
v3.25.4
Net Income Per Share and Stockholders' Equity
 9 Months Ended
Dec. 31, 2025
Net Income Per Share And Stockholders Equity [Abstract]  
Net Income Per Share and Stockholders' Equity NET INCOME PER SHARE AND STOCKHOLDERS' EQUITY
Net Income per Share - The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands, except per share data)2025202420252024
NET INCOME PER SHARE—BASIC:   
Net income available to common stockholders – Basic
$93,626 $81,231 $393,565 $373,015 
Weighted average number of common shares outstanding – Basic
77,815 77,540 77,736 77,541 
Net income per common share – Basic$1.20 $1.05 $5.06 $4.81 
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted
$93,626 $81,231 $393,565 $373,015 
Weighted average number of common shares outstanding – Basic
77,815 77,540 77,736 77,541 
Assumed restricted stock70 54 48 67 
Assumed exercise of stock options433 462 424 529 
Assumed performance-based restricted stock units129 59 128 59 
Weighted average number of common shares outstanding – Diluted
78,44778,11578,33678,196
Net income per common share – Diluted$1.19 $1.04 $5.02 $4.77 
Potentially dilutive securities excluded as anti-dilutive
20 10 42 22 
v3.25.4
Related Party Transactions
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
ADS Mexicana - ADS conducts business in Mexico and Central America through its joint venture, ADS Mexicana, S.A. de C.V. (“ADS Mexicana”). ADS owns 51% of the outstanding stock of ADS Mexicana and consolidates ADS Mexicana for financial reporting purposes.
On June 6, 2022, the Company and ADS Mexicana amended the Intercompany Revolving Credit Promissory Note (the “Intercompany Note”) with a borrowing capacity of $9.5 million. The Intercompany Note matures on June 8, 2027. The Intercompany Note indemnifies the ADS Mexicana joint venture partner for 49% of any unpaid borrowings. The interest rates under the Intercompany Note are determined by certain base rates or Secured Overnight Financing Rate (“SOFR”) plus an applicable margin based on the Leverage Ratio. As of both December 31, 2025 and March 31, 2025, there were no borrowings outstanding under the Intercompany Note.
South American Joint Venture - The Tuberias Tigre - ADS Limitada joint venture (the “South American Joint Venture”) manufactures and sells HDPE corrugated pipe in certain South American markets. ADS owns 50% of the South American Joint Venture. ADS is the guarantor of 50% of the South American Joint Venture’s credit arrangement, and the debt guarantee is shared equally with the joint venture partner. The Company’s maximum potential obligation under this guarantee is $5.5 million as of December 31, 2025. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $11.0 million. The Company does not anticipate any required contributions related to the balance of this credit arrangement. As of December 31, 2025 and March 31, 2025, there was no outstanding principal balance for the South American Joint Venture’s credit facility, including letters of credit.
v3.25.4
Debt
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt as of the periods presented consisted of the following:
(In thousands)December 31, 2025 March 31, 2025
Term Loan Facility$408,000 $413,250 
Senior Notes due 2027350,000350,000 
Senior Notes due 2030500,000500,000 
Revolving Credit Facility—— 
Other debt30,5745,988 
Total1,288,5741,269,238
Less: Unamortized debt issuance costs(6,415)(7,715)
Less: Current maturities(6,458)(9,934)
Long-term debt obligations$1,275,701 $1,251,589 

Senior Secured Credit Facility - In May 2022, the Company entered into a Second Amendment (the “Second Amendment”) to the Company's Base Credit Agreement with Barclays Bank PLC, as administrative agent under the Term Loan Facility and PNC Bank, National Association, as new administrative agent under the Revolving Credit Facility. Among other things, the Second Amendment (i) amended the Base Credit Agreement by increasing the Revolving Credit Facility (the “Amended Revolving Credit Facility”) from $350 million to $600 million (including an increase of the sub-limit for the swing-line sub-facility from $50 million to $60 million), (ii) extended the maturity date of the Revolving Credit Facility to May 26, 2027, (iii) revised the “applicable margin” to provide an additional step-down to 175 basis points (for Term Benchmark based loans) and 75 basis points (for base rate loans) in the event the consolidated senior secured net leverage ratio is less than 2.00 to 1.00, and (iv) reset the “incremental amount” and the investment basket in non-guarantors and joint ventures. The Second Amendment also revised the reference interest rate from LIBOR to SOFR for both the Amended Revolving Credit Facility and the Term Loan Facility. On November 26, 2025, the Company entered into a Third Amendment to the Company’s Base Credit Agreement modifying the termination date for the Amended Revolving Credit Facility. Letters of credit outstanding at December 31, 2025 and March 31, 2025 amounted to $10.1 million and $9.5 million, respectively, and reduced the availability of the Revolving Credit Facility.
The maturity date of the Term Loan Facility is September 24, 2026. As of December 31, 2025, the Company has continued to classify the Term Loan Facility as long-term debt as the Company has the intent and the ability to refinance these borrowings on a long-term basis as supported by the available capacity under the Revolving Credit Facility.
Senior Notes due 2027 - On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% Senior Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated September 23, 2019 (the “2027 Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”).
Senior Notes due 2030 - On June 9, 2022, the Company issued $500.0 million aggregate principal amount of 6.375% Senior Notes due 2030 (the “2030 Notes”) pursuant to an Indenture, dated June 9, 2022 (the “2030 Indenture”), among the Company, the Guarantors and the Trustee.
Other debt - Other debt includes equipment financing and the commercial loan related to the Company’s headquarters. The assets under the Equipment Financing acquired are titled to the Company and included in Property, plant and equipment, net on the Company's Condensed Consolidated Balance Sheet. The equipment financing has an initial term of between 12 and 84 months, based on the life of the equipment, and bears a weighted average interest rate of 1.8% as of December 31, 2025. The current portion of the equipment financing is $1.2 million, and the long-term portion is $2.2 million at December 31, 2025.
The Company entered into a commercial loan agreement of $27.2 million which matures on December 5, 2028. The agreement bears interest based on SOFR plus a margin of 285 basis points, requires interest only payments through December 5, 2026, and beginning January 5, 2027 through maturity, includes principal and interest payments. As of December 31, 2025, the loan balance is classified as long-term debt in the Condensed Consolidated Balance Sheet.
Valuation of Debt - The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items. The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented:
 December 31, 2025 March 31, 2025
(In thousands)Fair ValueCarrying ValueFair Value Carrying Value
Senior Notes due 2027$350,119 $350,000 $344,036 $350,000 
Senior Notes due 2030511,835 500,000 500,845 500,000 
Equipment Financing3,251 3,374 6,714 5,988 
Total fair value$865,205 $853,374 $851,595 $855,988 
The fair values of the 2027 Notes and 2030 Notes were determined based on quoted market data for the Company’s 2027 Notes and 2030 Notes, respectively. The fair value of the Equipment Financing was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. The categorization of the framework used to evaluate the 2027 Notes, 2030 Notes and Equipment Financing are considered Level 2. The Company believes the carrying amount of the remaining long-term debt, including the Term Loan Facility, Revolving Credit Facility and Commercial loan agreement, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings.
v3.25.4
Commitments and Contingencies
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Purchase Commitments - The Company has historically secured supplies of resin raw material by agreeing to purchase quantities during a future given period at a fixed price. These purchase contracts typically ranged from 1 to 12 months and occur in the ordinary course of business. The Company does not have any outstanding purchase commitments with fixed price and quantity as of December 31, 2025. The Company also enters into equipment purchase contracts with manufacturers.
Litigation and Other Proceedings - The Company is involved from time to time in various legal proceedings that arise in the ordinary course of business, including but not limited to commercial disputes, environmental matters, employee related claims, intellectual property disputes and litigation in connection with transactions including acquisitions and divestitures. The Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse impact on the Company’s financial position or results of operations. The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated.
v3.25.4
Income Taxes
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related tax rates in jurisdictions where it operates and other one-time charges, as well as the occurrence of discrete events. For the three months ended December 31, 2025 and 2024, the Company utilized an effective tax rate of 24.9% and 25.0%, respectively, to calculate its provision for income taxes. For the nine months ended December 31, 2025 and 2024, the Company utilized an effective tax rate of 24.9% and 24.0%, respectively, to calculate its provision for income taxes. State and local income taxes increased the effective rate for the three and nine months ended December 31, 2025 and 2024.
v3.25.4
Stock-Based Compensation
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
ADS has several programs for stock-based payments to employees and non-employee members of its Board of Directors, including stock options, performance-based restricted stock units and restricted stock. The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands)2025202420252024
Component of income before income taxes:
Cost of goods sold$1,814 $1,335 $5,384 $4,131 
Selling, general and administrative expenses7,0216,46320,43217,627
Total stock-based compensation expense$8,835 $7,798 $25,816 $21,758 
The following table summarizes stock-based compensation expense by award type for the periods presented:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands)2025202420252024
Stock-based compensation expense:  
Stock Options$1,705 $1,445 $5,168 $4,443 
Restricted Stock3,0302,6639,329 7,552 
Performance-based Restricted Stock Units3,2682,8888,492 6,996 
Employee Stock Purchase Plan4043511,516 1,297 
Non-Employee Directors4284511,311 1,470 
Total stock-based compensation expense$8,835 $7,798 $25,816 $21,758 
2017 Omnibus Incentive Plan - The 2017 Incentive Plan provides for the issuance of a maximum of 5.0 million shares of the Company’s common stock for awards made thereunder, which awards may consist of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, cash-based awards, performance awards (which may take the form of performance cash, performance units or performance shares) or other stock-based awards.
Restricted Stock - During the nine months ended December 31, 2025, the Company granted 0.1 million shares of restricted stock with a grant date fair value of $13.9 million.
Performance-based Restricted Stock Units (“Performance Units”) - During the nine months ended December 31, 2025, the Company granted 0.1 million shares of performance units at a grant date fair value of $14.3 million.
Options - During the nine months ended December 31, 2025, the Company granted 0.1 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $7.5 million. The Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The following table summarizes the assumptions used to estimate the fair value of stock-options during the period presented:
 Nine Months Ended December 31, 2025
Common stock price$119.30
Expected stock price volatility46.7%
Risk-free interest rate4.2%
Weighted-average expected option life (years)6
Dividend yield0.60%

Employee Stock Purchase Plan (“ESPP”) - In July 2022, the Company’s stockholders approved the Advanced Drainage Systems, Inc. Employee Stock Purchase Plan, which provides for a maximum of 0.4 million shares of the Company’s common stock. Eligible employees may purchase the Company's common stock at 85% of the lower of the fair market value of the Company's common stock on the first day or the last day of the offering period. The offering periods are six months in duration beginning either January 1 or July 1 and ending June 30 and December 31.
v3.25.4
Business Segments Information
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Information BUSINESS SEGMENT INFORMATION
The Company operates its business in three distinct reportable segments: “Pipe”, “International” and “Infiltrator.” “Allied Products & Other” represents the Company’s Allied Products and all other business segments. The Chief Operating Decision Maker (“CODM”) for ADS is the Chief Executive Officer (“CEO”). The CEO reviews financial information and makes operational decisions based on Net sales and a measure of operating profit, Segment Adjusted Gross Profit. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources.
In the first quarter of fiscal 2026, the Company realigned certain products used in wastewater applications to the Infiltrator reportable segment. The Company transitioned its ARC Septic Chambers from Allied Products & Other and certain pipe products used in wastewater applications from Pipe. Prior period segment information for fiscal 2025 has been recast to conform to the fiscal 2026 presentation.
The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
 Three Months Ended
 December 31, 2025December 31, 2024
(In thousands)Net Sales  Intersegment Net Sales  Net Sales from External Customers Net Sales  Intersegment Net Sales  Net Sales from External Customers
Pipe$339,175 $(12,462)$326,713 $352,236 $(12,607)$339,629 
Infiltrator167,666 (14,785)152,881 160,076 (10,063)150,013 
International50,483 (1,392)49,091 53,281 (2,918)50,363 
Total Reportable Segments557,324 (28,639)528,685 565,593 (25,588)540,005 
Allied Products & Other168,050 (3,381)164,669 154,295 (3,762)150,533 
Intersegment Eliminations(32,020)32,020 — (29,350)29,350 — 
Total Consolidated$693,354 $— $693,354 $690,538 $— $690,538 
Nine Months Ended
December 31, 2025December 31, 2024
(In thousands)Net SalesIntersegment Net SalesNet Sales from External CustomersNet SalesIntersegment Net SalesNet Sales from External Customers
Pipe$1,194,801 $(39,501)$1,155,300 $1,214,367 $(41,972)$1,172,395 
Infiltrator558,996 (48,046)510,950 481,739 (40,826)440,913 
International160,169 (3,930)156,239 174,945 (10,324)164,621 
Total Reportable Segments1,913,966 (91,477)1,822,489 1,871,051 (93,122)1,777,929 
Allied Products & Other562,071 (10,945)551,126 522,939 (12,384)510,555 
Intersegment Eliminations(102,422)102,422 — (105,506)105,506 — 
Total Consolidated$2,373,615 $— $2,373,615 $2,288,484 $— $2,288,484 
Reconciliation of Gross Profit to Segment Adjusted Gross Profit - The Company calculates Segment Adjusted Gross Profit as Net sales less costs of goods sold excluding depreciation and amortization, stock-based compensation and certain other expenses. The following table reconciles the Segment Adjusted Gross Profit to Gross Profit:
 Three Months Ended December 31,Nine Months Ended
December 31,
(In thousands)2025202420252024
Reconciliation of Segment Adjusted Gross Profit:
Total Gross Profit$259,152 $241,594 $929,722 $867,989 
Depreciation and Amortization35,14130,754106,67288,502
Stock-based compensation expense1,8141,3355,3844,131
Inventory step up related to Orenco acquisition—2,260—2,260
Total Segment Adjusted Gross Profit$296,107 $275,943 $1,041,778 $962,882 
Significant Segment Expenses - The Company has identified Cost of Goods Sold as a significant expense category. The following tables set forth reportable segment information with respect to significant segment expenses and the
reconciliation of Net Sales to Adjusted Gross Profit for the periods presented:
 Three Months Ended December 31, 2025
(Amounts in thousands)Net Sales Cost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$339,175 $268,329 $(26,254)$97,100 
Infiltrator167,666 84,381 (6,493)89,778 
International50,483 40,685 (1,831)11,629 
Total Reportable Segments557,324 393,395 (34,578)198,507 
Allied Products & Other168,050 71,908 (2,377)98,519 
Intersegment Eliminations(32,020)(31,101)— (919)
Total Consolidated$693,354 $434,202 $(36,955)$296,107 
 Three Months Ended December 31, 2024
(Amounts in thousands)Net Sales Cost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$352,236 $284,581 $(21,565)$89,220 
Infiltrator160,076 85,105 (8,842)83,813 
International53,281 42,815 (1,605)12,071 
Total Reportable Segments565,593 412,501 (32,012)185,104 
Allied Products & Other154,295 67,637 (2,337)88,995 
Intersegment Eliminations(29,350)(31,194)— 1,844 
Total Consolidated$690,538 $448,944 $(34,349)$275,943 
 Nine Months Ended December 31, 2025
(Amounts in thousands)Net SalesCost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$1,194,801 $904,768 $(76,477)$366,510 
Infiltrator558,996 282,157 (23,389)300,228 
International160,169 122,278 (5,217)43,108 
Total Reportable Segments1,913,966 1,309,203 (105,083)709,846 
Allied Products & Other562,071 235,548 (6,973)333,496 
Intersegment Eliminations(102,422)(100,858)— (1,564)
Total Consolidated$2,373,615 $1,443,893 $(112,056)$1,041,778 
 Nine Months Ended December 31, 2024
(Amounts in thousands)Net SalesCost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$1,214,367 $934,654 $(63,079)$342,792 
Infiltrator481,739 234,452 (21,427)268,714 
International174,945 130,311 (4,545)49,179 
Total Reportable Segments1,871,051 1,299,417 (89,051)660,685 
Allied Products & Other522,939 226,818 (5,842)301,963 
Intersegment Eliminations(105,506)(105,740)— 234 
Total Consolidated$2,288,484 $1,420,495 $(94,893)$962,882 
(a)     Depreciation, Amortization and Other are included to reconcile to Adjusted Gross Profit and include Depreciation and Amortization, Stock-based compensation expense and Inventory step-up related to Orenco acquisition.
The following sets forth certain financial information attributable to the reportable segments for the periods presented:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands) 2025202420252024
Depreciation and Amortization(a)
Pipe$24,630 $20,394 $71,672 $59,392 
Infiltrator6,326 6,447 22,899 18,806 
International1,823 1,611 5,169 4,532 
Allied Products & Other(b)
18,743 19,314 56,703 50,941 
Total$51,522 $47,766 $156,443 $133,671 
Capital Expenditures
Pipe$31,863 $39,501 $95,508 $114,899 
Infiltrator3,408 3,257 21,137 8,776 
International4,482 1,499 11,030 4,816 
Allied Products & Other(b)
45,966 9,971 69,062 37,919 
Total$85,719 $54,228 $196,737 $166,410 
(a)Includes depreciation and amortization in both Cost of goods sold and Operating expenses.
(b)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets is included in Allied Products & Other.
v3.25.4
Supplemental Disclosure of Cash Flow Information
 9 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Supplemental disclosures of cash flow information for the nine months ended December 31, were as follows:
(In thousands)20252024
Supplemental disclosures of cash flow information - cash paid:
Cash paid for income taxes$83,411 $111,420 
Cash paid for interest52,43655,086
Supplemental disclosures of noncash investing and financing activities:
Share repurchase excise tax accrual—(21)
ESPP share issuance6,2085,392
Acquisition of property, plant and equipment under finance lease36,57084,274
Balance in accounts payable for the acquisition of property, plant and equipment22,14828,449
v3.25.4
Subsequent Events
 9 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Common Stock Dividend - Subsequent to the end of the quarter, the Company declared a quarterly cash dividend of $0.18 per share of common stock. The dividend is payable on March 16, 2026, to stockholders of record at the close of business on March 2, 2026.
Acquisition of National Diversified Sales (“NDS”) - On February 2, 2026, the Company completed its previously announced acquisition of the outstanding capital stock of certain indirect subsidiaries of NORMA Group SE, which comprise substantially all of Norma Group’s water management business known as NDS, subject to the terms and conditions set forth in the Master Share Purchase Agreement dated September 23, 2025. The acquisition is an all cash transaction for consideration of approximately $1.0 billion, subject to certain purchase price adjustments.
Share Repurchase Program - In February 2026, the Company announced that the Board approved a new $1.0 billion stock repurchase authorization (the “Repurchase Program”) of ADS common stock in accordance with applicable securities laws. With the new authorization, the Repurchase Program has available capacity of $1.1 billion. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be suspended or terminated at any time at the Company’s discretion.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 12, 2025, Craig Taylor, Executive Vice President of the Company, adopted a Rule 10b5-1 trading arrangement, as such term is defined in Item 408(a) of Regulation S-K, for the potential exercise and sale of shares of the Company’s common stock underlying 4,240 of Mr. Taylor’s outstanding option awards, from March 16, 2026, at the earliest, until December 1, 2026, at the latest.
Except as described above, during the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Craig Taylor [Member]  
Trading Arrangements, by Individual  
Name Craig Taylor
Title Executive Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 12, 2025
Expiration Date December 1, 2026
Arrangement Duration 354 days
Aggregate Available 4,240
v3.25.4
Background and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2025 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2025 (“Fiscal 2025 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of December 31, 2025, the results of operations for the three and nine months ended December 31, 2025 and cash flows for the nine months ended December 31, 2025. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2025 Form 10-K.
Presentation - Prior period segment results and related disclosures have been recast to conform to the current period segment presentation. See “Note 13. Business Segment Information” for additional information.
Principles of Consolidation
Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation.
Recent Accounting Guidance
Recent Accounting Guidance
Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued an accounting standards update (“ASU”) which amends Accounting Standards Codification (“ASC”) 326-20 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. An entity is required to disclose whether it has elected to use the practical expedient and, if so, whether it has also applied the accounting policy election. The ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The new guidance is to be applied prospectively. The Company is currently evaluating the impact this standard will have on the Condensed Consolidated Financial Statements.
Accounting for and Disclosure of Software Costs - In September 2025, the FASB issued an ASU which amends certain aspects of ASC 350-40. The amended guidance eliminates project stages and requires capitalizing software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. When evaluating if a project is probable to be completed, significant development uncertainty must be assessed. Additionally, disclosures for property, plant and equipment will be required for all capitalized software costs. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on the Condensed Consolidated Financial Statements.
Leases
Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 11 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities.
v3.25.4
Restructuring & (Gain) Loss on Disposal and Exit Activities (Tables)
 9 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations The following table summarizes the activities included in Restructuring and realignment expense during the periods presented.
Three Months Ended
December 31,		Nine Months Ended
December 31,
(Amounts in thousands)2025202420252024
Loss (gain) on disposal of assets and costs from exit and disposal activities:
Accelerated depreciation$— $— $1,764 $— 
Severance— — 1,854 — 
Impairment of right-of-use assets21 — 2,141 — 
Other exit and disposal costs69 — 1,875 — 
Selling, general and administrative expenses:
Realignment expenses1,616 — 10,038 — 
Total 2026 Restructuring Plan activities$1,706 — $17,672 — 
Restructuring and Related Costs
The following table summarizes the restructuring liability for the periods presented:
(In thousands)2025
Accrual balance at April 1$— 
Costs incurred17,672 
Non-cash charges(3,905)
Expenses paid(13,343)
Accrual balance at end of period$424 
v3.25.4
Acquisitions (Tables)
 9 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed
The following table summarizes the consideration transferred and the purchase price allocation of assets acquired and liabilities assumed:
(Amounts in thousands)AmountValuation AdjustmentsFinal Amount
Accounts receivable$12,117 $— $12,117 
Inventory15,651 — 15,651 
Other current assets219 — 219 
Property, plant and equipment7,305 — 7,305 
Goodwill103,676 555 104,231 
Intangible assets148,000 — 148,000 
Other assets9,041 — 9,041 
Accounts payable(3,618)— (3,618)
Accrued expenses(15,823)— (15,823)
Deferred tax liabilities(34,531)(1,572)(36,103)
Other liabilities(4,727)— (4,727)
Total fair value of consideration transferred
$237,310 $(1,017)$236,293 
The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed.
(Amounts in thousands)Initial AmountValuation AdjustmentsFinal Amount
Accounts receivable$3,101 $— $3,101 
Inventory3,027 — 3,027 
Property, plant and equipment6,986 — 6,986 
Goodwill4,964 (1,029)3,935 
Intangible assets2,970 — 2,970 
Other assets75 75 
Accounts payable(1,227)— (1,227)
Accrued expenses(285)236 (49)
Other liabilities(35)— (35)
Total fair value of consideration transferred
$19,576 $(793)$18,783 
Summary of Identifiable Intangible Assets
The identifiable intangible assets recorded in connection with the acquisition of River Valley Pipe are based on preliminary valuations including customer relationships and tradename totaling $3.0 million. The intangible assets will be amortized on a straight-line basis over their estimated useful lives.
(Amounts in thousands)Preliminary fair valuePreliminary Useful Lives
Customer relationships$2,600 10 years
Tradename3705 years
Total identifiable intangible assets$2,970 
v3.25.4
Revenue Recognition (Tables)
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Asset and Liability The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
(In thousands)December 31, 2025March 31, 2025
Contract asset - product returns$948 $1,381 
Refund liability2,982 4,032 
Disaggregation of Revenue The following table presents net sales (including intersegment net sales) disaggregated by product type for the Company’s International segment.
Three Months Ended
December 31,		Nine Months Ended
December 31,
(Amounts in thousands)2025202420252024
International
International - Pipe$35,453 $36,909 $111,702 $125,281 
International - Allied Products & Other15,030 16,372 48,467 49,664 
Total International$50,483 $53,281 $160,169 $174,945 
v3.25.4
Inventories (Tables)
 9 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories as of the periods presented consisted of the following:
(In thousands)December 31, 2025March 31, 2025
Raw materials$96,787 $105,146 
Finished goods334,458383,123
Total inventories$431,245 $488,269 
v3.25.4
Net Income Per Share and Stockholders' Equity (Tables)
 9 Months Ended
Dec. 31, 2025
Net Income Per Share And Stockholders Equity [Abstract]  
Summary of Net Income Per Share The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands, except per share data)2025202420252024
NET INCOME PER SHARE—BASIC:   
Net income available to common stockholders – Basic
$93,626 $81,231 $393,565 $373,015 
Weighted average number of common shares outstanding – Basic
77,815 77,540 77,736 77,541 
Net income per common share – Basic$1.20 $1.05 $5.06 $4.81 
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted
$93,626 $81,231 $393,565 $373,015 
Weighted average number of common shares outstanding – Basic
77,815 77,540 77,736 77,541 
Assumed restricted stock70 54 48 67 
Assumed exercise of stock options433 462 424 529 
Assumed performance-based restricted stock units129 59 128 59 
Weighted average number of common shares outstanding – Diluted
78,44778,11578,33678,196
Net income per common share – Diluted$1.19 $1.04 $5.02 $4.77 
Potentially dilutive securities excluded as anti-dilutive
20 10 42 22 
v3.25.4
Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt as of the periods presented consisted of the following:
(In thousands)December 31, 2025 March 31, 2025
Term Loan Facility$408,000 $413,250 
Senior Notes due 2027350,000350,000 
Senior Notes due 2030500,000500,000 
Revolving Credit Facility—— 
Other debt30,5745,988 
Total1,288,5741,269,238
Less: Unamortized debt issuance costs(6,415)(7,715)
Less: Current maturities(6,458)(9,934)
Long-term debt obligations$1,275,701 $1,251,589 
Summary of Carrying And Fair Value of Senior Notes The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented:
 December 31, 2025 March 31, 2025
(In thousands)Fair ValueCarrying ValueFair Value Carrying Value
Senior Notes due 2027$350,119 $350,000 $344,036 $350,000 
Senior Notes due 2030511,835 500,000 500,845 500,000 
Equipment Financing3,251 3,374 6,714 5,988 
Total fair value$865,205 $853,374 $851,595 $855,988 
v3.25.4
Stock-Based Compensation (Tables)
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands)2025202420252024
Component of income before income taxes:
Cost of goods sold$1,814 $1,335 $5,384 $4,131 
Selling, general and administrative expenses7,0216,46320,43217,627
Total stock-based compensation expense$8,835 $7,798 $25,816 $21,758 
The following table summarizes stock-based compensation expense by award type for the periods presented:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands)2025202420252024
Stock-based compensation expense:  
Stock Options$1,705 $1,445 $5,168 $4,443 
Restricted Stock3,0302,6639,329 7,552 
Performance-based Restricted Stock Units3,2682,8888,492 6,996 
Employee Stock Purchase Plan4043511,516 1,297 
Non-Employee Directors4284511,311 1,470 
Total stock-based compensation expense$8,835 $7,798 $25,816 $21,758 
Summary of Assumption Used to Estimate Fair Value of Stock Options The following table summarizes the assumptions used to estimate the fair value of stock-options during the period presented:
 Nine Months Ended December 31, 2025
Common stock price$119.30
Expected stock price volatility46.7%
Risk-free interest rate4.2%
Weighted-average expected option life (years)6
Dividend yield0.60%
v3.25.4
Business Segments Information (Tables)
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue from Reportable Segments by Product Type
The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
 Three Months Ended
 December 31, 2025December 31, 2024
(In thousands)Net Sales  Intersegment Net Sales  Net Sales from External Customers Net Sales  Intersegment Net Sales  Net Sales from External Customers
Pipe$339,175 $(12,462)$326,713 $352,236 $(12,607)$339,629 
Infiltrator167,666 (14,785)152,881 160,076 (10,063)150,013 
International50,483 (1,392)49,091 53,281 (2,918)50,363 
Total Reportable Segments557,324 (28,639)528,685 565,593 (25,588)540,005 
Allied Products & Other168,050 (3,381)164,669 154,295 (3,762)150,533 
Intersegment Eliminations(32,020)32,020 — (29,350)29,350 — 
Total Consolidated$693,354 $— $693,354 $690,538 $— $690,538 
Nine Months Ended
December 31, 2025December 31, 2024
(In thousands)Net SalesIntersegment Net SalesNet Sales from External CustomersNet SalesIntersegment Net SalesNet Sales from External Customers
Pipe$1,194,801 $(39,501)$1,155,300 $1,214,367 $(41,972)$1,172,395 
Infiltrator558,996 (48,046)510,950 481,739 (40,826)440,913 
International160,169 (3,930)156,239 174,945 (10,324)164,621 
Total Reportable Segments1,913,966 (91,477)1,822,489 1,871,051 (93,122)1,777,929 
Allied Products & Other562,071 (10,945)551,126 522,939 (12,384)510,555 
Intersegment Eliminations(102,422)102,422 — (105,506)105,506 — 
Total Consolidated$2,373,615 $— $2,373,615 $2,288,484 $— $2,288,484 
The following sets forth certain financial information attributable to the reportable segments for the periods presented:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
(In thousands) 2025202420252024
Depreciation and Amortization(a)
Pipe$24,630 $20,394 $71,672 $59,392 
Infiltrator6,326 6,447 22,899 18,806 
International1,823 1,611 5,169 4,532 
Allied Products & Other(b)
18,743 19,314 56,703 50,941 
Total$51,522 $47,766 $156,443 $133,671 
Capital Expenditures
Pipe$31,863 $39,501 $95,508 $114,899 
Infiltrator3,408 3,257 21,137 8,776 
International4,482 1,499 11,030 4,816 
Allied Products & Other(b)
45,966 9,971 69,062 37,919 
Total$85,719 $54,228 $196,737 $166,410 
(a)Includes depreciation and amortization in both Cost of goods sold and Operating expenses.
(b)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets is included in Allied Products & Other.
Reconciliation of Gross Profit to Segment Adjusted Gross Profit The following table reconciles the Segment Adjusted Gross Profit to Gross Profit:
 Three Months Ended December 31,Nine Months Ended
December 31,
(In thousands)2025202420252024
Reconciliation of Segment Adjusted Gross Profit:
Total Gross Profit$259,152 $241,594 $929,722 $867,989 
Depreciation and Amortization35,14130,754106,67288,502
Stock-based compensation expense1,8141,3355,3844,131
Inventory step up related to Orenco acquisition—2,260—2,260
Total Segment Adjusted Gross Profit$296,107 $275,943 $1,041,778 $962,882 
Schedule of Financial Information Attributable to Reportable Segments The following tables set forth reportable segment information with respect to significant segment expenses and the
reconciliation of Net Sales to Adjusted Gross Profit for the periods presented:
 Three Months Ended December 31, 2025
(Amounts in thousands)Net Sales Cost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$339,175 $268,329 $(26,254)$97,100 
Infiltrator167,666 84,381 (6,493)89,778 
International50,483 40,685 (1,831)11,629 
Total Reportable Segments557,324 393,395 (34,578)198,507 
Allied Products & Other168,050 71,908 (2,377)98,519 
Intersegment Eliminations(32,020)(31,101)— (919)
Total Consolidated$693,354 $434,202 $(36,955)$296,107 
 Three Months Ended December 31, 2024
(Amounts in thousands)Net Sales Cost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$352,236 $284,581 $(21,565)$89,220 
Infiltrator160,076 85,105 (8,842)83,813 
International53,281 42,815 (1,605)12,071 
Total Reportable Segments565,593 412,501 (32,012)185,104 
Allied Products & Other154,295 67,637 (2,337)88,995 
Intersegment Eliminations(29,350)(31,194)— 1,844 
Total Consolidated$690,538 $448,944 $(34,349)$275,943 
 Nine Months Ended December 31, 2025
(Amounts in thousands)Net SalesCost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$1,194,801 $904,768 $(76,477)$366,510 
Infiltrator558,996 282,157 (23,389)300,228 
International160,169 122,278 (5,217)43,108 
Total Reportable Segments1,913,966 1,309,203 (105,083)709,846 
Allied Products & Other562,071 235,548 (6,973)333,496 
Intersegment Eliminations(102,422)(100,858)— (1,564)
Total Consolidated$2,373,615 $1,443,893 $(112,056)$1,041,778 
 Nine Months Ended December 31, 2024
(Amounts in thousands)Net SalesCost of Goods Sold
Depreciation, Amortization and Other (a)
Adjusted Gross Profit
Pipe$1,214,367 $934,654 $(63,079)$342,792 
Infiltrator481,739 234,452 (21,427)268,714 
International174,945 130,311 (4,545)49,179 
Total Reportable Segments1,871,051 1,299,417 (89,051)660,685 
Allied Products & Other522,939 226,818 (5,842)301,963 
Intersegment Eliminations(105,506)(105,740)— 234 
Total Consolidated$2,288,484 $1,420,495 $(94,893)$962,882 
(a)     Depreciation, Amortization and Other are included to reconcile to Adjusted Gross Profit and include Depreciation and Amortization, Stock-based compensation expense and Inventory step-up related to Orenco acquisition.
v3.25.4
Statement of Cash Flows, Supplemental Disclosures (Tables)
 9 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
Supplemental disclosures of cash flow information for the nine months ended December 31, were as follows:
(In thousands)20252024
Supplemental disclosures of cash flow information - cash paid:
Cash paid for income taxes$83,411 $111,420 
Cash paid for interest52,43655,086
Supplemental disclosures of noncash investing and financing activities:
Share repurchase excise tax accrual—(21)
ESPP share issuance6,2085,392
Acquisition of property, plant and equipment under finance lease36,57084,274
Balance in accounts payable for the acquisition of property, plant and equipment22,14828,449
v3.25.4
Background and Summary of Significant Accounting Policies (Detail)
 9 Months Ended
Dec. 31, 2025
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.25.4
Restructuring & (Gain) Loss on Disposal and Exit Activities - Summary of Loss on Disposal of Assets and Costs from Exit and Disposal Activities (Detail) - 2026 Restructuring Plan - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Accelerated depreciation $ 0 $ 0 $ 1,764 $ 0
Severance 0 0 1,854 0
Impairment of right-of-use asset 21 0 2,141 0
Other exit and disposal costs 69 0 1,875 0
Realignment expenses 1,616 0 10,038 0
Restructuring plan activities $ 1,706 $ 0 $ 17,672 $ 0
v3.25.4
Restructuring & (Gain) Loss on Disposal and Exit Activities - Summary of Reconciliation of Restructuring Liability (Detail) - 2026 Restructuring Plan
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period $ 0
Costs incurred 17,672
Non-cash charges (3,905)
Expenses paid (13,343)
Balance at the end of the period $ 424
v3.25.4
Restructuring & (Gain) Loss on Disposal and Exit Activities - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Gain (loss) on disposition of other assets $ (100)   $ 16,400  
2026 Restructuring Plan        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Restructuring Plan activities $ 1,706 $ 0 17,672 $ 0
Held-for-sale Property        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Gain (loss) on disposition of other assets     $ 18,100  
v3.25.4
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 30, 2025
Dec. 31, 2025
May 08, 2025
Mar. 31, 2025
Business Combination [Line Items]        
Goodwill   $ 725,200   $ 720,223
Orenco Systems, Inc.        
Business Combination [Line Items]        
Payments to Acquire Businesses, Gross   255,000    
Total fair value of consideration transferred   236,293   237,310
Cash Acquired from Acquisition $ 18,700      
Goodwill   104,231   103,676
Intangible assets   148,000   $ 148,000
River Valley Pipe        
Business Combination [Line Items]        
Total fair value of consideration transferred   18,783 $ 19,576  
Goodwill   3,935 4,964  
Total fair value of consideration transferred   18,800    
Transaction costs related to Acquisition   500    
Intangible assets   $ 2,970 $ 2,970  
v3.25.4
Acquisitions - Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
 5 Months Ended 9 Months Ended
Sep. 30, 2025
Dec. 31, 2025
May 08, 2025
Mar. 31, 2025
Business Combination [Line Items]        
Goodwill   $ 725,200   $ 720,223
Orenco Systems, Inc.        
Business Combination [Line Items]        
Accounts receivable   12,117   12,117
Inventory   15,651   15,651
Business Combination, Recognized Asset Acquired, Other Asset, Current   219   219
Property, plant and equipment   7,305   7,305
Goodwill, Measurement Period Adjustment   555    
Goodwill   104,231   103,676
Intangible assets   148,000   148,000
Other assets   9,041   9,041
Accounts payable   (3,618)   (3,618)
Accrued expenses   (15,823)   (15,823)
Deferred tax liabilities   (36,103)   (34,531)
Deferred tax liabilities, Purchase Accounting Adjustments   (1,572)    
Other liabilities   (4,727)   (4,727)
Consideration transferred, valuation adjustments   (1,017)    
Total fair value of consideration transferred   236,293   $ 237,310
River Valley Pipe        
Business Combination [Line Items]        
Accounts receivable   3,101 $ 3,101  
Inventory   3,027 3,027  
Property, plant and equipment   6,986 6,986  
Goodwill, Measurement Period Adjustment $ (1,029)      
Goodwill   3,935 4,964  
Intangible assets   2,970 2,970  
Other assets   75 75  
Accounts payable   (1,227) (1,227)  
Accrued expenses   (49) (285)  
Deferred tax liabilities, Purchase Accounting Adjustments   236    
Other liabilities   (35) (35)  
Consideration transferred, valuation adjustments $ (793)      
Total fair value of consideration transferred   $ 18,783 $ 19,576  
v3.25.4
Acquisitions - Summary of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
May 08, 2025
Mar. 31, 2025
Business Combination [Line Items]      
Goodwill $ (725,200)   $ (720,223)
Orenco Systems, Inc.      
Business Combination [Line Items]      
Intangible assets 148,000   148,000
Property, plant and equipment (7,305)   (7,305)
Goodwill (104,231)   $ (103,676)
River Valley Pipe      
Business Combination [Line Items]      
Total identifiable intangible assets   $ 2,970  
Intangible assets 2,970 2,970  
Property, plant and equipment (6,986) (6,986)  
Goodwill $ (3,935) (4,964)  
River Valley Pipe | Customer relationships      
Business Combination [Line Items]      
Total identifiable intangible assets   2,600  
Finite-Lived Intangible Asset, Useful Life 10 years    
River Valley Pipe | Tradename      
Business Combination [Line Items]      
Total identifiable intangible assets   $ 370  
Finite-Lived Intangible Asset, Useful Life 5 years    
v3.25.4
Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Disaggregation of Revenue [Line Items]          
Net sales $ 693,354 $ 690,538 $ 2,373,615 $ 2,288,484  
Contract asset - product returns 948   948   $ 1,381
Refund liability 2,982   2,982   $ 4,032
International          
Disaggregation of Revenue [Line Items]          
Net sales 49,091 50,363 156,239 164,621  
Operating Segments          
Disaggregation of Revenue [Line Items]          
Net sales (32,020) (29,350) (102,422) (105,506)  
Operating Segments | International          
Disaggregation of Revenue [Line Items]          
Net sales 50,483 53,281 160,169 174,945  
Operating Segments | International - Pipe | International          
Disaggregation of Revenue [Line Items]          
Net sales 35,453 36,909 111,702 125,281  
Operating Segments | International - Allied Products & Other | International          
Disaggregation of Revenue [Line Items]          
Net sales $ 15,030 $ 16,372 $ 48,467 $ 49,664  
v3.25.4
Leases (Detail)
 9 Months Ended
Dec. 31, 2025
Minimum  
Lessee Lease Description [Line Items]  
Remaining lease term 1 year
Maximum  
Lessee Lease Description [Line Items]  
Remaining lease term 11 years
Maximum | Yard  
Lessee Lease Description [Line Items]  
Lease renewal term 5 years
v3.25.4
Inventories - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 96,787 $ 105,146
Finished goods 334,458 383,123
Total inventories $ 431,245 $ 488,269
v3.25.4
Net Income Per Share and Stockholders' Equity - Summary of Net Income Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
NET INCOME PER SHARE—BASIC:        
Net income available to common stockholders – Basic $ 93,626 $ 81,231 $ 393,565 $ 373,015
Weighted average number of common shares outstanding – Basic (in shares) 77,815 77,540 77,736 77,541
Net income per common share - Basic (in dollars per share) $ 1.20 $ 1.05 $ 5.06 $ 4.81
NET INCOME PER SHARE—DILUTED:        
Net income available to common stockholders – Diluted $ 93,626 $ 81,231 $ 393,565 $ 373,015
Weighted average number of common shares outstanding – Basic (in shares) 77,815 77,540 77,736 77,541
Weighted average number of common shares outstanding – Diluted (in shares) 78,447 78,115 78,336 78,196
Net income per common share - Diluted (in dollars per share) $ 1.19 $ 1.04 $ 5.02 $ 4.77
Potentially dilutive securities excluded as anti-dilutive (in shares) 20 10 42 22
Assumed restricted stock        
NET INCOME PER SHARE—DILUTED:        
Dilutive securities (in shares) 70 54 48 67
Assumed exercise of stock options        
NET INCOME PER SHARE—DILUTED:        
Dilutive securities (in shares) 433 462 424 529
Assumed performance-based restricted stock units        
NET INCOME PER SHARE—DILUTED:        
Dilutive securities (in shares) 129 59 128 59
v3.25.4
Related Party Transactions (Detail) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Jun. 06, 2022
South American Joint Venture    
Related Party Transaction [Line Items]    
Maximum borrowings permitted under credit facility $ 11.0  
Company's ownership percentage 50.00%  
Percentage of debt guarantee 50.00%  
Maximum potential payment under guarantee $ 5.5  
Outstanding principal balance including letters of credit 0.0  
Consolidated Entity, Excluding Consolidated VIE    
Related Party Transaction [Line Items]    
Maximum borrowings permitted under credit facility   $ 9.5
Maximum borrowings permitted under credit facility $ 0.0  
Consolidated Entity, Excluding Consolidated VIE | ADS Mexicana    
Related Party Transaction [Line Items]    
Company's ownership percentage 51.00%  
Percentage of ownership in joint venture   49.00%
v3.25.4
Debt - Long-Term Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Debt Instrument [Line Items]    
Long-term debt , gross $ 1,288,574 $ 1,269,238
Less: Unamortized debt issuance costs (6,415) (7,715)
Less: Current maturities (6,458) (9,934)
Long-term debt obligations 1,275,701 1,251,589
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt , gross 0 0
Term Loan Facility    
Debt Instrument [Line Items]    
Long-term debt , gross 408,000 413,250
Senior Notes | Senior Notes due 2027    
Debt Instrument [Line Items]    
Long-term debt , gross 350,000 350,000
Senior Notes | Senior Notes due 2030    
Debt Instrument [Line Items]    
Long-term debt , gross 500,000 500,000
Other debt    
Debt Instrument [Line Items]    
Long-term debt , gross 30,574 $ 5,988
Less: Current maturities (1,200)  
Long-term debt obligations $ 2,200  
v3.25.4
Debt - Senior Secured Credit Facility (Detail)
$ in Millions
 1 Months Ended 3 Months Ended
May 31, 2022
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2019
USD ($)
Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowings permitted under credit facility $ 600.0     $ 350.0
Leverage ratio, maximum for variable rate step-down 2.00      
Outstanding letters of credit   $ 10.1 $ 9.5  
Revolving Credit Facility | Term Benchmark Based Loans Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate 1.75%      
Revolving Credit Facility | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate 0.75%      
Sublimit of Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowings permitted under credit facility $ 60.0     $ 50.0
Commercial Loan Agreement | Term Benchmark Based Loans Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate   2.85%    
v3.25.4
Debt - Senior Notes (Detail) - USD ($)
$ in Millions
Jun. 09, 2022
Sep. 23, 2019
Senior Notes due 2027    
Debt Instrument [Line Items]    
Aggregate principal amount   $ 350.0
Debt instrument, interest rate   5.00%
Senior Notes due 2030    
Debt Instrument [Line Items]    
Aggregate principal amount $ 500.0  
Debt instrument, interest rate 6.375%  
v3.25.4
Debt - Equipment Financing (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Debt Instrument [Line Items]    
Current maturities of debt obligations $ 6,458 $ 9,934
Long-term debt obligations 1,275,701 $ 1,251,589
Commercial Loan Agreement    
Debt Instrument [Line Items]    
Aggregate principal amount $ 27,200  
Other debt    
Debt Instrument [Line Items]    
Weighted average interest rate of equipment financing 1.80%  
Current maturities of debt obligations $ 1,200  
Long-term debt obligations $ 2,200  
Minimum | Other debt    
Debt Instrument [Line Items]    
Equipment financing term 12 months  
Maximum | Other debt    
Debt Instrument [Line Items]    
Equipment financing term 84 months  
v3.25.4
Debt - Valuation of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Fair Value    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing $ 865,205 $ 851,595
Fair Value | Other debt    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 3,251 6,714
Carrying Value    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 853,374 855,988
Carrying Value | Other debt    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 3,374 5,988
Senior Notes due 2027 | Fair Value | Senior Notes    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 350,119 344,036
Senior Notes due 2027 | Carrying Value | Senior Notes    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 350,000 350,000
Senior Notes due 2030 | Fair Value | Senior Notes    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing 511,835 500,845
Senior Notes due 2030 | Carrying Value | Senior Notes    
Debt Instrument [Line Items]    
Fair value of senior notes and equipment financing $ 500,000 $ 500,000
v3.25.4
Commitments and Contingencies (Detail) - Inventory
 9 Months Ended
Dec. 31, 2025
USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]  
Total purchase commitment $ 0
Minimum  
Purchase Commitment, Excluding Long-term Commitment [Line Items]  
Purchase commitment contract period 1 month
Maximum  
Purchase Commitment, Excluding Long-term Commitment [Line Items]  
Purchase commitment contract period 12 months
v3.25.4
Income Taxes (Detail)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 24.90% 25.00% 24.90% 24.00%
v3.25.4
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense $ 8,835 $ 7,798 $ 25,816 $ 21,758
Non-Employee Directors        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 428 451 1,311 1,470
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 1,705 1,445 5,168 4,443
Assumed performance-based restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 3,030 2,663 9,329 7,552
Performance-based Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 3,268 2,888 8,492 6,996
Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 404 351 1,516 1,297
Cost of goods sold        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense 1,814 1,335 5,384 4,131
Selling, general and administrative expenses        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Additional stock-based compensation expense $ 7,021 $ 6,463 $ 20,432 $ 17,627
v3.25.4
Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
May 24, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Restricted stock awards $ (243) $ (70) $ (3,469) $ (4,709)  
Employee Stock Purchase Plan Maximum Shares in Offering Period [Domain] 400,000   400,000    
Employee Stock Purchase Plan Purchase Discount     85.00%    
2017 Omnibus Plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Restricted stock awards (in shares)     100,000    
Restricted stock awards     $ 13,900    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period     100,000    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value     $ 14,300    
2017 Omnibus Plan | Assumed exercise of stock options          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of stock options granted (in shares)     100,000    
Number of stock options granted, value     $ 7,500    
2017 Omnibus Plan | Maximum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock approved for issuance (in shares)         5,000,000.0
v3.25.4
Stock-Based Compensation - Summary of Assumption Used to Estimate Fair Value of Stock Options (Detail)
 9 Months Ended
Dec. 31, 2025
$ / shares
Share-Based Payment Arrangement [Abstract]  
Common stock price (in dollars per share) $ 119.30
Expected stock price volatility 46.70%
Risk-free interest rate 4.20%
Weighted-average expected option life (years) 6 years
Dividend yield 0.60%
v3.25.4
Business Segments Information - Additional Information (Detail)
 9 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
Business Segments Information - Schedule of Revenue from Reportable Segments by Product Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Net Sales $ 693,354 $ 690,538 $ 2,373,615 $ 2,288,484
Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales (32,020) (29,350) (102,422) (105,506)
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales 32,020 29,350 102,422 105,506
Reportable Segment, Aggregation before Other Operating Segment        
Segment Reporting Information [Line Items]        
Net Sales 528,685 540,005 1,822,489 1,777,929
Reportable Segment, Aggregation before Other Operating Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 557,324 565,593 1,913,966 1,871,051
Reportable Segment, Aggregation before Other Operating Segment | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales (28,639) (25,588) (91,477) (93,122)
Pipe        
Segment Reporting Information [Line Items]        
Net Sales 326,713 339,629 1,155,300 1,172,395
Pipe | Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 339,175 352,236 1,194,801 1,214,367
Pipe | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales (12,462) (12,607) (39,501) (41,972)
Infiltrator        
Segment Reporting Information [Line Items]        
Net Sales 152,881 150,013 510,950 440,913
Infiltrator | Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 167,666 160,076 558,996 481,739
Infiltrator | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales (14,785) (10,063) (48,046) (40,826)
International        
Segment Reporting Information [Line Items]        
Net Sales 49,091 50,363 156,239 164,621
International | Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 50,483 53,281 160,169 174,945
International | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales (1,392) (2,918) (3,930) (10,324)
Allied Products & Other        
Segment Reporting Information [Line Items]        
Net Sales 164,669 150,533 551,126 510,555
Allied Products & Other | Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 168,050 154,295 562,071 522,939
Allied Products & Other | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Net Sales $ (3,381) $ (3,762) $ (10,945) $ (12,384)
v3.25.4
Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Gross profit $ 259,152 $ 241,594 $ 929,722 $ 867,989
Adjusted Gross Profit 296,107 275,943 1,041,778 962,882
Net sales 693,354 690,538 2,373,615 2,288,484
Cost of goods sold 434,202 448,944 1,443,893 1,420,495
Depreciation, Amortization and Other (a) (36,955) (34,349) (112,056) (94,893)
Pipe        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 326,713 339,629 1,155,300 1,172,395
Infiltrator        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 152,881 150,013 510,950 440,913
International        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 49,091 50,363 156,239 164,621
Allied Products & Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 164,669 150,533 551,126 510,555
Segment Reconciling Items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Depreciation and Amortization 35,141 30,754 106,672 88,502
Stock-based compensation expense 1,814 1,335 5,384 4,131
Inventory Step-up Related to Acquisition   2,260   2,260
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit (919) 1,844 (1,564) 234
Net sales (32,020) (29,350) (102,422) (105,506)
Cost of goods sold (31,101) (31,194) (100,858) (105,740)
Operating Segments | Pipe        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit 97,100 89,220 366,510 342,792
Net sales 339,175 352,236 1,194,801 1,214,367
Cost of goods sold 268,329 284,581 904,768 934,654
Depreciation, Amortization and Other (a) (26,254) (21,565) (76,477) (63,079)
Operating Segments | Infiltrator        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit 89,778 83,813 300,228 268,714
Net sales 167,666 160,076 558,996 481,739
Cost of goods sold 84,381 85,105 282,157 234,452
Depreciation, Amortization and Other (a) (6,493) (8,842) (23,389) (21,427)
Operating Segments | International        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit 11,629 12,071 43,108 49,179
Net sales 50,483 53,281 160,169 174,945
Cost of goods sold 40,685 42,815 122,278 130,311
Depreciation, Amortization and Other (a) (1,831) (1,605) (5,217) (4,545)
Operating Segments | Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit 198,507 185,104 709,846 660,685
Net sales 557,324 565,593 1,913,966 1,871,051
Cost of goods sold 393,395 412,501 1,309,203 1,299,417
Depreciation, Amortization and Other (a) (34,578) (32,012) (105,083) (89,051)
Operating Segments | Allied Products & Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Adjusted Gross Profit 98,519 88,995 333,496 301,963
Net sales 168,050 154,295 562,071 522,939
Cost of goods sold 71,908 67,637 235,548 226,818
Depreciation, Amortization and Other (a) $ (2,377) $ (2,337) $ (6,973) $ (5,842)
v3.25.4
Business Segments Information - Schedule of Financial Information Attributable to Reportable Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Net sales $ 693,354 $ 690,538 $ 2,373,615 $ 2,288,484
Cost of goods sold 434,202 448,944 1,443,893 1,420,495
Depreciation, Amortization and Other (a) (36,955) (34,349) (112,056) (94,893)
Adjusted Gross Profit 296,107 275,943 1,041,778 962,882
Depreciation and Amortization(a) 51,522 47,766 156,443 133,671
Capital Expenditures 85,719 54,228 196,737 166,410
Pipe        
Segment Reporting Information [Line Items]        
Net sales 326,713 339,629 1,155,300 1,172,395
Infiltrator        
Segment Reporting Information [Line Items]        
Net sales 152,881 150,013 510,950 440,913
International        
Segment Reporting Information [Line Items]        
Net sales 49,091 50,363 156,239 164,621
Allied Products & Other        
Segment Reporting Information [Line Items]        
Net sales 164,669 150,533 551,126 510,555
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales (32,020) (29,350) (102,422) (105,506)
Cost of goods sold (31,101) (31,194) (100,858) (105,740)
Adjusted Gross Profit (919) 1,844 (1,564) 234
Operating Segments | Pipe        
Segment Reporting Information [Line Items]        
Net sales 339,175 352,236 1,194,801 1,214,367
Cost of goods sold 268,329 284,581 904,768 934,654
Depreciation, Amortization and Other (a) (26,254) (21,565) (76,477) (63,079)
Adjusted Gross Profit 97,100 89,220 366,510 342,792
Depreciation and Amortization(a) 24,630 20,394 71,672 59,392
Capital Expenditures 31,863 39,501 95,508 114,899
Operating Segments | Infiltrator        
Segment Reporting Information [Line Items]        
Net sales 167,666 160,076 558,996 481,739
Cost of goods sold 84,381 85,105 282,157 234,452
Depreciation, Amortization and Other (a) (6,493) (8,842) (23,389) (21,427)
Adjusted Gross Profit 89,778 83,813 300,228 268,714
Depreciation and Amortization(a) 6,326 6,447 22,899 18,806
Capital Expenditures 3,408 3,257 21,137 8,776
Operating Segments | International        
Segment Reporting Information [Line Items]        
Net sales 50,483 53,281 160,169 174,945
Cost of goods sold 40,685 42,815 122,278 130,311
Depreciation, Amortization and Other (a) (1,831) (1,605) (5,217) (4,545)
Adjusted Gross Profit 11,629 12,071 43,108 49,179
Depreciation and Amortization(a) 1,823 1,611 5,169 4,532
Capital Expenditures 4,482 1,499 11,030 4,816
Operating Segments | Reportable Segment        
Segment Reporting Information [Line Items]        
Net sales 557,324 565,593 1,913,966 1,871,051
Cost of goods sold 393,395 412,501 1,309,203 1,299,417
Depreciation, Amortization and Other (a) (34,578) (32,012) (105,083) (89,051)
Adjusted Gross Profit 198,507 185,104 709,846 660,685
Operating Segments | Allied Products & Other        
Segment Reporting Information [Line Items]        
Net sales 168,050 154,295 562,071 522,939
Cost of goods sold 71,908 67,637 235,548 226,818
Depreciation, Amortization and Other (a) (2,377) (2,337) (6,973) (5,842)
Adjusted Gross Profit 98,519 88,995 333,496 301,963
Depreciation and Amortization(a) 18,743 19,314 56,703 50,941
Capital Expenditures $ 45,966 $ 9,971 $ 69,062 $ 37,919
v3.25.4
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]        
Cash paid for income taxes     $ 83,411 $ 111,420
Cash paid for interest     52,436 55,086
Excise tax accrual, share repurchase     0 (21)
Acquisition of property, plant and equipment under finance lease     36,570 84,274
Balance in accounts payable for the acquisition of property, plant and equipment     22,148 28,449
Stock-based compensation expense $ 2,972 $ 2,428 $ 6,208 $ 5,392
v3.25.4
Subsequent Events (Detail) - USD ($)
$ / shares in Units, $ in Billions
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 05, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Feb. 04, 2026
Subsequent Event [Line Items]            
Common stock dividends per share (in dollars per share)   $ 0.18 $ 0.16 $ 0.54 $ 0.48  
Subsequent Event            
Subsequent Event [Line Items]            
Common stock dividends per share (in dollars per share) $ 0.18          
Share Repurchase Program, Authorized, Amount           $ 1.0
Share Repurchase Program, Remaining Authorized, Amount           $ 1.1
Subsequent Event | National Diversified Sales            
Subsequent Event [Line Items]            
Business combination, price of acquisition, expected $ 1.0