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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCOMMISSION FILE NO.: 001-36557\n\nADVANCED DRAINAGE SYSTEMS, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware51-0105665\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n4024 Green Stripe Lane, Hilliard, Ohio 43026\n\n(Address of principal executive offices and zip code)\n\n(800) 733-7473\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act: Common Stock, $0.01 par value per share\n\nTitle of Each Class\n Trading Symbol(s) Name of Each Exchange On Which Registered\n\n     \n\nCommon Stock, $0.01 par value per share WMS New York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)\n\nLarge Accelerated Filer☒Accelerated Filer☐\n\nNon-Accelerated Filer☐Smaller Reporting Company☐\n\nEmerging Growth Company☐  \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe aggregate market value of the shares of common stock held by non-affiliates of the registrant (treating all executive officers and directors of the registrant, for this purpose, as affiliates of the registrant) was $10,679 million as of September 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, based on the reported closing price of the shares of common stock as reported on the New York Stock Exchange on September 30, 2025.\n\nAs of May 14, 2026, the registrant had 76,595,708 shares of common stock outstanding. The shares of common stock trade on the New York Stock Exchange under the ticker symbol “WMS.” In addition, as of May 14, 2026, 221,893 shares of unvested restricted common stock were outstanding and a total of 76,817,601 shares of common stock were outstanding, inclusive of outstanding shares of unvested restricted common stock.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPart III of this report incorporates by reference specific portions of the Registrant’s Notice of Annual Meeting and Proxy Statement relating to the Annual Meeting of Stockholders to be held on July 16, 2026, which statement will be filed no later than 120 days after the end of the fiscal year covered by this report.\n\nTABLE OF CONTENTS\n\n  Page\n\n[Cautionary Statement About Forward-Looking Statements](#ieb5bb33133ed4902a5089ffadf55276a_10)\n\n[iii](#ieb5bb33133ed4902a5089ffadf55276a_10)\n\n \n[PART I](#ieb5bb33133ed4902a5089ffadf55276a_13)\n \n\n   \n\n[Item 1.](#ieb5bb33133ed4902a5089ffadf55276a_16)\n\n[Business](#ieb5bb33133ed4902a5089ffadf55276a_16)\n\n[1](#ieb5bb33133ed4902a5089ffadf55276a_16)\n\n  \n\n[Item 1A.](#ieb5bb33133ed4902a5089ffadf55276a_19)\n\n[Risk Factors](#ieb5bb33133ed4902a5089ffadf55276a_19)\n\n[12](#ieb5bb33133ed4902a5089ffadf55276a_19)\n\n  \n\n[Item 1B.](#ieb5bb33133ed4902a5089ffadf55276a_22)\n\n[Unresolved Staff Comments](#ieb5bb33133ed4902a5089ffadf55276a_22)\n\n[22](#ieb5bb33133ed4902a5089ffadf55276a_22)\n\n[Item 1C.](#ieb5bb33133ed4902a5089ffadf55276a_25)\n\n[Cybersecurity](#ieb5bb33133ed4902a5089ffadf55276a_25)\n\n[22](#ieb5bb33133ed4902a5089ffadf55276a_25)\n\n  \n\n[Item 2.](#ieb5bb33133ed4902a5089ffadf55276a_28)\n\n[Properties](#ieb5bb33133ed4902a5089ffadf55276a_28)\n\n[23](#ieb5bb33133ed4902a5089ffadf55276a_28)\n\n  \n\n[Item 3.](#ieb5bb33133ed4902a5089ffadf55276a_31)\n\n[Legal Proceedings](#ieb5bb33133ed4902a5089ffadf55276a_31)\n\n[24](#ieb5bb33133ed4902a5089ffadf55276a_31)\n\n  \n\n[Item 4.](#ieb5bb33133ed4902a5089ffadf55276a_34)\n\n[Mine Safety Disclosures](#ieb5bb33133ed4902a5089ffadf55276a_34)\n\n[24](#ieb5bb33133ed4902a5089ffadf55276a_34)\n\n  \n\n \n[PART II](#ieb5bb33133ed4902a5089ffadf55276a_37)\n\n  \n\n[Item 5.](#ieb5bb33133ed4902a5089ffadf55276a_40)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ieb5bb33133ed4902a5089ffadf55276a_40)\n\n[25](#ieb5bb33133ed4902a5089ffadf55276a_40)\n\n  \n\n[Item 6.](#ieb5bb33133ed4902a5089ffadf55276a_43)\n\n[Reserved](#ieb5bb33133ed4902a5089ffadf55276a_43)\n\n[26](#ieb5bb33133ed4902a5089ffadf55276a_43)\n\n  \n\n[Item 7.](#ieb5bb33133ed4902a5089ffadf55276a_46)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ieb5bb33133ed4902a5089ffadf55276a_46)\n\n[27](#ieb5bb33133ed4902a5089ffadf55276a_46)\n\n  \n\n[Item 7A.](#ieb5bb33133ed4902a5089ffadf55276a_79)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#ieb5bb33133ed4902a5089ffadf55276a_79)\n\n[41](#ieb5bb33133ed4902a5089ffadf55276a_79)\n\n  \n\n[Item 8.](#ieb5bb33133ed4902a5089ffadf55276a_82)\n\n[Financial Statements and Supplementary Data](#ieb5bb33133ed4902a5089ffadf55276a_82)\n\n[42](#ieb5bb33133ed4902a5089ffadf55276a_82)\n\n  \n\n[Item 9.](#ieb5bb33133ed4902a5089ffadf55276a_85)\n\n[Changes in and Disagreements with Accountant on Accounting and Financial Disclosure](#ieb5bb33133ed4902a5089ffadf55276a_85)\n\n[42](#ieb5bb33133ed4902a5089ffadf55276a_85)\n\n  \n\n[Item 9A.](#ieb5bb33133ed4902a5089ffadf55276a_88)\n\n[Controls and Procedures](#ieb5bb33133ed4902a5089ffadf55276a_88)\n\n[42](#ieb5bb33133ed4902a5089ffadf55276a_88)\n\n  \n\n[Item 9B.](#ieb5bb33133ed4902a5089ffadf55276a_91)\n\n[Other Information](#ieb5bb33133ed4902a5089ffadf55276a_91)\n\n[43](#ieb5bb33133ed4902a5089ffadf55276a_91)\n\n   \n\n[Item 9C.](#ieb5bb33133ed4902a5089ffadf55276a_94)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ieb5bb33133ed4902a5089ffadf55276a_94)\n\n[43](#ieb5bb33133ed4902a5089ffadf55276a_94)\n\n \n[PART III](#ieb5bb33133ed4902a5089ffadf55276a_97)\n \n\n   \n\n[Item 10.](#ieb5bb33133ed4902a5089ffadf55276a_100)\n\n[Directors, Executive Officers and Corporate Governance](#ieb5bb33133ed4902a5089ffadf55276a_100)\n\n[44](#ieb5bb33133ed4902a5089ffadf55276a_100)\n\n  \n\n[Item 11.](#ieb5bb33133ed4902a5089ffadf55276a_103)\n\n[Executive Compensation](#ieb5bb33133ed4902a5089ffadf55276a_103)\n\n[44](#ieb5bb33133ed4902a5089ffadf55276a_103)\n\n  \n\n[Item 12.](#ieb5bb33133ed4902a5089ffadf55276a_106)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ieb5bb33133ed4902a5089ffadf55276a_106)\n\n[44](#ieb5bb33133ed4902a5089ffadf55276a_106)\n\n  \n\n[Item 13.](#ieb5bb33133ed4902a5089ffadf55276a_109)\n\n[Certain Relationships and Related Transactions, and Director Independence](#ieb5bb33133ed4902a5089ffadf55276a_109)\n\n[44](#ieb5bb33133ed4902a5089ffadf55276a_109)\n\n  \n\n[Item 14.](#ieb5bb33133ed4902a5089ffadf55276a_112)\n\n[Principal Accountant Fees and Services](#ieb5bb33133ed4902a5089ffadf55276a_112)\n\n[44](#ieb5bb33133ed4902a5089ffadf55276a_112)\n\n  \n\n \n[PART IV](#ieb5bb33133ed4902a5089ffadf55276a_115)\n\n  \n\n[Item 15.](#ieb5bb33133ed4902a5089ffadf55276a_118)\n\n[Exhibits and Financial Statement Schedules](#ieb5bb33133ed4902a5089ffadf55276a_118)\n\n[45](#ieb5bb33133ed4902a5089ffadf55276a_118)\n\n[Item 16.](#ieb5bb33133ed4902a5089ffadf55276a_124)\n\n[Form 10-K Summary](#ieb5bb33133ed4902a5089ffadf55276a_124)\n\n[48](#ieb5bb33133ed4902a5089ffadf55276a_124)\n\nii\n\nCAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS\n\nThis Annual Report on Form 10-K includes forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “should,” “could,” “seeks,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K and include statements regarding our goals, intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects, growth strategies, and the industries in which we operate and include, without limitation, statements relating to our future performance.\n\nForward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. We caution that forward-looking statements are not guarantees of future performance and that our actual consolidated results of operations, financial condition, liquidity, and industry development may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. In addition, even if our actual consolidated results of operations, financial condition, liquidity, and industry development are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors could cause actual results to differ materially from those contained in or implied by the forward-looking statements, including those reflected in forward-looking statements relating to our operations and business, the risks and uncertainties discussed in this Annual Report on Form 10-K (including under the heading “Item 1A. Risk Factors”) and those described from time to time in our other filings with the SEC. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include, among other things:\n\n•fluctuations in the price and availability of resins and other raw materials, new tariff and international trade policies, and our ability to pass any increased costs of raw materials and tariffs on to our customers in a timely manner;\n\n•disruption or volatility in general business, political and economic conditions in the markets in which we operate;\n\n•cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending;\n\n•the risks of increasing competition in our existing and future markets;\n\n•uncertainties surrounding the integration and realization of anticipated benefits of acquisitions or doing so within the intended timeframe, including our ability to successfully integrate National Diversified Sales (“NDS”) into our business;\n\n•risks that the acquisition of NDS may involve unexpected costs, liabilities, risks that the cost savings and synergies from the acquisition of NDS may not be fully realized;\n\n•the effect of any claims, litigation, investigations or proceedings, including those described under “Item 3. Legal Proceedings” of this Annual Report;\n\n•the effect of weather or seasonality;\n\n•the loss of any of our significant customers;\n\n•the risks of doing business internationally;\n\n•the risks of conducting a portion of our operations through joint ventures;\n\n•our ability to expand into new geographic or product markets;\n\n•the risk associated with manufacturing processes;\n\n•the effects of global climate change and any related regulatory responses;\n\n•our ability to protect against cybersecurity incidents and disruptions or failures of our IT systems;\n\n•our ability to assess and monitor the effects of artificial intelligence, machine learning, robotics and blockchain or other new approaches to data mining on our business and operations;\n\n•our ability to manage our supply purchasing and customer credit policies;\n\n•our ability to control labor costs and to attract, train and retain highly qualified employees and key personnel;\n\n•our ability to protect our intellectual property rights;\n\n•changes in laws and regulations, including environmental laws and regulations;\n\n•our ability to appropriately address any environmental, social or governance concerns that may arise from our activities;\n\n•the risks associated with our current levels of indebtedness, including borrowings under our existing credit agreement and outstanding indebtedness under our existing senior notes; and\n\n•other risks and uncertainties, including those listed under “Item 1A. Risk Factors.”\n\nPlease read this Annual Report on Form 10-K completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Annual Report on Form 10-K are qualified by these cautionary statements. All forward-looking statements are made only as of the date of this Annual Report on Form 10-K, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.\n\niii\n\n[Table of Contents](#ieb5bb33133ed4902a5089ffadf55276a_1)\n\nAdvanced Drainage Systems, Inc\n\nPART I"}