{"url_path":"/sec/wor/8-k/2026-06-26/item-2-02","section_key":"item-2-02","section_title":"Item 2.02 Results of Operations and Financial Condition.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-26","source_url":"https://www.sec.gov/Archives/edgar/data/108516/0001193125-26-285420-index.html","accession_number":"0001193125-26-285420","cik":"0000108516","ticker":"WOR","issuer_name":"WORTHINGTON ENTERPRISES, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/108516/0001193125-26-285420-index.html","primary_entity_key":"0000108516","primary_entity_name":"WORTHINGTON ENTERPRISES, INC."},"word_count":802,"has_tables":true,"body_markdown":"##  \n\nItem 2.02. Results of Operations and Financial Condition.\n\n \n\nWorthington Enterprises, Inc. (\"we,\" \"our,\" and \"us\") conducted a conference call on June 24, 2026, beginning at approximately 8:30 a.m., Eastern Time, to discuss our unaudited financial results for the fourth quarter of fiscal 2026 ended May 31, 2026. Additionally, we addressed certain issues related to the outlook for us and our subsidiaries and their respective markets. A copy of the transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Form 8-K”).\n\nThe information contained in this Item 2.02 and in Exhibit 99.1 is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or incorporates the information by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.\n\n \n\nIn the conference call, we discussed financial measures prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) as well as non-GAAP financial measures to provide investors with additional information that we believe allows for increased comparability of the performance of our ongoing operations from period to period. We referred to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA margin on a trailing 12-months (“TTM”) basis. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures used by us as measures of operating performance. EBITDA is calculated by adding or subtracting, as appropriate, interest expense, net, income tax expense and depreciation and amortization to/from net earnings attributable to controlling interest. Adjusted EBITDA is calculated by adding or subtracting, as appropriate, to/from EBITDA certain items that we believe are not necessarily indicative of our operating performance, such as those listed in the tables below and previously described in Exhibit 99.1 to our Current Report on Form 8-K filed on June 23, 2026. TTM adjusted EBITDA margin is calculated by dividing TTM adjusted EBITDA by net sales.\n\n \n\nDuring the conference call, we also referred to the ratio of net debt to adjusted EBITDA, which is a non-GAAP financial measure that is used by us as a measure of leverage. Net debt to adjusted EBITDA is calculated by subtracting cash and cash equivalents from total debt (defined as the aggregate of short-term borrowings, current maturities of long-term debt and long-term debt) and dividing the sum by adjusted EBITDA. The calculation of net debt to adjusted EBITDA for the fiscal year ended May 31, 2026 (“fiscal 2026”), along with a reconciliation of net cash provided by operating activities (the most comparable GAAP financial measure) is outlined below.\n\n \n\n \n\n \n\nFourth\n\n \n\n \n\nThird\n\n \n\n \n\nSecond\n\n \n\n \n\nFirst\n\n \n\n \n\n \n\nQuarter\n\n \n\n \n\nQuarter\n\n \n\n \n\nQuarter\n\n \n\n \n\nQuarter\n\n \n\n(In thousands)\n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\nNet cash provided by operating activities (GAAP)\n\n \n\n$\n\n71,601\n\n \n\n \n\n$\n\n61,938\n\n \n\n \n\n$\n\n51,518\n\n \n\n \n\n$\n\n41,061\n\n \n\nAdjustments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nChanges in assets and liabilities, net of impact of acquisitions:\n\n \n\n \n\n(7,508\n\n)\n\n \n\n \n\n10,070\n\n \n\n \n\n \n\n2,755\n\n \n\n \n\n \n\n13,029\n\n \n\nInterest expense, net\n\n \n\n \n\n2,885\n\n \n\n \n\n \n\n1,828\n\n \n\n \n\n \n\n1,472\n\n \n\n \n\n \n\n63\n\n \n\nIncome tax expense\n\n \n\n \n\n11,708\n\n \n\n \n\n \n\n14,994\n\n \n\n \n\n \n\n8,751\n\n \n\n \n\n \n\n10,860\n\n \n\nProvision for deferred income taxes\n\n \n\n \n\n(627\n\n)\n\n \n\n \n\n(4,294\n\n)\n\n \n\n \n\n(561\n\n)\n\n \n\n \n\n(2,958\n\n)\n\nUnrealized gain (loss) on investment in marketable securities\n\n \n\n \n\n610\n\n \n\n \n\n \n\n(340\n\n)\n\n \n\n \n\n(1,243\n\n)\n\n \n\n \n\n-\n\n \n\nBad debt (expense) income\n\n \n\n \n\n(246\n\n)\n\n \n\n \n\n97\n\n \n\n \n\n \n\n(230\n\n)\n\n \n\n \n\n21\n\n \n\nEquity in net income of unconsolidated affiliates, net of distributions\n\n \n\n \n\n3,630\n\n \n\n \n\n \n\n(4,064\n\n)\n\n \n\n \n\n(5,108\n\n)\n\n \n\n \n\n181\n\n \n\nNet (loss) gain on sale of assets\n\n \n\n \n\n(295\n\n)\n\n \n\n \n\n17\n\n \n\n \n\n \n\n(3,012\n\n)\n\n \n\n \n\n-\n\n \n\nLess: noncontrolling interest\n\n \n\n \n\n81\n\n \n\n \n\n \n\n343\n\n \n\n \n\n \n\n299\n\n \n\n \n\n \n\n327\n\n \n\nEBITDA (non-GAAP) (1)\n\n \n\n$\n\n81,839\n\n \n\n \n\n$\n\n80,589\n\n \n\n \n\n$\n\n54,641\n\n \n\n \n\n$\n\n62,584\n\n \n\nAdjustments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAmortization of inventory step-up\n\n \n\n \n\n1,500\n\n \n\n \n\n \n\n1,500\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,151\n\n \n\nRestructuring and other expense, net\n\n \n\n \n\n794\n\n \n\n \n\n \n\n2,186\n\n \n\n \n\n \n\n1,644\n\n \n\n \n\n \n\n2,476\n\n \n\nLoss on partial sale of investment in SES\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,950\n\n \n\n \n\n \n\n-\n\n \n\nUnrealized loss (gain) on investment in marketable securities\n\n \n\n \n\n(610\n\n)\n\n \n\n \n\n340\n\n \n\n \n\n \n\n1,243\n\n \n\n \n\n \n\n-\n\n \n\nAdjusted EBITDA (non-GAAP) (1)\n\n \n\n$\n\n83,523\n\n \n\n \n\n$\n\n84,615\n\n \n\n \n\n$\n\n60,478\n\n \n\n \n\n$\n\n67,211\n\n \n\n \n\n \n\n(1)\nExcludes the impact of noncontrolling interest.\n\n \n\n \n\n \n\nMay 31,\n\n \n\n(In thousands)\n\n \n\n2026\n\n \n\nLong-term debt\n\n \n\n \n\n305,896\n\n \n\nLess: cash and cash equivalents\n\n \n\n \n\n27,725\n\n \n\nNet debt\n\n \n\n$\n\n278,171\n\n \n\n \n\n \n\n \n\n \n\nFiscal 2026 adjusted EBITDA (non-GAAP)\n\n \n\n$\n\n295,827\n\n \n\n \n\n \n\n \n\n \n\nNet debt to fiscal 2026 adjusted EBITDA (non-GAAP)\n\n \n\n \n\n0.9\n\n \n\n##  \n\nAdditional non-GAAP financial measures referred to by us on the conference call, including reconciliations to the most comparable GAAP financial measures, are included in Exhibit 99.1 to our Current Report on Form 8-K filed on June 23, 2026. Such Exhibit 99.1 includes a copy of our news release issued on June 23, 2026 (the “Financial News Release”) reporting results for the three-month period ended May 31, 2026. The Financial News Release was made available on our website throughout the conference call and will remain available on our website for at least one year."}