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“Demand for our products in the new construction and remodel market were weaker than expected as uncertainty regarding tariff policies and declining consumer confidence slowed foot traffic with builders and retailers. However, our teams continued to execute well and delivered Adjusted EBITDA margins of 11.8% for the fourth fiscal quarter.” said Scott Culbreth, President and CEO. “Demand trends are expected to remain challenging and our outlook for fiscal year 2026 ranges from low-single digit declines to low-single digit increases in net sales for the full fiscal year. We expect to outperform market growth rates but have widened our outlook due to uncertainty related to tariffs with net sales declines expected throughout the first half of the fiscal year.”

Net sales for the fourth quarter of fiscal 2025 decreased $52.9 million, or 11.7%, to $400.4 million compared with the same quarter of the prior fiscal year. Net income was $25.6 million ($1.71 per diluted share and 6.4% of net sales) compared with $26.8 million ($1.69 per diluted share) in the same quarter of the prior fiscal year. Net income for the fourth quarter of fiscal 2025 decreased $1.2 million. This was due to a decrease in net sales combined with increases in material and transportation costs. These increases were partially offset by operational efficiencies and reductions in our incentive compensation costs and controlled spending across all functions. Adjusted EPS per diluted share was $1.61 for the fourth quarter of fiscal 2025 compared with $1.781 in the same quarter of the prior fiscal year. Adjusted EBITDA for the fourth quarter of fiscal 2025 decreased $7.6 million, or 13.9%, to $47.1 million, or 11.8% of net sales, compared to $54.7 million, or 12.1% of net sales, for the same quarter of the prior fiscal year.

Net sales for the fiscal year ended April 30, 2025 decreased 7.5% to $1,709.6 million from the prior fiscal year. Net income for the current fiscal year was $99.5 million ($6.50 per diluted share and 5.8% of net sales) compared with net income of $116.2 million ($7.15 per diluted share) for the prior fiscal year. Net income for fiscal 2025 decreased due to lower net sales and fixed cost deleverage and rising input costs, partially offset by the roll-off of acquisition-related intangible asset amortization, which ended in the third quarter of the prior fiscal year, operational efficiencies, lower incentive compensation and controlled spending across all functions. Adjusted EPS per diluted share was $6.90 for the current fiscal year compared with $8.601 for the prior fiscal year. Adjusted EBITDA for the current fiscal year was $208.6 million, or 12.2% of net sales, compared to $252.8 million, or 13.7% of net sales, for the prior fiscal year.

1During the second quarter of fiscal 2025, the Company changed its definition of Adjusted EPS per diluted share to exclude the change in fair value of foreign exchange forward contracts to be consistent with its definition of Adjusted EBITDA. Prior period amounts have been adjusted to conform to current period presentation.

As of April 30, 2025, the Company had $48.2 million in cash plus access to $314.2 million of additional availability under its revolving credit facility. Also, as of April 30, 2025, the Company had $197.5 million in term loan debt and $173.4 million drawn on its revolving credit facility.

Cash provided by operating activities for the current fiscal year was $108.4 million and free cash flow totaled $65.7 million. The Company repurchased 417,298 shares, or approximately 2.8% of shares outstanding, for $27.6 million during the fourth quarter of fiscal 2025, and 1,169,710 shares, or approximately 7.5% of shares outstanding, for $96.7 million during fiscal 2025. As of April 30, 2025, $117.8 million of funds remained available from the amounts authorized by the Board to repurchase the Company's common stock.

“In response to the decline in sales attributable to macroeconomic factors, the teams successfully achieved a solid fourth fiscal quarter performance through operational enhancements and prudent spending measures across all functions,” stated Paul Joachimczyk, Senior Vice President and Chief Financial Officer. “For fiscal year 2026, given the wider range expected on net sales and economic uncertainty, our targeted Adjusted EBITDA range is set at $175 million to $200 million.”

Our Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. Other items may include restructuring costs, interest expense, stock-based compensation expense, and certain tax items. Our outlook includes the known impact related to tariffs as of the release date. It does not reflect any other potential tariff impacts on Company expenses or market demand. The Company believes the dynamic nature of the tariffs, particularly related to the uncertainty of implementation, potential timing, and duration, limits its ability to estimate this information. We do not undertake to update this outlook as circumstances evolve. Our management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income, which could be significant, are difficult to predict, and may be highly variable. As a result, the Company does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook.

American Woodmark celebrates the creativity in all of us. With over 7,800 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

We have presented certain financial measures in this press release which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are provided below following the financial highlights under the heading "Non-GAAP Financial Measures."

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.


AMERICAN WOODMARK CORPORATION

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

		Three Months Ended				Twelve Months Ended
		April 30,				April 30,
		2025		2024		2025		2024

Net sales		$	400,395	$	453,278	$	1,709,585	$	1,847,502
Cost of sales & distribution		332,186		369,179		1,403,035		1,469,695
	Gross profit	68,209		84,099		306,550		377,807
Sales & marketing expense		20,626		23,613		86,238		92,603
General & administrative expense		15,093		22,262		75,464		124,008
Restructuring charges, net		2,956		—		4,609		(198)

	Operating income	29,534		38,224		140,239		161,394
Interest expense, net		2,787		1,885		10,341		8,207

Other expense (income), net		(5,125)		1,742		3,360		1,219

Income tax expense		6,306		7,799		27,082		35,752
	Net income	$	25,566	$	26,798	$	99,456	$	116,216

Earnings Per Share:
Weighted average shares outstanding - diluted		14,912,419		15,881,015		15,299,261		16,260,222

Net income per diluted share		$	1.71	$	1.69	$	6.50	$	7.15


Condensed Consolidated Balance Sheet
(Unaudited)
		April 30,
		2025		2024

Cash & cash equivalents		$	48,195	$	87,398

Customer receivables		111,171		117,559
Inventories		178,111		159,101
Income taxes receivable		2,567		14,548
Other current assets		24,409		24,104
	Total current assets	364,453		402,710
Property, plant & equipment, net		244,989		272,461
Operating lease assets, net		128,907		126,383



Goodwill		767,612		767,612
Other assets		64,608		24,699
	Total assets	$	1,570,569	$	1,593,865

Current portion - long-term debt		$	7,659	$	2,722
Short-term operating lease liabilities		33,598		27,409
Accounts payable & accrued expenses		141,685		165,595
	Total current liabilities	182,942		195,726
Long-term debt		365,825		371,761
Deferred income taxes		—		5,002
Long-term operating lease liabilities		102,846		106,573
Other liabilities		2,958		4,427
	Total liabilities	654,571		683,489
Stockholders' equity		915,998		910,376
	Total liabilities & stockholders' equity	$	1,570,569	$	1,593,865


Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Twelve Months Ended
	April 30,
	2025		2024

Net cash provided by operating activities	$	108,447	$	230,750
Net cash used by investing activities	(42,658)		(92,191)
Net cash used by financing activities	(104,992)		(92,893)
Net (decrease) increase in cash and cash equivalents	(39,203)		45,666
Cash and cash equivalents, beginning of period	87,398		41,732

Cash and cash equivalents, end of period	$	48,195	$	87,398

Management believes all of these non-GAAP financial measures provide an additional means of analyzing the current period’s results against the corresponding prior period’s results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

We use EBITDA, Adjusted EBITDA and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. Additionally, Adjusted EBITDA is a key measurement used in our Term Loans to determine interest rates and financial covenant compliance.

We define EBITDA as net income adjusted to exclude (1) income tax expense, (2) interest expense, net, (3) depreciation and amortization expense, and (4) amortization of customer relationship intangibles. We define Adjusted EBITDA as EBITDA adjusted to exclude (1) expenses related to the acquisition of RSI Home Products, Inc. ("RSI acquisition") (2) restructuring charges, net, (3) net gain/loss on debt modification, (4) stock-based compensation expense, (5) gain/loss on asset disposals, and (6) change in fair value of foreign exchange forward contracts. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business.

We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes that this measure provides useful information to investors by offering additional ways of viewing the Company’s results by providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI acquisition, (2) restructuring charges, net, (3) the amortization of customer relationship intangibles, (4) net gain/loss on debt modification, (5) change in fair value of foreign exchange forward contracts, and (6) the tax benefit of RSI acquisition expenses, restructuring charges, the net gain/loss on debt modification, the amortization of customer relationship intangibles, and the change in fair value of foreign exchange forward contracts. The amortization of intangible assets is driven by the RSI acquisition. Management has determined that excluding amortization of intangible assets and change in fair value of foreign exchange forward contracts from our definition of Adjusted EPS per diluted share will better help it evaluate the performance of our business and profitability.

To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations.


Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

	Three Months Ended						Twelve Months Ended
	April 30,						April 30,
(in thousands)	2025			2024			2025			2024

Net income (GAAP)	$	25,566		$	26,798		$	99,456		$	116,216
Add back:
Income tax expense	6,306			7,799			27,082			35,752
Interest expense, net	2,787			1,885			10,341			8,207
Depreciation and amortization expense	14,314			12,596			55,165			48,337
Amortization of customer relationship intangibles	—			—			—			30,444
EBITDA (Non-GAAP)	$	48,973		$	49,078		$	192,044		$	238,956
Add back:
Acquisition related expenses (1)	—			—			—			47
Restructuring charges, net (2)	2,956			—			4,609			(198)

Net gain on debt modification	(374)			—			(10)			—
Change in fair value of foreign exchange forward contracts (3)	(4,731)			1,785			3,535			1,544
Stock-based compensation expense	43			3,496			7,989			10,682
Loss on asset disposal	234			319			463			1,742
Adjusted EBITDA (Non-GAAP)	$	47,101		$	54,678		$	208,630		$	252,773

Net Sales	$	400,395		$	453,278		$	1,709,585		$	1,847,502
Net income margin (GAAP)	6.4		%	5.9		%	5.8		%	6.3		%
Adjusted EBITDA margin (Non-GAAP)	11.8		%	12.1		%	12.2		%	13.7		%

(2) Restructuring charges, net are comprised of expenses incurred related to the nationwide reduction-in-force implemented in the third and fourth quarters of fiscal 2023, the reduction in force implemented in the second quarter of fiscal 2025, and the closure of the manufacturing facility located in Orange, Virginia, which was announced in January 2025.

(3) In the normal course of business, the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other expense (income), net in the operating results.


Reconciliation of Net Income to Adjusted Net Income

	Three Months Ended				Twelve Months Ended
	April 30,				April 30,
(in thousands, except share data)	2025		2024		2025		2024

Net income (GAAP)	$	25,566	$	26,798	$	99,456	$	116,216
Add back:
Acquisition related expenses	—		—		—		47
Restructuring charges, net	2,956		—		4,609		(198)

Amortization of customer relationship intangibles	—		—		—		30,444
Change in fair value of foreign exchange forward contracts (1)	(4,731)		1,785		3,535		1,544
Net gain on debt modification	(374)		—		(10)		—
Tax benefit of add backs	571		(338)		(2,082)		(8,182)
Adjusted net income (Non-GAAP)	$	23,988	$	28,245	$	105,508	$	139,871

Weighted average diluted shares (GAAP)	14,912,419		15,881,015		15,299,261		16,260,222



EPS per diluted share (GAAP)	$	1.71	$	1.69	$	6.50	$	7.15
Adjusted EPS per diluted share (Non-GAAP)	$	1.61	$	1.78	$	6.90	$	8.60

(1) Change in fair value of foreign exchange forward contracts was excluded from Adjusted EPS per diluted share beginning in the second quarter of fiscal 2025 to be consistent with the Company's definition of Adjusted EBITDA. Prior period amounts have been adjusted to conform to current period presentation.


Net Leverage

	Twelve Months Ended
	April 30,
(in thousands)	2025

Net income (GAAP)	$	99,456
Add back:
Income tax expense	27,082
Interest expense, net	10,341
Depreciation and amortization expense	55,165

EBITDA (Non-GAAP)	$	192,044
Add back:

Restructuring charges, net (1)	4,609

Net gain on debt modification	(10)
Change in fair value of foreign exchange forward contracts (2)	3,535
Stock-based compensation expense	7,989
Loss on asset disposal	463
Adjusted EBITDA (Non-GAAP)	$	208,630

	As of
	April 30,
	2025
Current maturities of long-term debt	$	7,659
Long-term debt, less current maturities	365,825
Total debt	373,484
Less: cash and cash equivalents	(48,195)
Net debt	$	325,289

Net leverage (3)	1.56

(1) Restructuring charges, net are comprised of expenses incurred related to the nationwide reduction-in-force implemented in the third and fourth quarters of fiscal 2023, the reduction in force implemented in the second quarter of fiscal 2025, and the closure of the manufacturing facility located in Orange, Virginia, which was announced in January 2025.

(2) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.



American Woodmark Announces Fiscal Fourth Quarter and Fiscal Year Results


Free Cash Flow

	Twelve Months Ended
	April 30,
	2025		2024

Cash provided by operating activities	$	108,447	$	230,750
Less: Capital expenditures (1)	42,763		92,241
Free cash flow (Non-GAAP)	$	65,684	$	138,509



Contact:			Kevin Dunnigan VP & Treasurer 540-665-9100