Q2 26 EPS
$1.25
MISS 6.90%
Est. $1.34
Q2 26 Revenue
$296.6M
MISS 0.84%
Est. $299.1M
vs S&P Since Q2 26
-14.0%
TRAILING MARKET
POWL -11.1% vs S&P +2.9%
Market Reaction
Did POWL Beat Earnings? Q2 2026 Results
Powell Industries delivered a mixed fiscal second quarter, posting earnings of $1.25 per diluted share on revenue of $296.62 million, missing the $1.34 consensus EPS estimate by 6.90% and falling just 0.84% short of revenue expectations, ending a fou… Read more Powell Industries delivered a mixed fiscal second quarter, posting earnings of $1.25 per diluted share on revenue of $296.62 million, missing the $1.34 consensus EPS estimate by 6.90% and falling just 0.84% short of revenue expectations, ending a four-quarter streak of consecutive EPS beats. Revenue still climbed 6.5% year-over-year, with Commercial and Other Industrial markets up 35% and Electric Utility up 14%, though a 37% collapse in the Petrochemical segment weighed on the mix. Net income slipped 1% as SG&A expenses rose to $25.84 million from $21.77 million and R&D spending jumped to $4.29 million from $2.75 million, pressuring margins even as gross profit dollars grew. The headline story, however, was on the order book: new orders surged 97% to $490 million, pushing backlog to $1.80 billion, a 33% year-over-year gain, and subsequent to quarter-end the company secured a data center order exceeding $400 million. Management expects margins to hold steady and is evaluating capacity expansions backed by its backlog visibility.
Key Takeaways
- • Commercial & Other Industrial market revenue grew 35% year-over-year
- • Electric Utility market revenue grew 14% year-over-year
- • Oil & Gas market revenue grew 11% year-over-year
- • Strong project execution delivering 29.6% gross margin
- • Seasonal sequential acceleration from Q1 driven by higher number of working days
- • New orders of $490 million drove 1.7x book-to-bill ratio
POWL Forward Guidance & Outlook
Management expects favorable market activity across all core markets to continue. The ongoing investment cycle supporting data center buildouts and AI capacity growth is expected to remain supportive of commercial and electric utility end markets. Activity within gas markets, including LNG, gas pipeline, and gas-to-chemical end markets, is anticipated to remain active due to the competitive position of U.S.-based exporters. Margins are expected to remain consistent with prior-year performance levels. The company is evaluating incremental capacity investments, supported by backlog visibility and the commercial outlook, with emphasis on ensuring adequate returns. Year-to-date results reinforce management's conviction in delivering another year of solid financial performance in Fiscal 2026.
POWL YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
POWL Revenue by Segment
Business unit performance breakdown
“The commercial momentum we observed to start the fiscal year continued throughout the second quarter, driving a well-balanced and strong order total of $490 million which led to a 1.7x book-to-bill ratio. That momentum has continued into our fiscal third quarter as evidenced by the mega data center order we were awarded after the fiscal second quarter-end with a value in excess of $400 million – the largest order in Powell history. Meanwhile, the team continues to demonstrate high levels of project execution, delivering a gross margin of 29.6% in the quarter. We remain acutely focused on executing our key growth objectives and delivering on project schedules for our customers to further Powell's competitive position against a favorable demand landscape for engineered-to-order distribution solutions.”
— Brett A. Cope, Q2 2026 Earnings Press Release
POWL Earnings Trends
POWL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
POWL EPS Trend
Earnings per share: estimate vs actual
POWL Revenue Trend
Quarterly revenue: estimate vs actual
POWL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $1.34 | $1.25 | -6.90% | $296.6M | -0.84% |
| Q1 26 BEAT | $2.92 | $3.40 | +16.64% | $251.2M | -2.06% |
| Q4 25 BEAT FY | $3.76 | $4.22 | +12.23% | $298.0M | +1.75% |
| FY Full Year | $14.39 | $14.86 | +3.27% | $1.10B | +0.47% |
| Q3 25 BEAT | $3.77 | $3.96 | +5.04% | $286.3M | -5.11% |
| Q2 25 BEAT | $3.44 | $3.81 | +10.65% | $278.6M | -1.43% |