Advanced Drainage Systems, Inc. (WMS) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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WMS Revenue Growth
Revenue Breakdown (FY 2025)
WMS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
WMS Revenue Analysis (2014–2025)
As of May 8, 2026, Advanced Drainage Systems, Inc. (WMS) generated trailing twelve-month (TTM) revenue of $2.99 billion, reflecting modest growth of +0.4% year-over-year. The most recent quarter (Q3 2026) recorded $693.4 million in revenue, down 18.5% sequentially.
Looking at the longer-term picture, WMS's 5-year compound annual growth rate (CAGR) stands at +11.7%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $3.07 billion in 2023.
Revenue diversification analysis shows WMS's business is primarily driven by Pipe Segment (58%), Allied Products And Other Business Segments (26%), and Infiltrator Water Technologies Segment (22%). With over half of revenue concentrated in Pipe Segment, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including NVR (-3.5% YoY), AAON (+28.3% YoY), and FBIN (-25.8% YoY), WMS has underperformed the peer group in terms of revenue growth. Compare WMS vs NVR →
WMS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| WMSCurrent | $3.0B | +0.4% | +11.7% | 22.6% | |
 NVR | $10.3B | -3.5% | +6.5% | 16.2% | |
 AAON | $1.4B | +28.3% | +22.9% | 10.1% | |
 FBIN | $4.5B | -25.8% | +4.3% | 11.6% | |
 TREX | $1.2B | +5.4% | +5.9% | 22.0% | |
 PNR | $4.2B | +3.1% | +6.7% | 20.5% |
WMS Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.90B | +1.0% | $1.09B | 37.7% | $657.4M | 22.6% |
| 2024 | $2.87B | -6.4% | $1.15B | 39.9% | $732.1M | 25.5% |
| 2023 | $3.07B | +10.9% | $1.12B | 36.4% | $719.3M | 23.4% |
| 2022 | $2.77B | +39.7% | $800.4M | 28.9% | $411.9M | 14.9% |
| 2021 | $1.98B | +18.5% | $690.1M | 34.8% | $344.5M | 17.4% |
| 2020 | $1.67B | +20.9% | $497.5M | 29.7% | $-95,349,000 | -5.7% |
| 2019 | $1.38B | +4.1% | $327.0M | 23.6% | $129.4M | 9.3% |
| 2018 | $1.33B | +5.8% | $302.5M | 22.7% | $88.3M | 6.6% |
| 2017 | $1.26B | -2.5% | $295.8M | 23.5% | $76.3M | 6.1% |
| 2016 | $1.29B | +9.5% | $280.7M | 21.8% | $82.1M | 6.4% |
Full WMS Stock Analysis
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Start ComparisonWMS — Frequently Asked Questions
Quick answers to the most common questions about buying WMS stock.
Is WMS's revenue growth accelerating or slowing?
WMS revenue growth slowed to +0.4%, below the 5-year CAGR of +11.7%. TTM revenue is $3.0B. The deceleration marks a shift from historical growth rates.
What is WMS's long-term revenue growth rate?
Advanced Drainage Systems, Inc.'s 5-year revenue CAGR of +11.7% reflects the variable expansion pattern. Current YoY growth of +0.4% is near this long-term average.
How is WMS's revenue distributed by segment?
WMS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.