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- **Q4 Results**: $400.4M sales (-11.7% YoY), Adjusted EBITDA $47.1M, Free Cash Flow $65.7M.
- **FY2026 Guidance**: Sales flat to +low single-digit; EBITDA $175M-$200M, reflecting $20M tariff costs.
- **Key Risks**: Tariff uncertainty, macroeconomic weakness, $7M annual interest expense increase.
- **Long-Term Drivers**: Mortgage rate relief, housing market recovery, automation savings ($5-6M annual).

**【CEO Business Overview】**
- Q4 2025 net sales: $400.4M (-11.7% YoY), driven by weaker demand in new construction and remodel markets due to tariff uncertainty and declining consumer confidence.
- Key metrics: Adjusted EBITDA $47.1M (11.8% of sales), Adjusted EPS $1.61, Free Cash Flow $65.7M.
- FY2026 Outlook: Net sales expected to range from low single-digit decline to low single-digit growth; Adjusted EBITDA $175M-$200M, reflecting $20M tariff-related cost headwinds.
- Strategic Focus: Mortgage rate relief, consumer confidence recovery, and housing market growth to drive long-term recovery.

**【CFO Financial Highlights】**
- Q4 2025: Gross margin 17.0% (-160bps YoY) due to fixed cost deleverage; Operating expenses 8.9% of sales (down 120bps YoY).
- FY2025: Adjusted EBITDA $208.6M (-150bps YoY); Free Cash Flow $65.7M (-53% YoY) due to lower net income and higher inventory.
- FY2026 Capital Allocation: $117.8M remaining for share buybacks; $7M annual increase in interest expense from new debt.

**【Q&A Key Takeaways】**
- Tariff Impact: $20M annualized cost headwind; 50%+ recovery potential if tariffs are removed.
- Margin Improvement: Q4 gross margin rebound due to operational right-sizing; SG&A control ($15M Q4) not sustainable due to incentive reset.
- Automation Progress: $10M+ investments in FY2025; $5-6M annual savings from facility closures, with more projects pipeline.
- Risk Factors: Tariff policy uncertainty, macroeconomic weakness, and input cost inflation.

American Woodmark Corporation (AMWD) Q4 2025 Earnings Call Transcript

- **Q3 Sales Decline**: $397.6M (-5.8% YoY) driven by new construction (-10.4%) and R&R (-2.3%) weakness.
- **Margin Pressure**: Gross margin down 420bps to 15% due to volume deleverage and cost increases.
- **Tariff Risk Management**: $25M China exposure reduced, but 10% revenue reliant on Mexico; potential pricing actions if tariffs imposed.
- **Bottoming R&R Demand**: Dealer business flat YoY, with hopes for H2 '25 recovery as consumer confidence improves.
- **Operational Efficiency**: $31.5M free cash flow, $43.5M cash, and 1.53x net leverage; Orange, VA plant closure to streamline operations.

**【CEO Business Overview】**
- Q3 2025 net sales of $397.6M (-5.8% YoY), driven by 10.4% decline in new construction and 2.3% drop in repair/remodel (R&R) markets.
- Home center made-to-order business flat YoY, while stock kitchen sales rose mid-single digits, offset by double-digit declines in stock bath/storage and distribution channels.
- New construction growth in Northeast/Northern California offset by double-digit declines in Atlanta, Florida, and Southern California.
- Adjusted EBITDA of $38.4M (9.7% margin) vs. $50.6M (12% margin) YoY, with EPS of $1.09.
- FY25 outlook: mid-single-digit sales decline, EBITDA $210-215M, and macro risks including consumer sentiment, inflation, and interest rates.

**【CFO Financial Details】**
- Gross profit margin declined 420bps to 15% due to lower volumes, raw material/labor costs, and production down days.
- SG&A expenses improved 300bps to 9.6% of sales, driven by lower intangible amortization and incentive comp.
- Free cash flow $31.5M (vs. $131.7M YoY), with $43.5M cash and $314.2M credit facility.
- Shares repurchased: 132K (1% of outstanding) in Q3, total $69.1M year-to-date.
- Orange, VA plant closure to optimize operations, with benefits expected in FY26.

**【Q&A Key Takeaways】**
- **Tariff Risks**: $25M China exposure (mitigated via 5-year sourcing shift), but 10% of revenue reliant on Mexico. Potential pricing actions if tariffs materialize.
- **R&R Market**: Dealer business flat YoY, tied to R&R demand. Management sees 'bottoming' but no near-term recovery, with hopes for H2 '25 improvement.
- **Mix Impact**: New construction sees 'trade-down' to lower-priced products, reducing margins and affecting cabs per home.
- **Pricing Strategy**: Prefers single, comprehensive price increase over incremental adjustments, pending tariff clarity.
- **Hurricane Impact**: Florida saw positive comps post-hurricanes, but no material impact on Q3 results.

American Woodmark Corporation (AMWD) Q3 2025 Earnings Call Transcript

American Woodmark (AMWD)-26 Nov 24-2025 Q2 Earnings call transcript

American Woodmark (AMWD)-27 Aug 24-2025 Q1 Earnings call transcript

American Woodmark (AMWD)-23 May 24-2024 Q4 Earnings call transcript

American Woodmark (AMWD)-29 Feb 24-2024 Q3 Earnings call transcript

American Woodmark (AMWD)-30 Nov 23-2024 Q2 Earnings call transcript

American Woodmark (AMWD)-29 Aug 23-2024 Q1 Earnings call transcript

American Woodmark (AMWD)-25 May 23-2023 Q4 Earnings call transcript

American Woodmark (AMWD)-28 Feb 23-2023 Q3 Earnings call transcript

American Woodmark (AMWD)-22 Nov 22-2023 Q2 Earnings call transcript

American Woodmark (AMWD)-30 Aug 22-2023 Q1 Earnings call transcript

American Woodmark (AMWD)-26 May 22-2022 Q4 Earnings call transcript

American Woodmark (AMWD)-26 Feb 22-2022 Q3 Earnings call transcript

American Woodmark (AMWD)-23 Nov 21-2022 Q2 Earnings call transcript

American Woodmark (AMWD)-31 Aug 21-2022 Q1 Earnings call transcript

American Woodmark (AMWD)-27 May 21-2021 Q4 Earnings call transcript

American Woodmark (AMWD)-27 Feb 21-2021 Q3 Earnings call transcript

American Woodmark (AMWD)-24 Nov 20-2021 Q2 Earnings call transcript

American Woodmark (AMWD)-25 Aug 20-2021 Q1 Earnings call transcript

American Woodmark (AMWD)-26 May 20-2020 Q4 Earnings call transcript

American Woodmark (AMWD)-25 Feb 20-2020 Q3 Earnings call transcript

American Woodmark (AMWD)-26 Nov 19-2020 Q2 Earnings call transcript

American Woodmark (AMWD)-27 Aug 19-2020 Q1 Earnings call transcript

American Woodmark (AMWD)-28 May 19-2019 Q4 Earnings call transcript

American Woodmark (AMWD)-26 Feb 19-2019 Q3 Earnings call transcript

American Woodmark (AMWD)-29 Nov 18-2019 Q2 Earnings call transcript

American Woodmark (AMWD)-27 Aug 18-2019 Q1 Earnings call transcript

American Woodmark (AMWD)-29 May 18-2018 Q4 Earnings call transcript

American Woodmark (AMWD)-9 Mar 18-2018 Q3 Earnings call transcript

American Woodmark (AMWD)-1 Dec 17-2018 Q2 Earnings call transcript

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