Companies / Powell COMPANY FILINGS
Powell POWL In fiscal 2025, Powell Industries designed, manufactured and serviced custom electrical equipment and systems for distributing, controlling and monitoring electrical energy. Its principal markets included oil and gas, petrochemicals, electric utilities, and commercial and other industrial customers.
Business description: FY2025 CIK 0000080420 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Fiscal 2025 revenue increased 9% to $1.1 billion. Powell reported net income of $180.7 million and generated $167.9 million in operating cash flow.
Source: 2025 Powell completed its acquisition of Remsdaq on August 15, 2025. The U.K. company makes remote terminal units for electrical substation control and automation; management described the acquisition as advancing Powell’s strategy to expand its automation platform capabilities.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Petrochemical revenue decline Fiscal 2025 petrochemical revenue decreased 19%, or $34.4 million, to $151.2 million. Management linked the decline to lower backlog (the value of work remaining under firm orders) and bookings (new-order value) in that market and the approaching completion of a large order secured in fiscal 2023.
Source: 2025 Business context Backlog and revenue expectations Backlog was $1.4 billion at September 30, 2025. Management expected approximately $824 million to become revenue in fiscal 2026, but cautioned that customers could cancel or modify orders and that backlog might not indicate future operating results.
Source: 2025 Contract estimate benefits Net changes in contract estimates for projects underway at the start of fiscal 2025 benefited operating results by $19.2 million. The filing separately disclosed that project cancellations increased fiscal 2025 gross profit by $4.6 million.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Powell Industries designed, manufactured and serviced custom electrical equipment and systems for distributing, controlling and monitoring electrical energy. Its principal markets included oil and gas, petrochemicals, electric utilities, and commercial and other industrial customers.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Operating cash-flow recovery Powell reported operating cash outflows of US$30.461 million in FY2021 and US$3.582 million in FY2022, followed by inflows of US$182.553 million in FY2023, US$108.661 million in FY2024 and US$167.937 million in FY2025. The return to positive operating cash flow was not a steady annual increase. Contract assets arise when recorded revenue exceeds billings; contract liabilities generally reflect customer advances or billings ahead of recorded revenue. Net changes in these balances contributed US$227.598 million in FY2023, but used US$34.714 million in FY2024 and US$23.495 million in FY2025.
Source: 2021 , 2023 , 2025 Higher utility revenue share The selected market tables show electric utilities accounting for 23% of total revenue in both FY2022 and FY2023, 19% in FY2024 and 25% in FY2025. Oil and gas, excluding petrochemicals, accounted for 40%, 39%, 41% and 37%, respectively. Utilities therefore represented a larger share in FY2025 than in FY2024, while the oil-and-gas share declined. These percentages describe revenue composition, not changes in absolute revenue.
Source: 2024 , 2025 Business sale and acquisitions In FY2022, Powell sold a non-core industrial valve repair and servicing business in Canada, receiving US$4.3 million. In FY2024, it acquired intellectual property for US$0.5 million. In FY2025, it acquired Remsdaq, a UK manufacturer of remote units for supervisory control and data collection at electrical substations, for US$18.4 million including US$4.6 million of acquired cash. The allocation of the Remsdaq purchase price to acquired assets and assumed liabilities remained preliminary. These disclosures concern different assets and transaction types; the amounts are not comparable measures of investment spending.
Source: 2022 , 2024 , 2025 Request a correction Fiscal 2024 revenue rose 45% to $1.0 billion, while gross margin increased to 27% from 21% in fiscal 2023. Net income reached $149.8 million, compared with $54.5 million in fiscal 2023.
Source: 2024 Bookings (new-order value), net of cancellations and scope reductions, fell 24% to $1.1 billion in fiscal 2024. Management attributed the decline to oil and gas sector normalization with fewer large awards. Year-end backlog (the value of work remaining under firm orders) remained $1.3 billion, consistent with September 30, 2023.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Cash growth and credit commitments Cash, cash equivalents and short-term investments totaled $358.4 million at September 30, 2024, versus $279.0 million a year earlier. Powell had no borrowings under its U.S. revolving credit line at year-end, although $63.8 million of letters of credit (bank commitments backing contractual obligations) were outstanding under that facility.
Source: 2024 Negative signals Operating cash-flow decline Operating cash flow declined to $108.7 million in fiscal 2024 from $182.6 million in fiscal 2023. Management primarily attributed the decrease to working capital allocated to projects in the order book, partly offset by higher net income.
Source: 2024 Contract risk Powell warned that fixed-price contracts can limit its ability to pass higher labor, indirect and raw-material costs to customers, potentially reducing future earnings. It also bears cost-overrun risk on most contracts.
Source: 2024 Business context Contract estimate benefits Net changes in contract estimates for projects already in progress at the start of fiscal 2024 benefited operating results by $16.9 million. Management cited favorable execution, reduced cost estimates and negotiated adjustments to contract prices, among other factors. Project cancellations increased fiscal 2024 gross profit by $2.2 million.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Powell Industries designed, manufactured and serviced custom-engineered electrical distribution and control equipment, primarily serving oil and gas, petrochemical, electric utility, commercial and other industrial markets.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue rises after earlier decline Powell reported revenue of $518.5 million in fiscal 2020, $470.6 million in fiscal 2021 and $532.6 million in fiscal 2022. Its fiscal 2024 overview reported $1.0 billion. Management attributed the fiscal 2021 decline to fewer orders, project delays and cancellations of potential projects associated with the pandemic and reduced demand in its industrial end markets. These selected disclosures show an early decline followed by higher revenue in the later cited years.
Source: 2020 , 2021 , 2022 , 2024 Capacity concerns shift toward strain Powell disclosed workforce reductions and $1.4 million of separation costs in fiscal 2020. In fiscal 2022, management still described some operations as running below capacity. The selected fiscal 2023 and 2024 disclosures described a different operating constraint: management said growth in backlog (remaining work on firm orders) was straining manufacturing and fabrication capacity and the ability to recruit and retain qualified workers, increasing the risk of missing delivery dates and other contractual obligations. Those warnings do not establish that contractual failures occurred.
Source: 2020 , 2022 , 2023 , 2024 Request a correction Fiscal 2023 revenue rose 31% to $699.3 million. Net income was $54.5 million, or $4.50 per diluted share, compared with $13.7 million, or $1.15 per diluted share, in fiscal 2022.
Source: 2023 Backlog (the value of work remaining under firm orders) reached $1.3 billion at September 30, 2023, up 118% from a year earlier. Fiscal 2023 bookings (new-order value), net of cancellations and scope reductions, rose 94% to $1.4 billion; management attributed the increase primarily to strength in oil, gas and petrochemicals, including several large liquefied natural gas (LNG) and petrochemical projects.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Operating cash-flow recovery Operating activities generated $182.6 million of cash in fiscal 2023, compared with $3.6 million used in fiscal 2022. Management attributed the improvement primarily to higher project volume and favorable contract billing milestones, partly offset by increases in receivables and inventory.
Source: 2023 Negative signals Revenue adjustment and damages exposure At September 30, 2023, Powell had recorded a $0.7 million revenue reduction for actual or projected failures to meet contractual commitments. Separately, it disclosed probable exposure of $2.7 million to damages specified in certain contracts for missed commitments, potentially rising to $3.9 million under certain circumstances; these exposure amounts were not reported as payments already made.
Source: 2023 Business context Margin growth and cancellation benefits Gross profit was 21% of revenue in fiscal 2023, compared with 16% in the prior year. The results included a $4.3 million gross-profit benefit from four project cancellations, a relevant qualification when assessing the year's margin improvement.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Powell Industries designed, manufactured and serviced custom-engineered electrical equipment and systems for power distribution, control, monitoring and equipment protection. Its markets included oil and gas, petrochemicals, electric utilities and other industrial applications.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Cited revenue falls, then recovers Selected disclosures show consolidated revenue of US$517.2 million in FY2019 and US$518.5 million in FY2020, followed by US$470.6 million in FY2021 and US$532.6 million in FY2022. For the window ending in FY2023, the revenue figures shown here stop at FY2022.
Source: 2019 , 2020 , 2021 , 2022 Operating cash returns to an inflow Operating activities generated US$68.759 million in FY2019 and US$72.394 million in FY2020. Cash flow then turned negative, with operating outflows of US$30.461 million in FY2021 and US$3.582 million in FY2022, before an inflow of US$182.553 million in FY2023. These are consolidated annual operating cash flows, distinct from net income.
Source: 2020 , 2023 Capacity concerns shift toward strain In FY2022, management reported unused capacity in some areas. In FY2023, it said growth in backlog (remaining work on firm orders) was straining manufacturing and fabrication capacity and its ability to recruit and retain qualified workers, increasing the risk of failing to meet delivery dates and other contractual obligations. The selected passages describe changing operating pressures without establishing that delivery failures occurred.
Source: 2022 , 2023 Request a correction Fiscal 2022 revenue increased 13% from fiscal 2021 to $532.6 million, with domestic revenue of $405.0 million and international revenue of $127.6 million.
Source: 2022 Backlog (the value of work remaining under firm orders) reached $592.2 million at September 30, 2022, up 43% from a year earlier. Fiscal 2022 bookings (new-order value), net of cancellations and scope reductions, increased 78% to $718.6 million. Backlog remained subject to customer cancellation or modification and was not necessarily indicative of future operating results.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Unused U.S. borrowing capacity At September 30, 2022, Powell had no long-term debt and no borrowings under its U.S. revolving credit facility. Outstanding letters of credit (bank commitments backing contractual obligations) under that facility were $36.7 million, leaving $38.3 million available for borrowings and additional letters of credit.
Source: 2022 Business context Tax and other earnings benefits Fiscal 2022 net income was $13.7 million, or $1.15 per diluted share. Results benefited from a $5.9 million Canadian income-tax benefit from reversing an allowance against deferred-tax assets, a $2.0 million pretax gain on the sale of a non-core Canadian business, and a $2.5 million settlement of a claim for prior-year cost overruns on a U.S. municipal transit project.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Powell Industries designed, manufactured and serviced custom-engineered electrical distribution, control and protection equipment, with demand driven predominantly by the oil and gas and electric utility industries.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue fluctuations The selected disclosures report Powell's consolidated revenue at US$448.7 million in FY2018, US$517.2 million in FY2019 and US$518.5 million in FY2020. Revenue then fell to US$470.6 million in FY2021 before reaching US$532.6 million in FY2022. Management attributed the FY2021 decline to fewer orders, project delays and cancellations of potential projects associated with the pandemic and reduced demand across its industrial end markets. Each fiscal year ended September 30.
Source: 2018 , 2019 , 2020 , 2021 , 2022 Margins fall after earlier improvement Powell reported gross profit margins (revenue less cost of goods sold, as a share of revenue) of 15% in FY2018, 17% in FY2019 and 18% in FY2020, followed by 16% in both FY2021 and FY2022. Management linked the FY2020 improvement to stronger margins in backlog (remaining work on firm orders) and cost efficiencies and productivity in North American manufacturing. For FY2022, management described inflation raising costs on older backlog projects with limited or no ability to reprice them. It said higher customer pricing passed through inflation on more recent projects, while favorable execution, volume and product mix helped offset pressure from older projects.
Source: 2019 , 2020 , 2021 , 2022 Request a correction Fiscal 2021 revenue fell 9% to $470.6 million, while net income declined to $0.6 million from $16.7 million in fiscal 2020.
Source: 2021 Backlog (the value of work remaining under firm orders) at September 30, 2021 fell 13% to $414.9 million from a year earlier. Fiscal 2021 bookings (new-order value), net of cancellations and scope reductions, fell 30% to $403.9 million.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Operating cash outflow Operating activities used $30.5 million of cash in fiscal 2021, versus providing $72.4 million in fiscal 2020. Management attributed the decline primarily to contract billing milestones and cash used on the large industrial project.
Source: 2021 Cost exposure Powell warned that rising material costs could reduce profitability because fixed-price contracts may prevent it from passing increases to customers. Certain key components and raw materials had a limited supplier base and could come from a single supplier.
Source: 2021 Business in fiscal 2021 In fiscal 2021, Powell Industries designed, manufactured and serviced custom electrical equipment and systems for distributing, controlling and monitoring electrical energy and protecting electrically powered equipment. Its markets included oil and gas, petrochemicals, electric utilities and light rail traction power.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversal The selected disclosures show consolidated revenue rising from US$395.9 million in FY2017 to US$448.7 million in FY2018 and US$517.2 million in FY2019. Revenue reached US$518.5 million in FY2020 before falling to US$470.6 million in FY2021. Management attributed the FY2019 increase primarily to improving market conditions, particularly in oil and gas. It linked the FY2021 decline to fewer orders, project delays and cancellations of potential projects amid the pandemic's economic impact and reduced industrial demand.
Source: 2017 , 2019 , 2020 , 2021 Operating cash swings The selected consolidated cash flow statements report operating cash inflows of US$36.815 million in FY2017, an outflow of US$28.543 million in FY2018, and inflows of US$68.759 million and US$72.394 million in FY2019 and FY2020. FY2021 returned to an operating cash outflow of US$30.461 million. Within operating cash flow, changes in net contract assets and liabilities (balances from timing differences between recorded revenue and customer billings or advances) contributed an outflow of US$39.951 million in FY2021, compared with inflows of US$12.546 million in FY2020 and US$55.333 million in FY2019.
Source: 2017 , 2018 , 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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