ARGAN (AGX) Company Report

Argan, Inc. (AGX) reported a record backlog of approximately $3 billion as of October 31, 2025, representing over 6 GWs of new thermal and renewable power plants. This includes new projects like the 1.4 GW CPV Basin Ranch project and an 860 MW project, both in Texas.
For Q3 FY2026, the company achieved net income of $30.7 million or $2.17 per diluted share, on revenues of $251.2 million. Gross margin improved to 18.7% from 17.2% in the prior year period, and EBITDA reached $40.3 million with a 16% margin.
The company maintains a strong financial position with $727 million in cash and investments, $377 million in net liquidity, and no debt as of October 31, 2025.
Argan increased its quarterly dividend to $0.50 per share (an annual run rate of $2) in September 2025, marking its third consecutive increase. The board also increased the authorization for the share repurchase program to $150 million in April 2025.
Management highlighted strong demand for its capabilities, driven by the urgent need for new power resources to support the grid due to electrification, AI, data centers, and the retirement of older plants, positioning Argan as one of the few companies capable of building large, complex combined cycle facilities.

5 hours ago

Transcript

Argan Reports Record Backlog and Strong Q3 2026 Financial Results

AGX

Earnings

New Projects/Investments

Dividends

Argan, Inc. reported a record backlog of approximately $3 billion as of October 31, 2025, which includes the 1.4 gigawatt CPV Basin Ranch project and an 860 megawatt project in Texas.
For the third quarter of fiscal 2026, the company achieved net income of $30.7 million, or $2.17 per diluted share, on revenues of $251.2 million, with an improved gross margin of 18.7%.
The company maintains a strong financial position with approximately $727 million in cash, cash equivalents, and investments and no debt as of October 31, 2025.
Argan increased its quarterly dividend by 33% to $0.50 per common share in September 2025, creating an annual dividend run rate of $2 per share, marking the third consecutive year of dividend increases.

6 hours ago

Transcript

Argan Reports Q3 2026 Financial Results with Record Backlog

AGX

Earnings

New Projects/Investments

Dividends

Argan announced a record backlog of approximately $3 billion as of October 31, 2025, which includes new 1.4 gigawatt and 860 megawatt projects in Texas.
For the third quarter of fiscal 2026, the company reported net income of $30.7 million, or $2.17 per diluted share, on revenues of $251.2 million, with an improved gross margin of 18.7%.
Year-to-date fiscal 2026 revenues increased 6% to $682.6 million, and net income rose to $88.6 million, or $6.27 per diluted share.
The company maintains a strong financial position with $727 million in cash and investments and no debt as of October 31, 2025.
Argan increased its quarterly dividend to $0.50 per share and expanded its share repurchase authorization to $150 million, reflecting its capital allocation strategy.

8 hours ago

Transcript

Argan Reports Q3 2026 Results with Record Backlog and Increased Dividend

AGX

Earnings

Dividends

New Projects/Investments

Argan reported Q3 2026 revenues of $251 million, a 2% decrease year-over-year but a 6% sequential increase, with diluted earnings per share rising 9% year-over-year to $2.17.
The company achieved a record project backlog of approximately $3.0 billion as of October 31, 2025, which includes significant Q3 additions such as a 1,350 MW combined cycle power plant and an 860 MW natural gas-fired power plant in Texas.
Argan maintains a strong balance sheet with $727 million in cash, cash equivalents, and investments and $377 million in net liquidity as of October 31, 2025, with no debt.
The quarterly dividend was increased by 33% to $0.50 per common share, resulting in an annual dividend rate of $2.00 per common share.

9 hours ago

Presentation

Argan, Inc. Reports Q3 Fiscal 2026 Results with Record Backlog

AGX

Earnings

New Projects/Investments

Dividends

Argan, Inc. reported net income of $30.7 million and diluted earnings per share of $2.17 for the third quarter of fiscal year 2026, despite a 2.3% decrease in revenues to $251.2 million compared to the prior-year quarter.
The company achieved a record project backlog of $3.0 billion as of October 31, 2025, driven by the addition of two new gas-fired projects in Texas.
As of October 31, 2025, Argan's cash, cash equivalents and investments stood at $726.8 million, with net liquidity of $377.3 million, and the company declared a cash dividend of $0.500 per share for the quarter.

10 hours ago

8-K

ARGAN Secures €500 Million Bridge-to-Bond Loan for 2026 Refinancing

AGX

Debt Issuance

New Projects/Investments

ARGAN has signed a €500 million bridge-to-bond loan with a banking pool led by J.P. Morgan, Crédit Agricole CIB, BNP Paribas, and Société Générale.
This financing is intended to prepare for the 2026 bond refinancing of an initial bond issued in 2021 and maturing on November 17, 2026.
The loan has an initial duration of 12 months starting November 17, 2025, with options for two successive six-month extensions, potentially extending until November 17, 2027.
As of June 30, 2025, ARGAN's financial indicators, including LTV and ICR ratios, were well above the covenants required for the loan.
ARGAN holds an Investment Grade rating (BBB-, stable outlook) from S&P, supporting its long-term financial strategy.

Nov 18, 2025, 7:00 AM

Press Release

Argan's Gemma Power Systems Receives Full Notice to Proceed on EPC Contract

AGX

New Projects/Investments

Argan, Inc.'s wholly owned subsidiary, Gemma Power Systems, received full notice to proceed on an engineering, procurement and construction (EPC) services contract.
The contract is for the 1,350 MW combined-cycle power plant, CPV Basin Ranch Energy Center, located in Ward County, Texas.
Construction is expected to begin in fall 2025, with a scheduled project completion date in 2028.
The full contract value will be included in Argan's consolidated project backlog for the period ending October 31, 2025.

Oct 30, 2025, 8:20 PM

8-K

Argan's Gemma Power Systems receives notice to proceed on Texas power plant EPC contract

AGX

New Projects/Investments

Argan, Inc.'s wholly owned subsidiary, Gemma Power Systems, received full notice to proceed on an engineering, procurement, and construction (EPC) services contract.
The contract is for a 1,350 MW combined-cycle power plant for CPV Basin Ranch Holdings LLC, located in Ward County, Texas.
Construction is expected to begin this fall, with a scheduled project completion date in 2028.
The plant will feature GE 7HA.03 turbines and is designed with the option to include carbon capture capability.

Oct 30, 2025, 8:05 PM

Press Release

ARGAN expands CELIO's logistics site with new 10-year lease

AGX

New Projects/Investments

ARGAN is developing a 12,000 sq.m Aut0nom®-labelled extension for CELIO's logistics site in Amblainville, France.
This expansion will bring the total site size to 55,000 sq.m and is scheduled for delivery in summer 2026.
A new 10-year firm lease will cover the entire site, taking effect upon the extension's delivery.
The project significantly improves environmental performance, reducing the site's annual CO2 emissions fourfold through Aut0nom® equipment, including a 400 kWp photovoltaic power plant and 250 MWh storage batteries.

Oct 14, 2025, 3:48 PM

Press Release

ARGAN Reports Rental Income Up 6% for First Nine Months of 2025

AGX

Earnings

Guidance Update

New Projects/Investments

ARGAN recorded rental income of €158.7 million for the first nine months of 2025, marking a +6% increase from the same period last year.
The company confirmed its target for a +7% increase in rental income for the full year 2025, expecting to reach €211 million.
This growth was primarily driven by the full-year effect of 2024 deliveries and rents indexation (+3.45%) on January 1, 2025.
ARGAN has €55 million in investments for 2025 and a total of €215 million secured for 2025-2026, with €160 million planned for 2026.
The company aims for an LTV ratio of 41.5% and a net debt to EBITDA ratio of 8.7x by the end of 2025 as part of its debt reduction plan.

Oct 1, 2025, 3:47 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for ARGAN.

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