APOGEE ENTERPRISES, INC.APOG
APOGEE ENTERPRISES, INC. Segments Disclosure
Business Segment Data
We have four operating segments which are also reportable segments. Each of our four segments have distinct economic characteristics, including products and services provided, production processes and varying ranges in performance and results:
•The Architectural Metals Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems used primarily in non-residential construction.
•The Architectural Services Segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install architectural curtainwall and other façade-related systems primarily in non-residential construction.
•The Architectural Glass Segment cuts, treats, coats and fabricates high-performance glass used in custom window and wall systems primarily for non-residential buildings.
•The Performance Surfaces Segment develops and manufactures high-performance coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring.
The Company’s CEO is the chief operating decision maker (CODM). The CODM utilizes segment net sales and adjusted EBITDA to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.
Net sales, adjusted cost of sales, adjusted SG&A, adjusted other income (expense), depreciation and amortization and the resulting adjusted EBITDA for each of the Company’s four reportable segments are presented below. Segment net sales is defined as net sales of the segment including sales related to intersegment transactions. We present intersegment net sales eliminations separately to exclude these sales from our consolidated total. Segment adjusted EBITDA includes intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level. We report these unallocated corporate costs in Corporate and Other.
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Total | |||||||||||||||||||||||||||
52-Weeks Ended February 28, 2026 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 503,750 | $ | 439,232 | $ | 263,785 | $ | 197,966 | $ | 1,404,733 | ||||||||||||||||||||||
Intersegment net sales | 278 | — | 19,874 | — | 20,152 | |||||||||||||||||||||||||||
| Total segment net sales | 504,028 | 439,232 | 283,659 | 197,966 | 1,424,885 | |||||||||||||||||||||||||||
Adjusted cost of sales (1) | (371,416) | (370,329) | (208,876) | (134,066) | (1,084,687) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (93,316) | (41,640) | (42,435) | (37,410) | (214,801) | |||||||||||||||||||||||||||
Adjusted other expense, net (3) | — | — | (91) | — | (91) | |||||||||||||||||||||||||||
| Adjusted depreciation and amortization | 14,813 | 3,593 | 13,442 | 15,153 | 47,001 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 54,109 | $ | 30,856 | $ | 45,699 | $ | 41,643 | $ | 172,307 | ||||||||||||||||||||||
52-Weeks Ended March 1, 2025 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 524,617 | $ | 419,861 | $ | 294,385 | $ | 122,131 | $ | 1,360,994 | ||||||||||||||||||||||
Intersegment net sales | 92 | — | 27,812 | — | 27,904 | |||||||||||||||||||||||||||
| Total segment net sales | 524,709 | 419,861 | 322,197 | 122,131 | 1,388,898 | |||||||||||||||||||||||||||
Adjusted cost of sales (1) | (373,902) | (344,702) | (220,636) | (76,487) | (1,015,727) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (96,687) | (45,604) | (42,287) | (21,504) | (206,082) | |||||||||||||||||||||||||||
Adjusted other income, net (3) | — | — | 115 | — | 115 | |||||||||||||||||||||||||||
| Adjusted depreciation and amortization | 16,471 | 3,978 | 12,274 | 6,746 | 39,469 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 70,591 | $ | 33,533 | $ | 71,663 | $ | 30,886 | $ | 206,673 | ||||||||||||||||||||||
53-Weeks Ended March 2, 2024 | ||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 598,249 | $ | 377,442 | $ | 342,028 | $ | 99,223 | $ | 1,416,942 | ||||||||||||||||||||||
Intersegment net sales | 3,487 | 980 | 36,421 | — | 40,888 | |||||||||||||||||||||||||||
| Total segment net sales | 601,736 | 378,422 | 378,449 | 99,223 | 1,457,830 | |||||||||||||||||||||||||||
Adjusted cost of sales (1) | (425,424) | (323,761) | (267,469) | (60,636) | (1,077,290) | |||||||||||||||||||||||||||
Adjusted SG&A (2) | (105,509) | (40,295) | (42,934) | (14,354) | (203,092) | |||||||||||||||||||||||||||
Adjusted other income (expense), net (3) | — | — | (2,263) | — | (2,263) | |||||||||||||||||||||||||||
| Adjusted depreciation and amortization | 19,226 | 4,010 | 11,955 | 3,040 | 38,231 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 90,029 | $ | 18,376 | $ | 77,738 | $ | 27,273 | $ | 213,416 | ||||||||||||||||||||||
| (1) | Adjusted cost of sales excludes $15.0 million of adjustments related to acquisition and restructuring expense for the year ended February 28, 2026, $4.2 million of adjustments related to acquisition and restructuring expense for the year ended March 1, 2025, and $5.5 million of adjustments related to restructuring expense for the year ended March 2, 2024. See the reconciliation presented below for further detail. | ||||||||||||||||
| (2) | Adjusted SG&A expenses excludes $8.8 million of adjustments related to acquisition and restructuring for the year ended February 28, 2026, $3.8 million of adjustments related to acquisition, restructuring and impairment expense for the year ended March 1, 2025, and $3.0 million of adjustments related to restructuring expense for the year ended March 2, 2024. See the reconciliation presented below for further detail. | ||||||||||||||||
| (3) | Adjusted Other (income) expense, net excludes $6.7 million and $4.7 million of NMTC benefit recorded for the years ended February 28, 2026, and March 2, 2024, respectively. | ||||||||||||||||
The following table presents the reconciliation of adjusted EBITDA to net earnings, the nearest measurement under U.S. GAAP:
| (In thousands) | February 28, 2026 | March 1, 2025 | March 2, 2024 | |||||||||||||||||
| Segment adjusted EBITDA | $ | 172,307 | $ | 206,674 | $ | 213,416 | ||||||||||||||
| Corporate and Other expenses | (13,827) | (27,635) | (32,097) | |||||||||||||||||
Segment acquisition-related costs (1) | (1,831) | (4,529) | — | |||||||||||||||||
Segment restructuring costs (2) | (21,959) | (3,535) | (8,496) | |||||||||||||||||
| Impairment | — | (7,634) | — | |||||||||||||||||
| Depreciation and amortization | (49,998) | (44,608) | (41,588) | |||||||||||||||||
Other income, net (3) | 6,740 | — | 4,687 | |||||||||||||||||
| Interest expense, net | (13,976) | (6,159) | (6,669) | |||||||||||||||||
| Income tax expense | (23,325) | (27,522) | (29,640) | |||||||||||||||||
| Net earnings | $ | 54,131 | $ | 85,052 | $ | 99,613 | ||||||||||||||
(1) | Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition. | ||||
| (2) | Segment restructuring costs related to Project Fortify. Included in the years ended February 28, 2026, and March 2, 2024 are non-cash amounts related to impairment of intangible assets. See Note 1 for additional information. | ||||
| (3) | Other income, net includes $6.7 million and $4.7 million of NMTC benefit recorded for the years ended February 28, 2026, and March 2, 2024, respectively. | ||||
The following table presents the capital expenditures, depreciation and amortization and identifiable assets by reportable segments and the reconciliation to amounts reported for GAAP:
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Total | ||||||||||||||||||||||||||||||||
| Fiscal 2026 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 6,710 | $ | 2,594 | $ | 7,016 | $ | 7,960 | $ | 3,028 | $ | 27,308 | ||||||||||||||||||||||||||
| Depreciation and amortization | 14,813 | 3,593 | 13,442 | 15,153 | 2,997 | 49,998 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 325,562 | 178,938 | 202,087 | 337,076 | 78,682 | 1,122,345 | ||||||||||||||||||||||||||||||||
| Fiscal 2025 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 3,333 | $ | 7,522 | $ | 13,782 | $ | 9,479 | $ | 1,477 | $ | 35,593 | ||||||||||||||||||||||||||
| Depreciation and amortization | 16,471 | 3,978 | 12,274 | 9,085 | 2,800 | 44,608 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 343,553 | 179,311 | 213,067 | 345,034 | 94,304 | 1,175,269 | ||||||||||||||||||||||||||||||||
| Fiscal 2024 | ||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 4,733 | $ | 3,166 | $ | 12,142 | $ | 16,896 | $ | 6,243 | $ | 43,180 | ||||||||||||||||||||||||||
| Depreciation and amortization | 19,226 | 4,011 | 11,955 | 3,040 | 3,356 | 41,588 | ||||||||||||||||||||||||||||||||
| Identifiable assets | 363,512 | 131,651 | 208,651 | 83,731 | 96,519 | 884,064 | ||||||||||||||||||||||||||||||||
The following tables present net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region.
| (In thousands) | February 28, 2026 | March 1, 2025 | March 2, 2024 | |||||||||||||||||
| Net Sales | ||||||||||||||||||||
| United States | $ | 1,337,409 | $ | 1,258,887 | $ | 1,295,436 | ||||||||||||||
| Canada | 51,301 | 85,417 | 101,055 | |||||||||||||||||
| Brazil | 16,023 | 16,690 | 20,451 | |||||||||||||||||
| Total | $ | 1,404,733 | $ | 1,360,994 | $ | 1,416,942 | ||||||||||||||
| (In thousands) | February 28, 2026 | March 1, 2025 | March 2, 2024 | |||||||||||||||||
| Long-Lived Assets | ||||||||||||||||||||
| United States | $ | 252,659 | $ | 261,457 | $ | 235,398 | ||||||||||||||
| Canada | 748 | 4,984 | 6,345 | |||||||||||||||||
| Brazil | 1,625 | 1,698 | 2,473 | |||||||||||||||||
| Total | $ | 255,032 | $ | 268,139 | $ | 244,216 | ||||||||||||||
Our export net sales from U.S. operations were $51.0 million, $54.1 million and $47.6 million in fiscal 2026, 2025 and 2024, respectively, representing approximately 4%, 4% and 3% of consolidated net sales in each of these fiscal years, respectively. Due to the varying combinations and integration of individual window, storefront and curtainwall systems, it is impractical to report product revenues generated by class of product beyond the segment revenues currently reported.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Apr 24, 2026 | Showing above |
| 2025 | Apr 24, 2025 | |
| 2024 | Apr 26, 2024 | |
| 2023 | Apr 21, 2023 | |
| 2022 | Apr 22, 2022 | |
| 2021 | Apr 22, 2021 | |
| 2020 | Apr 24, 2020 | |
| 2019 | Apr 26, 2019 | |
| 2018 | Apr 30, 2018 | |
| 2017 | Apr 28, 2017 | |
| 2016 | Apr 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.