CSW INDUSTRIALS, INC.CSW
CSW INDUSTRIALS, INC. Segments Disclosure
SEGMENTS
As described in Note 1, we conduct our operations through three reportable segments:
•Contractor Solutions
•Specialized Reliability Solutions and
•Engineered Building Solutions
The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands).
| Year Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Subtotal - Reportable Segments | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||
| Revenues, net to external customers | $ | 802,703 | $ | 159,954 | $ | 119,892 | $ | 1,082,549 | $ | — | $ | 1,082,549 | ||||||||||||||||||||||||||
| Intersegment revenue | 7,613 | 156 | 20 | 7,789 | (7,789) | — | ||||||||||||||||||||||||||||||||
| Cost of revenues | 458,749 | 103,214 | 74,693 | 636,656 | (7,789) | 628,867 | ||||||||||||||||||||||||||||||||
| Selling, general, and administrative expenses | 175,891 | 34,817 | 30,771 | 241,479 | 28,041 | 269,520 | ||||||||||||||||||||||||||||||||
| Impairment expense | — | — | 15,627 | 15,627 | — | 15,627 | ||||||||||||||||||||||||||||||||
| Operating income | 175,676 | 22,079 | (1,179) | 196,576 | (28,041) | 168,535 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 59,408 | 5,725 | 1,827 | 66,960 | 112 | 67,072 | ||||||||||||||||||||||||||||||||
| Capital expenditures | 12,665 | 3,528 | 886 | 17,079 | 178 | 17,257 | ||||||||||||||||||||||||||||||||
In the fiscal quarter ended March 31, 2026, as discussed in Note 7, we recorded $13.6 million impairment expenses, net of tax, relating to goodwill, intangibles and long-lived assets, included in impairment expense, and additional expenses related to the Greco Canada Exit of $0.5 million and $1.0 million, net of tax, included in cost of revenues and selling, general and administrative expenses, respectively, for our Engineered Building Solutions segment.
| Year Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Subtotal - Reportable Segments | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||
| Revenues, net to external customers | $ | 609,706 | $ | 147,476 | $ | 121,119 | $ | 878,301 | $ | — | $ | 878,301 | ||||||||||||||||||||||||||
| Intersegment revenue | 7,626 | 166 | — | 7,792 | (7,792) | — | ||||||||||||||||||||||||||||||||
| Cost of revenues | 326,611 | 93,941 | 72,229 | 492,781 | (7,792) | 484,989 | ||||||||||||||||||||||||||||||||
| Selling, general, and administrative expenses | 124,828 | 31,028 | 29,703 | 185,559 | 26,505 | 212,064 | ||||||||||||||||||||||||||||||||
| Operating income | 165,893 | 22,673 | 19,187 | 207,753 | (26,505) | 181,248 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 34,666 | 5,553 | 1,826 | 42,045 | 177 | 42,222 | ||||||||||||||||||||||||||||||||
| Capital expenditures | 12,667 | 2,453 | 1,040 | 16,160 | 106 | 16,266 | ||||||||||||||||||||||||||||||||
In the fiscal quarter ended March 31, 2025, we recorded a $1.6 million increase in fair value of contingent consideration liability related to the PSP Products acquisition, net of tax, included in selling, general and administrative expenses, for our Contractor Solutions segment.
| Year Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Subtotal - Reportable Segments | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||
| Revenues, net to external customers | $ | 528,641 | $ | 149,458 | $ | 114,741 | $ | 792,840 | $ | — | $ | 792,840 | ||||||||||||||||||||||||||
| Intersegment revenue | 7,853 | 155 | — | 8,008 | (8,008) | — | ||||||||||||||||||||||||||||||||
| Cost of revenues | 286,203 | 95,894 | 68,006 | 450,103 | (8,008) | 442,095 | ||||||||||||||||||||||||||||||||
| Selling, general, and administrative expenses | 106,746 | 31,453 | 28,031 | 166,230 | 23,889 | 190,119 | ||||||||||||||||||||||||||||||||
| Impairment expenses | 1,508 | — | — | 1,508 | — | 1,508 | ||||||||||||||||||||||||||||||||
| Operating income | 142,037 | 22,266 | 18,704 | 183,007 | (23,889) | 159,118 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 30,231 | 6,074 | 1,812 | 38,117 | 173 | 38,290 | ||||||||||||||||||||||||||||||||
| Capital expenditures | 8,754 | 5,602 | 2,146 | 16,502 | 73 | 16,575 | ||||||||||||||||||||||||||||||||
In the fiscal quarter ended March 31, 2024, we recorded a $1.1 million impairment relating to a trademark, net of tax, included in impairment expenses for our Contractor Solutions segment.
| TOTAL ASSETS | ||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Subtotal - Reportable Segments | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||
| March 31, 2026 | $ | 2,046,280 | $ | 179,908 | $ | 69,178 | $ | 2,295,366 | $ | 21,318 | $ | 2,316,684 | ||||||||||||||||||||||||||
| March 31, 2025 | 941,087 | 145,663 | 81,347 | 1,168,097 | 210,968 | 1,379,065 | ||||||||||||||||||||||||||||||||
| March 31, 2024 | 806,261 | 139,968 | 81,256 | 1,027,485 | 15,841 | 1,043,326 | ||||||||||||||||||||||||||||||||
Geographic information – We attribute revenues to different geographic areas based on the destination of the product or service delivery. Long-lived assets are classified based on the geographic area in which the assets are located. No individual country, except for the U.S., accounted for more than 10% of consolidated net revenues or total long-lived assets.
Revenues and long-lived assets by geographic area are as follows (in thousands, except percent data):
| Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||
| U.S. | $ | 968,626 | 89.5 | % | $ | 771,018 | 87.8 | % | $ | 703,282 | 88.7 | % | ||||||||||||||||||||||||||
| Non-U.S. (a) | 113,923 | 10.5 | % | 107,283 | 12.2 | % | 89,558 | 11.3 | % | |||||||||||||||||||||||||||||
| Revenues, net | $ | 1,082,549 | 100.0 | % | $ | 878,301 | 100.0 | % | $ | 792,840 | 100.0 | % | ||||||||||||||||||||||||||
(a) No individual country within this group represents 10% or more of consolidated totals for any period presented.
| Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||
| U.S. | $ | 1,702,636 | 98.6 | % | $ | 748,303 | 95.2 | % | $ | 672,887 | 94.5 | % | ||||||||||||||||||||||||||
| Non-U.S. | 24,982 | 1.4 | % | 37,901 | 4.8 | % | 39,030 | 5.5 | % | |||||||||||||||||||||||||||||
| Long-lived assets (a) | $ | 1,727,618 | 100.0 | % | $ | 786,204 | 100.0 | % | $ | 711,918 | 100.0 | % | ||||||||||||||||||||||||||
(a) Long-lived assets consist primarily of property, plant and equipment, intangible assets, goodwill and other assets.
Major customer information – We have a large number of customers across our locations and we do not have sales to any individual customer that represented 10% or more of consolidated net revenues for any of the fiscal years presented.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 26, 2026 | Showing above |
| 2025 | May 22, 2025 | |
| 2024 | May 23, 2024 | |
| 2023 | May 25, 2023 | |
| 2022 | May 18, 2022 | |
| 2021 | May 20, 2021 | |
| 2020 | May 20, 2020 | |
| 2019 | May 22, 2019 | |
| 2018 | May 30, 2018 | |
| 2017 | Jun 14, 2017 | |
| 2016 | Jun 8, 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.