LINDSAY CORP Segments Disclosure
Note 18 – Business Segments
The Company’s chief operating decision maker (“CODM”) is the . The CODM utilizes operating income to guide resource allocation across reportable segments as part of the Company’s strategic and annual planning efforts, and to assess segment performance by comparing planned results to actual outcomes.
The CODM manages the Company's business activities in two reportable segments: Irrigation and Infrastructure. The accounting policies of the two reportable segments are the same as those described in Note 1. The CODM evaluates the performance of its reportable segments based on segment revenues and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed.
Irrigation
This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems and large diameter steel tubing, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, and industrial internet of things, or "IIoT", solutions. The irrigation reporting segment consists of one operating segment.
Infrastructure
This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment.
In fiscal year 2025, one customer within the Company's irrigation segment accounted for approximately 13% of consolidated revenues relating to the large irrigation project in the MENA region. In fiscal years 2024 and 2023, no individual customer accounted for more than 10% of consolidated revenue.
Summarized financial information concerning the Company’s reportable segments is shown in the following tables:
|
|
|
August 31, 2025 |
||||||
($ in thousands) |
|
Irrigation |
|
Infrastructure |
|
Consolidated |
|||
Operating revenues |
|
$ |
568,000 |
(1) |
$ |
108,368 |
|
$ |
676,368 |
Cost of operating revenues |
|
|
402,126 |
|
|
63,462 |
|
|
465,588 |
Gross profit |
|
|
165,874 |
|
|
44,906 |
|
|
210,780 |
Operating expenses |
|
|
68,911 |
|
|
18,568 |
|
|
87,479 |
Segment operating income |
|
$ |
96,963 |
|
$ |
26,338 |
|
$ |
123,301 |
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
35,177 |
Operating income |
|
|
|
|
|
|
|
$ |
88,124 |
(1) includes domestic revenues of $273,839 and international revenues of $294,161 |
|||||||||
|
|
|
August 31, 2024 |
||||||
($ in thousands) |
|
Irrigation |
|
Infrastructure |
|
Consolidated |
|||
Operating revenues |
|
$ |
513,896 |
(1) |
$ |
93,178 |
|
$ |
607,074 |
Cost of operating revenues |
|
|
358,390 |
|
|
57,629 |
|
|
416,019 |
Gross profit |
|
|
155,506 |
|
|
35,549 |
|
|
191,055 |
Operating expenses |
|
|
67,959 |
|
|
16,554 |
|
|
84,513 |
Segment operating income |
|
$ |
87,547 |
|
$ |
18,995 |
|
$ |
106,542 |
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
29,934 |
Operating income |
|
|
|
|
|
|
|
$ |
76,608 |
(1) includes domestic revenues of $302,148 and international revenues of $211,748 |
|||||||||
|
|
|
August 31, 2023 |
||||||
($ in thousands) |
|
Irrigation |
|
Infrastructure |
|
Consolidated |
|||
Operating revenues |
|
$ |
586,031 |
(1) |
$ |
88,053 |
|
$ |
674,084 |
Cost of operating revenues |
|
|
401,427 |
|
|
59,642 |
|
|
461,069 |
Gross profit |
|
|
184,604 |
|
|
28,411 |
|
|
213,015 |
Operating expenses |
|
|
62,635 |
|
|
16,344 |
|
|
78,979 |
Segment operating income |
|
$ |
121,969 |
|
$ |
12,067 |
|
$ |
134,036 |
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
31,852 |
Operating income |
|
|
|
|
|
|
|
$ |
102,184 |
(1) includes domestic revenues of $309,538 and international revenues of $276,493 |
|||||||||
Summarized financial information concerning the Company’s capital expenditures and depreciation and amortization is shown in the following tables.
|
|
For the years ended August 31, |
|
|||||||||
($ in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total capital expenditures: |
|
|
|
|
|
|
|
|
|
|||
Irrigation |
|
$ |
38,026 |
|
|
$ |
24,720 |
|
|
$ |
13,043 |
|
Infrastructure |
|
|
4,147 |
|
|
|
4,207 |
|
|
|
5,287 |
|
Corporate |
|
|
323 |
|
|
|
52 |
|
|
|
445 |
|
|
|
$ |
42,496 |
|
|
$ |
28,979 |
|
|
$ |
18,775 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|||
Irrigation |
|
$ |
14,198 |
|
|
$ |
14,480 |
|
|
$ |
12,834 |
|
Infrastructure |
|
|
4,417 |
|
|
|
4,396 |
|
|
|
4,023 |
|
Corporate |
|
|
2,281 |
|
|
|
2,324 |
|
|
|
2,425 |
|
|
|
$ |
20,896 |
|
|
$ |
21,200 |
|
|
$ |
19,282 |
|
Summarized financial information concerning the Company’s geographical areas is shown in the following tables.
|
|
|
For the years ended August 31, |
||||||||||||
($ in thousands) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
||||||
|
|
|
Revenues |
|
% of total |
|
|
Revenues |
|
% of total |
|
|
Revenues |
|
% of total |
United States |
|
$ |
350,229 |
|
52 |
|
$ |
338,429 |
|
56 |
|
$ |
347,238 |
|
52 |
International |
|
|
326,139 |
|
48 |
|
|
268,645 |
|
44 |
|
|
326,846 |
|
48 |
Total revenues |
|
$ |
676,368 |
|
100 |
|
$ |
607,074 |
|
100 |
|
$ |
674,084 |
|
100 |
|
|
For the years ended August 31, |
|
|||||||||||||||||||||
($ in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Long-lived |
|
|
% of total |
|
|
Long-lived |
|
|
% of total |
|
|
Long-lived |
|
|
% of total |
|
||||||
United States |
|
$ |
116,771 |
|
|
|
82 |
|
|
$ |
89,175 |
|
|
|
79 |
|
|
$ |
76,428 |
|
|
|
77 |
|
International |
|
|
25,536 |
|
|
|
18 |
|
|
|
23,640 |
|
|
|
21 |
|
|
|
23,253 |
|
|
|
23 |
|
Total long-lived assets |
|
$ |
142,307 |
|
|
|
100 |
|
|
$ |
112,815 |
|
|
|
100 |
|
|
$ |
99,681 |
|
|
|
100 |
|
Total assets by reportable segment are not disclosed because such information is not used by the Company to allocate resources or evaluate performance.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 23, 2025 | Showing above |
| 2024 | Oct 24, 2024 | |
| 2023 | Oct 19, 2023 | |
| 2022 | Oct 20, 2022 | |
| 2021 | Oct 21, 2021 | |
| 2020 | Oct 22, 2020 | |
| 2019 | Oct 31, 2019 | |
| 2018 | Oct 24, 2018 | |
| 2017 | Oct 13, 2017 | |
| 2016 | Oct 18, 2016 | |
| 2015 | Oct 20, 2015 | |
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.