VALMONT INDUSTRIES INC Segments Disclosure
(20) BUSINESS SEGMENTS
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. The CODM also uses operating income as an input to the overall compensation measures under the Company’s incentive compensation plans. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income. The accounting policies for the reportable segments are consistent with those described in Note 1.
The reportable segments are as follows:
Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products.
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture.
Summary by Business Segment
| Fiscal year ended December 27, 2025 | ||||||||
Infrastructure | | Agriculture | | Consolidated | |||||
Sales | $ | 3,099,034 |
| $ | 1,020,750 |
| $ | 4,119,784 | |
Intersegment sales | (9,302) | (6,380) | (15,682) | ||||||
Net sales | 3,089,732 | 1,014,370 | 4,104,102 | ||||||
Cost of sales | 2,164,098 | 700,068 | 2,864,166 | ||||||
Gross profit | 925,634 | 314,302 | 1,239,936 | ||||||
Selling, general, and administrative expenses (a) | 398,504 | 217,359 | 615,863 | ||||||
Impairment of long-lived assets | 89,356 | 1,981 | 91,337 | ||||||
Realignment charges | 7,600 | 2,886 | 10,486 | ||||||
Segment operating income | $ | 430,174 | $ | 92,076 | 522,250 | ||||
Unallocated corporate expenses | 101,770 | ||||||||
Corporate realignment charges | 4,904 | ||||||||
Total operating income | $ | 415,576 | |||||||
| Fiscal year ended December 28, 2024 | ||||||||
Infrastructure | | Agriculture | | Consolidated | |||||
Sales | $ | 3,008,576 |
| $ | 1,083,708 |
| $ | 4,092,284 | |
Intersegment sales | (10,195) | (7,055) | (17,250) | ||||||
Net sales | 2,998,381 | 1,076,653 | 4,075,034 | ||||||
Cost of sales | 2,094,645 | 739,177 | 2,833,822 | ||||||
Gross profit | 903,736 | 337,476 | 1,241,212 | ||||||
Selling, general, and administrative expenses (a) | 406,596 | 199,140 | 605,736 | ||||||
Segment operating income | $ | 497,140 | $ | 138,336 | 635,476 | ||||
Unallocated corporate expenses | 110,892 | ||||||||
Total operating income | $ | 524,584 | |||||||
| Fiscal year ended December 30, 2023 | ||||||||
Infrastructure | | Agriculture | | Consolidated | |||||
Sales | $ | 3,010,067 |
| $ | 1,182,223 |
| $ | 4,192,290 | |
Intersegment sales | (10,430) | (7,262) | (17,692) | ||||||
Net sales | 2,999,637 | 1,174,961 | 4,174,598 | ||||||
Cost of sales | 2,157,556 | 781,008 | 2,938,564 | ||||||
Gross profit | 842,081 | 393,953 | 1,236,034 | ||||||
Selling, general, and administrative expenses (a) | 424,997 | 230,729 | 655,726 | ||||||
Impairment of long-lived assets | 3,571 | 137,273 | 140,844 | ||||||
Realignment charges | 17,260 | 9,101 | 26,361 | ||||||
Segment operating income | $ | 396,253 | $ | 16,850 | 413,103 | ||||
Unallocated corporate expenses | 112,697 | ||||||||
Corporate realignment charges | 8,849 | ||||||||
Total operating income | $ | 291,557 | |||||||
| (a) | Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, research and development, and professional services fees. |
| Fiscal year ended December 27, 2025 | |||||||||||
Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||||
Geographical market: | |
| |
| |
| | |||||
North America | $ | 2,515,602 | $ | 506,316 | $ | (15,543) | $ | 3,006,375 | ||||
International |
| 583,432 |
| 514,434 |
| (139) |
| 1,097,727 | ||||
Total sales | $ | 3,099,034 | $ | 1,020,750 | $ | (15,682) | $ | 4,104,102 | ||||
Product line: |
| |
| |
| |
| | ||||
Utility | $ | 1,511,053 | $ | — | $ | — | $ | 1,511,053 | ||||
Lighting and Transportation |
| 830,268 |
| — |
| — |
| 830,268 | ||||
Coatings |
| 362,209 |
| — |
| (9,163) |
| 353,046 | ||||
Telecommunications |
| 313,882 |
| — |
| — |
| 313,882 | ||||
Solar |
| 81,622 |
| — |
| (139) |
| 81,483 | ||||
Irrigation Equipment and Parts |
| — |
| 926,276 |
| (6,380) |
| 919,896 | ||||
Technology Products and Services |
| — |
| 94,474 |
| — |
| 94,474 | ||||
Total sales | $ | 3,099,034 | $ | 1,020,750 | $ | (15,682) | $ | 4,104,102 | ||||
| Fiscal year ended December 28, 2024 | |||||||||||
Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||||
Geographical market: | |
| |
| |
| | |||||
North America | $ | 2,348,250 | $ | 570,517 | $ | (17,045) | $ | 2,901,722 | ||||
International |
| 660,326 |
| 513,191 |
| (205) |
| 1,173,312 | ||||
Total sales | $ | 3,008,576 | $ | 1,083,708 | $ | (17,250) | $ | 4,075,034 | ||||
Product line: |
| |
| |
| |
| | ||||
Utility | $ | 1,368,333 | $ | — | $ | — | $ | 1,368,333 | ||||
Lighting and Transportation |
| 884,128 |
| — |
| — |
| 884,128 | ||||
Coatings |
| 353,739 |
| — |
| (9,992) |
| 343,747 | ||||
Telecommunications |
| 250,770 |
| — |
| — |
| 250,770 | ||||
Solar |
| 151,606 |
| — |
| (203) |
| 151,403 | ||||
Irrigation Equipment and Parts |
| — |
| 985,840 |
| (7,055) |
| 978,785 | ||||
Technology Products and Services |
| — |
| 97,868 |
| — |
| 97,868 | ||||
Total sales | $ | 3,008,576 | $ | 1,083,708 | $ | (17,250) | $ | 4,075,034 | ||||
| Fiscal year ended December 30, 2023 | |||||||||||
Infrastructure | | Agriculture | | Intersegment | | Consolidated | ||||||
Geographical market: | |
| |
| |
| | |||||
North America | $ | 2,318,801 | $ | 587,056 | $ | (16,282) | $ | 2,889,575 | ||||
International |
| 691,266 |
| 595,167 |
| (1,410) |
| 1,285,023 | ||||
Total sales | $ | 3,010,067 | $ | 1,182,223 | $ | (17,692) | $ | 4,174,598 | ||||
Product line: |
| |
| |
| |
| | ||||
Utility | $ | 1,291,670 | $ | — | $ | — | $ | 1,291,670 | ||||
Lighting and Transportation |
| 916,170 |
| — |
| — |
| 916,170 | ||||
Coatings |
| 354,330 |
| — |
| (9,020) |
| 345,310 | ||||
Telecommunications |
| 252,165 |
| — |
| — |
| 252,165 | ||||
Solar |
| 195,732 |
| — |
| (1,410) |
| 194,322 | ||||
Irrigation Equipment and Parts |
| — |
| 1,069,425 |
| (7,262) |
| 1,062,163 | ||||
Technology Products and Services |
| — |
| 112,798 |
| — |
| 112,798 | ||||
Total sales | $ | 3,010,067 | $ | 1,182,223 | $ | (17,692) | $ | 4,174,598 | ||||
| December 27, | December 28, | ||||
2025 | | 2024 | ||||
ASSETS: |
| |
| | ||
Infrastructure | $ | 2,312,500 | $ | 2,181,345 | ||
Agriculture |
| 768,715 |
| 876,486 | ||
Total segment assets | 3,081,215 | 3,057,831 | ||||
Unallocated corporate assets |
| 288,114 |
| 272,141 | ||
Total assets | $ | 3,369,329 | $ | 3,329,972 | ||
| Fiscal Year Ended | ||||||||
December 27, | December 28, | December 30, | |||||||
2025 | | 2024 | | 2023 | |||||
CAPITAL EXPENDITURES: | |||||||||
Infrastructure |
| $ | 130,041 |
| $ | 65,017 |
| $ | 68,295 |
Agriculture |
| 11,264 |
| 11,537 |
| 10,890 | |||
Total segment capital expenditures | 141,305 | 76,554 | 79,185 | ||||||
Unallocated corporate capital expenditures |
| 3,730 |
| 2,897 |
| 17,586 | |||
Total capital expenditures | $ | 145,035 | $ | 79,451 | $ | 96,771 | |||
| Fiscal Year Ended | ||||||||
December 27, | December 28, | December 30, | |||||||
2025 | | 2024 | | 2023 | |||||
DEPRECIATION AND AMORTIZATION: | |||||||||
Infrastructure |
| $ | 65,127 | $ | 65,717 | $ | 64,654 | ||
Agriculture |
|
| 15,304 |
| 20,606 |
| 23,409 | ||
Total segment depreciation and amortization expense | 80,431 | 86,323 | 88,063 | ||||||
Unallocated corporate depreciation and amortization expense |
|
| 8,078 |
| 9,072 |
| 10,645 | ||
Total depreciation and amortization expense | $ | 88,509 | $ | 95,395 | $ | 98,708 | |||
Summary by Geographical Area by Location of Valmont Facilities
| Fiscal Year Ended | ||||||||
December 27, | December 28, | December 30, | |||||||
2025 | | 2024 | | 2023 | |||||
NET SALES: | |||||||||
United States | $ | 2,957,136 | $ | 2,856,033 | $ | 2,860,951 | |||
Australia |
| 282,257 |
| 310,096 |
| 313,075 | |||
Brazil |
| 159,127 |
| 200,946 |
| 311,367 | |||
Other |
| 705,582 |
| 707,959 |
| 689,205 | |||
Total net sales | $ | 4,104,102 | $ | 4,075,034 | $ | 4,174,598 | |||
| December 27, | December 28, | ||||
2025 | | 2024 | ||||
LONG-LIVED ASSETS: |
| |
| | ||
United States | $ | 1,132,303 | $ | 1,117,631 | ||
Australia |
| 105,400 |
| 89,415 | ||
Other |
| 411,978 |
| 439,534 | ||
Total long-lived assets | $ | 1,649,681 | $ | 1,646,580 | ||
No single customer accounted for more than 10% of net sales in fiscal 2025, 2024, or 2023. Geographical net sales are based on the location of the facility generating them and excludes sales to other operating units within the Company. In fiscal 2025, Australia contributed approximately 7% of the Company’s net sales, Brazil contributed approximately 4%, and no other foreign country accounted more than 4%.
Operating income by business segment is calculated as net sales minus identifiable operating expenses and allocations, and it includes profits from sales to other operating units of the Company. Long-lived assets include property, plant, and equipment (net of depreciation), goodwill, other intangible assets (net of amortization), and other non-current assets. Long-lived assets by geographical area are based on the location of the facilities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 24, 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.