Results of Operations

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 17, 2025     WORTHINGTON ENTERPRISES, INC. (Exact name of Registrant as Specified in Its Charter)     Ohio 001-08399 31-1189815 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)           200 West Old Wilson Bridge Road   Columbus , Ohio   43085 (Address of Principal Executive Offices)   (Zip Code)   Registrant’s Telephone Number, Including Area Code: (614) 438-3210     (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Shares, Without Par Value   WOR   The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐     Item 2.02. Results of Operations and Financial Condition .   Worthington Enterprises, Inc. (the “Registrant”) conducted a conference call on December 17, 2025, beginning at approximately 8:30 a.m., Eastern Time, to discuss the Registrant’s unaudited financial results for the second quarter of fiscal 2026 ended November 30, 2025. Additionally, the Registrant addressed certain issues related to the outlook for the Registrant and its subsidiaries and their respective markets. A copy of the transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Form 8-K”). The information contained in this Item 2.02 and in Exhibit 99.1 is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, unless the Registrant specifically states that the information is to be considered “filed” under the Exchange Act or incorporates the information by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.   In the conference call, the Registrant discussed financial measures prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) as well as non-GAAP financial measures to provide investors with additional information that the Registrant believes allows for increased comparability of the performance of the Registrant’s ongoing operations from period to period. The Registrant referred to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA margin on a trailing 12-months (“TTM”) basis. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures used by management as measures of operating performance. EBITDA is calculated by adding or subtracting, as appropriate, interest expense, net, income tax expense and depreciation and amortization to/from net earnings attributable to controlling interest. Adjusted EBITDA is calculated by adding or subtracting, as appropriate, to/from EBITDA certain items that the Registrant believes are not necessarily indicative of its operating performance, such as those listed in the table below and previously described in Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed on December 16, 2025. TTM adjusted EBITDA margin is calculated by dividing TTM adjusted EBITDA by net sales. The tables below provide a reconciliation from net earnings (the most comparable GAAP financial measure) to adjusted EBITDA for the TTM ended November 30, 2025 and 2024.       Second     First     Fourth     Third       Quarter     Quarter     Quarter     Quarter   (In thousands)   2026     2026     2025     2025   Net earnings (GAAP)   $ 27,029     $ 34,821     $ 3,614     $ 39,339   Plus: Net loss attributable to noncontrolling interest     299       327       263       324   Net earnings attributable to controlling interest     27,328       35,148       3,877       39,663   Interest expense (income), net     1,472       63       (60 )     628   Income tax expense     8,751       10,860       4,717       13,240   EBIT (1)     37,551       46,071       8,534       53,531   Impairment of goodwill and long-lived assets     -       -       50,813       -   Restructuring and other expense, net     1,644       2,476       1,372       5,374   Loss on partial sale of investment in SES     2,950       -       -       -   Unrealized loss on investment in marketable securities     1,243       -       -       -   Non-cash settlement charges in miscellaneous expense     -       -       5,000       -   Non-recurring loss in equity income     -       -       3,387       -   Adjusted EBIT (1)     43,388       48,547       69,106       58,905   Depreciation and amortization     13,764       13,086       12,555       11,950   Stock-based compensation     3,326       3,427       3,399       2,924   Adjusted EBITDA (non-GAAP)   $ 60,478     $ 65,060     $ 85,060     $ 73,779                             TTM adjusted EBITDA (non-GAAP)   $ 284,377                                               TTM net earnings margin (GAAP)     8.4 %                   TTM adjusted EBITDA margin (non-GAAP)     22.7 %                         Second     First     Fourth     Third       Quarter     Quarter     Quarter     Quarter   (In thousands)   2025     2025     2024     2024   Net earnings (loss) (GAAP)   $ 28,009     $ 24,008     $ (31,784 )   $ 22,000   Plus: Net loss attributable to noncontrolling interest     251       245       263       -   Net earnings (loss) attributable to controlling interest     28,260       24,253       (31,521 )     22,000   Interest expense (income), net     1,033       489       (9 )     50   Income tax expense     9,100       6,782       4,986       18,471   EBIT (1)     38,393       31,524       (26,544 )     40,521   Impairment of goodwill and long-lived assets     -       -       32,975       -   Restructuring and other expense, net     2,620       1,158       28,624       698   Separation costs     -       -       240       2,999   Non-cash settlement charges in miscellaneous expense     -       -       11,077       8,103   Pension settlement charge in equity income     -       -       1,040       -   Non-recurring loss in equity income     -       -       -       -   Adjusted EBIT (1)     41,013       32,682       47,412       52,321   Depreciation and amortization     11,927       11,830       12,424       11,949   Stock-based compensation     3,273       3,925       3,332       2,602   Adjusted EBITDA (non-GAAP)   $ 56,213     $ 48,437     $ 63,168     $ 66,872                             TTM adjusted EBITDA (non-GAAP)   $ 234,690                                               TTM net earnings margin (GAAP)     7.0 %                   TTM adjusted EBITDA margin (non-GAAP)     20.1 %                       (1) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the Registrant's performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of net earnings to adjusted EBITDA, which is a non-GAAP financial measure used by management.   During the conference call, the Registrant referred to free cash flow and free cash flow conversion for the TTM ended November 30, 2025. Free cash flow is a non-GAAP financial measure that management believes measures the Registrant's ability to generate cash beyond what is required for its business operations and capital expenditures. Free cash flow is calculated by subtracting investment in property, plant, and equipment from net cash provided by operating activities. Free cash flow conversion is calculated by dividing free cash flow by net earnings attributable to controlling interest. The following provides a reconciliation of net cash provided by operating activities (the most comparable GAAP financial measure) to free cash flow and the calculation of operating cash flow conversion (the most comparable GAAP financial measure) and free cash flow conversion for the TTM ended November 30, 2025.     Second     First     Fourth     Third       Quarter     Quarter     Quarter     Quarter   (In thousands)   2026     2026     2025     2025   Net cash provided by operating activities (GAAP)   $ 51,518     $ 41,061     $ 62,414     $ 57,131   Investment in property, plant and equipment     (12,432 )     (13,195 )     (13,086 )     (12,704 ) Free cash flow (non-GAAP)   $ 39,086     $ 27,866     $ 49,328     $ 44,427                             TTM net cash provided by operating activities (GAAP)   $ 212,124                     TTM free cash flow (non-GAAP)   $ 160,707                                               TTM net earnings attributable to controlling interest (GAAP)   $ 106,016                     TTM adjusted net earnings attributable to controlling interest (Non-GAAP)   $ 168,136                                               TTM operating cash flow conversion (GAAP)     200 %                   Free cash flow conversion (Non-GAAP) (1)     96 %                                       During the conference call, the Registrant referred to the ratio of net debt to TTM adjusted EBITDA, which is a non-GAAP financial measure that is used by the Registrant as a measure of leverage. Net debt to TTM adjusted EBITDA is calculated by subtracting cash and cash equivalents from total debt (defined as the aggregate of short-term borrowings, current maturities of long-term debt and long-term debt) and dividing the sum by TTM adjusted EBITDA. The calculation of net debt to adjusted EBITDA for the TTM ended November 30, 2025, along with a reconciliation of net cash provided by operating activities (the most comparable GAAP financial measure) is outlined below.       Second     First     Fourth     Third       Quarter     Quarter     Quarter     Quarter       2026     2026     2025     2025   Net cash provided by operating activities (GAAP)   $ 51,518     $ 41,061     $ 62,414     $ 57,131   Adjustments:                         Changes in assets and liabilities, net of impact of acquisitions     2,755       13,029       4,151       (6,738 ) Interest expense (income), net     1,473       63       (60 )     628   Income tax expense     8,751       10,860       4,717       13,240   Impairment of long-lived assets     -       -       (50,813 )     -   Benefit from (provision for) deferred income taxes     (561 )     (2,958 )     7,568       8,016   Impairment of investment in note receivable     -       -       (5,000 )     -   Loss on partial sale of investment in SES     -       -       -       -   Unrealized loss on investment in marketable securities     (1,243 )     -       -       -   Bad debt (expense) benefit     (230 )     21       31       (1,128 ) Equity in net income of unconsolidated affiliates, net of distributions     (5,108 )     181       2,041       (3,089 ) Net gain (loss) on sale of assets     (3,012 )     -       (824 )     21   Less: noncontrolling interest     298       327       263       324   EBITDA (Non-GAAP) (1)   $ 54,641     $ 62,584     $ 24,488     $ 68,405   Adjustments:                         Impairment of long-lived assets     -       -       50,813       -   Restructuring and other expense, net     1,644       2,476       1,372       5,374   Impairment of investment in note receivable     -       -       5,000       -   Loss on partial sale of investment in SES     2,950       -       -       -   Unrealized loss on investment in marketable securities     1,243       -       -       -   Non-recurring loss in equity income     -       -       3,387       -   Adjusted EBITDA (Non-GAAP) (1)   $ 60,478     $ 65,060     $ 85,060     $ 73,779       (1) Excludes the impact of noncontrolling interest.       November 30,   (In thousands)   2025   Long-term debt   $ 305,255   Less: cash and cash equivalents     180,288   Net debt   $ 124,967           TTM adjusted EBITDA (non-GAAP)   $ 284,377           Net debt to TTM adjusted EBITDA (non-GAAP)     0.44     During the conference call, the Registrant referred to net sales and selling, general and administrative expenses (“SG&A”) excluding Elgen, acquired on June 18, 2025 (“adjusted net sales” and “adjusted SG&A”, respectively). Adjusted net sales and adjusted SG&A are non-GAAP financial measures that management uses to illustrate the comparability of results on an organic basis. The following provides a reconciliation of net sales and SG&A (the most comparable GAAP financial measures) to adjusted net sales and adjusted SG&A for the three months ended November 30, 2025 and 2024.       Three Months Ended                   November 30,     $     %       2026     2025     Change     Change   Consolidated net sales   $ 327,452     $ 274,046     $ 53,406       19.5 % Less: net sales attributable to Elgen     24,561       -       24,561         Adjusted net sales   $ 302,891     $ 274,046     $ 28,845       10.5 %                           Consolidated SG&A   $ 70,721     $ 67,918     $ 2,803       4.1 % Less: SG&A attributable to Elgen     4,123       -       4,123         Adjusted SG&A   $ 66,598     $ 67,918     $ (1,320 )     (1.9 %)     Additional non-GAAP financial measures referred to by the Registrant on the conference call, including reconciliations to the most comparable GAAP financial measures, are included in Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed on December 16, 2025. Such Exhibit 99.1 includes a copy of the Registrant’s news release issued on December 16, 2025 (the “Financial News Release”) reporting results for the three-month period ended November 30, 2025. The Financial News Release was made available on the Registrant’s website throughout the conference call and will remain available on the Registrant’s website for at least one year.   Item 9.01 Financial Statements and Exhibits. (d) Exhibits : The following exhibits are included with this Form 8‑K: Exhibit No.  Description 99.1 Transcript of Worthington Enterprises, Inc. Earnings Conference Call for Second Quarter of Fiscal 2026 (Fiscal Quarter ended November 30, 2025), held on December 17, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)       SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.       WORTHINGTON ENTERPRISES, INC.         Date: December 19, 2025 By: /s/Patrick J. Kennedy       Patrick J. Kennedy, Vice President - General Counsel and Secretary