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): March 25, 2026     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 March 25, 2026, beginning at approximately 8:30 a.m., Eastern Time, to discuss the Registrant’s unaudited financial results for the third quarter of fiscal 2026 ended February 28, 2026. 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 March 24, 2026. 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 February 28, 2026 and 2025.       Third     Second     First     Fourth       Quarter     Quarter     Quarter     Quarter   (In thousands)   2026     2026     2026     2025   Net earnings (GAAP)   $ 45,120     $ 27,029     $ 34,821     $ 3,614   Plus: Net loss attributable to noncontrolling interest     343       299       327       263   Net earnings attributable to controlling interest     45,463       27,328       35,148       3,877   Interest expense (income), net     1,828       1,472       63       (60 ) Income tax expense     14,994       8,751       10,860       4,717   EBIT (1)     62,285       37,551       46,071       8,534   Amortization of inventory step-up     1,500       -       2,151       -   Impairment of goodwill and long-lived assets     -       -       -       50,813   Restructuring and other expense, net     2,186       1,644       2,476       1,372   Loss on partial sale of investment in SES     -       2,950       -       -   Unrealized loss on investment in marketable securities     340       1,243       -       -   Non-cash settlement charges in miscellaneous expense     -       -       -       5,000   Non-recurring loss in equity income     -       -       -       3,387   Adjusted EBIT (1)     66,311       43,388       50,698       69,106   Depreciation and amortization     14,552       13,764       13,086       12,555   Stock-based compensation     3,752       3,326       3,427       3,399   Adjusted EBITDA (non-GAAP)   $ 84,615     $ 60,478     $ 67,211     $ 85,060                             TTM adjusted EBITDA (non-GAAP)   $ 297,364                                               TTM net earnings margin (GAAP)     8.3 %                   TTM adjusted EBITDA margin (non-GAAP)     22.4 %                         Third     Second     First     Fourth       Quarter     Quarter     Quarter     Quarter   (In thousands)   2025     2025     2025     2024   Net earnings (loss) (GAAP)   $ 39,339     $ 28,009     $ 24,008     $ (31,784 ) Plus: Net loss attributable to noncontrolling interest     324       251       245       263   Net earnings (loss) attributable to controlling interest     39,663       28,260       24,253       (31,521 ) Interest expense (income), net     628       1,033       489       (9 ) Income tax expense     13,240       9,100       6,782       4,986   EBIT (1)     53,531       38,393       31,524       (26,544 ) Amortization of inventory step-up     -       -       1,477       -   Impairment of long-lived assets     -       -       -       32,975   Restructuring and other expense, net     5,374       2,620       1,158       28,624   Separation costs     -       -       -       240   Non-cash charges in miscellaneous expense     -       -       -       11,077   Pension settlement charge in equity income     -       -       -       1,040   Adjusted EBIT (1)     58,905       41,013       34,159       47,412   Depreciation and amortization     11,950       11,927       11,830       12,424   Stock-based compensation     2,924       3,273       3,925       3,332   Adjusted EBITDA (non-GAAP)   $ 73,779     $ 56,213     $ 49,914     $ 63,168                             TTM adjusted EBITDA (non-GAAP)   $ 243,074                                               TTM net earnings margin (GAAP)     5.2 %                   TTM adjusted EBITDA margin (non-GAAP)     21.1 %                       (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 February 28, 2026. 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 February 28, 2026.     Third     Second     First     Fourth       Quarter     Quarter     Quarter     Quarter   (In thousands)   2026     2026     2026     2025   Net cash provided by operating activities (GAAP)   $ 61,938     $ 51,518     $ 41,061     $ 62,414   Investment in property, plant and equipment     (13,794 )     (12,432 )     (13,195 )     (13,086 ) Free cash flow (non-GAAP)   $ 48,144     $ 39,086     $ 27,866     $ 49,328                             TTM net cash provided by operating activities (GAAP)   $ 216,931                     TTM free cash flow (non-GAAP)   $ 164,424                                               TTM net earnings attributable to controlling interest (GAAP)   $ 111,816                     TTM adjusted net earnings attributable to controlling interest (non-GAAP)   $ 172,981                                               TTM operating cash flow conversion (GAAP)     194 %                   Free cash flow conversion (non-GAAP) (1)     95 %                                       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 February 28, 2026, along with a reconciliation of net cash provided by operating activities (the most comparable GAAP financial measure) is outlined below.       Third     Second     First     Fourth       Quarter     Quarter     Quarter     Quarter   (In thousands)   2026     2026     2026     2025   Net cash provided by operating activities (GAAP)   $ 61,938     $ 51,518     $ 41,061     $ 62,414   Adjustments:                         Changes in assets and liabilities, net of impact of acquisitions     10,070       2,755       13,029       4,151   Interest expense (income), net     1,828       1,472       63       (60 ) Income tax expense     14,994       8,751       10,860       4,717   Impairment of long-lived assets     -       -       -       (50,813 ) Benefit from (provision for) deferred income taxes     (4,294 )     (561 )     (2,958 )     7,568   Impairment of investment in note receivable     -       -       -       (5,000 ) Unrealized loss on investment in marketable securities     (340 )     (1,243 )     -       -   Bad debt (expense) benefit     97       (230 )     21       31   Equity in net income of unconsolidated affiliates, net of distributions     (4,064 )     (5,108 )     181       2,041   Net gain (loss) on sale of assets     17       (3,012 )     -       (824 ) Less: noncontrolling interest     343       299       327       263   EBITDA (non-GAAP) (1)   $ 80,589     $ 54,641     $ 62,584     $ 24,488   Adjustments:                         Amortization of inventory step-up     1,500       -       2,151       -   Impairment of long-lived assets     -       -       -       50,813   Restructuring and other expense, net     2,186       1,644       2,476       1,372   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     340       1,243       -       -   Non-recurring loss in equity income     -       -       -       3,387   Adjusted EBITDA (non-GAAP) (1)   $ 84,615     $ 60,478     $ 67,211     $ 85,060       (1) Excludes the impact of noncontrolling interest.       February 28,   (In thousands)   2026   Short-term borrowings   $ 4,792   Long-term debt     307,256   Less: cash and cash equivalents     5,979   Net debt   $ 301,277           TTM adjusted EBITDA (non-GAAP)   $ 297,364           Net debt to TTM adjusted EBITDA (non-GAAP)     1.0     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 March 24, 2026. Such Exhibit 99.1 includes a copy of the Registrant’s news release issued on March 24, 2026 (the “Financial News Release”) reporting results for the three-month period ended February 28, 2026. 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 Third Quarter of Fiscal 2026 (Fiscal Quarter ended February 28, 2026), held on March 25, 2026 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: March 27, 2026 By: /s/Patrick J. Kennedy       Patrick J. Kennedy, Vice President - General Counsel and Secretary