NPK International Delivers Exceptional Q2 Results: 20% Revenue Growth and 37% Adjusted EBITDA Increase
NPK International, a leading provider of matting solutions, has reported outstanding second-quarter results for 2026. The company's revenue grew by 20% year-over-year to $82 million, with strong profitability capture driven by growth in both product sales and rentals.
The quarter saw significant progress on the company's strategic priorities, including manufacturing expansion, which positions NPK International well for further scale and strength moving forward. Total rental and service revenues reached a quarterly high of $54 million, a 16% year-over-year increase.
Matthew Lanigan, President and CEO, highlighted the unique nature of the second quarter, citing the accelerated completion timing of multiple large-scale projects that represented over 25% of the company's domestic mat fleet. Despite this, NPK International demonstrated its resilience, managing to absorb these transitions while continuing to grow profitably in the quarter.
Product sales demand was strong, contributing $28 million to second-quarter revenue, a 28% year-over-year increase reflecting continued strong demand from utility customers and international sales. As a result of this continued growth combined with solid operating leverage, the company delivered $26 million of adjusted EBITDA in the quarter, representing a 37% year-over-year improvement and a 31.5% adjusted EBITDA margin.
NPK International also made progress on its manufacturing expansion project, investing $4 million in the quarter to increase production capacity by approximately 50%. This expansion is expected to support long-term growth and composite matting market share expansion while enhancing margins through reduced usage of cross-rental mats.
The company maintained its strong financial position, ending the quarter with net debt of just $2 million and delivering $22 million of cash from operations and $6 million of free cash flow. This provides ample financial flexibility to continue executing on strategic objectives.
Matthew Lanigan noted that Q2 once again demonstrated consistent strong execution, a direct reflection of NPK International's commitment to key strategic priorities. With this performance, the company is well-positioned for further scale and strength moving forward.
