Is Lindsay Corporation profitable in 2026?

Lindsay remains profitable overall, but FY2026 has shown revenue declines for three straight quarters. Q3 FY26 (ended May 31, 2026) revenue fell 5% year over year to $160.8M, though EPS beat estimates at $1.53. FY2025 net earnings were a record $74.1M.

Who is Lindsay Corporation's biggest competitor?

Valmont Industries, maker of the Valley Irrigation brand, is Lindsay's longstanding rival in center-pivot irrigation. The two companies have a documented patent litigation history, including a case decided November 14, 2018, and have coexisted as co-leaders for decades.

Could AI replace Lindsay Corporation's irrigation software?

Lindsay's FieldNET Advisor uses machine learning and over 40 years of proprietary crop and irrigation research to generate recommendations, but it is bundled with Zimmatic hardware and a dealer network, making full replacement by standalone AI tools difficult as of 2026.

Is Lindsay Corporation under investigation?

Yes. Pomerantz Law Firm issued an investor alert dated May 7, 2026, investigating potential securities-law claims, and Johnson Fistel opened a separate investigation around April 2026. As of mid-2026 both remain at the investigation stage with no lawsuit filed.

What is driving Lindsay Corporation's revenue in FY2026?

Lindsay's revenue has been propped up by an approximately $80M Middle East/North Africa irrigation contract signed December 11, 2025, with roughly $70M expected recognized in FY2026, while trailing-twelve-month revenue to May 31, 2026 fell 7.4% to $627.9M.

Does Lindsay Corporation pay a dividend?

Yes. Lindsay raised its quarterly dividend to $0.38 per share, payable August 31, 2026, alongside $80.7M in share repurchases completed in the first nine months of fiscal 2026 under a $150M buyback authorization.

Food tech and alternative protein · United States

Lindsay Corporation

lindsay.com ↗

Makes Zimmatic center pivot irrigation systems and infrastructure equipment.

Defensible for now

Assessed 25 July 2026 · Evidence as of 25 July 2026

Real protection, with named pressure against it.

On the recordSince 25 July 2026 · Checkable from late Oct 2026 · Every call on the record Checkpoint: Q4 FY2026 earnings report

The call

Lindsay still sells irrigation equipment profitably against Valmont, but revenue is falling, CFO turnover is rising, and one Middle East contract is carrying the year.

Lindsay Corporation sells center-pivot irrigation systems (the big rotating sprinklers you see in farm fields) and highway safety equipment like guardrails and signs. The company has been around 70 years and owns real advantages: it makes the hardware itself rather than just selling it, has a network of dealers who install and service it, sells to government agencies, and has collected decades of crop and water data that competitors do not have. The main rival, Valmont Industries (which owns the Valley brand), is roughly equal in size and the two have shared the market peacefully for decades, so it is hard for a new company to just walk in and take over. However, Lindsay's revenue has fallen for three straight quarters, the company missed its own targets, two chief financial officers left within 13 months, and two law firms have launched investigations (still ongoing, not yet lawsuits). Much of recent revenue came from one big contract in the Middle East that probably will not repeat. The question is whether these warning signs are just normal ups and downs in an old, tough business or the start of real trouble. If the company reports strong earnings in late October 2026 and hires a stable new finance leader, the picture brightens. If revenue stays soft and investigations turn into charges, that changes the bet.

Why

AI pressure: Third party AgTech AI irrigation scheduling platforms. AI scheduling apps could copy FieldNET Advisor's software layer, but hardware ties and farm data keep growers on Lindsay's system. Could AI do the core job? Only partly.

Bigger players: Valmont Industries (Valley Irrigation). Valmont sells a rival center pivot line at similar scale. The two have split the market for decades with neither pushing the other out. Could a giant copy it? Probably.

What protects it. Owning the hardware, dealer network, decades of agronomic data, and over 100,000 connected pivots that are costly to replace.

What would change this call

Lindsay names a permanent CFO after two departures in 13 months. Shows whether finance-leadership instability is resolved or ongoing.
Pomerantz or Johnson Fistel securities probe converts to a filed complaint. Would indicate a real accounting or disclosure problem, not just noise.
Q4 FY2026 earnings (around late Oct 2026) show revenue trend reversal or continued decline. Tests whether the FY2026 softness is temporary or structural.

Key numbers

TTM revenue $627.9M, down 7.4% YoY (2026-05-31)
Backlog $136.1M vs $117.1M year earlier (2026-05-31)
Two CFO departures in 13 months (2026-08)

Named risks

Two CFO departures within about 13 months (Dec 2025 and Aug 2026) creating reporting instability. Severity: high
Pomerantz and Johnson Fistel securities investigations open as of April-May 2026. Severity: medium
Revenue decline for three consecutive quarters in FY2026 with dependence on single ~$80M MENA contract. Severity: high
USDA 2026 farm income forecast down 1% to $153.4B alongside trade friction pressuring equipment demand. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Valmont Industries	contesting	Longstanding co-leader in center-pivot irrigation, patent litigation history dated 2018-11-14
Reinke Manufacturing	contesting	Longstanding US center-pivot maker competing directly in irrigation hardware
T-L Irrigation	contesting	Nebraska-based rival known for hydrostatic-drive center-pivot systems
Netafim/Rivulis	gaining on	Drip and precision irrigation players cited among top global vendors in the segment
The Toro Company	contesting	Competes in turf and landscape irrigation niche adjacent to Lindsay's row-crop pivots

Questions people ask

Is Lindsay Corporation profitable in 2026?: Lindsay remains profitable overall, but FY2026 has shown revenue declines for three straight quarters. Q3 FY26 (ended May 31, 2026) revenue fell 5% year over year to $160.8M, though EPS beat estimates at $1.53. FY2025 net earnings were a record $74.1M.
Who is Lindsay Corporation's biggest competitor?: Valmont Industries, maker of the Valley Irrigation brand, is Lindsay's longstanding rival in center-pivot irrigation. The two companies have a documented patent litigation history, including a case decided November 14, 2018, and have coexisted as co-leaders for decades.
Could AI replace Lindsay Corporation's irrigation software?: Lindsay's FieldNET Advisor uses machine learning and over 40 years of proprietary crop and irrigation research to generate recommendations, but it is bundled with Zimmatic hardware and a dealer network, making full replacement by standalone AI tools difficult as of 2026.
Is Lindsay Corporation under investigation?: Yes. Pomerantz Law Firm issued an investor alert dated May 7, 2026, investigating potential securities-law claims, and Johnson Fistel opened a separate investigation around April 2026. As of mid-2026 both remain at the investigation stage with no lawsuit filed.
What is driving Lindsay Corporation's revenue in FY2026?: Lindsay's revenue has been propped up by an approximately $80M Middle East/North Africa irrigation contract signed December 11, 2025, with roughly $70M expected recognized in FY2026, while trailing-twelve-month revenue to May 31, 2026 fell 7.4% to $627.9M.
Does Lindsay Corporation pay a dividend?: Yes. Lindsay raised its quarterly dividend to $0.38 per share, payable August 31, 2026, alongside $80.7M in share repurchases completed in the first nine months of fiscal 2026 under a $150M buyback authorization.

Timeline

2026-07-16CFO Sam Hinrichsen announces resignation effective August 31, 2026
2026-07-02Q3 FY26 results: revenue down 5% YoY to $160.8M, EPS beats at $1.53
2026-05-07Pomerantz Law Firm issues investor alert investigating Lindsay
2026-04Johnson Fistel opens separate securities investigation into Lindsay
2025-12-11Lindsay secures approximately $80M MENA irrigation contract
2025-10-23Lindsay reports record FY2025 results: $676.4M revenue, $74.1M net earnings
2025-07-23CFO Brian Ketcham announces retirement effective December 31, 2025
2025-01-08FieldNET Advisor wins 2025 AE50 award from ASABE
2024-01Lindsay launches FieldNET NextGen precision irrigation interface

Revision history

25 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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Sources

Lindsay Posts Record FY25 Earnings of $74.1M, Revenue Up 11% (2025-10-23)
Lindsay Q4 2025 slides (2025-10-23)
Lindsay Q3 2026 slides (2026-07-02)
Lindsay (LNN) Revenue 2005-2026 (2026-07-07)
EX-99.1 (Q3 FY26 release) (2026-07-02)
Lindsay secures $80 million irrigation deal (2025-12-11)
Lindsay Corporation Reports Fiscal 2026 Third Quarter Results (2026-07-02)
What is Competitive Landscape of Lindsay Company? (2026-04-23)
Lindsay (LNN) Number of Employees (2026-06-17)
Lindsay Number of Employees 2012-2026
Lindsay's Competitors, Revenue, Number of Employees... (2026-06-17)
Next Gen UI for Precision Irrigation Management (2025-07-21)