v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company is organized based on the nature of its products and is composed of two reportable segments, Machine Clothing ("MC") and Albany Engineered Composites ("AEC"), each overseen by a segment president. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. Our CODM evaluates each segment's performance based on metrics such as net revenues, gross profit, and other key financial data, to assess performance and allocate resources that align with company-wide goals. The Company has not aggregated operating segments for purposes of identifying reportable segments.

Machine Clothing:
The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel products, nonwovens, fiber cement and for several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels are substantially the same in each region of the world in which we operate.
We design, manufacture, and market paper machine clothing (used in the manufacture of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.
Albany Engineered Composites:
The Albany Engineered Composites segment provides highly engineered, advanced composite solutions to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, the SAFRAN Group (“SAFRAN”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract, where revenue is determined by a cost-plus-fee agreement.
Other significant programs for AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2025, approximately 35% of AEC's revenues were related to U.S. government contracts or programs.
The following tables show data by reportable segment that is regularly provided to the CODM, reconciled to consolidated totals included in the financial statements along with other segment data:

Reconciliation of Net Revenues to Operating Income(loss):
Three Months Ended June 30, 2026
(in thousands)MCAECCorporateTotal
Net revenues$178,710 $150,772 $— $329,482 
Cost of goods sold97,763 123,818 — 221,581 
Gross profit80,947 26,954 — 107,901 
Selling, general and administrative expenses33,490 11,315 11,263 56,068 
Technical and research expenses6,363 4,210 1,149 11,722 
Restructuring expenses, net6,389 — 1,584 7,973 
Operating income/(loss)$34,705 $11,429 $(13,996)$32,138 
Three Months Ended June 30, 2025
(in thousands)MCAECCorporateTotal
Net revenues$180,926 $130,473 $— $311,399 
Cost of goods sold97,167 116,725 — 213,892 
Gross profit83,759 13,748 — 97,507 
Selling, general and administrative expenses35,669 11,777 11,056 58,502 
Technical and research expenses7,373 4,125 1,054 12,552 
Restructuring expenses, net3,015 520 648 4,183 
Operating income/(loss)$37,702 $(2,674)$(12,758)$22,270 
Six Months Ended June 30, 2026
(in thousands)MCAECCorporateTotal
Net revenues$344,662 $296,153 $— $640,815 
Cost of goods sold188,653 244,467 — 433,120 
Gross profit156,009 51,686 — 207,695 
Selling, general and administrative expenses66,739 22,901 24,727 114,367 
Technical and research expenses13,548 8,758 2,373 24,679 
Restructuring expenses, net9,065 — 2,073 11,138 
Operating income/(loss)$66,657 $20,027 $(29,173)$57,511 
Six Months Ended June 30, 2025
(in thousands)MCAECCorporateTotal
Net revenues$355,623 $244,550 $— $600,173 
Cost of goods sold191,962 214,218 — 406,180 
Gross profit163,661 30,332 — 193,993 
Selling, general and administrative expenses68,550 21,903 21,861 112,314 
Technical and research expenses14,616 7,799 2,033 24,448 
Restructuring expenses, net4,362 1,688 648 6,698 
Operating income/(loss)$76,133 $(1,058)$(24,542)$50,533 
Schedule of Depreciation and Amortization Expenses:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Depreciation and amortization
Machine Clothing$8,422 $7,973 $16,724 $15,679 
Albany Engineered Composites8,561 13,455 17,350 26,750 
Corporate35 323 73 613 
Consolidated depreciation and amortization$17,018 $21,751 $34,147 $43,042 
As a result of the Amelia Earhart Drive facility meeting the held-for-sale accounting criteria, the facility's assets and liabilities were classified as held-for-sale in the consolidated balance sheets as of December 31, 2025 and June 30, 2026. Upon classification as held for sale, the Company ceased depreciation and amortization of the related long-lived assets in accordance with applicable accounting guidance.
Reconciliation of Operating Income/(loss) to Income before income taxes:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Consolidated Operating income/(loss)$32,138 $22,270 $57,511 $50,533 
Reconciling items:
Interest income(693)(1,405)(1,575)(3,043)
Interest expense
6,761 6,555 13,110 11,848 
Other (income)/expense, net39 3,534 (3,154)4,517 
Income before income taxes$26,031 $13,586 $49,130 $37,211 
The following table presents assets by reportable segment:
(in thousands)
June 30, 2026December 31, 2025
Segment assets
Machine Clothing$683,630 $618,476 
Albany Engineered Composites439,591 491,802 
Reconciling items:
Cash77,349 112,350 
Income taxes prepaid and receivable, and Deferred income taxes107,510 112,436 
Prepaid expenses and other current assets, and Other assets96,563 89,862 
Assets held for sale$306,722 $293,783 
Consolidated total assets1,711,365 1,718,709 
The following table presents capital expenditures by reportable segment:
Six months ended June 30,
(in thousands)
20262025
Capital expenditures and purchased software
Machine Clothing$11,112 $13,010 
Albany Engineered Composites8,337 17,521 
Corporate1,733 — 
Total capital expenditures and purchased software$21,182 $30,531