Filing Flows › Carpenter Technology (CRS) › Q2 FY26
Carpenter Technology (CRS) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Jan 29, 2026
Carpenter Technology (CRS) reported revenue of $728M for the second quarter fiscal 2026 (Q2 FY26), +8% from a year earlier and -0.8% from the quarter before. Operating margin was 21.3%, net earnings $105M (14.5% of revenue).
Carpenter Technology, Q2 FY26: revenue $728M (+8% year over year), operating margin 21.3%, net earnings $105M, operating cash flow $132M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $728M | -0.8% | +8% |
| Gross profit | $218M | +0.9% | +23% |
| Operating profit | $155M | +1% | +31% |
| Net earnings | $105M | -14% | +25% |
| Operating cash flow | $132M | +237% | +95% |
| Free cash flow | $85.9M | — | +123% |
What changed
Revenue was $728.0M in Q2 FY26, up 8% year over year and down 1% from the previous quarter. Aerospace and Defense was the largest line at 65% of revenue. Aerospace and Defense added $58.6M year over year (up 14%), 115% of the total change. Transportation declined 20%.
Gross margin was 30.0%, up 3.8 points from a year earlier. Operating profit was $155.2M, a 21.3% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, above the 18% margin then. Operating expenses grew 8% against revenue growth of 8%. Net earnings were $105.3M, up 25% year over year. The effective tax rate was 19.0%.
Operating cash flow was $132.2M (up 95% year over year), 126% of net earnings. Non-cash charges added back $36.2M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items used $15.3M. Capital expenditures of $46.3M left free cash flow of $85.9M.
Questions
What was Carpenter Technology's revenue in the second quarter fiscal 2026?
Carpenter Technology (CRS) reported revenue of $728M for the second quarter fiscal 2026 (Q2 FY26), +8% from a year earlier and -0.8% from the quarter before.
Was Carpenter Technology profitable in the second quarter fiscal 2026?
Operating profit was $155M (21.3% of revenue) and net earnings $105M.