Filing Flows › Graham (GHM) › Q2 FY26
Graham (GHM) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 7, 2025
Graham (GHM) reported revenue of $66.0M for the second quarter fiscal 2026 (Q2 FY26), +23% from a year earlier and +19% from the quarter before. Operating margin was 6.5%, net earnings $3.1M (4.7% of revenue).
Graham, Q2 FY26: revenue $66.0M (+23% year over year), operating margin 6.5%, net earnings $3.1M, operating cash flow $13.6M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.0M | +19% | +23% |
| Gross profit | $14.3M | -3% | +12% |
| Operating profit | $4.3M | -14% | +0.9% |
| Net earnings | $3.1M | -33% | -6% |
| Operating cash flow | $13.6M | — | -3% |
| Free cash flow | $9.4M | — | -10% |
What changed
Revenue was $66.0M in Q2 FY26, up 23% year over year and up 19% from the previous quarter. Defense was the largest line at 62% of revenue. Defense added $9.9M year over year (up 32%), 79% of the total change.
Gross margin was 21.7%, down 2.2 points from a year earlier. Operating profit was $4.3M, a 6.5% margin (down 1.4 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 8% margin then. Operating expenses grew 17% against revenue growth of 23%. Net earnings were $3.1M, down 6% year over year. The effective tax rate was 26.8%.
Operating cash flow was $13.6M (down 3% year over year), 440% of net earnings. Non-cash charges added back $1.6M of depreciation and amortization and $553K of share-based compensation. Working capital and other items added $8.3M. Capital expenditures of $4.1M left free cash flow of $9.4M.
Questions
What was Graham's revenue in the second quarter fiscal 2026?
Graham (GHM) reported revenue of $66.0M for the second quarter fiscal 2026 (Q2 FY26), +23% from a year earlier and +19% from the quarter before.
Was Graham profitable in the second quarter fiscal 2026?
Operating profit was $4.3M (6.5% of revenue) and net earnings $3.1M.
Source: Graham 10-Q on SEC EDGAR.