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How Graham (GHM) makes money

Graham (GHM) made $69.8M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Defense brought in $45.8M (66%); Energy and Process brought in $17.6M (25%); Space brought in $6.4M (9%). Of every dollar of revenue, 28¢ was left as gross profit, 8¢ was left as operating profit, 7¢ was left as net earnings.

Drawing the Sankey…

Graham revenue by segment, Q2 FY27Graham revenue by segment, Q2 FY27Defense$45.8MEnergy and Process$17.6MSpace$6.4M
Graham: revenue by line, Q1 FY26 to Q2 FY27Graham: revenue by line, Q1 FY26 to Q2 FY27DefenseEnergy and ProcessSpaceDefense: $45.8M latest$45.8MEnergy and Process: $17.6M latest$17.6MSpace: $6.4M latest$6.4MQ1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Energy and Process went from 41% of revenue in Q1 FY26 to 25% in Q2 FY27, the largest shift in the mix.
Graham revenue by quarterGraham revenue by quarter$59.3MQ4 FY25$55.5MQ1 FY26$66.0MQ2 FY26$56.7MQ3 FY26$67.1MQ4 FY26$71.3MQ1 FY27$69.8MQ2 FY27
Graham: where each dollar of revenue goesGraham: where each dollar of revenue goesCost of revenue72¢Gross profit28¢Operating expenses20¢Operating profit8¢Income tax2¢Net earnings7¢Operating cash flow67¢Free cash flow64¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Defense$45.8M65.7%+11%+12%
Energy and Process$17.6M25.2%-26%-17%
Space$6.4M9.1%+1%+59%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$69.8M100.0%
Cost of revenue$50.1M71.8%
Gross profit$19.7M28.2%
Operating expenses$13.8M19.8%
Operating profit$5.8M8.4%
Income tax$1.3M1.9%
Net earnings$4.6M6.6%
Operating cash flow$46.7M67.0%
Free cash flow$44.5M63.8%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$69.8M+6%
Q1 FY27$71.3M+29%
Q4 FY26$67.1M+13%
Q3 FY26$56.7M+20%
Q2 FY26$66.0M+23%
Q1 FY26$55.5M+11%
Q4 FY25$59.3M+21%

From Graham's 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Graham make money?

Graham (GHM) made $69.8M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Defense brought in $45.8M (66%); Energy and Process brought in $17.6M (25%); Space brought in $6.4M (9%). Of every dollar of revenue, 28¢ was left as gross profit, 8¢ was left as operating profit, 7¢ was left as net earnings.

What is Graham's biggest business?

Defense: $45.8M in the second quarter fiscal 2027, 66% of revenue, +12% from a year earlier.

What is Graham's profit margin?

Net earnings were $4.6M, 6.6% of revenue, in the second quarter fiscal 2027; the operating margin was 8.4%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.