Filing Flows › HMH Holding (HMH) › Q3 2026 › vs Q3 2025
HMH Holding (HMH) Q3 2026 vs Q3 2025 (year over year)
HMH Holding's revenue fell $46.1M (-21%) from $217M in Q3 2025 to $171M in Q3 2026. The biggest changes: Product revenue −$37.4M (-69%); Service revenue −$7.7M (-7%); Spare parts revenue −$984K (-2%). Operating margin 12.8% against 13.0% (-0.2 pts).
HMH Holding, Q3 2026: revenue $171M (-21% year over year), operating margin 12.8%, net earnings $5.0M, operating cash flow −$6.2M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 12.8% | 13.0% | -0.2 pts |
| Net margin | 2.9% | 7.5% | -4.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Project and other manufacturing contracts revenue | $9.3M | $16.3M | −$7.0M | -43% |
| Sale of products | $7.5M | $37.9M | −$30.4M | -80% |
| Product revenue | $16.8M | $54.1M | −$37.4M | -69% |
| Service revenue | $97.1M | $105M | −$7.7M | -7% |
| Spare parts revenue | $57.2M | $58.2M | −$984K | -2% |
| Revenue | $171M | $217M | −$46.1M | -21% |
| Operating profit | $21.8M | $28.2M | −$6.4M | -23% |
| Costs & expenses | $149M | $189M | −$39.7M | -21% |
| Pre-tax earnings | $17.5M | $20.2M | −$2.7M | -13% |
| Other expense, net | $4.3M | $8.0M | −$3.7M | -46% |
| Cost of revenue | $113M | $157M | −$44.5M | -28% |
| Research & development | $222K | $98K | $124K | +127% |
| SG&A | $33.9M | $31.4M | $2.6M | +8% |
| Net earnings | $5.0M | $16.2M | −$11.2M | -69% |
| Minority interests | $5.4M | −$357K | $5.7M | — |
| Income tax | $7.2M | $4.3M | $2.8M | +65% |
| Operating cash sources | $24.1M | −$9.4M | $33.5M | — |
| Depreciation & amortization | $10.6M | $10.9M | −$244K | -2% |
| Share-based compensation | $2.3M | $0 | $2.3M | — |
| Cash used in operations | $6.2M | −$36.5M | $42.7M | — |
| Working capital & other | $24.1M | −$9.4M | $33.5M | — |
Questions
How much did HMH Holding's revenue grow year over year in Q3 2026?
HMH Holding's revenue fell $46.1M (-21%) from $217M in Q3 2025 to $171M in Q3 2026.
What drove HMH Holding's revenue change in Q3 2026?
Product revenue −$37.4M (-69%); Service revenue −$7.7M (-7%); Spare parts revenue −$984K (-2%).