Filing Flows › Karman Holdings (KRMN) › Q2 2026 › vs Q2 2025
Karman Holdings (KRMN) Q2 2026 vs Q2 2025 (year over year)
Karman Holdings's revenue rose $67.0M (+58%) from $115M in Q2 2025 to $182M in Q2 2026. The biggest changes: Tactical Missile and Integrated Defense Systems +$22.5M (+55%); Hypersonic and Strategic Missile Defense +$8.5M (+24%); Space and Launch +$2.5M (+6%). Gross margin 43.0% against 40.9% (+2.1 pts).
Karman Holdings, Q2 2026: revenue $182M (+58% year over year), operating margin 19.1%, net earnings $14.0M, operating cash flow −$3.2M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 43.0% | 40.9% | +2.1 pts |
| Operating margin | 19.1% | 17.5% | +1.7 pts |
| Net margin | 7.7% | 5.9% | +1.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Tactical Missile and Integrated Defense Systems | $63.0M | $40.5M | $22.5M | +55% |
| Hypersonic and Strategic Missile Defense | $43.4M | $35.0M | $8.5M | +24% |
| Space and Launch | $42.1M | $39.6M | $2.5M | +6% |
| Revenue | $182M | $115M | $67.0M | +58% |
| Gross profit | $78.2M | $47.0M | $31.2M | +66% |
| Cost of revenue | $104M | $68.1M | $35.8M | +53% |
| Operating profit | $34.8M | $20.1M | $14.7M | +73% |
| Operating expenses | $43.4M | $26.9M | $16.5M | +61% |
| Pre-tax earnings | $19.3M | $8.6M | $10.7M | +124% |
| Other expense, net | $15.6M | $11.5M | $4.1M | +35% |
| General & admin | $31.3M | $19.4M | $11.9M | +61% |
| Other operating costs | $12.1M | $7.5M | $4.6M | +61% |
| Net earnings | $14.0M | $6.8M | $7.2M | +106% |
| Income tax | $5.2M | $1.8M | $3.4M | +193% |
| Operating cash sources | $33.8M | $33.9M | −$64K | -0.2% |
| Depreciation & amortization | $15.2M | $9.7M | $5.5M | +56% |
| Share-based compensation | $1.4M | $0 | $1.4M | — |
| Cash used in operations | $3.2M | $17.4M | −$14.2M | -82% |
| Working capital & other | $33.8M | $33.9M | −$64K | -0.2% |
Questions
How much did Karman Holdings's revenue grow year over year in Q2 2026?
Karman Holdings's revenue rose $67.0M (+58%) from $115M in Q2 2025 to $182M in Q2 2026.
What drove Karman Holdings's revenue change in Q2 2026?
Tactical Missile and Integrated Defense Systems +$22.5M (+55%); Hypersonic and Strategic Missile Defense +$8.5M (+24%); Space and Launch +$2.5M (+6%).