Filing Flows › Karman Holdings (KRMN) › Q3 2025
Karman Holdings (KRMN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Karman Holdings (KRMN) reported revenue of $122M for the third quarter 2025 (Q3 2025), +42% from a year earlier and +6% from the quarter before. Operating margin was 17.9%, net earnings $7.6M (6.3% of revenue).
Karman Holdings, Q3 2025: revenue $122M (+42% year over year), operating margin 17.9%, net earnings $7.6M, operating cash flow $131K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $122M | +6% | +42% |
| Gross profit | $49.9M | +6% | +48% |
| Operating profit | $21.8M | +8% | +25% |
| Net earnings | $7.6M | +12% | +78% |
| Operating cash flow | $131K | — | -99% |
What changed
Revenue was $121.8M in Q3 2025, up 42% year over year and up 6% from the previous quarter. Tactical Missile and Integrated Defense Systems was the largest line at 37% of revenue. Tactical Missile and Integrated Defense Systems added $13.1M year over year (up 42%), 37% of the total change.
Gross margin was 41.0%, up 1.7 points from a year earlier. Operating profit was $21.8M, a 17.9% margin (down 2.3 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, below the 20% margin then. Operating expenses grew 72% against revenue growth of 42%. The fastest-growing cost line was General & admin (+79%). Net earnings were $7.6M, up 78% year over year. The effective tax rate was 35.6%.
Operating cash flow was $131K (down 99% year over year), 2% of net earnings. Non-cash charges added back $11.0M of depreciation and amortization. Working capital and other items used $18.5M. Capital expenditures of $7.0M exceeded it, leaving free cash flow of −$6.8M.
Questions
What was Karman Holdings' revenue in the third quarter 2025?
Karman Holdings (KRMN) reported revenue of $122M for the third quarter 2025 (Q3 2025), +42% from a year earlier and +6% from the quarter before.
Was Karman Holdings profitable in the third quarter 2025?
Operating profit was $21.8M (17.9% of revenue) and net earnings $7.6M.
Source: Karman Holdings 10-Q on SEC EDGAR.