Filing Flows › Karman Holdings (KRMN) › Q3 2026 › vs Q3 2025
Karman Holdings (KRMN) Q3 2026 vs Q3 2025 (year over year)
Karman Holdings's revenue rose $79.8M (+66%) from $122M in Q3 2025 to $202M in Q3 2026. The biggest changes: Tactical Missile and Integrated Defense Systems +$23.1M (+52%); Hypersonic and Strategic Missile Defense +$14.5M (+40%); Space and Launch −$2.8M (-7%). Gross margin 42.7% against 41.0% (+1.7 pts).
Karman Holdings, Q3 2026: revenue $202M (+66% year over year), operating margin 15.7%, net earnings $20.9M, operating cash flow $26.7M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 42.7% | 41.0% | +1.7 pts |
| Operating margin | 15.7% | 17.9% | -2.2 pts |
| Net margin | 10.4% | 6.3% | +4.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Tactical Missile and Integrated Defense Systems | $67.6M | $44.5M | $23.1M | +52% |
| Hypersonic and Strategic Missile Defense | $51.1M | $36.6M | $14.5M | +40% |
| Space and Launch | $37.9M | $40.7M | −$2.8M | -7% |
| Revenue | $202M | $122M | $79.8M | +66% |
| Gross profit | $86.2M | $49.9M | $36.2M | +73% |
| Cost of revenue | $115M | $71.8M | $43.6M | +61% |
| Operating profit | $31.8M | $21.8M | $9.9M | +46% |
| Operating expenses | $54.4M | $28.1M | $26.3M | +93% |
| Pre-tax earnings | $13.3M | $11.9M | $1.4M | +12% |
| Other expense, net | $18.4M | $10.0M | $8.5M | +85% |
| General & admin | $41.5M | $20.0M | $21.5M | +108% |
| Other operating costs | $12.9M | $8.1M | $4.8M | +59% |
| Income tax benefit | $7.6M | −$4.2M | $11.8M | — |
| Net earnings | $20.9M | $7.6M | $13.3M | +174% |
| Depreciation & amortization | $16.5M | $11.0M | $5.5M | +50% |
| Share-based compensation | $1.9M | $0 | $1.9M | — |
| Working capital & other | $12.6M | $18.5M | −$5.9M | -32% |
| Operating cash flow | $26.7M | $131K | $26.6M | 204× |
Questions
How much did Karman Holdings's revenue grow year over year in Q3 2026?
Karman Holdings's revenue rose $79.8M (+66%) from $122M in Q3 2025 to $202M in Q3 2026.
What drove Karman Holdings's revenue change in Q3 2026?
Tactical Missile and Integrated Defense Systems +$23.1M (+52%); Hypersonic and Strategic Missile Defense +$14.5M (+40%); Space and Launch −$2.8M (-7%).