Filing Flows › Karman Holdings (KRMN) › Q3 2026
Karman Holdings (KRMN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Karman Holdings (KRMN) reported revenue of $202M for the third quarter 2026 (Q3 2026), +66% from a year earlier and +11% from the quarter before. Operating margin was 15.7%, net earnings $20.9M (10.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | +11% | +66% |
| Gross profit | $86.2M | +10% | +73% |
| Operating profit | $31.8M | -9% | +46% |
| Net earnings | $20.9M | +49% | +174% |
| Operating cash flow | $26.7M | — | 204× |
| Free cash flow | $13.4M | — | — |
What changed
Revenue was $201.6M in Q3 2026, up 66% year over year and up 11% from the previous quarter. Tactical Missile and Integrated Defense Systems was the largest line at 34% of revenue. Tactical Missile and Integrated Defense Systems added $23.1M year over year (up 52%), 29% of the total change. Space and Launch declined 7%.
Gross margin was 42.7%, up 1.7 points from Q3 2025. Operating profit was $31.8M, a 15.7% margin (down 2.2 points year over year). Of the extra revenue versus Q3 2025, 12% reached operating profit, below the 18% margin then. Operating expenses grew 93% against revenue growth of 66%. The fastest-growing cost line was General & admin (+108%). Net earnings were $20.9M, up 174% year over year. The effective tax rate was -57.1%.
Operating cash flow was $26.7M (up 20303% year over year), 128% of net earnings. Non-cash charges added back $16.5M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items used $12.6M. After purchases of property and equipment ($13.4M), free cash flow as the company reports it was $13.4M.
Questions
What was Karman Holdings' revenue in the third quarter 2026?
Karman Holdings (KRMN) reported revenue of $202M for the third quarter 2026 (Q3 2026), +66% from a year earlier and +11% from the quarter before.
Was Karman Holdings profitable in the third quarter 2026?
Operating profit was $31.8M (15.7% of revenue) and net earnings $20.9M.
Source: Karman Holdings 10-Q on SEC EDGAR.