Filing Flows › Karman Holdings (KRMN) › Q4 2025
Karman Holdings (KRMN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 3, 2026
Karman Holdings (KRMN) reported revenue of $134M for the fourth quarter 2025 (Q4 2025), +47% from a year earlier and +10% from the quarter before. Operating margin was 15.7%, net earnings $7.7M (5.7% of revenue).
Karman Holdings, Q4 2025: revenue $134M (+47% year over year), operating margin 15.7%, net earnings $7.7M, operating cash flow $8.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $134M | +10% | +47% |
| Gross profit | $53.6M | +7% | +54% |
| Operating profit | $21.1M | -3% | +47% |
| Net earnings | $7.7M | +0.9% | +358% |
| Operating cash flow | $8.7M | 66× | +15% |
| Free cash flow | $4.0M | — | +13% |
What changed
Revenue was $134.5M in Q4 2025, up 47% year over year and up 10% from the previous quarter.
Gross margin was 39.9%, up 1.8 points from a year earlier. Operating profit was $21.1M, a 15.7% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 16% margin then. Operating expenses grew 60% against revenue growth of 47%. The fastest-growing cost line was General & admin (+74%). Net earnings were $7.7M, up 358% year over year. The effective tax rate was 43.1%.
Operating cash flow was $8.7M (up 15% year over year), 113% of net earnings. Non-cash charges added back $12.6M of depreciation and amortization. Working capital and other items used $11.6M. Capital expenditures of $4.7M left free cash flow of $4.0M.
Questions
What was Karman Holdings' revenue in the fourth quarter 2025?
Karman Holdings (KRMN) reported revenue of $134M for the fourth quarter 2025 (Q4 2025), +47% from a year earlier and +10% from the quarter before.
Was Karman Holdings profitable in the fourth quarter 2025?
Operating profit was $21.1M (15.7% of revenue) and net earnings $7.7M.
Source: Karman Holdings 10-K on SEC EDGAR.