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How Karman Holdings (KRMN) makes money
Karman Holdings (KRMN) made $202M of revenue in the third quarter 2026 (Q3 2026), +66% from a year earlier. Tactical Missile and Integrated Defense Systems brought in $67.6M (34%); Hypersonic and Strategic Missile Defense brought in $51.1M (25%); Maritime Defense Systems brought in $45.0M (22%). Of every dollar of revenue, 43¢ was left as gross profit, 16¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Tactical Missile and Integrated Defense Systems | $67.6M | 33.5% | +7% | +52% |
| Hypersonic and Strategic Missile Defense | $51.1M | 25.3% | +18% | +40% |
| Maritime Defense Systems | $45.0M | 22.3% | +34% | — |
| Space and Launch | $37.9M | 18.8% | -10% | -7% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $202M | 100.0% |
| Cost of revenue | $115M | 57.3% |
| Gross profit | $86.2M | 42.7% |
| Operating expenses | $54.4M | 27.0% |
| Operating profit | $31.8M | 15.7% |
| Net earnings | $20.9M | 10.4% |
| Operating cash flow | $26.7M | 13.3% |
| Free cash flow | $13.4M | 6.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $202M | +66% |
| Q2 2026 | $182M | +58% |
| Q1 2026 | $151M | +51% |
| Q4 2025 | $134M | +47% |
| Q3 2025 | $122M | +42% |
| Q2 2025 | $115M | +35% |
| Q1 2025 | $100M | +21% |
From Karman Holdings' 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Karman Holdings make money?
Karman Holdings (KRMN) made $202M of revenue in the third quarter 2026 (Q3 2026), +66% from a year earlier. Tactical Missile and Integrated Defense Systems brought in $67.6M (34%); Hypersonic and Strategic Missile Defense brought in $51.1M (25%); Maritime Defense Systems brought in $45.0M (22%). Of every dollar of revenue, 43¢ was left as gross profit, 16¢ was left as operating profit, 10¢ was left as net earnings.
What is Karman Holdings' biggest business?
Tactical Missile and Integrated Defense Systems: $67.6M in the third quarter 2026, 34% of revenue, +52% from a year earlier.
What is Karman Holdings' profit margin?
Net earnings were $20.9M, 10.4% of revenue, in the third quarter 2026; the operating margin was 15.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.