Revenue: As of FY2026 Q2, the actual value is USD 182.06 M, beating the estimate of USD 180.06 M.

EPS: As of FY2026 Q2, the actual value is USD 0.11, beating the estimate of USD 0.1083.

EBIT: As of FY2026 Q2, the actual value is USD 34.55 M.

Second Quarter Fiscal Year 2026 Highlights

Karman Holdings Inc. reported record quarterly revenue of $182.1 million, driven by 24.4% year-over-year organic growth and 58.2% total growth, with net income reaching a record $14.0 million, a 106.1% increase year-over-year. Non-GAAP adjusted EBITDA also reached a record $54.6 million, representing a 54.7% year-over-year increase. The company’s backlog stood at a record $1.3 billion at the end of the second quarter of 2026, up 65% compared to the end of fiscal year 2025, with quarterly bookings totaling nearly $500 million across all end markets.

Revenue by Segment

Three Months Ended June 30, 2026 vs. 2025

• Hypersonics and Strategic Missile Defense: Revenue was $43,417 thousand in 2026, up 24.2% from $34,960 thousand in 2025.
• Space and Launch: Revenue was $42,072 thousand in 2026, up 6.3% from $39,597 thousand in 2025.
• Tactical Missiles and Integrated Defense Systems: Revenue was $63,012 thousand in 2026, up 55.4% from $40,540 thousand in 2025.
• Maritime Defense Systems: Revenue was $33,562 thousand in 2026.
• Total Revenue: Total revenue increased by 58.2% to $182,063 thousand in 2026 from $115,097 thousand in 2025.

Six Months Ended June 30, 2026 vs. 2025

• Hypersonics and Strategic Missile Defense: Revenue was $79,105 thousand in 2026, up 21.7% from $65,016 thousand in 2025.
• Space and Launch: Revenue was $85,926 thousand in 2026, up 17.0% from $73,468 thousand in 2025.
• Tactical Missiles and Integrated Defense Systems: Revenue was $108,272 thousand in 2026, up 41.1% from $76,737 thousand in 2025.
• Maritime Defense Systems: Revenue was $59,970 thousand in 2026.
• Total Revenue: Total revenue increased by 54.9% to $333,273 thousand in 2026 from $215,221 thousand in 2025.

Operational Metrics

Three Months Ended June 30, 2026 vs. 2025

• Cost of goods sold: $103,829 thousand in 2026 compared to $68,076 thousand in 2025.
• Gross profit: $78,234 thousand in 2026 compared to $47,021 thousand in 2025.
• Operating expenses: $43,405 thousand in 2026 compared to $26,917 thousand in 2025.
• Net operating income: $34,829 thousand in 2026 compared to $20,104 thousand in 2025.
• Interest expense, net: - $15,284 thousand in 2026 compared to - $11,893 thousand in 2025.
• Other income (expense): - $280 thousand in 2026 compared to $380 thousand in 2025.
• Provision for income taxes: - $5,233 thousand in 2026 compared to - $1,784 thousand in 2025.
• Net income: $14,032 thousand in 2026 compared to $6,807 thousand in 2025.
• Net income margin: 7.7% in 2026 compared to 5.9% in 2025.
• Adjusted EBITDA: $54,580 thousand in 2026 compared to $35,281 thousand in 2025.
• Adjusted EBITDA margin: 30.0% in 2026 compared to 30.7% in 2025.

Six Months Ended June 30, 2026 vs. 2025

• Cost of goods sold: $191,174 thousand in 2026 compared to $128,749 thousand in 2025.
• Gross profit: $142,099 thousand in 2026 compared to $86,472 thousand in 2025.
• Operating expenses: $85,818 thousand in 2026 compared to $56,405 thousand in 2025.
• Net operating income: $56,281 thousand in 2026 compared to $30,067 thousand in 2025.
• Interest expense, net: - $27,930 thousand in 2026 compared to - $23,266 thousand in 2025.
• Other income (expense): - $454 thousand in 2026 compared to $300 thousand in 2025.
• Provision for income taxes: - $6,071 thousand in 2026 compared to - $5,092 thousand in 2025.
• Net income: $21,826 thousand in 2026 compared to $2,009 thousand in 2025.
• Net income margin: 6.5% in 2026 compared to 0.9% in 2025.
• Adjusted EBITDA: $99,366 thousand in 2026 compared to $65,600 thousand in 2025.
• Adjusted EBITDA margin: 29.8% in 2026 compared to 30.5% in 2025.

Other Key Metrics

• Total Assets: $1,443,977 thousand as of June 30, 2026, compared to $1,104,096 thousand as of December 31, 2025.
• Total Liabilities: $1,022,880 thousand as of June 30, 2026, compared to $721,405 thousand as of December 31, 2025.
• Stockholders’ Equity: $421,097 thousand as of June 30, 2026, compared to $382,691 thousand as of December 31, 2025.

Outlook / Guidance

Karman Holdings Inc. has raised its expectations for the full fiscal year 2026. The company now anticipates total revenue to be between $730 million and $745 million. Non-GAAP Adjusted EBITDA is projected to be between $215.0 million and $222.5 million, excluding the impact of any future acquisitions.