--- title: "Ducommun | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 215.8 M" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/277028698.md" datetime: "2026-02-26T11:14:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277028698.md) - [en](https://longbridge.com/en/news/277028698.md) - [zh-HK](https://longbridge.com/zh-HK/news/277028698.md) --- > 支持的语言: [English](https://longbridge.com/en/news/277028698.md) | [繁體中文](https://longbridge.com/zh-HK/news/277028698.md) # Ducommun | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 215.8 M Revenue: As of FY2025 Q4, the actual value is USD 215.8 M, missing the estimate of USD 217.32 M. EPS: As of FY2025 Q4, the actual value is USD 0.48, missing the estimate of USD 0.765. EBIT: As of FY2025 Q4, the actual value is USD 17.48 M. ### Fourth Quarter 2025 Financial and Operational Highlights (Q4 2025 vs. Q4 2024) #### Net Revenue Ducommun Incorporated reported net revenue of $215.8 million, marking a 9.4% increase over Q4 2024. #### Gross Margin Gross margin stood at 27.7%, reflecting a year-over-year growth of 420 basis points. #### Net Income Net income increased by 10% year-over-year to $7.4 million, representing 3.4% of revenue. Non-GAAP adjusted net income rose by 43% year-over-year to $16.2 million. #### Adjusted EBITDA Adjusted EBITDA reached $37.9 million, an increase of 39% year-over-year, and was 17.5% of revenue, up 370 basis points year-over-year. #### Cash Flow Net cash used in operations was - $74.7 million, compared to net cash provided by operations of $18.4 million during Q4 2024. Non-GAAP adjusted net cash provided by operating activities was $26.5 million, compared to $18.4 million during Q4 2024. #### Segment Revenue **Electronic Systems Net Revenue**: $119.6 million, an increase from $107.0 million in Q4 2024. This increase was primarily driven by $9.4 million higher revenue in military and space end-use markets and $3.3 million higher revenue in industrial end-use markets, partially offset by $0.1 million lower revenue in commercial aerospace end-use markets. **Structural Systems Net Revenue**: $96.2 million, up from $90.3 million in Q4 2024. This increase was primarily due to $5.3 million higher revenue in military and space end-use markets and $0.5 million higher revenue in commercial aerospace end-use markets. #### Operational Metrics **Gross Profit**: $59.8 million (27.7% of revenue) for Q4 2025, compared to $46.4 million (23.5% of revenue) for Q4 2024. **Operating Income**: $14.0 million (6.5% of revenue) for Q4 2025, compared to $10.4 million (5.3% of revenue) for Q4 2024. **Non-GAAP Adjusted Operating Income**: $24.6 million (11.4% of revenue) for Q4 2025, compared to $16.1 million (8.2% of revenue) for Q4 2024. **Interest Expense**: $3.5 million for Q4 2025, compared to $3.6 million for Q4 2024. **Corporate General and Administrative (CG&A) Expense**: $22.5 million (10.4% of total Company revenue) for Q4 2025, compared to $11.8 million (6.0% of total Company revenue) for Q4 2024. #### Segment Operating Income **Electronic Systems Operating Income**: $22.0 million (18.4% of revenue) for Q4 2025, compared to $19.0 million (17.7% of revenue) for Q4 2024. **Structural Systems Operating Income**: $14.6 million (15.2% of revenue) for Q4 2025, compared to $3.2 million (3.6% of revenue) for Q4 2024. ### Full Year 2025 Highlights #### Total Net Revenue Total net revenue reached a new record of $824.7 million for the third consecutive year. #### Gross Margins Full year gross margins set a new record at 26.9%. #### Adjusted EBITDA Margins Full year adjusted EBITDA margins were 16.4%. ### Unique Metrics #### Revenue Remaining Performance Obligations (RPO) Revenue Remaining Performance Obligations reached a new record of $1.1 billion. #### Book-to-Bill Ratio The book-to-bill ratio was 1.3x. #### Backlog Backlog stood at $1,202.9 million as of December 31, 2025, an increase from $1,060.8 million as of December 31, 2024. Military and space backlog was $706.5 million in 2025 versus $624.8 million in 2024. Commercial aerospace backlog was $477.6 million in 2025 versus $415.9 million in 2024. Industrial backlog was $18.8 million in 2025 versus $20.1 million in 2024. #### Bookings Non-GAAP bookings, net, were $290.6 million for Q4 2025, compared to $252.8 million for Q4 2024. ### Outlook / Guidance 杜科蒙 (Ducommun Incorporated) anticipates continued strength in its missile franchise in 2026 and beyond due to increased Department of War focus and long-term agreements. The company expects its commercial aerospace business to be better positioned in the latter half of 2026 and beyond, driven by Boeing’s production rate ramp and easing destocking headwinds. These factors, combined with ongoing margin expansion efforts, are expected to benefit the military and space segment and the company’s shareholders. ### 相关股票 - [Ducommun (DCO.US)](https://longbridge.com/zh-CN/quote/DCO.US.md) ## 相关资讯与研究 - [FACTBOX-Some trades ahead of Trump policy moves raise questions](https://longbridge.com/zh-CN/news/281058058.md) - [Aura Minerals Doubles Proven and Probable Reserves in 2025 Update, Triples Inferred Resources](https://longbridge.com/zh-CN/news/281360300.md) - [Why Fabrinet (FN) Is Down 13.2% After AI Hardware Sentiment Sours And What’s Next](https://longbridge.com/zh-CN/news/281407536.md) - [Tesla Needs Panasonic, BYD Doesn't — That Gap May Matter More Than You Think](https://longbridge.com/zh-CN/news/281363315.md) - [08:49 ETPanoplai Ranked #5 in the Northeast on the 2026 Inc. Regionals List](https://longbridge.com/zh-CN/news/281370909.md)