---
title: "Karman Space & Defense Q3 2026 Earnings: Revenue up 66% to $202M"
description: "Karman revenue rose 65.6% to a record $201.6M, with 25% organic growth, and net income rose to $20.9M from $7.6M. Adjusted EBITDA was $60.5M, up 60%, backlog "
url: https://www.orbitalpha.cloud/results/krmn-q3-2026
updated: 2026-11-05
---

# Karman Space & Defense Q3 2026 results
Updated 5 Nov 2026 from live prices and SEC filings
Karman revenue rose 65.6% to a record $201.6M, with 25% organic growth, and net income rose to $20.9M from $7.6M. Adjusted EBITDA was $60.5M, up 60%, backlog reached a record $1.7B and the 2026 outlook was raised.

Karman Space & Defense ([KRMN](https://www.orbitalpha.cloud/stocks/krmn)) reported results for the three months to 30 September 2026 on 5 Nov 2026. Revenue up 66% to $202M, record $1.7B backlog, outlook raised.

## The numbers
| Measure | Q3 2026 | Change |
|---|
| Revenue | $201.6M | +65.6% (from $121.8M) |
| Organic revenue growth | 25% |  |
| Gross profit | $86.2M | from $49.9M |
| Net income | $20.9M | +174% (from $7.6M) |
| Diluted EPS | $0.16 | from $0.06 |
| Adjusted EPS | $0.19 | from $0.10 |
| Adjusted EBITDA | $60.5M | +60% (from $37.7M) |
| Adjusted EBITDA margin | 30.0% | from 31.0% |
| Operating cash flow | $26.7M | from $0.1M |
| Free cash flow | $13M |  |
| Cash and equivalents | $68.2M | from $34.0M at end of 2025 |
| Backlog | $1.7B | +108% since end of 2025 |
| Bookings | nearly $465M |  |

## What stood out
- Hypersonics and Strategic Missile Defense revenue rose 39.6% to $51.1M and Tactical Missiles and Integrated Defense Systems rose 51.9% to $67.6M.
- Space and Launch revenue fell 6.9% to $37.9M, which Karman put down to customer order timing as launch schedules shifted.
- Maritime Defense Systems, now reported separately, contributed $45.0M.
- Bookings included a significant seven-year contract supporting the THAAD missile defence programme, Karman's second long-term agreement of the quarter.
- Completed the acquisition of Walker Precision Holdings, expanding its presence in the European defence market.

## Outlook
Karman raised its fiscal 2026 outlook to revenue of $755M to $760M and adjusted EBITDA of $225M to $227M, excluding future acquisitions.

## How the shares reacted
Results came after the close on 5 November, when the shares had ended down 6.1% at $32.09. In after-hours trading at 18:05 New York time they were at $32.02, down 0.2%.

## More on Karman Space & Defense
- [KRMN stock: live price, filings, insider trades and contracts](https://www.orbitalpha.cloud/stocks/krmn)
- [Chart KRMN on TradingView ($15 off a paid plan)](https://www.tradingview.com/chart/?symbol=KRMN&aff_id=1173251&aff_sub=KRMN&source=orbitalpha)
- [All space stock results](https://www.orbitalpha.cloud/results)
- [Space stocks earnings calendar](https://www.orbitalpha.cloud/space-stocks/earnings-calendar)

## Sources
- [Karman Space & Defense Reports Third Quarter Fiscal Year 2026 Financial Results, Exhibit 99.1 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2040127/000119312526449899/krmn-ex99_1.htm)
- [Karman Holdings Form 8-K, 5 November 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2040127/000119312526449899/0001193125-26-449899-index.htm)
- [Karman Space & Defense Reports Third Quarter Fiscal Year 2026 Financial Results (Business Wire via Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/karman-space-defense-reports-third-211000860.html)
- [Karman (KRMN) Q3 2026 Earnings Results (MarketBeat)](https://www.marketbeat.com/earnings/reports/2026-11-5-karman-holdings-inc-stock/)

Figures as reported by the company; changes are against the same quarter a year earlier unless stated. Orbit Alpha is information, not investment advice.
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