Karman Holdings (KRMN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Karman Space & Defense published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Karman Space & Defense reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Maritime Defense Systems is a new end market in 2026. Karman says its 2025 revenue in that area was included within other end markets, so no year-ago figure is shown for it.
• Karman bought Seemann Composites and Materials Sciences in early 2026 and Walker Precision Holdings on August 28, 2026. Karman put organic revenue growth at 25% against total growth of 66%. Figures are reported in thousands; shown here in millions.

Source: Karman Space & Defense Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Karman Space & Defense splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Karman Space & Defense's Hypersonics and Strategic Missile Defense revenue was $51.1 million in Q3 2026, up 40% from $36.6 million in Q3 2025, 25% of total revenue.
• Karman Space & Defense's Space and Launch revenue was $37.9 million in Q3 2026, down 7% from $40.7 million in Q3 2025, 19% of total revenue.
• Karman Space & Defense's Tactical Missiles and Integrated Defense Systems revenue was $67.6 million in Q3 2026, up 52% from $44.5 million in Q3 2025, 34% of total revenue.
• Karman Space & Defense's Maritime Defense Systems revenue was $45.0 million in Q3 2026, 22% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Karman Space & Defense said:

“For the full fiscal year 2026, Karman raises its expectations for total revenue to between $755 million and $760 million, and for adjusted EBITDA to between $225 million and $227 million, excluding the impact of any future acquisitions.”

“With significant visibility into our increased fiscal 2026 guidance, we are focused on building backlog for 2027 and beyond while supporting our long-term organic revenue growth algorithm of 20% to 25%.”

Source: Karman Space & Defense Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KRMN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Karman Space & Defense's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Karman Space & Defense's revenue was $201.6 million in Q3 2026, up 65.6% from $121.8 million. Karman supplies more than 150 customers across more than 150 programs, and reports revenue by end market: Tactical Missiles and Integrated Defense Systems $67.6 million, Hypersonics and Strategic Missile Defense $51.1 million, Maritime Defense Systems $45.0 million and Space and Launch $37.9 million. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

Karman said Hypersonics and Strategic Missile Defense grew 39.6% on higher production of key interceptor programs tied to Munitions Acceleration Council priorities and a new surface-to-surface missile system. Tactical Missiles and Integrated Defense Systems grew 51.9% on core production programs, including unmanned aircraft systems and counter-UAS. Space and Launch fell 6.9% because launch schedules shifted the timing of customer orders. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

Acquisitions explain most of the jump. Maritime Defense Systems, $45.0 million of new revenue from submarine and surface vessel programs, did not exist as a reported end market a year ago, and Karman put organic growth at 25% against total growth of 66%. Karman completed the purchase of Walker Precision Holdings, a maker of complex machined components for aerospace and defense, on August 28, 2026, which it says establishes its presence in Europe. (Karman Space & Defense Q3 2026 release, Nov 5, 2026; Karman Space & Defense Form 10-Q, Q3 2026, Nov 6, 2026)

Karman's revenue is concentrated in a few customers. Two customers each supplied more than 10% of revenue in the first nine months of 2026 and accounted for about 30% of accounts receivable; in the first nine months of 2025, three customers supplied 26.1%, 11.9% and 10.3% of revenue. (Karman Space & Defense Form 10-Q, Q3 2026, Nov 6, 2026)

Karman Space & Defense earned GAAP diluted EPS of $0.16 in Q3 2026, against $0.06, on net income of $20.9 million. Pre-tax income rose only to $13.3 million from $11.9 million because interest expense climbed to $18.0 million from $10.0 million and general and administrative expense doubled to $41.5 million. An income tax benefit of $7.6 million, against a $4.2 million expense a year earlier, lifted net income; Karman's reconciliation attributes part of it to U.S. federal research and development tax credits. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

Karman's Adjusted EPS of $0.19 adds back $0.03 of acquisition-related transaction expenses, mostly for Walker, $0.03 of lender and administrative agent fees, $0.01 of integration costs and $0.01 of stock-based compensation, and subtracts $0.05 of other adjustments that include the R&D tax credit benefit and a $2.9 million write-off of unamortized debt issuance costs. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

Karman's diluted share count was 132.5 million, almost unchanged from 132.3 million a year earlier. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Karman Space & Defense gives a full-year outlook in its release. It raised 2026 guidance to revenue of $755 million to $760 million and adjusted EBITDA of $225 million to $227 million, excluding any future acquisitions. CEO Jon Rambeau described a long-term organic revenue growth algorithm of 20% to 25%. (Karman Space & Defense Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Karman Space & Defense, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Karman Space & Defense's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KRMN is on is KRMN a buy or a sell?, what analysts expect next is on the KRMN forecast, and what the company does is on the Karman Holdings (KRMN) stock page.

Every number on this page can be traced to a document Karman Space & Defense published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.