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Carpenter Technology
Carpenter Technology (CRS) investor relations material
Carpenter Technology Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Achieved record quarterly operating income of $155.2 million, up 31% year-over-year for Q2 FY2026, surpassing previous records, with strong demand in Aerospace & Defense and commercial aerospace bookings up 23% sequentially.
Net income for Q2 FY2026 was $105.3 million ($2.09 per diluted share), up from $84.1 million ($1.66 per share) in the prior year, driven by improved product mix, pricing, and operational efficiencies.
Adjusted earnings per diluted share reached $2.33, excluding debt refinancing impacts and special items.
Completed several new long-term aerospace agreements at substantial price increases, supporting robust pricing power.
Cash from operating activities for the quarter was $132.2 million, nearly doubling year-over-year, with adjusted free cash flow of $85.9 million.
Financial highlights
Net sales for Q2 FY2026 were $728.0 million, up 8% year-over-year; gross profit increased to $218.3 million, with gross margin at 30.0% (37.1% excluding surcharge revenue).
Adjusted operating margin (excluding surcharge revenue and special items) was 26.3% for Q2 FY2026, up 4.6 percentage points year-over-year.
Effective tax rate for Q2 FY2026 was 19.0%.
Interest expense, net, declined to $10.2 million for the quarter, reflecting lower rates and higher capitalized interest.
Generated $132.2 million in operating cash flow and $85.9 million in adjusted free cash flow for the quarter.
Outlook and guidance
Raised FY2026 operating income guidance to $680–$700 million, a 30–33% increase over FY2025, with at least $280 million in adjusted free cash flow expected.
Q3 FY2026 operating income expected between $177–$182 million; SAO segment operating income projected at $195–$200 million.
FY2027 guidance of $765–$800 million to be updated in coming quarters; further earnings growth anticipated beyond FY2027.
Capital expenditures for FY2026 projected at $300–$315 million, including brownfield expansion.
Management expects continued growth in operating income, driven by higher sales, improved productivity, and favorable product mix, especially in Aerospace & Defense and Energy markets.
Aerospace LTA value realization impact
SAO margin expansion drivers
Brownfield expansion vs. share repurchases priority
Brownfield expansion's impact on supply deficit?
Quantify recent LTA price increase magnitude.
What's behind structural aerospace order placement?
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Next Carpenter Technology earnings date
Q3 202623 Apr, 2026
Carpenter Technology
Next Carpenter Technology earnings date
Q3 202623 Apr, 2026
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Frequently asked questions
Carpenter Technology Corporation manufactures and distributes specialty metals and engineered products, including stainless steels, titanium alloys, and powder metals. Its products serve industries such as aerospace, medical, transportation, and energy. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
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