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Carpenter Technology (CRS) investor relations material
Carpenter Technology Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary23 Oct, 2025
Executive summary
Achieved record quarterly operating income of $153.3 million, up 31%–35% year-over-year, driven by strong Aerospace and Defense demand, improved product mix, and pricing actions, with SAO segment marking its fifteenth consecutive quarter of margin expansion.
Net income increased to $122.5 million ($2.43 per diluted share), up from $84.8 million ($1.67 per diluted share) in the prior year quarter, reflecting ongoing operational improvements and cost discipline.
Aerospace and Defense bookings accelerated, up 23% sequentially, with several high-value long-term agreements completed at significant price increases.
Five large long-term agreements (LTAs) were negotiated with aerospace customers, all with significant price increases.
Financial highlights
Net sales for Q1 FY2026 were $733.7 million, up 2% year-over-year; excluding surcharge revenue, sales rose 4%.
Gross profit increased to $216.4 million (29.5% margin), up 23% year-over-year; adjusted gross margin excluding surcharge revenue was 35.9%.
Adjusted operating income reached $153.3 million (20.9% margin), up 31% year-over-year; adjusted operating margin excluding surcharge revenue was 25.4%.
Net income was $122.5 million, up 44% year-over-year; earnings per diluted share reached $2.43.
Cash from operating activities was $39.2 million; adjusted free cash flow was negative $3.4 million due to higher capital expenditures.
Outlook and guidance
FY2026 operating income guidance is $660–$700 million, a 26%–33% increase over FY2025, with line of sight to the high end.
FY2027 operating income target reaffirmed at $765–$800 million, representing ~50% growth over FY2025.
Q2 FY2026 operating income expected between $152 million and $156 million; SAO segment operating income expected at $168–$172 million.
FY2026 adjusted free cash flow projected at $240–$280 million, net of $175–$185 million in brownfield expansion spending.
FY2026 capital expenditures are projected at $280 million–$300 million, including brownfield expansion.
What drove SAO margin expansion with lower volume?
Brownfield CapEx impact on Q1 FCF and FY26?
Quantify value realization from new aerospace LTAs.
What drives SAO margin expansion beyond 32%?
How does brownfield avoid supply-demand impact?
Medical market recovery timeline?
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Next Carpenter Technology earnings date
Q2 202629 Jan, 2026
Next Carpenter Technology earnings date
Q2 202629 Jan, 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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