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Ducommun
Ducommun (DCO) investor relations material
Ducommun Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record Q4 2025 revenue of $216 million, up 9.4% year-over-year, and record full-year revenue of $825 million, driven by double-digit defense growth and commercial aerospace returning to growth.
Gross margin reached 27.7% in Q4 and 26.9% for the full year, both at record levels, with adjusted EBITDA margin at 17.5% in Q4 and 16.4% for the year.
Book-to-bill ratio was 1.3x in Q4, with record remaining performance obligations (RPO) of $1.1 billion.
Military and space segment led growth, with commercial aerospace showing signs of recovery after destocking headwinds.
One-time litigation settlement and related costs impacted GAAP net income, resulting in Q4 net income of $7.4 million and a full-year net loss of $34 million.
Financial highlights
Q4 gross profit was $59.8 million (27.7% margin), up from $46.4 million (23.5%) last year.
Q4 adjusted operating income was $24.6 million (11.4% margin), up from $16.1 million (8.2%) year-over-year.
Q4 adjusted net income was $16.2 million ($1.05/share), up 43% year-over-year.
Q4 adjusted EBITDA was $37.9 million (17.5% margin), up $10.6 million year-over-year; full-year adjusted EBITDA margin was 16.4%.
Q4 net cash used in operations was $74.7 million, primarily due to litigation settlement; adjusted cash from operations was $26.5 million.
Outlook and guidance
Expect mid-to-high single-digit revenue growth in 2026, with acceleration in the second half as destocking subsides and defense momentum continues.
On track to achieve Vision 2027 targets: $950M–$1,000M revenue and 18% adjusted EBITDA margin.
September 2026 investor conference to update Vision 2027 and introduce Vision 2032.
Tariffs and elevated interest rates not expected to materially impact results.
Future litigation settlement cost expectations?
Engineered Products' role in VISION 2027 margin?
Why discontinue backlog reporting for RPO?
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Next Ducommun earnings date
Q1 20265 May, 2026
Ducommun
Next Ducommun earnings date
Q1 20265 May, 2026
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Frequently asked questions
Ducommun Incorporated is a provider of engineering and manufacturing services for the aerospace, defense, and industrial sectors. The company specializes in producing complex structural components, electronic systems, and high-performance materials used in commercial and military aircraft, space systems, and industrial equipment. Ducommun’s offerings include aerostructures, avionics, mission-critical assemblies, and precision machining services. The company supports customers with design, development, and production solutions tailored to demanding applications. The company is headquartered in Santa Ana, California, and its shares are listed on the NYSE.
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