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Graham (GHM) investor relations material
Graham Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Aug, 2025
Executive summary
Revenue grew 11% year-over-year to $55.5M, driven by strong energy, process, and defense markets, with aftermarket sales up 33%.
Net income increased 55% to $4.6M ($0.42 per diluted share); adjusted net income per diluted share was $0.45, up 36%.
Adjusted EBITDA rose 33% to $6.8M, with margin at 12.3%; gross margin improved 170 bps to 26.5%.
Record backlog reached $482.9M, up 22% year-over-year, with a book-to-bill ratio of 2.3x, mainly from large defense contracts.
Major Navy contracts and strategic investments in manufacturing, R&D, and workforce training support future growth.
Financial highlights
Gross profit rose 19% to $14.7M; operating income up 54% to $5.0M; gross margin expanded to 26.5%.
Adjusted EBITDA margin improved to 12.3%; net income margin increased to 8.3%.
Orders totaled $125.9M, up 126% year-over-year, with $86.5M for Virginia class submarines; aftermarket orders up 16%.
Ended quarter with $10.8M cash, no debt, and $44.3M available on revolver; capex was $7M, focused on capacity and productivity.
SG&A expenses rose to $9.8M, but as a percent of sales declined to 17.7%.
Outlook and guidance
Fiscal 2026 guidance reiterated: net sales of $225M–$235M, gross margin 24.5%–25.5%, adjusted EBITDA $22M–$28M, capex $15M–$18M.
Guidance assumes stable operations, supply chain access, and no major disruptions.
Long-term targets: 8–10% organic revenue growth per year and low to mid-teen adjusted EBITDA margins.
Backlog expected to convert 35–40% to revenue within one year.
SG&A guidance: 17.5%–18.5% of sales; tax rate 20%–22%.
How will the cryogenic facility improve margins?
What is driving growth in the Energy & Process market?
What % of backlog will convert to sales in 1-2 years?
What drives expected gross margin normalization?
Defense aftermarket: What drives growth?
Cryogenic facility: Revenue expectations?
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Q2 20267 Nov, 2025
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Frequently asked questions
Graham Corporation designs and manufactures vacuum and heat transfer equipment for process industries and defense applications. Its products include surface condensers, ejector systems, and heat exchangers used in oil refining, petrochemicals, power generation, and naval vessels. The company also provides engineering and aftermarket support services. The company is headquartered in Batavia, New York, and its shares are listed on the NYSE.
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