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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Karman
Karman (KRMN) investor relations material
Karman Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $201.6M, up 65.6% YoY with 25% organic growth; adjusted EBITDA reached $60.5M, up 60%, and backlog was a record $1.67B.
Quarterly bookings reached $465M; FY2026 revenue and adjusted EBITDA guidance were raised on backlog conversion and demand across defense and space markets.
Financial highlights
Q3 revenue was $201.6M, up 65.6%; 9M revenue was $534.9M, up 58.7%.
Q3 gross profit rose 72.5% to $86.2M; 9M gross profit was $228.3M, up 67%.
Q3 net income was $20.9M versus $7.6M; 9M net income was $42.7M versus $9.7M, with tax benefits materially affecting both periods.
Q3 adjusted EBITDA was $60.5M, up 60%, and adjusted diluted EPS was $0.19, up 90%; 9M adjusted EBITDA was $159.9M and adjusted EPS was $0.44.
Q3 bookings were $465M and backlog was $1.67B, up 108% YoY; backlog includes firm, binding commitments.
Outlook and guidance
FY2026 revenue guidance rose from $730M–$745M to $755M–$760M; adjusted EBITDA guidance rose from $215M–$222.5M to $225M–$227M.
Updated guidance implies 61% YoY revenue growth and 55% adjusted EBITDA growth at the respective midpoints; adjusted EBITDA margin midpoint is 29.8%.
Long-term organic growth target is 20%–25%, with adjusted EBITDA margin near 30%; focus is on building backlog for 2027 and beyond.
RPO was $1.5B at September 30, 2026; expected recognition is 15% in Q4 2026, 36% in 2027 and 49% thereafter.
THAAD production is expected to accelerate in 2027; two additional seven-year agreements are under negotiation, with further bookings as quantities are finalized.
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Latest events from Karman
- Record backlog and sustained growth driven by strategic acquisitions and capacity expansion.KRMN
Morgan Stanley's 14th Annual Laguna Conference - Strong growth, global expansion, and disciplined execution drive robust margins and outlook.KRMNJefferies Global Industrials Conference 2026
- Record Q2 revenue, net income, and backlog drive raised 2026 outlook and European expansion.KRMNQ2 2026
- Strong financial growth and robust pipeline drive sustained expansion in defense and space.KRMN46th Annual William Blair Growth Stock Conference
- Record growth, robust margins, and expanding demand position the business for continued outperformance.KRMN21st Annual Needham Technology, Media, & Consumer Conference
- Record Q1 revenue, net income, and backlog support raised 2026 outlook and strong demand.KRMNQ1 2026
- Backlog growth, acquisitions and capacity investment support rising defense demand.KRMNTD Cowen 47th Annual Aerospace & Defense Conference
- Record Q3 growth, raised guidance, and a $758M backlog support multi-year expansion.KRMNQ3 2025
- Record Q1 revenue and backlog, strong growth, but net loss due to IPO-related costs.KRMNQ1 2025
Next Karman earnings date
Q4 202625 Mar, 2027
Karman
Next Karman earnings date
Q4 202625 Mar, 2027
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Frequently asked questions
Karman Holdings Inc is a Canada-based investment holding company engaged in acquiring, developing, and managing businesses across a variety of sectors. The company focuses on long-term strategic investments in industries such as technology, real estate, and financial services. Through active ownership, Karman Holdings provides operational support and capital resources to its portfolio companies. The company is headquartered in Vancouver, Canada, and its shares are listed on the CSE.