DPC Holdings (DPC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 39.2% YoY to $308.1m; adjusted EBITDA rose 55.6% to $58.2m, with margin expanding 200 bps to 18.9%.

• GAAP net income was $31.8m versus a $42.2m loss a year earlier; 9M net loss was $146.8m, while adjusted EBITDA reached $146.1m.

• Strategic progress included acquiring a 50% stake in MPP, signing a fifth customer partnership, refinancing debt and divesting Ivostud.

• FY2026 guidance was raised and FY2027 guidance introduced, supported by demand, partnerships and planned capacity additions.

Financial highlights

• Q3 revenue was $308.1m versus $221.4m; metal-cost inflation pass-through contributed ~6 percentage points of growth but did not increase EBITDA dollars.

• Q3 adjusted net income was $72.8m and adjusted EPS $0.49, versus $24.3m and $0.22; GAAP EPS was $0.21 versus a $0.37 loss.

• 9M revenue rose 33.3% to $813.4m; adjusted EBITDA was $146.1m versus $102.4m, while GAAP net loss was $146.8m.

• Q3 adjusted free cash flow was $111.2m; reported free cash flow was negative $100.5m, reflecting the management incentive plan payment adjustment.

• Q3 metal-cost pass-through diluted adjusted EBITDA margin by 90 bps; aerospace revenue rose 45%, IGT 43% and transportation 21%.

Outlook and guidance

• FY2026 guidance was raised to revenue of $1.115bn-$1.13bn and adjusted EBITDA of $204m-$207m; margin guidance is ~19% excluding metal inflation.

• FY2027 guidance is revenue of $1.23bn-$1.33bn and adjusted EBITDA of $240m-$260m, with midpoints of $1.28bn and $250m and ~19.5% margin.

• FY2027 adjusted EPS is guided at $1.00-$1.10, free cash flow at $(20)m-$20m and capex at $145m-$170m.

• FY2027 guidance includes 100% consolidation of MPP, excludes Ivostud and includes capex for the fifth partnership; partnership capacity is expected online from late 2027.

• Five strategic partnerships are expected to deliver over $300m of annual incremental revenue by 2031; the fifth IGT partnership is expected to add over $100m by 2032.