Karman Holdings Inc.KRMNEarnings & Financial Report
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
KRMN Q4 2025 Key Financial Metrics
Revenue
$134.5M
Gross Profit
$53.6M
Operating Profit
$21.1M
Net Profit
$7.7M
Gross Margin
39.9%
Operating Margin
15.7%
Net Margin
5.7%
YoY Growth
47.4%
EPS
$0.06
Financial Flow
Karman Holdings Inc. Q4 2025 Financial Summary
Karman Holdings Inc. reported revenue of $134.5M (up 47.4% YoY) for Q4 2025, with a net profit of $7.7M (up 358.3% YoY) (5.7% margin). Cost of goods sold was $80.9M, operating expenses totaled $32.6M.
Key Financial Metrics
| Total Revenue | $134.5M |
|---|---|
| Net Profit | $7.7M |
| Gross Margin | 39.9% |
| Operating Margin | 15.7% |
| Report Period | Q4 2025 |
Revenue Breakdown
Karman Holdings Inc. Q4 2025 revenue of $134.5M breaks down across 3 segments, led by Tactical Missile And Integrated Defense Systems at $50.5M (37.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Tactical Missile And Integrated Defense Systems | $50.5M | 37.5% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36.0% |
| Space And Launch | $35.7M | 26.5% |
Karman Holdings Inc. Revenue by Segment — Quarterly Trend
Karman Holdings Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Tactical Missile And Integrated Defense Systems and Hypersonic And Strategic Missile Defense) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Tactical Missile And Integrated Defense Systems | $50.5M | $44.5M | $40.5M | $36.2M |
| Hypersonic And Strategic Missile Defense | $48.4M | $36.6M | $35.0M | $30.1M |
| Space And Launch | $35.7M | $40.7M | $39.6M | $33.9M |
Karman Holdings Inc. Annual Revenue by Year
Karman Holdings Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $471.5M). Click any linked year to see what changed vs the prior annual report.
Karman Holdings Inc. Quarterly Revenue & Net Profit History
Karman Holdings Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $134.5M | +47.4% | $7.7M | 5.7% |
| Q3 2025 | $121.8M | +41.7% | $7.6M | 6.3% |
| Q2 2025 | $115.1M | +35.3% | $6.8M | 5.9% |
| Q1 2025 | $100.1M | +20.6% | $-4.8M | -4.8% |
| Q4 2024 | $91.2M | — | $1.7M | 1.8% |
| Q3 2024 | $86.0M | — | $4.3M | 5.0% |
| Q2 2024 | $85.0M | — | $4.6M | 5.4% |
| Q1 2024 | $83.0M | — | $2.1M | 2.6% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.0M | $85.0M | $86.0M | $91.2M | $100.1M | $115.1M | $121.8M | $134.5M |
| YoY Growth | N/A | N/A | N/A | N/A | 20.6% | 35.3% | 41.7% | 47.4% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | N/A | N/A | N/A | $774.0M | $875.4M | $953.9M | $968.1M | $1.10B |
| Liabilities | N/A | N/A | N/A | $578.0M | $526.5M | $592.5M | $599.0M | $721.4M |
| Equity | $184.8M | $189.6M | $194.1M | $196.0M | $348.9M | $361.5M | $369.1M | $382.7M |
Cash Flow
| Q1 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|
| Operating CF | $3.1M | $-13.6M | $-17.4M | $131000 | $8.7M |