Hexcel Corporation (NYSE: HXL) lifts 2026 outlook after Q2 sales rise
Rhea-AI Filing Summary
Hexcel Corporation reported strong second quarter 2026 results, with net sales of $529.3 million, up 8.0% from $489.9 million a year earlier. Commercial Aerospace sales rose 18.3% to $346.6 million while Defense, Space & Other declined 7.2% to $182.7 million. Gross margin expanded to 26.1% from 22.8%, supporting GAAP net income of $49.3 million and diluted EPS of $0.64, versus $13.5 million and $0.17 in 2025; adjusted diluted EPS increased 32.0% to $0.66.
For the first half of 2026, sales reached $1,030.8 million, up 8.9%. Net cash from operating activities improved to $96.7 million, driving free cash flow of $51.8 million versus a negative $46.6 million in 2025. The company refinanced $400 million of 3.95% notes with new 4.9% notes due 2031, ended the quarter with net debt of $897.2 million, and declared a $0.18 quarterly dividend. Management raised 2026 sales guidance to $2.025–$2.125 billion and adjusted EPS guidance to $2.30–$2.40, while maintaining free cash flow and capital expenditure targets.
Positive
- Q2 2026 results were significantly stronger, with net sales of $529.3 million up 8.0%, GAAP diluted EPS rising to $0.64 from $0.17, and adjusted diluted EPS up 32.0% to $0.66.
- 2026 outlook improved, as management raised sales guidance to $2.025–$2.125 billion and adjusted diluted EPS guidance to $2.30–$2.40, while still targeting free cash flow of more than $195 million.
Negative
- None.
Filing Explained
The July 29 Form 8-K reports Hexcel’s second-quarter results and related sales data. It states that no shares were repurchased during the quarter, while approximately
8-K Event Classification
Key Figures
Key Terms
free cash flow financial
constant currency financial
adjusted operating income financial
senior notes financial
treasury lock agreements financial
Earnings Snapshot
For 2026, the company guides sales to $2.025–$2.125 billion (previously $2.0–$2.1 billion), adjusted diluted EPS to $2.30–$2.40 (previously $2.10–$2.30), free cash flow of greater than $195 million, and capital expenditures of less than $100 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
July 29, 2026 (
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Date of report (Date of earliest event reported)
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(Exact Name of Registrant as Specified in Charter)
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(Address of Principal Executive Offices and Zip Code)
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.□
Section 2 – Financial Information
Item 2.02 Results of Operations and Financial Condition
On July 29, 2026 Hexcel Corporation (the “Company”) issued a press release in which the Company announced its financial results for its fiscal quarter ended June 30, 2026. A copy of this earnings press release is being furnished as Exhibit 99.1 and is incorporated herein by reference.
Section 7 – Regulation FD
Item 7.01 Regulation FD Disclosure
The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.
The information contained in Items 2.02 and 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Section 8 – Other Events
Item 8.01 Other Events
On July 29, 2026 the Company posted to its website a table which summarizes sales by segment and market for the quarters ended June 30, 2026 and 2025, March 31, 2026 and 2025 and the six-month periods ended June 30, 2026 and 2025. A copy of this information is being filed as Exhibit 99.2 and is incorporated herein by reference. Other information appearing on the Company’s website is not incorporated by reference herein.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 |
Press Release issued by the Company on July 29, 2026.
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99.2 |
Sales by segment and market for the quarters ended June 30, 2026 and 2025, March 31, 2026 and 2025 and the six-month periods ended June 30, 2026 and 2025.
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HEXCEL CORPORATION |
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July 29, 2026 |
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/s/ Amy S. Evans |
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Amy S. Evans |
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Senior Vice President, |
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Chief Accounting Officer |
Hexcel Corporation Two Stamford Plaza| 281 Tresser Blvd., 16thFloor Stamford, CT 06901 USA www.hexcel.com |
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Exhibit 99.1
HEXCEL REPORTS 2026 SECOND QUARTER RESULTS
• Q2 2026 GAAP diluted EPS of $0.64 compared to Q2 2025 GAAP diluted EPS of $0.17. • Q2 2026 adjusted diluted EPS of $0.66, compared to Q2 2025 adjusted diluted EPS of $0.50. • Q2 2026 Sales were $529 million, an increase of 8.0% over Q2 2025 sales of $490 million (8.1% increase in constant currency). • FY 2026 sales guidance increased to $2.025 billion to $2.125 billion, previously $2.0 billion to $2.1 billion. Adjusted EPS increased to $2.30 to $2.40, previously $2.10 to $2.30. |
See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.
Summary of Results from Operations |
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Quarters Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(In millions, except per share data) |
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2026 |
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2025 |
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% Change |
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2026 |
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2025 |
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% Change |
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Net Sales |
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$ |
529.3 |
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$ |
489.9 |
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8.0 % |
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$ |
1,030.8 |
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$ |
946.4 |
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8.9 % |
Net sales change in constant currency |
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8.1 % |
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8.5 % |
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Operating Income |
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72.6 |
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30.0 |
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142.0 % |
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130.2 |
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74.2 |
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75.5 % |
Net Income |
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49.3 |
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13.5 |
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265.2 % |
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86.5 |
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42.4 |
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104.0 % |
Diluted net income per common share |
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$ |
0.64 |
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$ |
0.17 |
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276.5 % |
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$ |
1.13 |
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$ |
0.52 |
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117.3 % |
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Non-GAAP measures for year-over-year comparison (Table C) |
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Adjusted Operating Income |
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$ |
73.6 |
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$ |
54.2 |
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35.8 % |
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$ |
141.1 |
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$ |
99.5 |
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41.8 % |
As a % of sales |
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13.9 |
% |
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11.1 |
% |
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13.7 |
% |
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10.5 |
% |
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Adjusted Net Income |
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50.2 |
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40.4 |
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24.3 % |
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95.7 |
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70.5 |
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35.7 % |
Adjusted diluted net income per share |
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$ |
0.66 |
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$ |
0.50 |
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32.0 % |
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$ |
1.25 |
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$ |
0.87 |
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43.7 % |
STAMFORD, Conn. July 29, 2026 – Hexcel Corporation (NYSE: HXL) today reported second quarter 2026 results including net sales of $529.3 million and adjusted diluted EPS of $0.66 per share.
Chairman, CEO and President Tom Gentile said, “Rising build rates at our commercial aerospace customers drove strong sales growth this quarter. Sales growth was particularly strong for both the Airbus A350 and Boeing 787 programs, with quarterly sales for these two platforms reaching their highest levels since before the pandemic. The increase in total sales generated meaningful operating leverage that contributed to solid earnings for the quarter with adjusted EPS of $0.66 per share.”
Mr. Gentile continued, “Last year, we intentionally lagged adding headcount as we sought greater certainty around customer demand. With the commercial aerospace recovery taking hold and improving visibility to future rates, we are now adding headcount and accelerating the restart of previously idle assets. Our focus remains on execution as we position Hexcel to benefit from a multi-year growth cycle under existing contracts and from the growing adoption of advanced, lightweight composites across aerospace platforms. Given the strengthening demand signals from our customers, we are increasing our 2026 sales and adjusted EPS guidance. As we generate cash this year, we will continue to pay down debt following the borrowing for the accelerated share repurchase executed in late 2025.”
Markets
Sales in the second quarter of 2026 were $529.3 million compared to $489.9 million in the second quarter of 2025.
Commercial Aerospace
Defense, Space & Other
Consolidated Operations
Gross margin for the second quarter of 2026 was 26.1% compared to 22.8% in the second quarter of 2025 as the current period benefited from higher sales leverage. As a percentage of sales, selling, general and administrative expenses for the second quarter of 2026 were 8.9% compared to 8.8% for the second quarter of 2025. R&D expenses as a percentage of sales were 3.3 % in the second quarter of 2026 compared to 2.9% for the second quarter of 2025. Adjusted operating income in the second quarter of 2026 was $73.6 million or 13.9% of sales, compared to $54.2 million, or 11.1% of sales in the second quarter of 2025. The impact of exchange rates on operating income as a percent of sales was unfavorable by approximately 90 basis points in the second quarter of 2026 compared to the second quarter of 2025. Other operating expense in the second quarter of 2026 included restructuring charges of $1.0 million related to the shutdown of industrial-oriented manufacturing at the Leicester, UK facility. Other operating expense in the second quarter of 2025 included restructuring charges of $24.2 million related to the closure of the Welkenraedt, Belgium facility.
Year-to-Date 2026 Results
Sales for the first six months of 2026 were $1,030.8 million compared to $946.4 million, an 8.9% increase from the same period in 2025.
Commercial Aerospace (66% of YTD sales)
Defense, Space & Other (34% of YTD sales)
Consolidated Operations
Gross margin for the first six months of 2026 was 26.5% compared to 22.6% in the prior year period benefiting from higher sales leverage and mix. As a percentage of sales, selling, general and
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administrative expenses for the first six months of 2026 were 9.4% compared to 9.1% in the comparable prior year period. R&D expenses as a percentage of sales were 3.4% in the first six months of 2026 compared to 3.0% in the first six months of 2025. Adjusted operating income for the first six months of 2026 was $141.1 million or 13.7% of sales, compared to $99.5 million or 10.5% of sales in 2025. The impact of foreign exchange rates on operating income as a percent of sales was unfavorable by approximately 80 basis points in the first six months of 2026 compared to the first six months of 2025. Other operating expense for the first six months of 2026 included restructuring expenses related to the shutdown of industrial-oriented manufacturing at the Leicester, UK facility and non-recurring professional fees. Other operating expense for the first six months of 2025 included restructuring charges related to the closure of the Welkenraedt, Belgium facility and the divestiture of the Hartford, Connecticut business.
Cash and other
2026 Guidance
*****
Hexcel will host a conference call at 9:30 a.m. ET, on July 30, 2026 to discuss second quarter 2026 results. The live webcast will be available on the Investor Relations section of the Hexcel website via the following link: : https://events.q4inc.com/attendee/221265810. The event can also be accessed by dialing +1 (646) 307-1963. The conference ID: 2360739. Replays of the call will be available on the investor relations page of the Hexcel website approximately two hours after the conclusion of the call.
*****
About Hexcel
Hexcel Corporation is a global leader in advanced lightweight composites technology. We provide innovative, high-performance material solutions that are lighter, stronger, and tougher, shaping a world that moves farther, smarter, and more efficiently. Our broad and unrivaled product range includes carbon fiber, specialty
3
reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core, and composite structures for use in commercial aerospace, defense and space, and industrial applications.
*****
Disclaimer on Forward Looking Statements
This news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others, and the revenues we may generate from an aircraft model or program; expectations with regard to the impact of regulatory activity related to the Boeing 737 MAX on our revenues; expectations with regard to raw material cost and availability, including any impact associated with quotas, duties, tariffs, taxes or other similar restrictions upon the import or export of materials or the Middle East conflict; expectations of composite content on new commercial aircraft programs and our share of those requirements; expectations regarding revenues from defense and space applications, including whether certain programs might be curtailed or discontinued, and government funding opportunities; expectations regarding sales for industrial applications; expectations regarding cash generation, working capital trends, and inventory levels; expectations as to the level of research and development investment, capital expenditures, capacity, including the timing of completion of capacity expansions, and qualification of new products; expectations regarding our ability to improve or maintain margins; expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy; projections regarding our tax rate or restructuring or alignment activities; expectations with regard to the continued impact of macroeconomic factors or geopolitical issues or conflicts, including the Middle East conflict; expectations regarding our strategic initiatives, including our sustainability goals and restructuring or alignment activities; expectations with regard to the effectiveness of cybersecurity measures; expectations regarding the outcome of legal matters or the impact of changes in laws or regulations; expectations relating to our share repurchase program and dividends; and our expectations of financial results for 2026 and beyond. Actual results may differ materially from the results anticipated in the forward-looking statements due to a variety of factors, including but not limited to, the extent of the impact of macroeconomic factors or geopolitical issues or conflicts, including U.S. trade policy and retaliatory actions taken in response and the Middle East conflict; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to regulatory activity or public scrutiny impacting the Boeing 737 MAX; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; the availability and cost of raw materials, including the impact of supply disruptions, inflation, tariffs and the Middle East conflict; our ability to successfully implement or realize our strategic initiatives, including our sustainability goals and any restructuring or alignment activities in which we may engage; changes in sales mix; changes in current pricing due to cost levels; changes in aerospace build or delivery rates; any impact from a prolonged shutdown of the U.S. federal government; changes in government defense procurement or investment budgets; timely new product development or introduction; our ability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; our ability to execute future share repurchases or dividends and the source of funds used for such repurchases or dividends; cybersecurity-related risks, including the potential impact of breaches or intrusions; currency exchange rate fluctuations; uncertainty related to governmental actions and changes in political, social and economic conditions, including the effect of change in global trade policies, tariff rates, economic sanctions and embargoes; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; and the unexpected outcome of legal matters or impact of changes in laws or regulations. Additional risk factors are described in our filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.
4
Contact
Kurt Goddard | Vice President Investor Relations | Kurt.Goddard@Hexcel.com | +1 (203)-352-6826
*****
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Statements of Operations |
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Unaudited |
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Quarters Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(In millions, except per share data) |
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2026 |
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2025 |
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2026 |
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2025 |
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Net sales |
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$ |
529.3 |
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$ |
489.9 |
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$ |
1,030.8 |
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$ |
946.4 |
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Cost of sales |
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391.2 |
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378.4 |
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758.0 |
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732.5 |
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Gross margin |
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138.1 |
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111.5 |
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272.8 |
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213.9 |
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% Gross Margin |
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26.1 |
% |
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22.8 |
% |
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26.5 |
% |
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22.6 |
% |
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Selling, general and administrative expenses |
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47.2 |
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43.0 |
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96.6 |
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86.3 |
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Research and development expenses |
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17.3 |
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14.3 |
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35.1 |
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28.1 |
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Other operating expense |
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1.0 |
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24.2 |
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10.9 |
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25.3 |
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Operating income |
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72.6 |
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30.0 |
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130.2 |
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74.2 |
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Interest expense, net |
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12.0 |
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9.1 |
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23.8 |
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16.9 |
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Other (income) expense |
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(0.1 |
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(0.9 |
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0.2 |
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(0.5 |
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Income before income taxes |
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60.7 |
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21.8 |
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106.2 |
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57.8 |
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Income tax expense |
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11.4 |
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8.3 |
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19.7 |
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15.4 |
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Net income |
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$ |
49.3 |
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$ |
13.5 |
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$ |
86.5 |
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$ |
42.4 |
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Basic net income per common share: |
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$ |
0.65 |
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$ |
0.17 |
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$ |
1.14 |
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$ |
0.53 |
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Diluted net income per common share: |
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$ |
0.64 |
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$ |
0.17 |
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$ |
1.13 |
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$ |
0.52 |
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Weighted-average common shares: |
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Basic |
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75.7 |
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80.2 |
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75.8 |
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80.7 |
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Diluted |
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76.5 |
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80.6 |
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76.6 |
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81.1 |
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5
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Balance Sheets |
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Unaudited |
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June 30, |
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December 31, |
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(In millions) |
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2026 |
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2025 |
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Assets |
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Cash and cash equivalents |
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$ |
62.2 |
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$ |
71.0 |
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Accounts receivable, net |
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299.2 |
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249.3 |
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Inventories, net |
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345.2 |
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328.8 |
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Contract assets |
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41.6 |
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35.9 |
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Prepaid expenses and other current assets |
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44.0 |
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45.7 |
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Total current assets |
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792.2 |
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730.7 |
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Property, plant and equipment |
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3,324.2 |
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3,322.4 |
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Less accumulated depreciation |
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(1,743.1 |
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(1,710.9 |
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Net property, plant and equipment |
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1,581.1 |
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1,611.5 |
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Goodwill and other intangible assets, net |
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235.6 |
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239.8 |
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Investments in affiliated companies |
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5.0 |
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5.0 |
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Other assets |
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116.7 |
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117.0 |
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Total assets |
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$ |
2,730.6 |
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$ |
2,704.0 |
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Liabilities and Stockholders' Equity |
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Liabilities: |
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Accounts payable |
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$ |
144.6 |
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$ |
146.6 |
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Accrued compensation and benefits |
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73.3 |
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79.0 |
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Accrued liabilities |
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108.5 |
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97.1 |
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Total current liabilities |
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326.4 |
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322.7 |
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Long-term debt |
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959.4 |
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993.0 |
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Retirement obligations |
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28.8 |
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28.4 |
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Other non-current liabilities |
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117.8 |
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109.2 |
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Total liabilities |
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$ |
1,432.4 |
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$ |
1,453.3 |
|
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, $0.01 par value, 200.0 shares authorized, 112.7 shares issued at June 30, 2026 and 112.1 shares |
|
$ |
1.1 |
|
|
$ |
1.1 |
|
Additional paid-in capital |
|
|
1,002.3 |
|
|
|
994.9 |
|
Retained earnings |
|
|
2,366.2 |
|
|
|
2,307.0 |
|
Accumulated other comprehensive loss |
|
|
(43.8 |
) |
|
|
(12.9 |
) |
|
|
|
3,325.8 |
|
|
|
3,290.1 |
|
|
|
|
|
|
|
|
||
Less – Treasury stock, at cost, 37.2 shares at June 30, 2026 and 36.4 shares at December 31, 2025 |
|
|
(2,027.6 |
) |
|
|
(2,039.4 |
) |
Total stockholders' equity |
|
|
1,298.2 |
|
|
|
1,250.7 |
|
Total liabilities and stockholders' equity |
|
$ |
2,730.6 |
|
|
$ |
2,704.0 |
|
6
Hexcel Corporation and Subsidiaries |
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
Six Months Ended |
|
|||||
|
|
June 30, |
|
|||||
(In millions) |
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
86.5 |
|
|
$ |
42.4 |
|
Reconciliation to net cash (used for) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
60.5 |
|
|
|
60.6 |
|
Amortization related to financing |
|
|
0.8 |
|
|
|
0.1 |
|
Deferred income taxes |
|
|
8.0 |
|
|
|
(2.7 |
) |
Stock-based compensation |
|
|
14.5 |
|
|
|
12.4 |
|
Restructuring expenses, net of payments |
|
|
2.1 |
|
|
|
23.1 |
|
Debt extinguishment costs |
|
|
0.7 |
|
|
|
0.4 |
|
Loss on divestiture of assets |
|
|
- |
|
|
|
1.1 |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
(52.0 |
) |
|
|
(44.2 |
) |
Increase (decrease) in inventories |
|
|
(22.0 |
) |
|
|
7.2 |
|
Increase in prepaid expenses and other current assets |
|
|
(9.3 |
) |
|
|
(19.5 |
) |
Increase (decrease) in accounts payable/accrued liabilities |
|
|
11.1 |
|
|
|
(68.0 |
) |
Other - net |
|
|
(4.2 |
) |
|
|
(18.1 |
) |
Net cash provided by (used for) operating activities (a) |
|
|
96.7 |
|
|
|
(5.2 |
) |
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures (b) |
|
|
(44.9 |
) |
|
|
(41.4 |
) |
Payments on divestiture of assets |
|
|
- |
|
|
|
(1.1 |
) |
Net cash used for investing activities |
|
|
(44.9 |
) |
|
|
(42.5 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Borrowings from senior unsecured credit facilities |
|
|
595.0 |
|
|
|
160.0 |
|
Repayments of senior unsecured credit facilities |
|
|
(625.0 |
) |
|
|
(30.0 |
) |
Redemption of 4.7% senior notes due 2025 |
|
|
- |
|
|
|
(300.0 |
) |
Redemption of 3.95% senior notes due 2027 |
|
|
(400.0 |
) |
|
|
- |
|
Proceeds from issuance of 4.9% senior notes due 2031 |
|
|
400.0 |
|
|
|
- |
|
Proceeds from issuance of 5.875% senior notes due 2035 |
|
|
- |
|
|
|
300.0 |
|
Repurchases of common stock |
|
|
- |
|
|
|
(100.9 |
) |
Issuance costs related to senior unsecured credit facilities |
|
|
(2.3 |
) |
|
|
- |
|
Issuance costs related to senior notes |
|
|
(4.6 |
) |
|
|
(4.1 |
) |
Repayment of finance lease obligation and other debt, net |
|
|
(0.2 |
) |
|
|
0.2 |
|
Dividends paid |
|
|
(27.3 |
) |
|
|
(27.5 |
) |
Activity under stock plans |
|
|
4.7 |
|
|
|
(1.8 |
) |
Net cash used for financing activities |
|
|
(59.7 |
) |
|
|
(4.1 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(0.9 |
) |
|
|
3.6 |
|
Net decrease in cash and cash equivalents |
|
|
(8.8 |
) |
|
|
(48.2 |
) |
Cash and cash equivalents at beginning of period |
|
|
71.0 |
|
|
|
125.4 |
|
Cash and cash equivalents at end of period |
|
$ |
62.2 |
|
|
$ |
77.2 |
|
|
|
|
|
|
|
|
||
Supplemental data: |
|
|
|
|
|
|
||
Free Cash Flow (a)+(b) |
|
$ |
51.8 |
|
|
$ |
(46.6 |
) |
Accrual basis additions to property, plant and equipment |
|
$ |
37.2 |
|
|
$ |
31.8 |
|
7
Hexcel Corporation and Subsidiaries |
|
|||||||||||||||||||||||
Net Sales to Third-Party Customers by Market |
|
|||||||||||||||||||||||
Quarters Ended June 30, 2026 and 2025 |
Unaudited |
|
|
|
|
|
Table A |
|
||||||||||||||||
(In millions) |
|
As Reported |
|
|
Constant Currency (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
B/(W) |
|
|
FX |
|
|
|
|
|
B/(W) |
|
||||||
Market |
|
2026 |
|
|
2025 |
|
|
% |
|
|
Effect (b) |
|
|
2025 |
|
|
% |
|
||||||
Commercial Aerospace |
|
$ |
346.6 |
|
|
$ |
293.1 |
|
|
|
18.3 |
|
|
$ |
(1.4 |
) |
|
$ |
291.7 |
|
|
|
18.8 |
|
Defense, Space & Other |
|
|
182.7 |
|
|
|
196.8 |
|
|
|
(7.2 |
) |
|
|
1.1 |
|
|
|
197.9 |
|
|
|
(7.7 |
) |
Consolidated Total |
|
$ |
529.3 |
|
|
$ |
489.9 |
|
|
|
8.0 |
|
|
$ |
(0.3 |
) |
|
$ |
489.6 |
|
|
|
8.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated % of Net Sales |
|
% |
|
|
% |
|
|
|
|
|
|
|
|
% |
|
|
|
|
||||||
Commercial Aerospace |
|
|
65.5 |
|
|
|
59.8 |
|
|
|
|
|
|
|
|
|
59.6 |
|
|
|
|
|||
Defense, Space & Other |
|
|
34.5 |
|
|
|
40.2 |
|
|
|
|
|
|
|
|
|
40.4 |
|
|
|
|
|||
Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2026 and 2025 |
Unaudited |
|
|
|
|
|
|
|
||||||||||||||||
(In millions) |
|
As Reported |
|
|
Constant Currency (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
B/(W) |
|
|
FX |
|
|
|
|
|
B/(W) |
|
||||||
Market |
|
2026 |
|
|
2025 |
|
|
% |
|
|
Effect (b) |
|
|
2025 |
|
|
% |
|
||||||
Commercial Aerospace |
|
$ |
679.3 |
|
|
$ |
573.2 |
|
|
|
18.5 |
|
|
$ |
(2.0 |
) |
|
$ |
571.2 |
|
|
|
18.9 |
|
Defense, Space & Other |
|
|
351.5 |
|
|
|
373.2 |
|
|
|
(5.8 |
) |
|
|
6.0 |
|
|
|
379.2 |
|
|
|
(7.3 |
) |
Consolidated Total |
|
$ |
1,030.8 |
|
|
$ |
946.4 |
|
|
|
8.9 |
|
|
$ |
4.0 |
|
|
$ |
950.4 |
|
|
|
8.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated % of Net Sales |
|
% |
|
|
% |
|
|
|
|
|
|
|
|
% |
|
|
|
|
||||||
Commercial Aerospace |
|
|
65.9 |
|
|
|
60.6 |
|
|
|
|
|
|
|
|
|
60.1 |
|
|
|
|
|||
Defense, Space & Other |
|
|
34.1 |
|
|
|
39.4 |
|
|
|
|
|
|
|
|
|
39.9 |
|
|
|
|
|||
Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|||
8
Hexcel Corporation and Subsidiaries |
|
|||||||||||||||
Segment Information |
|
Unaudited |
|
|
Table B |
|
||||||||||
(In millions) |
|
Composite Materials |
|
|
Engineered Products |
|
|
Corporate |
|
|
Total |
|
||||
Second Quarter 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
421.5 |
|
|
$ |
107.8 |
|
|
$ |
- |
|
|
$ |
529.3 |
|
Intersegment sales |
|
|
27.2 |
|
|
|
1.5 |
|
|
|
(28.7 |
) |
|
|
- |
|
Total sales |
|
|
448.7 |
|
|
|
109.3 |
|
|
|
(28.7 |
) |
|
|
529.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
1.0 |
|
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
Operating income (loss) |
|
|
74.2 |
|
|
|
16.4 |
|
|
|
(18.0 |
) |
|
|
72.6 |
|
% Operating margin |
|
|
16.5 |
% |
|
|
15.0 |
% |
|
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27.0 |
|
|
|
3.1 |
|
|
|
- |
|
|
|
30.1 |
|
Stock-based compensation expense |
|
|
1.2 |
|
|
|
0.3 |
|
|
|
3.7 |
|
|
|
5.2 |
|
Accrual based additions to capital expenditures |
|
|
16.9 |
|
|
|
2.6 |
|
|
|
- |
|
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Second Quarter 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
393.2 |
|
|
$ |
96.7 |
|
|
$ |
- |
|
|
$ |
489.9 |
|
Intersegment sales |
|
|
19.4 |
|
|
|
0.4 |
|
|
|
(19.8 |
) |
|
|
- |
|
Total sales |
|
|
412.6 |
|
|
|
97.1 |
|
|
|
(19.8 |
) |
|
|
489.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
- |
|
|
|
24.2 |
|
|
|
- |
|
|
|
24.2 |
|
Operating income (loss) |
|
|
58.3 |
|
|
|
(13.6 |
) |
|
|
(14.7 |
) |
|
|
30.0 |
|
% Operating margin |
|
|
14.1 |
% |
|
|
(14.0 |
)% |
|
|
|
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27.5 |
|
|
|
3.3 |
|
|
|
- |
|
|
|
30.8 |
|
Stock-based compensation expense |
|
|
0.9 |
|
|
|
0.2 |
|
|
|
1.6 |
|
|
|
2.7 |
|
Accrual based additions to capital expenditures |
|
|
13.1 |
|
|
|
1.6 |
|
|
|
- |
|
|
|
14.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Six Months 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
820.3 |
|
|
$ |
210.5 |
|
|
$ |
- |
|
|
$ |
1,030.8 |
|
Intersegment sales |
|
|
55.6 |
|
|
|
3.1 |
|
|
|
(58.7 |
) |
|
|
- |
|
Total sales |
|
|
875.9 |
|
|
|
213.6 |
|
|
|
(58.7 |
) |
|
|
1,030.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
6.7 |
|
|
|
- |
|
|
|
4.2 |
|
|
|
10.9 |
|
Operating income (loss) |
|
|
143.9 |
|
|
|
31.6 |
|
|
|
(45.3 |
) |
|
|
130.2 |
|
% Operating margin |
|
|
16.4 |
% |
|
|
14.8 |
% |
|
|
|
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
54.2 |
|
|
|
6.3 |
|
|
|
- |
|
|
|
60.5 |
|
Stock-based compensation expense |
|
|
4.6 |
|
|
|
1.1 |
|
|
|
8.8 |
|
|
|
14.5 |
|
Accrual based additions to capital expenditures |
|
|
32.9 |
|
|
|
4.3 |
|
|
|
- |
|
|
|
37.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Six Months 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
758.5 |
|
|
$ |
187.9 |
|
|
$ |
- |
|
|
$ |
946.4 |
|
Intersegment sales |
|
|
39.5 |
|
|
|
0.7 |
|
|
|
(40.2 |
) |
|
|
- |
|
Total sales |
|
|
798.0 |
|
|
|
188.6 |
|
|
|
(40.2 |
) |
|
|
946.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
- |
|
|
|
25.3 |
|
|
|
- |
|
|
|
25.3 |
|
Operating income (loss) |
|
|
112.9 |
|
|
|
(8.5 |
) |
|
|
(30.2 |
) |
|
|
74.2 |
|
% Operating margin |
|
|
14.1 |
% |
|
|
(4.5 |
)% |
|
|
|
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
54.1 |
|
|
|
6.5 |
|
|
|
- |
|
|
|
60.6 |
|
Stock-based compensation expense |
|
|
3.9 |
|
|
|
1.0 |
|
|
|
7.5 |
|
|
|
12.4 |
|
Accrual based additions to capital expenditures |
|
|
28.6 |
|
|
|
3.2 |
|
|
|
- |
|
|
|
31.8 |
|
(a) Hexcel does not allocate corporate expenses to the operating segments.
9
Hexcel Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|||||||||
Reconciliation of GAAP to Non-GAAP Operating Income, Net Income, EPS and Operating Cash Flow to Free Cash Flow |
|
|
|
|
|
Table C |
|
|
|||||||||
|
|
Unaudited |
|||||||||||||||
|
|
Quarters Ended |
|
|
Six Months Ended |
|
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
|
||||||||||
(In millions) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
||||
GAAP operating income |
|
$ |
72.6 |
|
|
$ |
30.0 |
|
|
$ |
130.2 |
|
|
$ |
74.2 |
|
|
Other operating expense (a) |
|
|
1.0 |
|
|
|
24.2 |
|
|
|
10.9 |
|
|
|
25.3 |
|
|
Non-GAAP operating income |
|
$ |
73.6 |
|
|
$ |
54.2 |
|
|
$ |
141.1 |
|
|
$ |
99.5 |
|
|
|
|
Unaudited |
|
|||||||||||||
|
|
Quarters Ended June 30, |
|
|||||||||||||
|
|
2026 |
|
|
2025 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Income |
|
|
EPS |
|
||||
GAAP |
|
$ |
49.3 |
|
|
$ |
0.64 |
|
|
$ |
13.5 |
|
|
$ |
0.17 |
|
Other operating expense, net of tax (a) |
|
|
0.8 |
|
|
|
0.02 |
|
|
|
24.2 |
|
|
|
0.30 |
|
Other income, net of tax (b) |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.7 |
) |
|
|
(0.01 |
) |
Tax expense (c) |
|
|
0.2 |
|
|
|
- |
|
|
|
3.4 |
|
|
|
0.04 |
|
Non-GAAP |
|
$ |
50.2 |
|
|
$ |
0.66 |
|
|
$ |
40.4 |
|
|
$ |
0.50 |
|
|
|
Unaudited |
|
|||||||||||||
|
|
Six Months Ended June 30, |
|
|||||||||||||
|
|
2026 |
|
|
2025 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Income |
|
|
EPS |
|
||||
GAAP |
|
$ |
86.5 |
|
|
$ |
1.13 |
|
|
$ |
42.4 |
|
|
$ |
0.52 |
|
Other operating expense, net of tax (a) |
|
|
8.9 |
|
|
|
0.12 |
|
|
|
25.1 |
|
|
|
0.31 |
|
Other expense (income), net of tax (b) |
|
|
0.1 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
- |
|
Tax expense (c) |
|
|
0.2 |
|
|
|
- |
|
|
|
3.4 |
|
|
|
0.04 |
|
Non-GAAP |
|
$ |
95.7 |
|
|
$ |
1.25 |
|
|
$ |
70.5 |
|
|
$ |
0.87 |
|
|
|
Unaudited |
|
|||||
|
|
Six Months Ended June 30 |
|
|||||
(In millions) |
|
2026 |
|
|
2025 |
|
||
Net cash provided by operating activities |
|
$ |
96.7 |
|
|
$ |
(5.2 |
) |
Less: Capital expenditures |
|
|
(44.9 |
) |
|
|
(41.4 |
) |
Free cash flow (non-GAAP) |
|
$ |
51.8 |
|
|
$ |
(46.6 |
) |
10
NOTE: Management believes that adjusted operating income, adjusted net income, adjusted diluted net income per share and free cash flow, which are non-GAAP measures, are meaningful to investors because they provide a view of Hexcel with respect to the underlying operating results excluding special items. Special items represent significant charges or credits that are important to an understanding of Hexcel’s overall operating results in the periods presented. Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.
Hexcel Corporation and Subsidiaries |
|
|||||||||||
Schedule of Total Debt, Net of Cash |
Table D |
|
||||||||||
|
|
Unaudited |
|
|||||||||
|
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
|||
(In millions) |
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Senior unsecured credit facility |
|
$ |
265.0 |
|
|
$ |
295.0 |
|
|
$ |
130.0 |
|
3.95% senior notes due 2027 |
|
|
- |
|
|
|
400.0 |
|
|
|
400.0 |
|
5.875% senior notes due 2035 |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
4.9% senior notes due 2031 |
|
|
400.0 |
|
|
|
- |
|
|
|
- |
|
Senior notes original issue discounts |
|
|
(0.4 |
) |
|
|
- |
|
|
|
(0.3 |
) |
Senior notes deferred financing costs |
|
|
(7.1 |
) |
|
|
(4.2 |
) |
|
|
(4.3 |
) |
Other debt |
|
|
1.9 |
|
|
|
2.2 |
|
|
|
2.3 |
|
Total long-term debt |
|
|
959.4 |
|
|
|
993.0 |
|
|
|
827.7 |
|
Total Debt |
|
|
959.4 |
|
|
|
993.0 |
|
|
|
827.7 |
|
Less: Cash and cash equivalents |
|
|
(62.2 |
) |
|
|
(71.0 |
) |
|
|
(77.2 |
) |
Total debt, net of cash |
|
$ |
897.2 |
|
|
$ |
922.0 |
|
|
$ |
750.5 |
|
11
EXHIBIT 99.2
Hexcel Corporation and Subsidiaries |
|
|||||||||||
Net Sales by Segment and Market |
|
|||||||||||
For the Quarters Ended June 30, 2026 and 2025, March 31, 2026 and 2025 |
|
|||||||||||
and the Six-Months Ended June 30, 2026 and 2025 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Unaudited |
|
|||||||||
|
|
Commercial |
|
|
Defense, Space |
|
|
|
|
|||
(In millions) |
|
Aerospace |
|
|
& Other |
|
|
Total |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Second Quarter 2026 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
289.2 |
|
|
$ |
132.3 |
|
|
$ |
421.5 |
|
Engineered Products |
|
|
57.4 |
|
|
|
50.4 |
|
|
|
107.8 |
|
Total |
|
$ |
346.6 |
|
|
$ |
182.7 |
|
|
$ |
529.3 |
|
|
|
|
65 |
% |
|
|
35 |
% |
|
|
100 |
% |
First Quarter 2026 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
281.2 |
|
|
$ |
117.6 |
|
|
$ |
398.8 |
|
Engineered Products |
|
|
51.5 |
|
|
|
51.2 |
|
|
|
102.7 |
|
Total |
|
$ |
332.7 |
|
|
$ |
168.8 |
|
|
$ |
501.5 |
|
|
|
|
66 |
% |
|
|
34 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Second Quarter 2025 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
249.9 |
|
|
$ |
143.3 |
|
|
$ |
393.2 |
|
Engineered Products |
|
|
43.2 |
|
|
|
53.5 |
|
|
|
96.7 |
|
Total |
|
$ |
293.1 |
|
|
$ |
196.8 |
|
|
$ |
489.9 |
|
|
|
|
60 |
% |
|
|
40 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|||
First Quarter 2025 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
241.8 |
|
|
$ |
123.5 |
|
|
$ |
365.3 |
|
Engineered Products |
|
|
38.3 |
|
|
|
52.9 |
|
|
|
91.2 |
|
Total |
|
$ |
280.1 |
|
|
$ |
176.4 |
|
|
$ |
456.5 |
|
|
|
|
61 |
% |
|
|
39 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Year to date June 30, 2026 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
570.4 |
|
|
$ |
249.9 |
|
|
$ |
820.3 |
|
Engineered Products |
|
|
108.9 |
|
|
|
101.6 |
|
|
|
210.5 |
|
Total |
|
$ |
679.3 |
|
|
$ |
351.5 |
|
|
$ |
1,030.8 |
|
|
|
|
66 |
% |
|
|
34 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Year to date June 30, 2025 |
|
|
|
|
|
|
|
|
|
|||
Composite Materials |
|
$ |
491.7 |
|
|
$ |
266.8 |
|
|
$ |
758.5 |
|
Engineered Products |
|
|
81.5 |
|
|
|
106.4 |
|
|
|
187.9 |
|
Total |
|
$ |
573.2 |
|
|
$ |
373.2 |
|
|
$ |
946.4 |
|
|
|
|
61 |
% |
|
|
39 |
% |
|
|
100 |
% |