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Hexcel Corporation reported stronger results for the quarter ended March 31, 2026, with net sales of $501.5 million, up 9.9% from $456.5 million a year earlier, driven mainly by commercial aerospace demand.
Commercial aerospace revenue rose 18.8% to $332.7 million, while Defense, Space & Other fell 4.3% to $168.8 million, partly reflecting a prior industrial divestiture. Gross margin improved to 26.9% of sales from 22.4%, lifting operating income 30.3% to $57.6 million.
Net income increased to $37.2 million from $28.9 million, and diluted EPS grew to $0.49 from $0.35. Free cash flow remained negative at $(6.2) million, as $25.2 million of capital spending exceeded $19.0 million of operating cash flow.
Hexcel refinanced its senior unsecured credit facility with a new $750 million agreement maturing in 2031 and ended the quarter with $998.1 million of total debt, $54.1 million of cash, and $450.0 million of undrawn revolver availability. The company also completed a $350 million accelerated share repurchase at an average price of $77.38 per share and recorded $5.5 million of restructuring charges tied to shutting down industrial manufacturing at its Leicester, UK facility.
Hexcel Corporation reported strong first quarter 2026 results, with net sales rising to $501.5 million from $456.5 million, a 9.9% increase, driven mainly by commercial aerospace demand. Adjusted diluted EPS grew to $0.59 from $0.37, reflecting higher margins and operating leverage.
Commercial Aerospace sales climbed 18.8% to $332.7 million, while Defense, Space & Other sales declined 4.3% to $168.8 million following an industrial business divestiture. Gross margin improved to 26.9% from 22.4%, and adjusted operating income rose to $67.5 million, or 13.5% of sales.
Operating cash flow improved to $19.0 million from a use of $28.5 million, with free cash flow negative $6.2 million but much better than negative $54.6 million a year earlier. Hexcel reaffirmed its 2026 guidance, targeting $2.0–$2.1 billion in sales, adjusted EPS of $2.10–$2.30, free cash flow above $195 million, and capital expenditures under $100 million.
HEXCEL CORP (HXL) director Patricia Hubbard received a grant of 277 Restricted Stock Units (RSUs). The award was reported as a compensation-related acquisition, not an open-market trade, with a stated price of $0.00 per unit.
Each RSU represents a conditional right to receive one share of Hexcel common stock. According to the deferral terms, the 277 underlying shares will be issued after Hubbard ceases to be a member of Hexcel’s board of directors, effectively postponing delivery of the stock until she leaves the board.
Hexcel director David H. Li reported compensation-related equity activity involving restricted stock units (RSUs) and common shares. On April 4, 2026, he exercised 457 RSUs, converting them into 457 shares of common stock at a stated price of $0.00 per share, a non-market transaction.
Following this exercise, his direct holdings in Hexcel’s common stock increased to 1,542 shares. On April 3, 2026, he also received a grant of 277 RSUs, each representing a conditional right to one common share. These RSUs are scheduled to convert into an equivalent number of common shares on the first anniversary of the grant date.
Hexcel Corporation is asking stockholders to vote at its May 14, 2026 virtual annual meeting on electing nine directors, approving 2025 executive compensation on an advisory basis, ratifying Ernst & Young as auditor for 2026, and approving a new Long-Term Incentive Plan.
As of March 17, 2026, there were 75,394,986 common shares outstanding, with a majority required for quorum. For 2025, sales were $1,894 million, down 0.5% versus 2024. Diluted EPS declined to $1.37 from $1.59 and adjusted diluted EPS to $1.76 from $2.03.
Hexcel reported net cash provided by operating activities of $230.5 million and free cash flow of $157.2 million, both lower than 2024, while returning more than $800 million to stockholders since early 2024 through dividends and share repurchases. The proxy also highlights board refreshment, strong independence, majority voting, robust stock ownership guidelines and detailed risk oversight, succession planning and sustainability governance.
Hexcel Corporation entered into a new $750 million revolving credit facility that matures on March 31, 2031. This credit agreement replaces the company’s prior facility, which had been scheduled to expire in April 2028.
On March 31, 2026, Hexcel borrowed $300 million under the new revolver to repay all amounts outstanding under the terminated facility and to pay related fees and expenses. The company incurred no early termination penalties.
Borrowings under the facility can be used for general corporate purposes, including acquisitions, investments and debt repayments. Interest is based on either an Adjusted Term SOFR rate or a base rate, in each case plus an Applicable Margin that initially is 1.125% for SOFR borrowings and 0.125% for base rate borrowings and may later fluctuate based on Hexcel’s public debt rating or consolidated leverage ratio.
Hexcel Corp: Schedule 13G/A amendment showing disaggregated reporting by The Vanguard Group. The filing states that following an internal realignment effective January 12, 2026, certain Vanguard subsidiaries will report beneficial ownership separately. The Vanguard Group reports 0% beneficial ownership of Hexcel common stock and lists 0 shares beneficially owned as of the amendment.
The filing describes the internal realignment under SEC Release No. 34-39538 and confirms that Vanguard no longer deems itself to have beneficial ownership over securities held by those subsidiaries. The filing is a routine ownership disclosure amendment and does not report any purchases or sales of Hexcel shares by Vanguard in this excerpt.
Hexcel Corporation is appointing James (Jamie) Coogan as Executive Vice President and Chief Financial Officer, and principal financial officer, effective May 1, 2026. He brings more than 20 years of finance, accounting and investor relations experience, including senior CFO roles at Axcelis Technologies and Kaman Corporation.
Interim CFO Michael C. Lenz will move to Executive Vice President, Senior Advisor, remaining for about three months to support the transition. Coogan’s offer includes a $630,000 annual base salary, target annual bonus equal to 80% of salary, and a target annual equity grant equal to 200% of salary.
He will receive a $500,000 cash signing bonus and a sign-on restricted stock unit award valued at $2,250,000, vesting over three years. A severance agreement will provide 1.0x salary plus average bonus and 12 months of health coverage after certain terminations, increasing to 2.0x salary plus average bonus and 24 months of coverage if a qualifying termination occurs in connection with a change in control.
Hexcel executive Gina Fitzsimons exercised non-qualified stock options into 6,534 shares of common stock at $38.94 per share. To cover the exercise price or related tax obligations, 4,551 common shares were disposed of through a tax-withholding transaction at $91.14 per share. After these moves, she directly owned 7,712 Hexcel common shares. The non-qualified stock options vest in three equal annual installments from the grant date.