Hexcel Corporation (HXL)

Deutsche Aircraft and Hexcel Announce Long-Term Composite Partnership for the D328eco® Regional Aircraft ProgrammeJune 12, 2026 5:00 AM
Business Wire Deutsche Aircraft and Hexcel Corporation (NYSE:HXL) today jointly announced the signing of a long-term industrial partnership and supply agreement focused on advanced composite solutions for the D328eco, the next-generation regional turboprop designed, certified, and industrialized in Europe. The agreement was formalized at the ILA Berlin Air Show, at the BDLI Pavilion, emphasizing the role of ILA as Germany’s leading aerospace exhibition and a key platform for advancing Europe’s aerospace industrial ecosystem. The partnership reflects a shared commitment to long-term cooperation, industrial resilience, and technological excellence anchored in Europe. Under the agreement, Hexcel and Deutsche Aircraft will collaborate closely to integrate advanced composite solutions into the D328eco airframe. The materials are engineered to meet the programme’s stringent mechanical, weight, and environmental requirements, supporting both performance and sustainability objectives. The composite solutions will be applied in primary and secondary aircraft structures, where weight reduction, durability, and fatigue resistance are critical. Together, they enable enhanced aircraft performance, improved fuel efficiency, and long-term operational reliability. “This partnership with Deutsche Aircraft reflects Hexcel’s long-standing commitment to supporting innovative, sustainable aerospace programs in Europe,” said Lilian Braylé, President Aerospace Europe, Asia Pacific, Middle East, Africa & Industrial. “By combining advanced materials technology with strong industrial collaboration, we are contributing to the development of next-generation regional aircraft that address efficiency, sustainability, and long-term operational needs.” “We are proud to work alongside Deutsche Aircraft on the D328eco program,” Braylé added. “This partnership brings together advanced composite technologies, industrial expertise, and a resilient supply chain to support an aircraft that is setting new standards for efficiency and sustainability in regional aviation.” The D328eco represents a modernized evolution of the Dornier 328 turboprop, integrating new propulsion systems, state-of-the-art avionics, and optimized aerostructures to reduce environmental impact and lifecycle emissions. The collaboration between Deutsche Aircraft and Hexcel supports certification compliance, industrialization readiness, and long-term maintainability, aligned with European production and supply-chain requirements. “The D328eco® is a German aircraft programme built on strong industrial partnerships,” said Patricia Ferrari, Vice President Supply Chain at Deutsche Aircraft. “Working with Hexcel allows us to combine advanced materials expertise with industrial reliability, supporting our ambition to deliver a highly efficient and sustainable aircraft for regional operators worldwide.” “Long-term trust-based industrial relationships are essential for the success of complex aerospace programmes,” added Nico Neumann, CEO of Deutsche Aircraft. “This partnership with Hexcel provides a strong foundation for certification, ramp-up, and series production of the D328eco in Germany and across Europe.” This joint agreement underscores the shared ambition of Deutsche Aircraft and Hexcel to strengthen European aerospace capabilities, reinforce Germany’s role as a centre of aerostructures excellence, and contribute to a more sustainable future for regional aviation through close industrial cooperation. 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 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. About Deutsche Aircraft Deutsche Aircraft is a German manufacturer of regional aircraft, building on the Dornier legacy to develop modern, efficient and sustainable aviation solutions. The company is advancing the D328eco, a next-generation 40-seat turboprop designed to offer significantly improved fuel efficiency, reduced emissions and enhanced operating economics for regional airlines. As the type certificate holder for the existing Dornier 328 turboprop and jet fleet, Deutsche Aircraft combines long-standing technical expertise with ongoing innovation. The industrialization of the D328eco is centred at the company’s new carbon-neutral, fully digital final assembly line in Leipzig/Halle, a facility designed to produce up to 48 aircraft per year and create 250–350 highly skilled jobs. The site is underway in 2026, and full production readiness is planned to be achieved in early 2027. The D328eco will progress through its flight test campaign beginning with the first flight in 2026, with entry into service planned for Q4 2027. View source version on businesswire.com: https://www.businesswire.com/news/home/20260612155047/en/ HEXCEL
Sophie MEYNIEL | Senior Manager, Marketing Communications Aerospace Europe, MEA, Asia Pacific & Industrial | Sophie.meyniel@hexcel.com | Original: Deutsche Aircraft and Hexcel Announce Long-Term Composite Partnership for the D328eco® Regional Aircraft Programme

Hexcel, NIAR Break Ground on New Hexcel Applications Center at Wichita State UniversityMay 28, 2026 3:54 PM
Business Wire New Facility Will Accelerate Integrated, End-to-End Composite Development Hexcel Corporation (NYSE: HXL), a global leader in advanced composite materials, today announced the groundbreaking of the Hexcel Applications Center at Wichita State University’s National Institute for Aviation Research (NIAR). The new center marks a significant expansion of Hexcel’s long-standing collaboration with NIAR and reflects a shared commitment to advancing composite materials, automated processing, and aerospace manufacturing innovation. “This investment represents a pivotal step in how we support aerospace and defense customers, from material innovation through advanced manufacturing and structural realization,” said Tom Gentile, Chairman, Chief Executive Officer & President, Hexcel Corporation. “By combining Hexcel’s materials science and application development expertise with NIAR’s world-class automated processing capabilities, we are creating a powerful ecosystem that accelerates innovation and delivers practical, manufacturable solutions for our customers.” The Hexcel Applications Center at NIAR’s Advanced Technologies Lab for Aerospace Systems (ATLAS) further strengthens Kansas’ position as a global hub for aerospace research, design, and manufacturing, while highlighting the importance of collaboration between industry, academia, and government. “Wichita has long been a hub for innovation and a leader in global aerospace and defense manufacturing,” said U.S. Sen. Jerry Moran. “The groundbreaking for the new Hexcel Applications Center at Wichita State University is an important milestone that further solidifies Wichita as the Air Capital of the World. I appreciate Hexcel’s decision to collaborate with NIAR and invest in our workforce, underscoring the significant role that Kansans play in shaping the future of aerospace and national security.” Hexcel’s collaboration with NIAR is grounded in complementary strengths. NIAR is widely recognized for its leadership in advanced manufacturing and automated composite processing, and advanced materials properties characterization, while Hexcel brings deep expertise in materials science and application development. The Hexcel Applications Center will enable close day-to-day collaboration between Hexcel and NIAR engineers and specialists, providing customers access to an integrated development environment unlike any other in the industry. “The Hexcel Applications Center at NIAR will bring together world-class expertise, capability, and technology in one collaborative environment,” said John Tomblin, WSU Executive Vice President of Research and Industry and Defense Programs and NIAR Executive Director. “This collaboration will significantly enhance the resources available to our aerospace and defense customers, enabling them to develop, scale, and validate advanced composite solutions using next generation manufacturing technology.” Hexcel’s collaboration with NIAR is designed to deliver a seamless, end-to-end composite development pathway for customers. Early-stage material innovation and application development are driven by Hexcel’s Applications Lab in Salt Lake City, Utah, where teams focus on materials science, process development, and non-automated composite activities. This work will feed directly into the Hexcel Applications Center in Wichita, Kansas, where customers gain access to a broad range of automated composite manufacturing equipment and processing expertise within NIAR’s ecosystem. Final structural build and validation activities are supported by Hexcel’s Kent, Washington facility, which brings deep expertise in composite structures and the ability to produce and evaluate full-scale articles. Together, this coordinated approach will connect materials development, advanced automation, and structural realization, enabling Hexcel and NIAR to help customers move efficiently from concept to manufacturable solutions. 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 reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core, and composite structures for use in commercial aerospace, defense and space platforms as well as industrial applications. About NIAR
The mission of Wichita State University’s National Institute for Aviation Research is to strengthen university research capabilities; provide applied learning opportunities for students; and support the aviation and manufacturing industries while driving innovation and prosperity for the community, region and state. NIAR provides research, testing, certi?cation and training for aviation and manufacturing technologies. Established in 1985, NIAR has a $400 million annual budget, 2,100 personnel and over two million square feet of laboratory and office space in six locations across Wichita, Kansas, and one in Huntsville, Alabama. wichita.edu/niar View source version on businesswire.com: https://www.businesswire.com/news/home/20260528966097/en/ Matthew Bates | Director, Marketing & Communications |

The Space Economy's $71 Billion Bottleneck Is Creating a New Class of WinnersApril 29, 2026 9:45 AM
PR Newswire (US)

Issued on behalf of Starfighters Space, Inc.CAPE CANAVERAL, Fla., April 29, 2026 /PRNewswire/ -- Equity-Insider.com News Commentary — The U.S. Space Force is now working with a proposed $71 billion budget, including $40 billion dedicated to research and development of new space infrastructure[1]. That is not a typo. And the money is arriving faster than the facilities, workforce, and materials pipeline can absorb it. On the materials side, demand for aerospace and defense thermoplastic composites jumped 32% year over year to $731 million in 2026[2], a growth rate that points to a widening gap between what the defense industrial base needs and what the supply chain can actually deliver. That structural mismatch is funneling institutional capital toward the companies that sit closest to the bottleneck: Starfighters Space (NYSE-A: FJET), Rocket Lab (NASDAQ: RKLB), Karman (NYSE: KRMN), BlackSky Technology (NYSE: BKSY), and Hexcel (NYSE: HXL).







The chairman of the House Armed Services Committee made it official at the 41st Space Symposium: a $1 trillion baseline defense budget is now the permanent floor[3], locking in the fiscal architecture behind Golden Dome, proliferated constellations, and hypersonic development for years to come. The Pentagon then put a finer point on where the constraint actually sits, awarding $150 million to modernize instrumentation at Reagan Test Range[4], its primary facility for validating hypersonic and reentry systems. The signal is clear: flight-test throughput is the binding constraint on the entire value chain, and capital is rotating toward the propulsion, composites, and validation platforms that can close the gap.Starfighters Space (NYSE-A: FJET) just expanded its technical interchange with Blackstar Orbital, broadening the scope of their collaboration well beyond initial vehicle integration. Announced at the 41st Space Symposium in Washington, the updated agreement now covers integration engineering, carriage and release simulations, wind tunnel testing, telemetry and data systems, safety planning, and range coordination for Blackstar's SpaceDrone on the Starfighters F-104 platform.READ MORE ON Starfighters Space, Inc. HEREThe two companies first locked in a partnership earlier this year to flight-test Blackstar's reusable hypersonic spacecraft, which launches like a traditional satellite payload and returns to Earth like a spaceplane. Starfighters has already transferred physical hardware to support the next phase of evaluation, including a BL-75 complete assembly, counterbalance, sway braces, and a jettison piston at the Shuttle Landing Facility. The program is structured as a step-by-step process, with any move from feasibility into actual flight testing subject to a separate written agreement."This collaboration now covers a broader technical work program than vehicle integration alone," said Tim Franta, CEO of Starfighters Space. "That stepwise approach is how Starfighters helps customers move from concept toward flight readiness.""The expanded technical interchange gives Blackstar a structured path to validate vehicle interfaces, operational conditions, data requirements, and release planning with Starfighters' F-104 platform," said Christopher Jannette, CEO of Blackstar Orbital.The Blackstar deal adds to a growing list of partnerships. Starfighters recently signed on with Mu-G Technologies to pursue microgravity flight missions for NASA, universities, and commercial research customers. It also expanded operations at Midland International Air and Space Port in Texas, where it now stages four F-104 aircraft and 14 engines, with plans to double that footprint within 18 months. On the development side, the company is advancing toward Critical Design Review on its STARLAUNCH 1 air-launch rocket program after completing wind tunnel testing that confirmed clean vehicle separation with no adverse aerodynamic interactions.Starfighters operates the only commercial fleet in the free world capable of carrying underwing test payloads at sustained speeds above Mach 2, or more than 1,500 miles per hour. Headquartered at NASA's Kennedy Space Center in Florida alongside tenants like SpaceX and Blue Origin, the company is building a multi-mission business across air launch, hypersonic testing, microgravity research, and specialized flight services anchored by a supersonic fleet that remains one of a kind in the private sector.In other industry developments:Rocket Lab (NASDAQ: RKLB) introduced Gauss, an in-house designed Hall thruster electric propulsion system targeting high-volume production for commercial and national security satellite constellations, with a manufacturing line capable of producing more than 200 thrusters per year. Gauss features heaterless cathode technology for instantaneous start, magnetic shielding to extend operational lifetime, GaNFet-based electronics for optimized performance, and an ITAR/EAR-free design suited to a wide range of LEO constellation applications."Proliferated constellations are now the norm for commercial and national security space users, but the propulsion systems needed to maneuver these spacecraft in orbit have simply not been reliably available at any kind of scale," said Sir Peter Beck, founder and CEO of Rocket Lab. "Rocket Lab is solving this bottleneck with Gauss."The Gauss thruster delivers higher specific impulse than traditional chemical propulsion, allowing spacecraft to carry less propellant while achieving strong performance for long-duration missions and satellite station-keeping within constellations. Rocket Lab has deployed more than 250 payloads across more than 85 missions and continues expanding its end-to-end space systems business spanning launch services, spacecraft manufacturing, components, and on-orbit management.Karman (NYSE: KRMN) reported record fiscal year 2025 results with annual revenue of $471.5 million, up 36.6% year-over-year, non-GAAP adjusted EBITDA of $145.3 million, up 36.9%, and record backlog of $801.1 million, up 38.2%, following a successful IPO and $1.2 billion secondary offering during the year. Fourth-quarter revenue of $134.5 million grew 47.4% year-over-year, with net income surging 358% to $7.7 million, driven by accelerating demand for next-generation space and defense solutions."Our team delivered outstanding results in 2025, with 37 percent revenue growth, 37 percent adjusted EBITDA growth and strategic investments designed to satisfy accelerating customer demand for our solutions," said Jon Rambeau, CEO of Karman. "Our recent acquisition of Seemann Composites and MSC positions us as an all-domain provider, from deep sea to deep space, in support of national defense and the growing space economy."Karman raised its 2026 revenue outlook to $715 million to $730 million and adjusted EBITDA guidance to $207 million to $218 million, reflecting expanded capabilities in composites and resin systems. The company upsized its revolving credit facility to $150 million, reinforcing its financial position to pursue continued growth in the accelerating national security and commercial space access markets.BlackSky Technology (NYSE: BKSY) was awarded a multi-year, sole-source $99 million U.S. government IDIQ contract for advanced, next-generation space capabilities, with an initial $2 million task order to accelerate the design of a large aperture optical payload for Earth observation and space domain awareness platforms. The contract is expected to advance innovations in optical imaging, high-cadence Earth monitoring, and observing objects in low Earth, geostationary, and cis-lunar orbits beyond the scope of current Gen-2 and Gen-3 systems."This award validates and leverages our investments in leap ahead space technologies that feature next generation space architectures as part of our long-term constellation roadmap," said Brian O'Toole, CEO of BlackSky Technology. "With U.S. government collaboration, we can accelerate these critical technologies as part of multi-year advanced technology development program. In order to demonstrate the scale and impact of these new technologies we'll be focused on quickly fielding advanced systems that combine future-generation payloads with an evolution of our proven Gen-3 space architecture."BlackSky Technology is developing satellites under this contract expected to function as on-orbit data storage and processing hubs compatible with AI-enabled communications environments and future launch vehicles, extending the company's mission-oriented space intelligence architecture.Hexcel (NYSE: HXL) celebrated the successful roll-out of the Dassault Aviation Falcon 10X, a next-generation business jet in which Hexcel supplies structural prepregs for the entire wing following its selection to the program in 2022. The company's M21E/IMA prepreg, developed in collaboration with Dassault Aviation's technical teams, delivers the weight savings, stiffness, and fatigue resistance required by the Falcon 10X wing structure, reinforcing Hexcel's position as a materials partner across high-performance commercial aerospace programs."Our partnership with Dassault exemplifies how Hexcel's expertise in lightweight, advanced carbon fiber composites drive the next generation of high-performance aircraft," said Tom Gentile, Chairman, CEO and President of Hexcel. "We are proud to support Dassault in ensuring the durability, efficiency, and competitive edge of the Falcon 10X throughout its service life with a full composite wing."Hexcel is a global leader in advanced lightweight composites technology serving commercial aerospace, defense and space, and industrial markets, with its carbon fiber, prepregs, and engineered core materials enabling performance and efficiency across the world's most demanding aircraft platforms.Article Source: Equity-Insider.comCONTACT:EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by Equity Insider on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has NOT been paid a fee for Starfighters Space, Inc. advertising or digital media from Creative Digital Media Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of Starfighters Space, Inc. but reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.spacefoundation.org/2026/04/16/symposium-panelists-education-industry-and-government-must-align-to-grow-space-workforce/https://www.stratviewresearch.com/299/aerospace-&-defense-thermoplastic-composites-market.htmlhttps://www.defenseone.com/policy/2026/04/hasc-chair-trillion-dollar-defense-budgets-are-new-normal-reconciliation-less-certain/412806/https://defence-blog.com/pentagon-upgrades-its-hypersonic-weapon-test-range/ Logo - https://mma.prnewswire.com/media/2840019/5944181/Equity_Insider_Logo.jpg



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Original: The Space Economy's $71 Billion Bottleneck Is Creating a New Class of Winners

Hexcel Declares Quarterly DividendApril 22, 2026 4:17 PM
Business Wire
Hexcel Corporation (NYSE: HXL) announced today that the Company’s Board of Directors has declared a regular quarterly cash dividend of $0.18 per share on the common stock of Hexcel, payable to stockholders of record as of May 4, 2026, with a payment date of May 11, 2026.


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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422330661/en/
Kurt Goddard | Vice President Investor Relations |

Hexcel Names James Coogan as New Chief Financial OfficerMarch 13, 2026 9:00 AM
Business Wire
Hexcel Corporation (NYSE: HXL) announced today that James (Jamie) Coogan has been appointed Executive Vice President and Chief Financial Officer effective May 1, 2026. He will report to Tom Gentile, Hexcel Chairman, CEO and President. Coogan succeeds Mike Lenz who has been serving as interim Chief Financial Officer. Lenz will remain for a period of time when Coogan joins the company as a Senior Advisor to assist with the transition.


“Jamie brings the experience and the financial leadership that will help Hexcel build on our momentum as we enter a period of growth with rising commercial aircraft production rates and an expanding defense and space market,” said Tom Gentile, Chairman, CEO and President, Hexcel Corporation. “His experience in aerospace and defense companies and broader industrial manufacturing organizations will enable him to make a meaningful impact quickly on Hexcel’s strategic priorities.”


“I also want to thank Mike Lenz for his steady leadership as interim Chief Financial Officer of Hexcel,” added Gentile. “Mike’s contributions during this period have been invaluable while we conducted the search for a new CFO and we appreciate his continued support during the transition.”


Coogan most recently served as Executive Vice President and Chief Financial Officer at Axcelis Technologies (Nasdaq: ACLS), a supplier in the semiconductor industry, having joined the company in September 2023. Previously he served as Senior Vice President, Chief Financial Officer at Kaman Corporation (formerly traded on the NYSE under the symbol KAMN). During his 15 years at Kaman, he held various management positions including Vice President, Investor Relations and Corporate Development, Assistant Vice President, External Reporting and SEC Compliance, and Director, External Reporting and SEC Compliance.


Coogan has more than 20 years of finance, accounting and investor relations experience across multiple industries, including aerospace and defense. After starting his career at PwC, he held several financial management roles at Ann Taylor Stores Corporation and Mohegan Tribal Gaming Authority before joining Kaman.


Coogan holds an MBA from the Yale School of Management, an M.S. in Accounting and a B.S. in Business Administration, Accounting from the University of Connecticut.


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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260313397539/en/
Chuck Cadena | Vice President, Global Corporate Marketing & Communications |

Hexcel and Dassault Aviation Celebrate Falcon 10X Roll-Out, Strengthening a Long-Term PartnershipMarch 11, 2026 4:00 AM
Business Wire
Hexcel Corporation [NYSE: HXL] today congratulated Dassault Aviation on the successful roll-out of the Falcon 10X, marking a major advancement for this next-generation business jet. This milestone underscores the enduring partnership between Hexcel and Dassault. Hexcel was selected in 2022 to supply structural prepregs for the entire wing of Falcon 10X program.


“Our partnership with Dassault exemplifies how Hexcel’s expertise in lightweight, advanced carbon fiber composites drive the next generation of high-performance aircraft,” said Tom Gentile, Chairman, CEO & President of Hexcel. “We are proud to support Dassault in ensuring the durability, efficiency, and competitive edge of the Falcon 10X throughout its service life with a full composite wing.”


Hexcel’s advanced M21E/IMA prepreg implemented in collaboration with Dassault Aviation’s technical teams, delivers the weight-saving, stiffness, and fatigue-resistance required by the Falcon 10X wings. This solution, through its secure supply chain, its unmatched performances and its wide industry adoption, is a significant asset to ensure a bright future for this flagship business jet.


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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311517228/en/
Hexcel | Sophie MEYNIEL | Senior Manager, Marketing Communications Aerospace Europe, MEA, Asia Pacific & Industrial | Sophie.Meyniel@Hexcel.com | +33 4 72 25 26 27
Publicis | Lea GUIGOU | Lea.Guigou@Publicis.com | +33 6 16 18 59 30


Original: Hexcel and Dassault Aviation Celebrate Falcon 10X Roll-Out, Strengthening a Long-Term Partnership

Hexcel Reports 2025 Fourth Quarter and Full Year ResultsJanuary 28, 2026 4:15 PM
Business WireHexcel Corporation (NYSE: HXL):




Q4 2025 Sales were $491 million, compared to $474 million in Q4 2024.



Q4 2025 GAAP diluted EPS of $0.60, compared to Q4 2024 GAAP diluted EPS of $0.07.



Q4 2025 adjusted diluted EPS of $0.52, compared to Q4 2024 adjusted diluted EPS of $0.52.



FY 2025 sales were $1,894 million, compared to $1,903 million for FY 2024.



FY 2025 GAAP diluted EPS of $1.37, compared to FY 2024 GAAP diluted EPS of $1.59.



FY 2025 adjusted diluted EPS of $1.76, compared to FY 2024 adjusted diluted EPS of $2.03.



Free Cash Flow of $157 million in FY 2025.



Quarterly dividend increased 6% to $0.18.



2026 Guidance:

Sales – $2.0 billion to $2.1 billion; Adj. EPS - $2.10 to $2.30; FCF - >$195 million







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






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Quarters Ended






 






 






 






 






Years Ended






 






 






 








 






 






December 31,






 






 






 






 






December 31,






 






 






 








(In millions, except per share data)






 






2025






 






 






2024






 






 






% Change






 






2025






 






 






2024






 






 






% Change








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net Sales






 






$






491.3






 






 






$






473.8






 






 






3.7 %






 






$






1,893.9






 






 






$






1,903.0






 






 






(0.5)%








Net sales change in constant currency






 






 






 






 






 






 






 






1.6 %






 






 






 






 






 






 






 






(1.2)%








Operating Income






 






 






61.4






 






 






 






8.9






 






 






589.9 %






 






 






171.6






 






 






 






186.1






 






 






(7.8)%








Net Income






 






 






46.4






 






 






 






5.8






 






 






700.0 %






 






 






109.4






 






 






 






132.1






 






 






(17.2)%








Diluted net income per common share






 






$






0.60






 






 






$






0.07






 






 






757.1 %






 






$






1.37






 






 






$






1.59






 






 






(13.8)%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Non-GAAP measures for year-over-year comparison (Table C)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted Operating Income






 






$






65.1






 






 






$






57.1






 






 






14.0 %






 






$






209.4






 






 






$






236.1






 






 






(11.3)%








As a % of sales






 






 






13.3






%






 






 






12.1






%






 






 






 






 






11.1






%






 






 






12.4






%






 






 








Adjusted Net Income






 






 






40.4






 






 






 






42.6






 






 






(5.2)%






 






 






140.8






 






 






 






168.5






 






 






(16.4)%








Adjusted diluted net income per share






 






$






0.52






 






 






$






0.52






 






 






-






 






$






1.76






 






 






$






2.03






 






 






(13.3)%







Hexcel Corporation (NYSE: HXL) today reported fourth quarter 2025 results including net sales of $491 million and adjusted diluted EPS of $0.52 per share.


Chairman, CEO and President Tom Gentile said, “Although 2025 was another challenging year for commercial aircraft production, we began to see positive trends in the fourth quarter that suggest a stronger 2026. Earlier this past year, our commercial aerospace OEM customers delayed aircraft production rate ramps, particularly on the Airbus A350, Hexcel’s largest program, due to industry-wide supply chain disruptions leading to channel destocking that weighed on our 2025 sales and margins. Recent trends of rising commercial aircraft build rates are encouraging as are the global trends of increasing defense and space spending. We closed 2025 on a strong note with a solid fourth quarter and particularly favorable order trends in December as destocking abates, which reinforces our view that the commercial aerospace recovery is accelerating.”


Mr. Gentile continued, “We expect growth in 2026, consistent with the confidence we signaled by executing the accelerated share repurchase or ASR program in October 2025. As sales grow from customer rate ramps, operating leverage will drive margin expansion, supported by disciplined execution and continuing cost control. Our 2026 guidance is for 8% sales growth at the midpoint and adjusted EPS to grow 25% at the midpoint, illustrating the inherent operating leverage within our business. This guidance incorporates what we believe are prudent assumptions on timing and rate ramp cadence. Hexcel has the needed capacity to exceed prior peak sales levels and the Company is well-positioned to execute and benefit as commercial aircraft production rates increase. When commercial aerospace OEMs achieve their production targets across all their programs, it will generate approximately $500 million of incremental annual revenue for Hexcel.”


Markets


Sales in the fourth quarter of 2025 were $491.3 million compared to $473.8 million, a 3.7% increase from the fourth quarter of 2024.


Commercial Aerospace



Commercial Aerospace sales of $299.5 million for the fourth quarter of 2025 increased 7.6% (5.8% in constant currency) compared to the fourth quarter of 2024 led by strong growth in Airbus A320neo sales. Boeing 787 and 737 MAX sales also increased year over year whereas Airbus A350 sales decreased on lingering destocking. Other Commercial Aerospace sales increased 16.1% in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily from strength in regional jets.



Defense, Space & Other



Defense, Space & Other sales of $191.8 million decreased 1.9% (4.3% in constant currency) for the quarter as compared to the fourth quarter of 2024. Defense sales increased from strength in military helicopter programs and Space sales increased from launchers whereas sales for the Other category were lower following the September 30, 2025 divestment of the Austrian-based industrial business.



Consolidated Operations


Gross margin for the fourth quarter of 2025 was 24.6% compared to 25.0% in the fourth quarter of 2024. As a percentage of sales, selling, general and administrative expenses for the fourth quarter of 2025 was 8.5% compared to 10.1% for the fourth quarter of 2024. R&T expenses as a percentage of sales was 2.9% for the fourth quarter of 2025 compared to 2.8% for the fourth quarter of 2024. Adjusted operating income in the fourth quarter of 2025 was $65.1 million or 13.3% of sales, compared to $57.1 million or 12.1% of sales in 2024. The impact of foreign exchange rates to operating income as a percentage of sales was unfavorable by approximately 110 basis points in the fourth quarter of 2025 compared to the fourth quarter of 2024. Other operating expenses for the fourth quarter of 2025 included restructuring charges associated with the previously disclosed facility closure in Welkenraedt, Belgium, and Other non-operating expense in the fourth quarter primarily included a retirement plan curtailment gain related to this facility closure. Other operating expense for the fourth quarter of 2024 included asset impairments and other charges primarily associated with the divestiture of the Neumarkt, Austria business.


FY 2025 Results


Sales for the full year of 2025 were $1,893.9 million compared to $1,903.0 million, a 0.5% decrease from 2024 sales.


Commercial Aerospace (61% of sales)



Commercial Aerospace sales of $1,146.9 million decreased 4.0% (4.4% in constant currency) for the full year of 2025 compared to the full year of 2024. Sales were lower in 2025 compared to 2024 for the A350, 787 and 737 MAX, partially offset by increased A320neo sales. Other Commercial Aerospace sales increased 9.5% for the full year of 2025 as compared to the full year of 2024 from strength in regional jets.



Defense, Space & Other (39% of sales)



Defense, Space & Other sales of $747.0 million increased 5.4% (4.0% in constant currency) for the full year of 2025 as compared to the full year of 2024. Growth was driven by domestic and international helicopter programs including the Sikorsky Black Hawk and CH-53K as well as a European fighter program and growth in Space sales, including launchers, rocket motors and satellites.



Consolidated Operations


Gross margin for 2025 was 23.0% compared to 24.7% in the prior year as inventory reduction actions and sales mix led to unfavorable cost leverage. As a percentage of sales, selling, general and administrative expense for the full year of 2025 was 8.9% compared to 9.3% for 2024. R&T expenses as a percentage of sales was 3.0% for the full year of 2025, which was unchanged compared to 3.0% for the full year of 2024. Adjusted operating income for the full year of 2025 was $209.4 million or 11.1% of sales, compared to $236.1 million or 12.4% of sales in 2024. The impact of foreign exchange rates on operating income as a percentage of sales was unfavorable by approximately 10 basis points for 2025 compared to 2024. Other operating expense for 2025 included charges for the divestiture of the Neumarkt, Austria business, the divestiture of the Hartford, Connecticut business, and the closure of the Welkenraedt, Belgium facility. Other operating expense for 2024 included asset impairments and other charges primarily associated with the divestiture of the Neumarkt, Austria business. Other non-operating expense for 2025 primarily included a curtailment and settlement gains related to retirement plans partially offset by debt extinguishment costs.


Cash and other



Net cash provided by operating activities in 2025 was $230.5 million, compared to $289.9 million in 2024. Working capital was a cash use of $1.5 million in 2025 compared to a use of $0.8 million in 2024. Capital expenditures on a cash basis were $73.3 million in 2025 compared to $87.0 million in 2024. Free cash flow was $157.2 million in 2025 compared to $202.9 million in 2024. Free cash flow is defined as cash generated from operating activities less cash paid for capital expenditures. Capital expenditures on an accrual basis were $76.7 million in 2025 and $81.1 million in 2024.



The Company entered into a $350 million accelerated share repurchase (ASR) agreement on October 22, 2025. The Company received an initial delivery of approximately 3.95 million shares of the Company's common stock on October 24, 2025, representing 80% of the shares expected to be repurchased under the ASR agreement. The final settlement under the ASR agreement is scheduled to occur in the first quarter of 2026. The remaining authorization under the Company’s share repurchase program was $380.6 million as of December 31, 2025.



As announced today, the Board of Directors declared a quarterly dividend of $0.18 per share, an increase of $0.01 per share, payable to stockholders of record as of February 9, 2026, with a payment date of February 17, 2026.



2026 Guidance



Sales of $2.0 billion to $2.1 billion



Adjusted diluted earnings per share of $2.10 to $2.30



Free cash flow of greater than $195 million



Capital Expenditures less than $100 million



Hexcel will host a conference call at 9:00 a.m. ET, on January 29, 2026 to discuss fourth quarter and full- year 2025 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/364012745. The event can also be accessed by dialing +1 (646) 307-1963. The conference ID is 2360739. Replays of the call will be available on the website.


About Hexcel


Hexcel Corporation is a global leader in advanced lightweight composites technology. We propel the future of flight and transportation through excellence in providing innovative high-performance material solutions that are lighter, stronger and tougher, helping to create a better world for us all. Our broad and unrivaled product range includes carbon fiber, specialty 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; 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 technology 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; expectations with regard to the continued impact of macroeconomic factors or geopolitical issues or conflicts; expectations regarding our strategic initiatives, including our sustainability goals; 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 accelerated share repurchase program and other share repurchases; 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 uncertainty regarding the amount and timing of future share repurchases and the source of funds used for such repurchases; the extent of the impact of macroeconomic factors or geopolitical issues or conflicts, including U.S. trade policy and retaliatory actions taken in response; 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 and tariffs; our ability to successfully implement or realize our strategic initiatives, including our sustainability goals or 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 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; the market prices of our common stock during the term and after the completion of the accelerated share repurchase period; uncertainty regarding our ability to complete share repurchases within the proposed timing or at all; 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.




Hexcel Corporation and Subsidiaries






 








Condensed Consolidated Statements of Operations






 








 






 






Unaudited






 








 






 






Quarters Ended






 






 






Years Ended






 








 






 






December 31,






 






 






December 31,






 








(In millions, except per share data)






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Net sales






 






$






491.3






 






 






$






473.8






 






 






$






1,893.9






 






 






$






1,903.0






 








Cost of sales






 






 






370.3






 






 






 






355.3






 






 






 






1,459.1






 






 






 






1,433.2






 








Gross margin






 






 






121.0






 






 






 






118.5






 






 






 






434.8






 






 






 






469.8






 








% Gross Margin






 






 






24.6






%






 






 






25.0






%






 






 






23.0






%






 






 






24.7






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Selling, general and administrative expenses






 






 






41.6






 






 






 






47.9






 






 






 






169.0






 






 






 






176.6






 








Research and technology expenses






 






 






14.3






 






 






 






13.5






 






 






 






56.4






 






 






 






57.1






 








Other operating expense






 






 






3.7






 






 






 






48.2






 






 






 






37.8






 






 






 






50.0






 








Operating income






 






 






61.4






 






 






 






8.9






 






 






 






171.6






 






 






 






186.1






 








Interest expense, net






 






 






11.6






 






 






 






8.1






 






 






 






37.7






 






 






 






31.2






 








Other income






 






 






(0.6






)






 






 






-






 






 






 






(1.1






)






 






 






-






 








Income before income taxes






 






 






50.4






 






 






 






0.8






 






 






 






135.0






 






 






 






154.9






 








Income tax expense (benefit)






 






 






4.0






 






 






 






(5.0






)






 






 






25.6






 






 






 






22.8






 








Net income






 






$






46.4






 






 






$






5.8






 






 






$






109.4






 






 






$






132.1






 








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic net income per common share:






 






$






0.60






 






 






$






0.07






 






 






$






1.38






 






 






$






1.61






 








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted net income per common share:






 






$






0.60






 






 






$






0.07






 






 






$






1.37






 






 






$






1.59






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted-average common shares:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






76.9






 






 






 






81.2






 






 






 






79.5






 






 






 






82.3






 








Diluted






 






 






77.6






 






 






 






81.9






 






 






 






80.0






 






 






 






83.0






 









Hexcel Corporation and Subsidiaries






 








Condensed Consolidated Balance Sheets






 








 






 






Unaudited






 








 






 






December 31,






 






 






December 31,






 








(In millions)






 






2025






 






 






2024






 








Assets






 






 






 






 






 






 








Cash and cash equivalents






 






$






71.0






 






 






$






125.4






 








Accounts receivable, net






 






 






249.3






 






 






 






212.0






 








Inventories, net






 






 






328.8






 






 






 






356.2






 








Contract assets






 






 






35.9






 






 






 






29.8






 








Prepaid expenses and other current assets






 






 






45.7






 






 






 






50.6






 








Assets held for sale






 






 






-






 






 






 






7.5






 








Total current assets






 






 






730.7






 






 






 






781.5






 








 






 






 






 






 






 






 








Property, plant and equipment






 






 






3,322.4






 






 






 






3,163.1






 








Less accumulated depreciation






 






 






(1,710.9






)






 






 






(1,566.4






)








Net property, plant and equipment






 






 






1,611.5






 






 






 






1,596.7






 








 






 






 






 






 






 






 








Goodwill and other intangible assets, net






 






 






239.8






 






 






 






237.0






 








Investments in affiliated companies






 






 






5.0






 






 






 






5.0






 








Other assets






 






 






117.0






 






 






 






105.4






 








Total assets






 






$






2,704.0






 






 






$






2,725.6






 








 






 






 






 






 






 






 








Liabilities and Stockholders' Equity






 






 






 






 






 






 








Liabilities:






 






 






 






 






 






 








Short-term borrowings






 






$






-






 






 






$






0.1






 








Accounts payable






 






 






146.6






 






 






 






142.3






 








Accrued compensation and benefits






 






 






79.0






 






 






 






99.7






 








Accrued liabilities






 






 






97.1






 






 






 






107.2






 








Liabilities held for sale






 






 






-






 






 






 






4.2






 








Total current liabilities






 






 






322.7






 






 






 






353.5






 








 






 






 






 






 






 






 








Long-term debt






 






 






993.0






 






 






 






700.6






 








Retirement obligations






 






 






28.4






 






 






 






31.9






 








Other non-current liabilities






 






 






109.2






 






 






 






111.7






 








Total liabilities






 






$






1,453.3






 






 






$






1,197.7






 








 






 






 






 






 






 






 








Stockholders' equity:






 






 






 






 






 






 








Common stock, $0.01 par value, 200.0 shares authorized, 112.1 shares issued at December 31, 2025 and 111.6 shares issued at December 31, 2024






 






$






1.1






 






 






$






1.1






 








Additional paid-in capital






 






 






994.9






 






 






 






970.0






 








Retained earnings






 






 






2,307.0






 






 






 






2,251.5






 








Accumulated other comprehensive loss






 






 






(12.9






)






 






 






(115.0






)








 






 






 






3,290.1






 






 






 






3,107.6






 








 






 






 






 






 






 






 








Less – Treasury stock, at cost, 36.4 shares at December 31, 2025 and 30.6 shares at December 31, 2024






 






 






(2,039.4






)






 






 






(1,579.7






)








Total stockholders' equity






 






 






1,250.7






 






 






 






1,527.9






 








Total liabilities and stockholders' equity






 






$






2,704.0






 






 






$






2,725.6






 









Hexcel Corporation and Subsidiaries






 








Condensed Consolidated Statements of Cash Flows






 








 






 






Unaudited






 








 






 






Years Ended






 








 






 






December 31,






 








(In millions)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Cash flows from operating activities






 






 






 






 






 






 








Net income






 






$






109.4






 






 






$






132.1






 








Reconciliation to net cash used for operating activities:






 






 






 






 






 






 








Depreciation and amortization






 






 






122.3






 






 






 






124.0






 








Amortization related to financing






 






 






0.1






 






 






 






0.4






 








Deferred income taxes






 






 






5.9






 






 






 






(16.7






)








Stock-based compensation






 






 






14.4






 






 






 






22.2






 








Restructuring expenses, net of payments






 






 






9.1






 






 






 






-






 








Debt extinguishment costs






 






 






0.4






 






 






 






-






 








Loss on divestiture of assets






 






 






4.9






 






 






 






-






 








Impairment of assets






 






 






-






 






 






 






28.9






 








 






 






 






 






 






 






 








Changes in assets and liabilities:






 






 






 






 






 






 








(Increase) decrease in accounts receivable






 






 






(22.5






)






 






 






10.7






 








Decrease (increase) in inventories






 






 






45.4






 






 






 






(34.0






)








Increase in prepaid expenses and other current assets






 






 






(4.0






)






 






 






(6.7






)








(Decrease) increase in accounts payable/accrued liabilities






 






 






(20.4






)






 






 






29.2






 








Other - net






 






 






(34.5






)






 






 






(0.2






)








Net cash provided by operating activities (a)






 






$






230.5






 






 






$






289.9






 








 






 






 






 






 






 






 








Cash flows from investing activities






 






 






 






 






 






 








Capital expenditures (b)






 






 






(73.3






)






 






 






(87.0






)








Payments on divestiture of assets






 






 






(2.7






)






 






 






-






 








Net cash used for investing activities






 






 






(76.0






)






 






 






(87.0






)








 






 






 






 






 






 






 








Cash flows from financing activities






 






 






 






 






 






 








Borrowings from senior unsecured credit facilities






 






 






480.0






 






 






 






160.0






 








Repayments of senior unsecured credit facilities






 






 






(185.0






)






 






 






(160.0






)








Redemption of 4.7% senior notes due 2025






 






 






(300.0






)






 






 






-






 








Proceeds from issuance of 5.875% senior notes due 2035






 






 






300.0






 






 






 






-






 








Repurchases of common stock






 






 






(454.3






)






 






 






(252.2






)








Repayment of finance lease obligation and other debt, net






 






 






(4.2






)






 






 






0.3






 








Dividends paid






 






 






(53.9






)






 






 






(49.3






)








Activity under stock plans






 






 






5.1






 






 






 






(0.5






)








Net cash used for financing activities






 






 






(212.3






)






 






 






(301.7






)








Effect of exchange rate changes on cash and cash equivalents






 






 






3.4






 






 






 






(2.8






)








Net (decrease) increase in cash and cash equivalents






 






 






(54.4






)






 






 






(101.6






)








Cash and cash equivalents at beginning of period






 






 






125.4






 






 






 






227.0






 








Cash and cash equivalents at end of period






 






$






71.0






 






 






$






125.4






 








 






 






 






 






 






 






 








Supplemental data:






 






 






 






 






 






 








Free Cash Flow (a)+(b)






 






 






157.2






 






 






 






202.9






 








Accrual basis additions to property, plant and equipment






 






 






76.7






 






 






 






81.1






 









Hexcel Corporation and Subsidiaries






 








Net Sales to Third-Party Customers by Market






 








Quarters Ended December 31, 2025 and 2024






Unaudited






 






 






 






 






 






Table A






 








(In millions)






 






As Reported






 






 






Constant Currency (a)






 








 






 






 






 






 






 






 






 






B/(W)






 






 






FX






 






 






 






 






 






B/(W)






 








Market






 






2025






 






 






2024






 






 






%






 






 






Effect (b)






 






 






2024






 






 






%






 








Commercial Aerospace






 






$






299.5






 






 






$






278.3






 






 






 






7.6






 






 






$






4.7






 






 






$






283.0






 






 






 






5.8






 








Defense, Space & Other






 






 






191.8






 






 






 






195.5






 






 






 






(1.9






)






 






 






4.9






 






 






 






200.4






 






 






 






(4.3






)








Consolidated Total






 






$






491.3






 






 






$






473.8






 






 






 






3.7






 






 






$






9.6






 






 






$






483.4






 






 






 






1.6






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated % of Net Sales






 






%






 






 






%






 






 






 






 






 






 






 






 






%






 






 






 






 








Commercial Aerospace






 






 






61.0






 






 






 






58.7






 






 






 






 






 






 






 






 






 






58.5






 






 






 






 








Defense, Space & Other






 






 






39.0






 






 






 






41.3






 






 






 






 






 






 






 






 






 






41.5






 






 






 






 








Consolidated Total






 






 






100.0






 






 






 






100.0






 






 






 






 






 






 






 






 






 






100.0






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Years Ended December 31, 2025 and 2024






Unaudited






 






 






 






 






 






 






 








(In millions)






 






As Reported






 






 






Constant Currency (a)






 








 






 






 






 






 






 






 






 






B/(W)






 






 






FX






 






 






 






 






 






B/(W)






 








Market






 






2025






 






 






2024






 






 






%






 






 






Effect (b)






 






 






2024






 






 






%






 








Commercial Aerospace






 






$






1,146.9






 






 






$






1,194.2






 






 






 






(4.0






)






 






$






5.5






 






 






$






1,199.7






 






 






 






(4.4






)








Defense, Space & Other






 






 






747.0






 






 






 






708.8






 






 






 






5.4






 






 






 






9.2






 






 






 






718.0






 






 






 






4.0






 








Consolidated Total






 






$






1,893.9






 






 






$






1,903.0






 






 






 






(0.5






)






 






$






14.7






 






 






$






1,917.7






 






 






 






(1.2






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated % of Net Sales






 






%






 






 






%






 






 






 






 






 






 






 






 






%






 






 






 






 








Commercial Aerospace






 






 






60.6






 






 






 






62.8






 






 






 






 






 






 






 






 






 






62.6






 






 






 






 








Defense, Space & Other






 






 






39.4






 






 






 






37.2






 






 






 






 






 






 






 






 






 






37.4






 






 






 






 








Consolidated Total






 






 






100.0






 






 






 






100.0






 






 






 






 






 






 






 






 






 






137.4






 






 






 






 









(a)






 






To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter and year ended December 31, 2024, have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective periods in 2025 and are referred to as “constant currency” sales.








(b)






 






FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates.









Hexcel Corporation and Subsidiaries






 








Segment Information






 






Unaudited






 






 






Table B






 








(In millions)






 






Composite

Materials






 






 






Engineered

Products






 






 






Corporate

& Other (a)






 






 






Total






 








Fourth Quarter 2025






 






 






 






 






 






 






 






 






 






 






 






 








Net sales to external customers






 






$






394.5






 






 






$






96.8






 






 






$






-






 






 






$






491.3






 








Intersegment sales






 






 






20.6






 






 






 






1.7






 






 






 






(22.3






)






 






 






-






 








Total sales






 






 






415.1






 






 






 






98.5






 






 






 






(22.3






)






 






 






491.3






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other operating expense






 






 






-






 






 






 






3.0






 






 






 






0.7






 






 






 






3.7






 








Operating income (loss)






 






 






85.2






 






 






 






8.0






 






 






 






(31.8






)






 






 






61.4






 








% Operating margin






 






 






20.5






%






 






 






8.1






%






 






 






 






 






 






12.5






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






27.6






 






 






 






3.2






 






 






 






-






 






 






 






30.8






 








Stock-based compensation expense






 






 






0.8






 






 






 






0.1






 






 






 






0.1






 






 






 






1.0






 








Accrual based additions to capital expenditures






 






 






25.3






 






 






 






1.5






 






 






 






-






 






 






 






26.8






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Fourth Quarter 2024






 






 






 






 






 






 






 






 






 






 






 






 








Net sales to external customers






 






$






375.3






 






 






$






98.5






 






 






$






-






 






 






$






473.8






 








Intersegment sales






 






 






20.2






 






 






 






0.2






 






 






 






(20.4






)






 






 






-






 








Total sales






 






 






395.5






 






 






 






98.7






 






 






 






(20.4






)






 






 






473.8






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other operating expense






 






 






39.8






 






 






 






6.9






 






 






 






1.5






 






 






 






48.2






 








Operating income (loss)






 






 






20.7






 






 






 






3.7






 






 






 






(15.5






)






 






 






8.9






 








% Operating margin






 






 






5.2






%






 






 






3.7






%






 






 






 






 






 






1.9






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






27.3






 






 






 






3.7






 






 






 






-






 






 






 






31.0






 








Stock-based compensation expense






 






 






1.1






 






 






 






0.2






 






 






 






1.6






 






 






 






2.9






 








Accrual based additions to capital expenditures






 






 






15.8






 






 






 






5.7






 






 






 






-






 






 






 






21.5






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Year Ended December 31, 2025






 






 






 






 






 






 






 






 






 






 






 






 








Net sales to external customers






 






$






1,516.2






 






 






$






377.7






 






 






$






-






 






 






$






1,893.9






 








Intersegment sales






 






 






79.0






 






 






 






3.8






 






 






 






(82.8






)






 






 






-






 








Total sales






 






 






1,595.2






 






 






 






381.5






 






 






 






(82.8






)






 






 






1,893.9






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other operating expense






 






 






2.8






 






 






 






29.3






 






 






 






5.7






 






 






 






37.8






 








Operating income (loss)






 






 






238.0






 






 






 






13.1






 






 






 






(79.5






)






 






 






171.6






 








% Operating margin






 






 






14.9






%






 






 






3.4






%






 






 






 






 






 






9.1






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






109.4






 






 






 






12.9






 






 






 






-






 






 






 






122.3






 








Stock-based compensation expense






 






 






5.3






 






 






 






1.3






 






 






 






7.8






 






 






 






14.4






 








Accrual based additions to capital expenditures






 






 






70.6






 






 






 






6.1






 






 






 






-






 






 






 






76.7






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Year Ended December 31, 2024






 






 






 






 






 






 






 






 






 






 






 






 








Net sales to external customers






 






$






1,531.0






 






 






$






372.0






 






 






$






-






 






 






$






1,903.0






 








Intersegment sales






 






 






90.0






 






 






 






1.2






 






 






 






(91.2






)






 






 






-






 








Total sales






 






 






1,621.0






 






 






 






373.2






 






 






 






(91.2






)






 






 






1,903.0






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other operating expense






 






 






40.8






 






 






 






7.7






 






 






 






1.5






 






 






 






50.0






 








Operating income (loss)






 






 






215.0






 






 






 






39.6






 






 






 






(68.5






)






 






 






186.1






 








% Operating margin






 






 






13.3






%






 






 






10.6






%






 






 






 






 






 






9.8






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






109.1






 






 






 






14.9






 






 






 






-






 






 






 






124.0






 








Stock-based compensation expense






 






 






6.1






 






 






 






1.5






 






 






 






14.6






 






 






 






22.2






 








Accrual based additions to capital expenditures






 






 






67.1






 






 






 






14.0






 






 






 






-






 






 






 






81.1






 









(a)






 






Hexcel does not allocate corporate expenses to the operating segments.









Hexcel Corporation and Subsidiaries






 






 






 






 






 






 






 






 








Reconciliation of GAAP to Non-GAAP Operating Income, Net Income (Loss), EPS and Operating Cash Flow to Free Cash Flow






 






 






 






 






 






Table C






 






 








 






 






Unaudited








 






 






Quarters Ended






 






 






Years Ended






 






 








 






 






December 31,






 






 






December 31,






 






 








(In millions)






 






2025






 






 






2024






 






 






2025






 






 






2024






 






 








GAAP operating income






 






$






61.4






 






 






$






8.9






 






 






$






171.6






 






 






$






186.1






 






 








Other operating expense (a)






 






 






3.7






 






 






 






48.2






 






 






 






37.8






 






 






 






50.0






 






 








Non-GAAP operating income






 






$






65.1






 






 






$






57.1






 






 






$






209.4






 






 






$






236.1






 






 









 






 






Unaudited






 








 






 






Quarters Ended December 31,






 








 






 






2025






 






 






2024






 








(In millions, except per diluted share data)






 






Net Income






 






 






EPS






 






 






Net Income






 






 






EPS






 








GAAP






 






$






46.4






 






 






$






0.60






 






 






$






5.8






 






 






$






0.07






 








Other operating (income) expense, net of tax (a)






 






 






(3.5






)






 






 






(0.05






)






 






 






39.1






 






 






 






0.48






 








Other income, net of tax (b)






 






 






(0.6






)






 






 






(0.01






)






 






 






-






 






 






 






-






 








Tax benefit (c)






 






 






(1.8






)






 






 






(0.02






)






 






 






(2.3






)






 






 






(0.03






)








Non-GAAP






 






$






40.4






 






 






$






0.52






 






 






$






42.6






 






 






$






0.52






 









 






 






Unaudited






 








 






 






Years Ended December 31,






 








 






 






2025






 






 






2024






 








(In millions, except per diluted share data)






 






Net Income






 






 






EPS






 






 






Net Income






 






 






EPS






 








GAAP






 






$






109.4






 






 






$






1.37






 






 






$






132.1






 






 






$






1.59






 








Other operating expense, net of tax (a)






 






 






30.3






 






 






 






0.38






 






 






 






40.5






 






 






 






0.49






 








Other income net of tax (b)






 






 






(1.0






)






 






 






(0.01






)






 






 






-






 






 






 






-






 








Tax expense (benefit) (c)






 






 






2.1






 






 






 






0.02






 






 






 






(4.1






)






 






 






(0.05






)








Non-GAAP






 






$






140.8






 






 






$






1.76






 






 






$






168.5






 






 






$






2.03






 









 






 






Unaudited






 








 






 






Years Ended December 31,






 








(In millions)






 






2025






 






 






2024






 








Net cash provided by operating activities






 






$






230.5






 






 






$






289.9






 








Less: Capital expenditures






 






 






(73.3






)






 






 






(87.0






)








Free cash flow (non-GAAP)






 






$






157.2






 






 






$






202.9






 









(a)






 






The quarter and year ended December 31, 2025 included pre-tax charges for the closure of the Welkenraedt, Belgium facility offset by related tax benefits. The year ended December 31, 2025 also included charges for the divestiture of the Neumarkt Austria business and the Hartford, Connecticut business and a non-income tax charge related to the net value of a foreign entity. The quarter and year ended December 31, 2024 included asset impairments and other charges primarily associated with the divestiture of our Neumarkt, Austria business as well as restructuring costs.








(b)






 






The quarter and year ended December 31, 2025 included a curtailment gain related to the Belgium retirement plan. The year ended December 31, 2025 also included a gain related to a lump-sum pension settlement and debt extinguishment costs.








(c)






 






The quarter ended December 31, 2025 included the release of FIN 48 reserves and a valuation allowance, partially offset by provision adjustments related to the finalization of prior year tax returns. The year ended December 31, 2025 also included a tax charge for a valuation allowance related to the closure of the Welkenraedt, Belgium facility. The quarter and year ended December 31, 2024 included benefits associated with our R&T expenditures, partially offset by a valuation allowance in a foreign jurisdiction. The year ended December 31, 2024 also included a discrete tax benefit related to provision adjustments based on the finalization of prior year tax returns.







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






 








 






 






December 31,






 






 






December 31,






 






 






December 31,






 








(In millions)






 






2025






 






 






2024






 






 






2023






 








 






 






 






 






 






 






 






 






 






 








Current portion finance lease






 






$






-






 






 






$






0.1






 






 






$






0.1






 








Total current debt






 






 






-






 






 






 






0.1






 






 






 






0.1






 








 






 






 






 






 






 






 






 






 






 








Senior unsecured credit facility






 






 






295.0






 






 






 






-






 






 






 






-






 








4.7% senior notes due 2025






 






 






-






 






 






 






300.0






 






 






 






300.0






 








3.95% senior notes due 2027






 






 






400.0






 






 






 






400.0






 






 






 






400.0






 








5.875% senior notes due 2035






 






 






300.0






 






 






 






-






 






 






 






-






 








Senior notes original issue discounts






 






 






-






 






 






 






(0.4






)






 






 






(0.7






)








Senior notes deferred financing costs






 






 






(4.2






)






 






 






(0.9






)






 






 






(1.6






)








Other debt






 






 






2.2






 






 






 






1.9






 






 






 






1.7






 








Total long-term debt






 






 






993.0






 






 






 






700.6






 






 






 






699.4






 








Total Debt






 






 






993.0






 






 






 






700.7






 






 






 






699.5






 








Less: Cash and cash equivalents






 






 






(71.0






)






 






 






(125.4






)






 






 






(227.0






)








Total debt, net of cash






 






$






922.0






 






 






$






575.3






 






 






$






472.5






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260128047956/en/
Kurt Goddard | Vice President Investor Relations |