Hexcel Corporation

hexcel.com

What Do They Do?

Sells composite materials and structures for commercial aerospace, defense and space, and industrial customers.

How Do They Make Money?

Hexcel mainly sells products under customer agreements, with most sales occurring when the customer receives the product; some government contracts are billed as production progresses.

revenue

Segment	Share	Revenue	How money arrives
Commercial Aerospace Sold outright	61% FY2022: 58%		Sold outright
Space & Defense Sold outright	39% FY2022: 29%		Sold outright

Who Are Their Customers?

Aerospace, defense and space, and industrial customers buy Hexcel’s composites. Sales staff sell directly, while authorized distributors and sales representatives support some products, markets and regions.

Customers above 10% of revenue, FY2025

of revenue from two customers (39%, 13%)

FY2023: 54% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

9% of revenue

▼ −8% vs FY2024 ($186.1M, 10%)

Net income, FY2025

6% of revenue

▼ −17% vs FY2024 ($132.1M, 7%)

Free cash flow, FY2025

8% of revenue

▼ −23% vs FY2024 ($202.9M, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +9%; vs $456.2M in Q3 FY2025
Net income: ▲ +87%; vs $20.6M in Q3 FY2025

Commercial Aerospace share of revenue vs 60.1% in Q3 FY2025

Jul 29, 2026 Hexcel raised its 2026 sales and adjusted EPS guidance Sales guidance rose to $2.025 billion to $2.125 billion and adjusted EPS to $2.30 to $2.40.
Mar 13, 2026 James Coogan was appointed CFO, succeeding interim CFO Michael Lenz Coogan’s appointment took effect May 1, 2026.

Growing. Revenue grew 43% in 4 years, from $1.3B in FY2021 to $1.9B in FY2025, about 9% a year.

Revenue over time

Commercial Aerospace Space & Defense Industrial

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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