Koppers Holdings Inc

koppers.com

What Do They Do?

Sells treated railroad ties and utility poles to railroads and utilities, and wood-preservation chemicals to lumber treaters and other wood-product users.

How Do They Make Money?

revenue

Segment	Share	Revenue
Railroad And Utility Products And Services	49% FY2022: 40%
Carbon Materials and Chemicals	22% FY2022: 31%

Who Are Their Customers?

Railroads and utilities buy ties and poles directly through contracts or purchase orders, while global carbon-materials customers also buy directly. Wood-preservative customers include lumber treating companies.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

9% of revenue

▲ +13% vs FY2024 ($148.2M, 7%)

Net income, FY2025

3% of revenue

▲ +7% vs FY2024 ($52.4M, 3%)

Free cash flow, FY2025

4% of revenue

▲ +61% vs FY2024 ($42M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $504.8M in Q2 FY2025
Net income: ▼ Now a loss; vs $16.4M in Q2 FY2025

Railroad and Utility Products and Services share of revenue vs 49.6% in Q2 FY2025

May 11, 2026 Appointed Eric Brenner as chief financial officer and treasurer Brenner is to take the role effective May 26, 2026; interim CFO Bradley Pearce will return to chief accounting officer.
May 8, 2026 Updated its outlook and conditionally planned to end Stickney production The company gave 2026 forecasts and conditionally decided to end Stickney distillation and chemical manufacturing, subject to union discussions.

Growing. Revenue grew 12% in 4 years, from $1.7B in FY2021 to $1.9B in FY2025, about 3% a year.

Phthalic anhydride exit The older report lists phthalic anhydride as a CMC product; the latest says production has ceased and lists other principal CMC products.

Petroleum-blended products The older report describes CMC products as coal-tar distillates; the latest adds work to gain acceptance for petroleum-blended products as coal-tar supply declines.

Revenue over time

Railroad And Utility Products And Services Carbon Materials and Chemicals Performance Chemicals

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Stella-Jones and Rain Carbon

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