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Sep 30, 2025
Graham Q2 2026 Earnings Report
Graham reported strong Q2 results with double-digit revenue growth and a record backlog.
Key Takeaways
Graham Corporation delivered a solid Q2 FY26, with revenue up 23% year-over-year, driven by Defense and Space contracts. Net income remained strong and backlog hit an all-time high of $500.1 million.
Revenue rose 23% to $66,027,000, driven by growth in Defense and Energy & Process markets.
Backlog reached a record $500,100,000, indicating strong future demand.
Adjusted EBITDA increased to $6,295,000 with a 9.5% margin.
Net income was $3,090,000 with an EPS of $0.28 (Adj. EPS: $0.31).
Revenue by Segment
Forward Guidance
Graham reaffirmed FY26 guidance, supported by a strong backlog and healthy market demand.
Positive Outlook
- Full-year revenue guidance remains at $225M to $235M.
- Adjusted EBITDA guidance of $22M to $28M reiterated.
- Strong order momentum and record backlog.
- Robust demand from Defense and Space markets.
- Improving productivity through automation and new technical capabilities.
Challenges Ahead
- Gross margin declined due to sales mix and higher material receipts.
- Tariff impact estimated at $2M to $4M for FY26.
- Aftermarket orders down $3.2M from prior year record levels.
- Seasonally lower revenue expected in Q3 due to holidays.
- Grant benefits from prior year not repeated in FY26, affecting gross profit comparability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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