Gross margins have expanded significantly from 19.6% in 2024Q2 to 31.0% in 2026Q3, reflecting improved capacity utilization and a favorable product mix shift.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 3.03B | 2.88B | 2.76B | 2.55B | 1.84B | 1.48B | 2.18B | 2.38B | 2.16B | 1.8B | 1.81B | 2.23B | 2.17B | 2.27B | 2.03B | 1.68B | 1.2B | 1.36B | 1.95B | 1.94B | 1.57B | 1.31B | 1.02B | 871.1M | 977.1M | 1.32B | 1.1B | 1.04B | 1.18B | 939M | 865.3M |
| Revenue Growth % | 3.72% | 4.25% | 8.21% | 38.88% | 24.44% | -32.35% | -8.36% | 10.31% | 20.03% | -0.87% | -18.56% | 2.47% | -4.34% | 11.98% | 21.11% | 39.75% | -12.02% | -30.26% | 0.45% | 24.01% | 19.33% | 29.26% | 16.71% | -10.85% | -26.21% | 20.83% | 5.7% | -11.9% | 25.31% | 8.52% | 14.23% |
| Cost of Goods Sold | 2.13B | 2.11B | 2.18B | 2.21B | 1.69B | 1.47B | 1.85B | 1.94B | 1.78B | 1.5B | 1.56B | 1.91B | 1.77B | 1.84B | 1.64B | 1.43B | 1.05B | 1.16B | 1.5B | 1.49B | 1.13B | 998.1M | 831.5M | 717.4M | 814.2M | 1.04B | 748.1M | 707.8M | 791.1M | 656.9M | 601.6M |
| COGS % of Revenue | - | 73.29% | 78.83% | 86.77% | 91.84% | 99.93% | 84.9% | 81.31% | 82.28% | 83.27% | 85.89% | 85.71% | 81.64% | 80.92% | 80.73% | 85.14% | 87.92% | 84.79% | 76.6% | 76.47% | 72.19% | 75.95% | 81.78% | 82.36% | 83.33% | 78.49% | 68.27% | 68.27% | 67.23% | 69.96% | 69.53% |
| Gross Profit | 900.5M | 768.6M | 584.3M | 337.3M | 149.8M | 1M | 329.4M | 444.8M | 382.3M | 300.8M | 255.9M | 318.3M | 398.9M | 433.5M | 391M | 249M | 144.8M | 207.2M | 457.2M | 457.7M | 436.1M | 316.1M | 185.2M | 153.7M | 162.9M | 284.8M | 347.7M | 328.9M | 385.6M | 282.1M | 263.7M |
| Gross Margin % | 29.73% | 26.71% | 21.17% | 13.23% | 8.16% | 0.07% | 15.1% | 18.69% | 17.72% | 16.73% | 14.11% | 14.29% | 18.36% | 19.08% | 19.27% | 14.86% | 12.08% | 15.21% | 23.4% | 23.53% | 27.81% | 24.05% | 18.22% | 17.64% | 16.67% | 21.51% | 31.73% | 31.73% | 32.77% | 30.04% | 30.48% |
| Gross Profit Growth % | - | 31.54% | 73.23% | 125.17% | 14880% | -99.7% | -25.94% | 16.35% | 27.09% | 17.55% | -19.6% | -20.21% | -7.98% | 10.87% | 57.03% | 71.96% | -30.12% | -54.68% | -0.11% | 4.95% | 37.96% | 70.68% | 20.49% | -5.65% | -42.8% | -18.09% | 5.72% | -14.7% | 36.69% | 6.98% | 16.78% |
| Operating Expenses | 254.1M | 246.8M | 261.2M | 204.2M | 174.7M | 249.6M | 304.1M | 203.4M | 193M | 179.3M | 204.3M | 206.8M | 186.9M | 200.8M | 180.9M | 152.6M | 133.1M | 143.2M | 163.6M | 133.9M | 125.4M | 111.9M | 117.1M | 145.6M | 176.2M | 188.4M | 247.7M | 243.9M | 217.6M | 167.4M | 148.1M |
| OpEx % of Revenue | - | 8.58% | 9.46% | 8.01% | 9.51% | 16.92% | 13.94% | 8.55% | 8.94% | 9.97% | 11.27% | 9.29% | 8.6% | 8.84% | 8.92% | 9.11% | 11.1% | 10.51% | 8.37% | 6.88% | 8% | 8.51% | 11.52% | 16.71% | 18.03% | 14.23% | 22.6% | 23.53% | 18.49% | 17.83% | 17.12% |
| Selling, General & Admin | 254.1M | 243.2M | 230.2M | 204.2M | 174.7M | 180.2M | 201M | 203.4M | 193M | 176.1M | 173.8M | 177.7M | 186.9M | 200.8M | 169.2M | 149.5M | 133.1M | 133.8M | 163.6M | 133.9M | 125.4M | 120.6M | 117.1M | 120.4M | 142.1M | 152.4M | 179.4M | 164M | 159.4M | 126.4M | 112.9M |
| SG&A % of Revenue | - | 8.45% | 8.34% | 8.01% | 9.51% | 12.21% | 9.22% | 8.55% | 8.94% | 9.8% | 9.58% | 7.98% | 8.6% | 8.84% | 8.34% | 8.92% | 11.1% | 9.82% | 8.37% | 6.88% | 8% | 9.18% | 11.52% | 13.82% | 14.54% | 11.51% | 16.37% | 15.82% | 13.55% | 13.46% | 13.05% |
| Research & Development | 26.1M | 26.1M | 25.6M | 24.4M | 0 | 19.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.91% | 0.93% | 0.96% | - | 1.34% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -22.5M | 5.4M | -24.4M | 0 | 49.7M | 103.1M | 0 | 0 | 3.2M | 30.5M | 29.1M | 0 | 0 | 11.7M | 3.1M | 0 | 9.4M | 0 | 0 | 0 | -8.7M | 0 | 25.2M | 34.1M | 36M | 68.3M | 79.9M | 58.2M | 41M | 35.2M |
| Operating Income | 646.4M | 521.8M | 323.1M | 133.1M | -24.9M | -248.6M | 25.3M | 241.4M | 189.3M | 121.5M | 51.6M | 111.5M | 212M | 232.7M | 210.1M | 96.4M | 11.7M | 64M | 293.6M | 323.8M | 310.7M | 204.2M | 68.1M | 8.1M | -13.3M | 96.4M | 100M | 85M | 168M | 114.7M | 115.6M |
| Operating Margin % | 21.34% | 18.14% | 11.71% | 5.22% | -1.36% | -16.85% | 1.16% | 10.14% | 8.77% | 6.76% | 2.85% | 5.01% | 9.76% | 10.24% | 10.36% | 5.75% | 0.98% | 4.7% | 15.03% | 16.65% | 19.81% | 15.54% | 6.7% | 0.93% | -1.36% | 7.28% | 9.13% | 8.2% | 14.28% | 12.22% | 13.36% |
| Operating Income Growth % | - | 61.5% | 142.75% | 634.54% | 89.98% | -1082.61% | -89.52% | 27.52% | 55.8% | 135.47% | -53.72% | -47.41% | -8.9% | 10.76% | 117.95% | 723.93% | -81.72% | -78.2% | -9.33% | 4.22% | 52.15% | 199.85% | 740.74% | 160.9% | -113.8% | -3.6% | 17.65% | -49.4% | 46.47% | -0.78% | 26.62% |
| EBITDA | 790.8M | 661M | 457.7M | 264.1M | 106.5M | -125M | 149.2M | 362.9M | 305.9M | 239.3M | 170.9M | 233.8M | 323.9M | 336.8M | 293.9M | 162.9M | 70.8M | 116.7M | 342.8M | 372.5M | 358.3M | 254.4M | 125.2M | 72.1M | 54.4M | 168.9M | 168.3M | 150.7M | 226.2M | 155.7M | 150.8M |
| EBITDA Margin % | 26.11% | 22.97% | 16.59% | 10.36% | 5.8% | -8.47% | 6.84% | 15.25% | 14.18% | 13.31% | 9.42% | 10.5% | 14.91% | 14.83% | 14.49% | 9.72% | 5.91% | 8.57% | 17.55% | 19.15% | 22.85% | 19.36% | 12.31% | 8.28% | 5.57% | 12.76% | 15.36% | 14.54% | 19.22% | 16.58% | 17.43% |
| EBITDA Growth % | 28.38% | 44.42% | 73.31% | 147.98% | 185.2% | -183.78% | -58.89% | 18.63% | 27.83% | 40.02% | -26.9% | -27.82% | -3.83% | 14.6% | 80.42% | 130.08% | -39.33% | -65.96% | -7.97% | 3.96% | 40.84% | 103.19% | 73.65% | 32.54% | -67.79% | 0.36% | 11.68% | -33.38% | 45.28% | 3.25% | 21.81% |
| D&A (Non-Cash Add-back) | 144.4M | 139.2M | 134.6M | 131M | 131.4M | 123.6M | 123.9M | 121.5M | 116.6M | 117.8M | 119.3M | 122.3M | 111.9M | 104.1M | 83.8M | 66.5M | 59.1M | 52.7M | 49.2M | 48.7M | 47.6M | 50.2M | 57.1M | 64M | 67.7M | 72.5M | 68.3M | 65.7M | 58.2M | 41M | 35.2M |
| EBIT | 637M | 531.2M | 277M | 136.6M | -18.2M | -264.3M | 25.9M | 242.1M | 188.5M | 100M | 49.5M | 116.8M | 213.4M | 237.8M | 212.4M | 104.9M | 22.5M | 79.1M | 317.8M | 317.4M | 310.7M | 195.5M | 70.4M | 37.8M | -13.3M | 132.4M | 100M | 99.2M | 168M | 114.7M | 115.6M |
| Net Interest Income | -39.9M | -56.4M | -63.6M | -63.5M | -26.5M | -33.6M | -19.7M | -26M | -28M | -29.8M | -27.8M | -27.6M | -16.8M | -20.7M | -22.9M | -16M | -16.2M | -16.1M | -20.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.2M | 7.5M | 1.8M | 600K | 18.4M | 0 | 100K | 100K | 300K | 0 | 200K | 100K | 200K | 300K | 900K | 1.1M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.1M | 63.9M | 65.4M | 64.1M | 44.9M | 33.6M | 19.8M | 26.1M | 28.3M | 29.8M | 28M | 27.7M | 17M | 21M | 23.8M | 17.1M | 17.8M | 16.1M | 20.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -55.8M | -54.5M | -111.5M | -60.6M | -38.2M | -49.3M | -19.2M | -25.4M | -29.1M | -51.3M | -30.1M | -22.4M | -15.6M | -15.9M | -21.5M | -8.6M | -7M | -1M | 3.7M | 7.2M | -1.6M | -14.2M | -18.4M | -31M | 0 | -38M | -20.1M | -29.2M | -31.1M | -16.8M | -20.5M |
| Pretax Income | 590.6M | 467.3M | 211.6M | 72.5M | -63.1M | -297.9M | 6.1M | 216M | 160.2M | 70.2M | 21.5M | 89.1M | 196.4M | 216.8M | 188.6M | 87.8M | 4.7M | 63M | 297.3M | 331M | 309.1M | 190M | 49.7M | -22.9M | -13.3M | 58.4M | 79.9M | 55.8M | 136.9M | 97.9M | 95.1M |
| Pretax Margin % | 19.5% | 16.24% | 7.67% | 2.84% | -3.44% | -20.19% | 0.28% | 9.07% | 7.42% | 3.91% | 1.19% | 4% | 9.04% | 9.54% | 9.3% | 5.24% | 0.39% | 4.62% | 15.22% | 17.02% | 19.71% | 14.46% | 4.89% | -2.63% | -1.36% | 4.41% | 7.29% | 5.38% | 11.63% | 10.43% | 10.99% |
| Income Tax | 111.5M | 91.3M | 25.1M | 16.1M | -14M | -68.3M | 4.6M | 49M | -28.3M | 23.2M | 10.2M | 30.4M | 63.6M | 70.3M | 67M | 16.1M | 2.6M | 15.1M | 96.8M | 103.8M | 97.3M | 54.5M | 13.7M | -12M | -7.3M | 23.2M | 26.6M | 18.7M | 52.9M | 37.9M | 35M |
| Effective Tax Rate % | 18.88% | 19.54% | 11.86% | 22.21% | 22.19% | 22.93% | 75.41% | 22.69% | -17.67% | 33.05% | 47.44% | 34.12% | 32.38% | 32.43% | 35.52% | 18.34% | 55.32% | 23.97% | 32.56% | 31.36% | 31.48% | 28.68% | 27.57% | 52.4% | 54.89% | 39.73% | 33.29% | 33.51% | 38.64% | 38.71% | 36.8% |
| Net Income | 479.1M | 376M | 186.5M | 56.4M | -49.1M | -229.6M | 1.5M | 167M | 188.5M | 47M | 11.3M | 58.7M | 132.8M | 146.1M | 121.2M | 71M | 2.1M | 47.9M | 277.7M | 227.2M | 211.8M | 135.5M | 36M | -10.9M | -118.3M | 21.1M | 53.3M | 37.1M | 84M | 60M | 60.1M |
| Net Margin % | 15.82% | 13.07% | 6.76% | 2.21% | -2.67% | -15.56% | 0.07% | 7.02% | 8.74% | 2.61% | 0.62% | 2.64% | 6.11% | 6.43% | 5.97% | 4.24% | 0.18% | 3.52% | 14.22% | 11.68% | 13.51% | 10.31% | 3.54% | -1.25% | -12.11% | 1.59% | 4.86% | 3.58% | 7.14% | 6.39% | 6.95% |
| Net Income Growth % | 33.86% | 101.61% | 230.67% | 214.87% | 78.61% | -15406.67% | -99.1% | -11.41% | 301.06% | 315.93% | -80.75% | -55.8% | -9.1% | 20.54% | 70.7% | 3280.95% | -95.62% | -82.75% | 22.23% | 7.27% | 56.31% | 276.39% | 430.28% | 90.79% | -660.66% | -60.41% | 43.67% | -55.83% | 40% | -0.17% | 26.53% |
| Net Income (Continuing) | 479.1M | 376M | 186.5M | 56.4M | -49.1M | -229.6M | 1.5M | 167M | 188.5M | 47M | 11.3M | 58.7M | 132.8M | 146.5M | 121.6M | 71.7M | 2.1M | 47.9M | 200.5M | 227.2M | 210.2M | 134.6M | 36M | -10.9M | -6M | 35.2M | 53.3M | 37.1M | 84M | 60M | 60.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.3M | 10.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.52 | 7.42 | 3.70 | 1.14 | -1.01 | -4.75 | 0.02 | 3.47 | 3.96 | 0.99 | 0.23 | 1.11 | 2.47 | 2.73 | 2.53 | 1.59 | 0.04 | 1.08 | 5.70 | 4.32 | 4.04 | 2.69 | 0.75 | -0.24 | -2.66 | 0.44 | 1.16 | 0.79 | 1.92 | 1.58 | 1.69 |
| EPS Growth % | 34.56% | 100.54% | 224.56% | 212.87% | 78.74% | -20933.33% | -99.34% | -12.37% | 300% | 330.43% | -79.28% | -55.06% | -9.52% | 7.91% | 59.12% | 3875% | -96.3% | -81.05% | 31.94% | 6.93% | 50.19% | 258.67% | 412.5% | 90.98% | -704.55% | -62.07% | 46.84% | -58.85% | 21.52% | -6.51% | 25.19% |
| EPS (Basic) | - | 7.49 | 3.75 | 1.15 | -1.01 | -4.75 | 0.02 | 3.50 | 3.99 | 0.99 | 0.23 | 1.11 | 2.48 | 2.75 | 2.55 | 1.59 | 0.04 | 1.09 | 5.73 | 4.40 | 4.17 | 2.77 | 0.76 | -0.24 | -2.66 | 0.44 | 1.18 | 0.81 | 2.01 | 1.65 | 1.76 |
| Diluted Shares Outstanding | 50.3M | 50.7M | 50.3M | 49.2M | 48.5M | 48.3M | 48.2M | 48.1M | 47.6M | 47.1M | 48.2M | 52.7M | 53.6M | 53.4M | 47.8M | 44.7M | 44.4M | 44.2M | 48.7M | 52.5M | 52.2M | 50.1M | 45.91M | 44.64M | 44.4M | 47.95M | 46.15M | 46.96M | 43.75M | 37.52M | 35.56M |
| Basic Shares Outstanding | 50M | 50.2M | 49.7M | 48.8M | 48.5M | 48.3M | 48.1M | 47.7M | 47.2M | 47M | 48.1M | 52.6M | 53.3M | 52.9M | 47.1M | 44.1M | 43.9M | 43.9M | 48.5M | 51.5M | 50.5M | 48.3M | 45.3M | 44.64M | 44.4M | 47.95M | 45.36M | 46.09M | 41.9M | 35.41M | 34.25M |
| Dividend Payout Ratio | - | 10.72% | 21.45% | 69.86% | - | - | 2586.67% | 23.11% | 18.25% | 72.55% | 307.96% | 64.57% | 28.99% | 26.21% | 27.81% | 45.21% | 1519.05% | 65.76% | 11.02% | 11.31% | 7.79% | 7.23% | 25.83% | - | - | 145.5% | 57.79% | 82.75% | 33.93% | 40.67% | 38.77% |
Aerospace supply chain volatility
According to the most recent quarterly filings, CRS achieved an 11.6% year-over-year revenue growth rate in 2026Q3, marking a significant acceleration from the 2.2% growth observed in 2026Q1 and suggesting that the company is successfully capturing increased demand within the high-value aerospace engine supply chain.
The recent revenue trajectory appears to be driven by a favorable mix shift toward premium alloys rather than mere volume expansion. Investors should monitor whether this growth rate is sustainable as the company laps easier comparisons from the prior year's destocking cycle.
As reported in financial statements, the company's gross margin has expanded consistently from 19.6% in 2024Q2 to 31.0% in 2026Q3, reflecting a successful transition toward higher-margin specialty products and improved capacity utilization at the company's primary manufacturing facilities in Reading and Alabama.
This margin expansion suggests that the company is effectively leveraging its specialized metallurgical capabilities to command premium pricing. The trend implies that the shift away from commodity stainless steel is yielding tangible improvements in profitability that may be durable if the current aerospace build rates persist.
Based on the provided income statement data, operating income scaled to $186.5 million in 2026Q3, demonstrating significant operating leverage as the operating margin reached 23.0% compared to the 11.1% margin recorded in 2024Q3, indicating that fixed costs are being absorbed more efficiently as volumes rise.
The disproportionate growth in operating income relative to gross profit suggests that the company's SG&A expenses remain well-contained despite the revenue surge. This operational efficiency appears to be a key factor in the company's ability to translate top-line gains into substantial bottom-line growth.
As indicated by the 2026Q3 results, the company generated $139.6 million in net income, with stock-based compensation remaining relatively stable at $7.0 million, suggesting that the reported EPS of $2.77 is supported by core operational performance rather than significant non-operating or accounting adjustments.
The consistency of the net margin improvement, which reached 17.2% in the most recent quarter, points to a high quality of earnings. Analysts should continue to scrutinize the impact of potential LIFO liquidations or pension-related non-cash items that could introduce volatility into future net income figures.
Quick answers to the most common questions about buying CRS stock.
For fiscal year 2025, Carpenter Technology Corporation (CRS) reported total revenue of $2.88B. This represents a 232.5% increase compared to $865.3M in 1996.
Carpenter Technology Corporation (CRS) is profitable, generating $376.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
Carpenter Technology Corporation (CRS) reported an operating income of $521.8M, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Carpenter Technology Corporation (CRS) generated $768.6M in gross profit for the year, representing a gross profit margin of 26.7%. This demonstrates the company's core pricing power and production efficiency.