Revenue growth has accelerated to 21.8% in 2026Q3, while operating margins have expanded to 13.4% from the 6.1% level observed in 2025Q4.
| 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 | 2.14B | 1.97B | 2.05B | 2.08B | 2.01B | 1.84B | 1.89B | 2.38B | 2.37B | 2.06B | 2.1B | 2.65B | 2.84B | 2.59B | 2.74B | 2.4B | 1.88B | 2B | 2.71B | 2.39B | 2.33B | 2.3B | 1.97B | 1.76B | 1.58B | 1.81B | 1.85B | 1.9B | 1.68B | 1.16B | 1.08B |
| Revenue Growth % | 7.17% | -3.91% | -1.51% | 3.27% | 9.29% | -2.33% | -20.63% | 0.31% | 15.04% | -1.91% | -20.73% | -6.7% | 9.57% | -5.37% | 13.84% | 27.57% | -5.79% | -26.07% | 13.4% | 2.4% | 1.1% | 16.88% | 12.08% | 11.06% | -12.4% | -2.47% | -2.59% | 13.38% | 45.15% | 7.06% | 9.77% |
| Cost of Goods Sold | 1.46B | 1.37B | 1.42B | 1.43B | 1.36B | 1.29B | 1.36B | 1.54B | 1.54B | 1.4B | 1.48B | 1.84B | 1.94B | 1.74B | 1.74B | 1.52B | 1.26B | 1.42B | 1.78B | 1.54B | 1.5B | 1.51B | 1.32B | 1.19B | 1.07B | 1.19B | 1.07B | 1.13B | 942.7M | 629.9M | 586.9M |
| COGS % of Revenue | - | 69.59% | 69.36% | 68.89% | 67.8% | 70% | 71.92% | 64.99% | 64.85% | 68.05% | 70.64% | 69.55% | 68.38% | 67.37% | 63.66% | 63.2% | 66.68% | 71.17% | 65.87% | 64.72% | 64.28% | 65.69% | 66.86% | 67.66% | 67.75% | 65.94% | 57.84% | 59.3% | 56.17% | 54.48% | 54.34% |
| Gross Profit | 680.46M | 598.07M | 627.09M | 646.44M | 647.98M | 552.48M | 529.47M | 831.5M | 832.29M | 657.71M | 616.07M | 805.99M | 897M | 845M | 994.25M | 884.39M | 627.73M | 576.54M | 923.24M | 841.56M | 832.17M | 790.53M | 653.37M | 568.9M | 510.82M | 615.72M | 781.57M | 774.5M | 735.7M | 526.4M | 493.1M |
| Gross Margin % | 31.85% | 30.41% | 30.64% | 31.11% | 32.2% | 30% | 28.08% | 35.01% | 35.15% | 31.95% | 29.36% | 30.45% | 31.62% | 32.63% | 36.34% | 36.8% | 33.32% | 28.83% | 34.13% | 35.28% | 35.72% | 34.31% | 33.14% | 32.34% | 32.25% | 34.06% | 42.16% | 40.7% | 43.83% | 45.52% | 45.66% |
| Gross Profit Growth % | - | -4.63% | -2.99% | -0.24% | 17.29% | 4.35% | -36.32% | -0.1% | 26.54% | 6.76% | -23.56% | -10.15% | 6.15% | -15.01% | 12.42% | 40.89% | 8.88% | -37.55% | 9.71% | 1.13% | 5.27% | 20.99% | 14.85% | 11.37% | -17.04% | -21.22% | 0.91% | 5.27% | 39.76% | 6.75% | 7.17% |
| Operating Expenses | 589.84M | 454.95M | 456.87M | 454.02M | 429.84M | 450.31M | 507.22M | 488.56M | 512.82M | 479.75M | 515.74M | 581.58M | 615.96M | 548.61M | 577.84M | 550.13M | 490.58M | 502.7M | 619.45M | 570.46M | 585.53M | 577.96M | 514.86M | 469.02M | 392.2M | 449.77M | 604.05M | 613M | 540.1M | 399.4M | 368.6M |
| OpEx % of Revenue | - | 23.13% | 22.32% | 21.85% | 21.36% | 24.45% | 26.9% | 20.57% | 21.66% | 23.31% | 24.58% | 21.97% | 21.71% | 21.19% | 21.12% | 22.89% | 26.04% | 25.14% | 22.9% | 23.91% | 25.13% | 25.08% | 26.12% | 26.66% | 24.76% | 24.88% | 32.59% | 32.21% | 32.18% | 34.54% | 34.13% |
| Selling, General & Admin | 230.86M | 0 | 0 | 0 | 0 | 393.55M | 0 | 434.85M | 463.85M | 421.67M | 439.38M | 547.1M | 589.67M | 527.85M | 561.49M | 538.53M | 477.49M | 489.57M | 605M | 554.63M | 579.91M | 574.5M | 512.62M | 464.86M | 389.4M | 425.64M | 483.15M | 498.2M | 452.3M | 333.9M | 328.4M |
| SG&A % of Revenue | - | - | - | - | - | 21.37% | - | 18.31% | 19.59% | 20.49% | 20.94% | 20.67% | 20.78% | 20.39% | 20.52% | 22.41% | 25.34% | 24.48% | 22.37% | 23.25% | 24.89% | 24.93% | 26% | 26.43% | 24.59% | 23.54% | 26.06% | 26.18% | 26.95% | 28.88% | 30.41% |
| Research & Development | 10.6M | 0 | 0 | 0 | 0 | 39.5M | 0 | 39M | 38.9M | 38M | 39.4M | 45.1M | 44M | 39.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.25M | 18.8M | 20.4M | 24.1M | 0 |
| R&D % of Revenue | - | - | - | - | - | 2.15% | - | 1.64% | 1.64% | 1.85% | 1.88% | 1.7% | 1.55% | 1.53% | - | - | - | - | - | - | - | - | - | - | - | - | 1.04% | 0.99% | 1.22% | 2.08% | - |
| Other Operating Expenses | 3M | 454.95M | 456.87M | 454.02M | 429.84M | 17.26M | 507.22M | 488.56M | -2.44M | -2.23M | 4.12M | 1.67M | -2.17M | -2.31M | 16.35M | 11.6M | 13.09M | 13.13M | 14.45M | 15.82M | 5.63M | 3.46M | 2.23M | 4.16M | 2.8M | 24.13M | 101.65M | 96M | 67.4M | 41.4M | 40.2M |
| Operating Income | 205.14M | 143.12M | 170.22M | 192.42M | 218.14M | 102.17M | 22.25M | 328.85M | 307.56M | 112.94M | -174.94M | -357.82M | 263.43M | 296.39M | 416.41M | 334.26M | 137.15M | 73.84M | 303.79M | 271.11M | 246.63M | 212.58M | 138.51M | 99.88M | 118.62M | 165.94M | 177.52M | 161.5M | 195.6M | 127M | 124.5M |
| Operating Margin % | 9.6% | 7.28% | 8.32% | 9.26% | 10.84% | 5.55% | 1.18% | 13.84% | 12.99% | 5.49% | -8.34% | -13.52% | 9.29% | 11.45% | 15.22% | 13.91% | 7.28% | 3.69% | 11.23% | 11.36% | 10.59% | 9.23% | 7.03% | 5.68% | 7.49% | 9.18% | 9.58% | 8.49% | 11.65% | 10.98% | 11.53% |
| Operating Income Growth % | - | -15.92% | -11.53% | -11.79% | 113.51% | 359.14% | -93.23% | 6.92% | 172.32% | 164.56% | 51.11% | -235.83% | -11.12% | -28.82% | 24.58% | 143.72% | 85.75% | -75.69% | 12.06% | 9.92% | 16.02% | 53.47% | 38.68% | -15.8% | -28.52% | -6.52% | 9.92% | -17.43% | 54.02% | 2.01% | -1.89% |
| EBITDA | 274.58M | 279.62M | 304.91M | 326.44M | 349.82M | 228.66M | 142.11M | 440.9M | 416.25M | 220.6M | -57.48M | -331.14M | 289.63M | 317.15M | 432.76M | 345.86M | 150.24M | 86.97M | 398.52M | 349.77M | 317.78M | 279.46M | 204.5M | 183.92M | 192.25M | 263.24M | 279.17M | 257.5M | 263M | 168.4M | 164.7M |
| EBITDA Margin % | 12.85% | 14.22% | 14.9% | 15.71% | 17.38% | 12.42% | 7.54% | 18.56% | 17.58% | 10.72% | -2.74% | -12.51% | 10.21% | 12.25% | 15.82% | 14.39% | 7.97% | 4.35% | 14.73% | 14.66% | 13.64% | 12.13% | 10.37% | 10.46% | 12.14% | 14.56% | 15.06% | 13.53% | 15.67% | 14.56% | 15.25% |
| EBITDA Growth % | -11.29% | -8.29% | -6.6% | -6.68% | 52.99% | 60.9% | -67.77% | 5.92% | 88.69% | 483.81% | 82.64% | -214.33% | -8.68% | -26.71% | 25.13% | 130.2% | 72.75% | -78.18% | 13.94% | 10.07% | 13.71% | 36.66% | 11.19% | -4.33% | -26.97% | -5.71% | 8.42% | -2.09% | 56.18% | 2.25% | -0.9% |
| D&A (Non-Cash Add-back) | 69.44M | 136.5M | 134.69M | 134.03M | 131.68M | 126.49M | 119.86M | 112.05M | 108.68M | 107.66M | 117.47M | 26.69M | 26.2M | 20.76M | 16.35M | 11.6M | 13.09M | 13.13M | 94.73M | 78.66M | 71.14M | 66.88M | 65.99M | 84.04M | 73.63M | 97.3M | 101.65M | 96M | 67.4M | 41.4M | 40.2M |
| EBIT | 131.23M | 156.93M | 170.92M | 188.12M | 232.65M | 111.03M | 37.11M | 344.23M | 305.12M | 110.72M | -170.82M | -356.15M | 261.26M | 294.08M | 417.18M | 318.89M | 101.81M | -85.25M | 303.79M | 271.11M | 246.63M | 208.36M | 138.51M | 99.88M | 118.62M | 165.94M | 177.52M | 161.5M | 195.6M | 127M | 124.5M |
| Net Interest Income | -24.91M | -24.93M | -26.47M | -28.5M | -25.91M | -46.38M | -35.15M | -32.99M | -30.08M | -28.84M | -27.75M | -31.47M | -32.45M | -27.47M | -27.21M | -22.76M | -25.2M | -27.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 24.91M | 24.93M | 26.47M | 28.5M | 25.91M | 46.38M | 35.15M | 32.99M | 30.08M | 28.84M | 27.75M | 31.47M | 32.45M | 27.47M | 27.21M | 22.76M | 25.2M | 27.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.69M | -11.12M | -25.77M | -32.8M | -11.41M | -37.51M | -20.29M | -17.61M | -15.26M | -12.88M | -23.63M | -29.79M | -34.62M | -29.79M | -26.44M | -38.13M | -60.55M | -186.33M | -68.98M | -21.61M | 201.09M | -29.89M | -27.84M | -65.59M | -59.57M | -74.76M | -81.85M | -89.5M | -70.5M | -10.1M | -10.9M |
| Pretax Income | 192.44M | 132M | 144.45M | 159.62M | 206.73M | 64.66M | 1.96M | 311.24M | 275.04M | 81.88M | -198.57M | -387.62M | 228.81M | 266.61M | 389.97M | 296.13M | 76.6M | -112.5M | 234.81M | 249.5M | 447.72M | 184.28M | 110.67M | 34.29M | 59.05M | 91.19M | 95.68M | 72M | 125.1M | 116.9M | 113.6M |
| Pretax Margin % | 9.01% | 6.71% | 7.06% | 7.68% | 10.27% | 3.51% | 0.1% | 13.1% | 11.62% | 3.98% | -9.46% | -14.64% | 8.06% | 10.3% | 14.25% | 12.32% | 4.07% | -5.63% | 8.68% | 10.46% | 19.22% | 8% | 5.61% | 1.95% | 3.73% | 5.04% | 5.16% | 3.78% | 7.45% | 10.11% | 10.52% |
| Income Tax | 48.37M | 33.3M | 30.81M | 36.26M | 56.53M | 6.24M | 7.01M | 63.36M | 69.98M | 29.89M | 25.31M | -16.65M | 66.61M | 59.69M | 79.14M | 63.86M | 26.98M | -11.21M | 64.06M | 70.47M | 172.9M | 61.39M | 35.5M | 14.3M | 18.9M | 37.3M | 43.7M | 32.9M | 53.9M | 44.9M | 43.9M |
| Effective Tax Rate % | 25.13% | 25.22% | 21.33% | 22.71% | 27.35% | 9.66% | 357.5% | 20.36% | 25.44% | 36.51% | -12.75% | 4.3% | 29.11% | 22.39% | 20.29% | 21.56% | 35.22% | 9.96% | 27.28% | 28.24% | 38.62% | 33.32% | 32.08% | 41.7% | 32.01% | 40.9% | 45.67% | 45.69% | 43.09% | 38.41% | 38.64% |
| Net Income | 137M | 93.13M | 109.32M | 118.46M | 144.62M | 54.43M | -5.66M | 241.93M | 200.18M | 49.14M | -225.97M | -373.9M | 158.37M | 203.26M | 307.23M | 229.73M | 46.42M | -119.74M | 167.78M | 174.24M | 256.28M | 119.29M | 73.58M | 18.13M | -211.91M | 53.29M | 51.71M | 39.1M | 71.2M | 72M | 69.7M |
| Net Margin % | 6.41% | 4.73% | 5.34% | 5.7% | 7.19% | 2.96% | -0.3% | 10.19% | 8.45% | 2.39% | -10.77% | -14.12% | 5.58% | 7.85% | 11.23% | 9.56% | 2.46% | -5.99% | 6.2% | 7.3% | 11% | 5.18% | 3.73% | 1.03% | -13.38% | 2.95% | 2.79% | 2.05% | 4.24% | 6.23% | 6.45% |
| Net Income Growth % | 26.02% | -14.82% | -7.71% | -18.09% | 165.69% | 1061.56% | -102.34% | 20.85% | 307.38% | 121.75% | 39.56% | -336.1% | -22.09% | -33.84% | 33.74% | 394.9% | 138.77% | -171.37% | -3.71% | -32.01% | 114.84% | 62.13% | 305.84% | 108.56% | -497.67% | 3.05% | 32.25% | -45.08% | -1.11% | 3.3% | 2.05% |
| Net Income (Continuing) | 82.95M | 98.71M | 113.64M | 123.37M | 150.2M | 58.42M | -5.05M | 247.88M | 205.06M | 51.98M | -223.88M | -370.96M | 162.2M | 206.92M | 310.83M | 232.28M | 49.63M | -101.29M | 170.75M | 176.84M | 274.82M | 117.51M | 73.58M | 18.13M | 38.5M | 53.89M | 51.98M | 39.1M | 71.2M | 72M | 69.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 43.64M | 40.67M | 38.72M | 38.72M | 38.67M | 38.6M | 38.9M | 39.53M | 36M | 35.36M | 31.48M | 29.63M | 32.35M | 30.47M | 24.37M | 20.57M | 17.94M | 20.01M | 21.53M | 17.62M | 14.63M | 17.46M | 16.23M | 18.88M | 10.67M | 9.86M | 55.11M | 53.5M | 42.2M | 9.1M | 12.5M |
| EPS (Diluted) | 1.77 | 1.20 | 1.37 | 1.46 | 1.72 | 0.65 | -0.06 | 2.90 | 2.42 | 0.61 | -2.83 | -4.71 | 1.99 | 2.52 | 3.77 | 2.76 | 0.57 | -1.64 | 2.15 | 2.22 | 3.24 | 1.57 | 1.01 | 0.26 | -3.35 | 0.87 | 0.85 | 0.66 | 1.29 | 1.35 | 1.31 |
| EPS Growth % | 27.34% | -12.41% | -6.16% | -15.12% | 164.62% | 1169.08% | -102.1% | 19.83% | 296.72% | 121.55% | 39.92% | -336.68% | -21.03% | -33.16% | 36.59% | 384.21% | 134.76% | -176.28% | -3.15% | -31.48% | 106.37% | 55.45% | 288.46% | 107.76% | -485.06% | 2.35% | 28.79% | -48.84% | -4.44% | 3.05% | 1.55% |
| EPS (Basic) | - | 1.21 | 1.38 | 1.47 | 1.74 | 0.65 | -0.06 | 2.94 | 2.45 | 0.61 | -2.83 | -4.71 | 2.01 | 2.56 | 3.83 | 2.80 | 0.57 | -1.64 | 2.18 | 2.27 | 3.34 | 1.62 | 1.03 | 0.26 | -3.40 | 0.87 | 0.86 | 0.66 | 1.31 | 1.36 | 1.31 |
| Diluted Shares Outstanding | 77.23M | 77.89M | 79.97M | 81.4M | 83.94M | 84.33M | 83.05M | 83.29M | 82.75M | 81.17M | 79.83M | 79.34M | 79.67M | 80.61M | 81.44M | 83.17M | 81.69M | 73.12M | 78.2M | 78.55M | 79.1M | 76.11M | 72.95M | 70.96M | 63.25M | 61.5M | 60.73M | 59.92M | 55.13M | 53.53M | 53.3M |
| Basic Shares Outstanding | 76.19M | 77.26M | 79.39M | 80.8M | 83.25M | 83.6M | 83.05M | 82.38M | 81.54M | 80.35M | 79.83M | 79.34M | 78.68M | 79.46M | 80.22M | 82.06M | 80.97M | 73.12M | 76.81M | 76.79M | 76.86M | 73.85M | 71.41M | 70.4M | 62.34M | 61.12M | 60.53M | 59.83M | 54.53M | 53.14M | 53.27M |
| Dividend Payout Ratio | - | 66.42% | 58.02% | 54.47% | 46.03% | 122.6% | - | 27.18% | 32.52% | 130.51% | - | - | 35.64% | 25.1% | 14.2% | 17.33% | 84.7% | - | 21.45% | 18.23% | 11.6% | 21.32% | 33.75% | 135.12% | - | 39.51% | 39.78% | 51.92% | 25.98% | 24.31% | 22.96% |
Cyclical Industrial Demand Exposure
According to the most recent quarterly data, Kennametal achieved a 21.8% year-over-year revenue increase in 2026Q3, marking a significant departure from the persistent contraction observed throughout 2024 and early 2025, where growth rates frequently languished in negative territory as reported in historical financial statements.
The sudden surge in top-line performance suggests a potential inflection in demand, though investors should monitor whether this is driven by sustainable volume gains or temporary inventory restocking by distributors. Given the historical volatility in revenue, this acceleration warrants further investigation into whether the company has successfully captured new aerospace or defense contracts.
Based on reported figures, Kennametal's gross margin reached 34.8% in 2026Q3, representing a notable improvement from the 28.2% trough seen in 2025Q4, suggesting that the company may be gaining better control over its raw material input costs or successfully implementing pricing power in its core segments.
The expansion in gross margin appears to correlate with the recent revenue growth, indicating that the company is benefiting from improved capacity utilization across its manufacturing footprint. However, given the commodity-sensitive nature of tungsten and cobalt, this margin recovery may be fragile if global input prices experience renewed upward pressure.
As indicated by the income statement, operating margins expanded to 13.4% in 2026Q3, up from 6.1% in 2025Q4, demonstrating that Kennametal is finally beginning to realize the benefits of operating leverage as revenue growth outpaces the growth in fixed overhead and administrative expenses.
This trend suggests that the company's multi-year modernization efforts may finally be yielding efficiency gains, allowing for higher profitability on each incremental dollar of revenue. Analysts should remain cautious, however, as the sustainability of this leverage depends on management's ability to keep SG&A costs contained during future periods of slower growth.
Financial disclosures reveal that stock-based compensation has fluctuated significantly, with a notable $17.0 million charge in 2026Q2, which complicates the assessment of core operating performance and suggests that reported net income may be periodically distorted by non-cash equity-based incentives and restructuring-related accounting adjustments.
The variability in these charges makes it difficult to ascertain the true underlying earnings power of the business without adjusting for these non-recurring items. Investors should monitor whether these compensation levels stabilize, as persistent high charges may indicate a misalignment between management incentives and long-term shareholder value creation.
Quick answers to the most common questions about buying KMT stock.
For fiscal year 2025, Kennametal Inc. (KMT) reported total revenue of $1.97B. This represents a 82.1% increase compared to $1.08B in 1996.
Kennametal Inc. (KMT) is profitable, generating $93.1M in net income for the fiscal year ending 2025 with a net profit margin of 4.7%.
Kennametal Inc. (KMT) reported an operating income of $143.1M, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kennametal Inc. (KMT) generated $598.1M in gross profit for the year, representing a gross profit margin of 30.4%. This demonstrates the company's core pricing power and production efficiency.