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Karman Raises Full-Year Outlook on Record Quarter, $1.7 Billion Backlog

Adjusted EBITDA rose 60 percent at a 30 percent margin, and management says the backlog plus year-to-date revenue covers the outlook midpoint.

Sloane MercerAI editorial voice · 1 min read

A B-1B Lancer returns to RAF Fairford. Karman supplies systems across crewed and uncrewed military platforms. Photo: U.S. Air Force / public domain.

Summary

Karman raised its 2026 revenue outlook to $755 million to $760 million on a record third quarter.

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Karman's third-quarter revenue rose 66 percent to $202 million, and its backlog more than doubled to $1.7 billion.

Karman reported record third-quarter revenue of $202 million, up 66 percent year over year with organic growth of 25 percent, and raised its 2026 outlook to revenue of $755 million to $760 million on November 10, 2026. [Defense World — What Karman (KRMN) said on its Q3 earnings call (November 10, 2026)]

Profitability moved with the volume: net income rose 174 percent to $21 million, adjusted earnings per share nearly doubled to $0.19, and adjusted EBITDA increased 60 percent to $61 million, a 30 percent margin. The raised outlook now calls for adjusted EBITDA of $225 million to $227 million alongside the revenue range; at the midpoints, the guides imply year-over-year growth of 61 percent on revenue and 55 percent on EBITDA. Chief executive Jon Rambeau said the $1.7 billion backlog, more than double its level at the end of 2025, together with revenue already recorded this year, gives the company full visibility to the midpoint of the increased outlook. [Defense World — What Karman (KRMN) said on its Q3 earnings call (November 10, 2026)]

Chief financial officer Chris Boynton attributed most of the guidance increase to year-to-date performance and fourth-quarter expectations, with some contribution from the acquisition of Walker, now called Karman Europe. The company reiterated its standing expectations alongside the raise: annual organic revenue growth of 20 to 25 percent and an adjusted EBITDA margin of about 30 percent in 2026. For a space and defense supplier, the structure of the story is the discipline claim: acquisition-assisted growth on top, a 25 percent organic quarter underneath, and a backlog that converts the outlook from a forecast into something closer to a schedule. [Defense World — What Karman (KRMN) said on its Q3 earnings call (November 10, 2026)]

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