Hexcel

Hexcel makes advanced lightweight composites: carbon fiber, specialty reinforcements, prepregs, honeycomb, resins, engineered core and composite structures. Most of its sales go to commercial aircraft, such as the Airbus A350 and A320 and the Boeing 787 and 737 MAX. Commercial Aerospace was 66% of sales in the first nine months of 2026, and Defense, Space & Other was 34%.

Sales were $1.89 billion in 2025, down from a peak of $2.36 billion in 2019. Hexcel sold or closed some industrial businesses in Austria, Belgium, the United States and the United Kingdom in 2025 and 2026. Its headquarters is in Stamford, Connecticut.

The market prices Hexcel for a slow ramp of aircraft production and for margins that are still below the levels before 2020. Sales were $1.89 billion in 2025, well under the $2.36 billion of 2019, and the adjusted operating margin was 11.0% in Q3 2026. Hexcel says that it can earn about $500 million of extra annual revenue when aircraft makers reach their production targets. But the timing depends on Airbus and Boeing, and defense and space programs were soft in 2026.

Debt also rose after a $350 million share buyback in October 2025. For the gap to close, three things must be true. Commercial Aerospace sales must keep growing as A350, 787, A320 and 737 MAX rates rise. Higher volume must lift margins, as the gross margin rose to 25.4% in the first nine months of 2026 from 22.4%.

Hexcel must bring leverage back to its target range by the end of 2026, as it expects, and meet its 2026 guidance. The Q4 2026 report and the 2027 guidance, expected in late January 2027, are the next test. If these checks pass, the gap can close slowly over several years of production increases. The main reason it may not close is new delays in aircraft production rates.

1. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted EPS within $2.30 to $2.40, free cash flow above $195 million, leverage back in the target range and 2027 guidance for higher margins pass; missed guidance or higher leverage fail.
2. 2027 · est.Pending

   Aircraft production ratesHigher A350, 787, A320 and 737 MAX rates that keep Commercial Aerospace sales growing pass; new production delays at Airbus or Boeing fail.

Every passed and failed checkpoint across all picks

• October 21, 2026Hexcel reported Q3 2026 results. Sales rose 8.8% to $496.4 million, and adjusted diluted EPS rose to $0.50 from $0.37. Commercial Aerospace sales rose 20.5%, and Defense, Space & Other sales fell 8.7%. Hexcel kept its 2026 guidance and raised its share repurchase authorization to $750 million from $381 million.
• July 29, 2026Hexcel reported Q2 2026 results. Sales rose 8.0% to $529 million, and adjusted diluted EPS rose to $0.66 from $0.50. Hexcel raised its 2026 guidance to sales of $2.025 billion to $2.125 billion and adjusted EPS of $2.30 to $2.40.
• May 28, 2026Hexcel redeemed all $400 million of its 3.950% senior notes due 2027. It used the money from $400 million of 4.900% senior notes due 2031, which it sold on April 30, 2026, and cash on hand.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · hxl-20260930
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · hxl-20261021
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · hxl-20260630
• 8-KEarnings release and Investor disclosureFiled July 29, 2026 · hxl-20260729
• 8-KEnd of a material agreementFiled May 28, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 15, 2026 · Read it on sec.gov
• 8-KOther company newsFiled April 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · hxl-20260331
• 8-KEarnings release and Investor disclosureFiled April 22, 2026 · hxl-20260422
• 8-KNew material agreement and End of a material agreementFiled April 1, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 717605)

• Sales depend on aircraft production rates at Airbus and Boeing. If supply problems or regulatory issues, such as those of the Boeing 737 MAX, slow the production increases, Hexcel's sales and margins grow more slowly.
• Total debt was $934.9 million at September 30, 2026, and net debt was $857.1 million. The debt rose after the $350 million accelerated share repurchase in October 2025. Hexcel plans to return to its target leverage by the end of 2026.
• Defense, Space & Other sales fell 8.7% in Q3 2026, partly because of softer F-35, international fighter, launcher and rocket motor programs. Lower defense or space demand can offset commercial growth.
• Raw material costs, tariffs and currency changes affect margins. Exchange rates lowered the operating margin by about 70 basis points in the first nine months of 2026.

Hexcel funds itself with senior notes and a revolving credit facility. Total debt was $934.9 million at September 30, 2026, down from $993.0 million at December 31, 2025. Read more

Dividend yield

0.9% (last 12 months, at today’s price of $78.01)

Paid per share

$0.71 in the last 12 months (4 payments)

Current annual rate

$0.72 ($0.18 × 4 a year)

Latest ex-dividend date

August 10, 2026, $0.18 per share

Dividends per share by year

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.