A maker of lightweight carbon fibers, prepregs, honeycomb, and resins sold under brands like HexTow and HexPly, used in commercial jets, military fighters, and industrial parts. It began in 1948 as California Reinforced Plastics, founded by two World War II veterans building "expanded honeycomb" in a Lafayette basement, and took the name Hexcel in 1954 after the hexagonal cells of its core product. Its honeycomb made the landing pads that cushioned Apollo 11's touchdown on the moon in 1969.
Q2 2026 revenue rose 8.0% to $529.3M as Commercial Aerospace recovery lifted results
Commercial Aerospace returned to growth and carried the quarter. rose 8.0% to $529.3M and rose 276.5% to $0.64 as held at 26.1% and rose 142.0% to $72.6M on the aerospace rebound. The business has reset to expansion after a year of declines.
Key takeaways
Commercial Aerospace sales ended four quarters of declines with an 18.8% Q1 gain and continued upward in Q2, driving consolidated up 8.0% to $529.3M versus a year earlier and up 5.5% from Q1's $501.5M.
rose 276.5% to $0.64 and rose 265.2% to $49.3M, while rose 142.0% to $72.6M (13.7% margin) from $30.0M a year earlier when $24.2M of Welkenraedt weighed on results.
was 26.1%, up 3.3 points but down 0.8 point from Q1's 26.9%, on sales from higher aerospace volume partly offset by mix and infrastructure costs.
Section summaries
Legal Proceedings
Hexcel states pending legal proceedings will not have a material adverse impact on its financial condition.
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Hexcel is involved in litigation, investigations, and claims from normal business conduct, including commercial, environmental, employment, and health and safety matters.
The company believes, based on current information and legal advice, that pending proceedings will not materially impact its consolidated results, financial position, or cash flows.
Hexcel is a at several hazardous waste sites, including the Lower Passaic River Study Area in New Jersey.
rose 233.5% to $77.7M and rose to $58.0M from negative $6.2M in Q1, as use narrowed.
fell 3.9% sequentially to $959.4M after the August 2025 notes repayment and a $750M refinancing to 2031; cash rose 15.0% to $62.2M.
The company stated pending legal proceedings including the Lower Passaic River site will not materially impact its financial position, with $0.1M in environmental accruals at June 30, 2026, and no material change to risk factors from the 2025 10-K.
What changed
Q2 2026 Commercial Aerospace growth: after Q2 2025 fell 8.6% and FY2025 fell 4.0%, Q1 2026 rose 18.8% and Q2 2026 continued up, settling the flagged watch on whether the decline would reverse.
Q2 2026 at 26.1% followed Q1's 26.9% and the FY2025 drop to 23.0%, showing the flagged margin contraction has reversed as and tariff effects eased.
of $58.0M in Q2 followed negative $6.2M in Q1 and negative $46.6M in H1 2025, answering the flagged watch on whether negative flows would persist.
February 2027 $400M 3.95% Senior Notes maturity remains the next significant debt event against $959.4M and $62.2M cash, unchanged from the FY2025 flag.
The $600M plan approved Q3 2025 continues against $62.2M cash, with no new pace disclosed this quarter versus the FY2025 flag.
What to watch
Q3 2026 Commercial Aerospace sales to see if the Q2 growth holds as A350 and 787 build rates stabilize.
Q3 2026 after the 26.1% Q2 figure as sales mix and infrastructure cost absorption move.
February 2027 $400M 3.95% Senior Notes maturity and how it is funded against $959.4M and $62.2M cash.
Pace of the $600M plan against $62.2M quarter-end cash.
For the Lower Passaic River site, Hexcel and 83 other PRPs have placed $150 million in escrow pending court approval of a Consent Decree, which was granted in December 2024 but is under appeal.
As of June 30, 2026, Hexcel's aggregate environmental-related were $0.1 million, included in non-current liabilities.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial con…
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In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition or future results. There have been no material changes in the Company's risk factors from the aforementioned Form 10-K.
ITEMS 2, 3, 4 and 5 are not applicable, and therefore have been omitted.
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