Jun 2026 (Q4 FY26) — Jul 30, 2026
Carpenter Technology Q4 FY26 — Record Operating Income and Strong FY27/FY29 Outlook
Read the full callCarpenter Technology (CRS) earnings
- Jun 2026
- Jun 2026 (Q4 FY26)
- Jun 2026
Carpenter Technology earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 851 | +12.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 24.3 | +4.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 162 | +45.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
31 of 39 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted free cash flow | $240 million to $280 million | Jun 2025 | we generated $362.3 million in adjusted free cash flow in fiscal year 2026, ahead of what we had anticipated | Achieved |
| Corporate costs | $25 million to $26 million | Mar 2026 | The SG&A line includes corporate costs, which were $28.6 million. | Missed |
| Full-year adjusted operating income | $765 million to $800 million | Mar 2025 | For the full fiscal year 2027, we expect between $850 million and $880 million of operating income. | Revised Up |
8 of CARPENTER TECHNOLOGY CORP's 55 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 52 more targets are in the full ledger.
Claimed
- Generated $206.9 million in operating income, exceeding previous record by 11%.
- SAO segment achieved a record adjusted operating margin of 37.8%.
- Generated $240.1 million in cash from operating activities and $155 million of adjusted free cash flow in Q4.
- Executed $179.1 million in share repurchases for FY26, part of a $400 million authorization.
- Aerospace and Defense sales up 17% year-over-year and 3% sequentially, reaching an all-time high for the quarter.
Qualified
- Medical end-use market sales down 30% compared to prior year Q4, despite a 5% sequential increase.
- Energy end-use market sales down 22% sequentially and 12% year-over-year due to order timing fluctuations.
- Some structural customers remain cautious in ordering patterns, acknowledging they are ordering below expected demand rates.
Price
$378.51 +0.38% · +$1.42
Performance +58.9% 1Y
1Y: $238.23 on 17 Oct 2025 → $378.51. High $619.25 (6 Jul 2026), low $238.23 (17 Oct 2025).
- Previous close
- $377.09
- 52-week range
- $241.77 – $619.25
- One year
- +56.56%
Overview
- Symbol
- CRS
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
31 of 39 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted free cash flow | $240 million to $280 million | Jun 2025 | we generated $362.3 million in adjusted free cash flow in fiscal year 2026, ahead of what we had anticipated | Achieved |
| Corporate costs | $25 million to $26 million | Mar 2026 | The SG&A line includes corporate costs, which were $28.6 million. | Missed |
| Full-year adjusted operating income | $765 million to $800 million | Mar 2025 | For the full fiscal year 2027, we expect between $850 million and $880 million of operating income. | Revised Up |
Claimed
- Generated $206.9 million in operating income, exceeding previous record by 11%.
- SAO segment achieved a record adjusted operating margin of 37.8%.
- Generated $240.1 million in cash from operating activities and $155 million of adjusted free cash flow in Q4.
- Executed $179.1 million in share repurchases for FY26, part of a $400 million authorization.
- Aerospace and Defense sales up 17% year-over-year and 3% sequentially, reaching an all-time high for the quarter.
Qualified
- Medical end-use market sales down 30% compared to prior year Q4, despite a 5% sequential increase.
- Energy end-use market sales down 22% sequentially and 12% year-over-year due to order timing fluctuations.
- Some structural customers remain cautious in ordering patterns, acknowledging they are ordering below expected demand rates.
The full ledger
Open CARPENTER TECHNOLOGY CORP’s full ledger
A free account opens 5 company ledgers a month. All 55 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q3 FY26) — Apr 29, 2026
Carpenter Technology Q3 FY26 — Record $187M operating income as aerospace demand accelerates
Read the full callDec 2025 (Q2 FY26) — Jan 29, 2026
Carpenter Technology Q2 FY26 — Record Earnings and Raised FY26 Guidance
Read the full callEvery analysed call
Carpenter Technology earnings calls (CRS)
Financials
What the filings say
Net profit, year on year: +45% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 718 | 677 | 727 | 756 | 734 | 728 | 812 | 851 |
| Operating profit | 114 | 119 | 138 | 151 | 153 | 155 | 187 | 207 |
| Operating margin | 15.8% | 17.6% | 18.9% | 20.0% | 20.9% | 21.3% | 23.0% | 24.3% |
| Other income | -0 | — | — | — | — | — | — | — |
| Interest | 12 | 12 | 12 | 12 | 12 | 10 | 9 | 7 |
| Profit before tax | 101 | 105 | 122 | 139 | 145 | 130 | 177 | 205 |
| Tax rate | 16.1% | 20.0% | 21.8% | 19.7% | 15.4% | 19.0% | 21.0% | 20.7% |
| Net profit | 85 | 84 | 95 | 112 | 123 | 105 | 140 | 162 |
| EPS ($ per share) | 1.69 | 1.68 | 1.90 | 2.23 | 2.45 | 2.10 | 2.79 | 3.25 |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 279 | 280 | 280 | 280 | 281 | 285 | 286 | 287 |
| Reserves | 1,605 | 1,568 | 1,299 | 1,211 | 1,228 | 1,375 | 1,710 | 2,200 |
| Total liabilities | 1,668 | 1,782 | 1,579 | 1,602 | 1,658 | 1,663 | 1,600 | 1,611 |
| Fixed assets | 1,366 | 1,498 | 1,458 | 1,421 | 1,384 | 1,335 | 1,359 | 1,488 |
| Total assets | 3,188 | 3,227 | 2,971 | 2,932 | 3,054 | 3,292 | 3,487 | 3,838 |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 232 | 232 | 250 | 6 | 15 | 275 | 440 | 605 |
| Cash from investing | -245 | -171 | -79 | -89 | -82 | -96 | -153 | -243 |
| Cash from financing | -19 | 108 | -76 | -53 | -40 | -23 | -167 | -287 |
| Net cash flow | -29 | 166 | 94 | -133 | -110 | 155 | 116 | 78 |
| Capital expenditure | -180 | -171 | -100 | -91 | -82 | -97 | -154 | -243 |
| Free cash flow | 52 | 60 | 150 | -85 | -68 | 178 | 286 | 362 |
CRS revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Specialty Alloys Operations | 90% | 89% | 88% | 87% | 89% | 91% | 90% | 90% | +16.4% |
| Performance Engineered Products | 14% | 14% | 14% | 4% | 11% | 9% | 10% | 10% | +201.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CRS operating KPIs by quarter
| KPI | Dec 2025 Q2 FY26 | Mar 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|
| Total case incident rate | 1.4 ratioWe ended the second quarter of fiscal year 2026 with a total case incident rate of 1.4.Source: earnings call transcript | 1.3 ratioWe ended the third quarter of fiscal year 2026 with a total case incident rate of 1.3.Source: earnings call transcript | -7.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2026 · share of revenue
- US 57% ↓ 2 pt
- Europe 23% ↑ 3 pt
- Asia Pacific 12% ↓ 1 pt
- MX 6% ↑ 1 pt
- CA 2%
- Other Country 1%
As CRS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
99 filings between Nov 18, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$94.59M
60 sales by 8 insiders
Compensation
not trading decisions- 11
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Thene Tony R | — | $52.88M | Aug 25, 2026 |
| Malloy Brian J | — | $23.00M | Dec 11, 2025 |
| DEE JAMES D | — | $6.19M | Feb 24, 2026 |
| AKINS MARSHALL D | — | $5.21M | May 5, 2026 |
| KAROL STEVEN E | — | $5.00M | Sep 4, 2026 |
| SOCCI ELIZABETH A | — | $1.25M | Nov 26, 2025 |
| Younessi Ramin | — | $615.3K | Aug 21, 2026 |
| HART ANASTASIOS JOHN | — | $433.4K | May 28, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | WARD JR STEPHEN M Director | Tax withheld | 338 | $130.4K |
| Oct 9, 2026 | WARD JR STEPHEN M Director | Option exercise | 3,275 | $130.3K |
| Sep 4, 2026 | KAROL STEVEN E Director | Sale | 3,275 | $1.55M |
| Sep 4, 2026 | KAROL STEVEN E Director | Option exercise | 3,275 | $130.3K |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 6,320 | $3.04M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 2,095 | $1.02M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 5,800 | $2.79M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 5,818 | $2.81M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 10,004 | $4.86M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 2,370 | $1.16M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 6,126 | $2.98M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 11,899 | $5.77M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 1,890 | $907.0K |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 720 | $345.2K |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 8,383 | $4.05M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 7,864 | $3.82M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 7,053 | $3.42M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 8,071 | $3.90M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 4,949 | $2.38M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 429 | $209.9K |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 2,251 | $1.10M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 2,252 | $1.10M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 8,372 | $4.04M |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 1,995 | $970.8K |
| Aug 25, 2026 | Thene Tony R Chairman, President and CEO | Sale | 4,622 | $2.22M |
| Aug 21, 2026 | Younessi Ramin Director | Option exercise | 438 | $70.7K |
| Aug 21, 2026 | Younessi Ramin Director | Sale | 438 | $216.0K |
| Aug 17, 2026 | Thene Tony R Chairman, President and CEO | Award | 5,993 | — |
| Aug 17, 2026 | AKINS MARSHALL D VP and Chief Comm Officer | Award | 1,015 | — |
| Aug 17, 2026 | DEE JAMES D SVP, Gen Counsel & Sec | Award | 738 | — |
| Aug 17, 2026 | SOCCI ELIZABETH A VP, Contr & Ch Acctg Officer | Award | 208 | — |
| Aug 17, 2026 | LAIN TIMOTHY SVP and CFO | Award | 1,383 | — |
| Aug 15, 2026 | DEE JAMES D SVP, Gen Counsel & Sec | Tax withheld | 1,535 | $835.9K |
| Aug 15, 2026 | LAIN TIMOTHY SVP and CFO | Tax withheld | 2,407 | $1.31M |
| Aug 15, 2026 | AKINS MARSHALL D VP and Chief Comm Officer | Tax withheld | 1,758 | $957.4K |
| Aug 15, 2026 | SOCCI ELIZABETH A VP, Contr & Ch Acctg Officer | Tax withheld | 330 | $179.7K |
| Aug 15, 2026 | Thene Tony R Chairman, President and CEO | Tax withheld | 9,479 | $5.16M |
| Jul 14, 2026 | Thene Tony R Executive Chairman | Award | 68,860 | — |
| Jul 14, 2026 | DEE JAMES D SVP, Gen Counsel & Sec | Tax withheld | 5,534 | $3.19M |
| Jul 14, 2026 | DEE JAMES D SVP, Gen Counsel & Sec | Award | 12,052 | — |
| Jul 14, 2026 | AKINS MARSHALL D VP and Chief Comm Officer | Tax withheld | 5,929 | $3.42M |
| Jul 14, 2026 | AKINS MARSHALL D VP and Chief Comm Officer | Award | 12,912 | — |
| Jul 14, 2026 | Malloy Brian J President and CEO | Tax withheld | 7,905 | $4.56M |
| Jul 14, 2026 | Malloy Brian J President and CEO | Award | 17,216 | — |
| Jul 14, 2026 | SOCCI ELIZABETH A VP, Contr & Ch Acctg Officer | Tax withheld | 1,128 | $650.7K |
| Jul 14, 2026 | SOCCI ELIZABETH A VP, Contr & Ch Acctg Officer | Award | 2,584 | — |
| Jul 14, 2026 | LAIN TIMOTHY SVP and CFO | Tax withheld | 8,300 | $4.79M |
| Jul 14, 2026 | Thene Tony R Executive Chairman | Tax withheld | 29,913 | $17.26M |
| Jul 14, 2026 | LAIN TIMOTHY SVP and CFO | Award | 18,076 | — |
| Jun 1, 2026 | KAROL STEVEN E Director | Sale | 2,000 | $975.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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