Hexcel Corp (HXL) financial statements: income statement, balance sheet and cash flow
Hexcel Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hexcel Corp reported revenue of $1.9B (-0.5% year on year) and net income of $109.4M (-17.2% year on year).
Income statement
Hexcel Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$1.9B
$1.9B
$1.8B
$1.6B
Cost of sales
$1.5B
$1.4B
$1.4B
$1.2B
Gross margin
$434.8M
$469.8M
$433.2M
$357.1M
Selling, general and administrative expenses
$169.0M
$176.6M
$163.8M
$148.0M
Research and technology expenses
$56.4M
$57.1M
$52.7M
$45.8M
Other operating expense (income)
$37.8M
$50.0M
$1.4M
($11.9M)
Operating income
$171.6M
$186.1M
$215.3M
$175.2M
Interest expense, net
$37.7M
$31.2M
$34.0M
$36.2M
Other expense (income)
($1.1M)
$0
$71.6M
($10.8M)
Total income before income taxes
$135.0M
$154.9M
$109.7M
$149.8M
Income tax expense
$25.6M
$22.8M
$12.1M
$31.6M
Income before equity in earnings
$109.4M
$132.1M
$97.6M
$118.2M
Equity in earnings from affiliated companies
$0
$0
$8.1M
$8.1M
Net income
$109.4M
$132.1M
$105.7M
$126.3M
Basic net income per common share:
$1.38
$1.61
$1.25
$1.5
Diluted net income per common share:
$1.37
$1.59
$1.24
$1.49
Basic
79.5M
82.3M
84.6M
84.4M
Diluted
80.0M
83.0M
85.5M
85.0M
Hexcel Corp income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Net sales
$496.4M
$529.3M
$501.5M
$456.2M
Cost of sales
$380.9M
$391.2M
$366.8M
$356.3M
Gross margin
$115.5M
$138.1M
$134.7M
$99.9M
Selling, general and administrative expenses
$44.9M
$47.2M
$49.4M
$41.1M
Research and technology expenses
$16.2M
$17.3M
$17.8M
$14.0M
Other operating expense
($400.0K)
$1.0M
$9.9M
$8.8M
Operating income
$54.8M
$72.6M
$57.6M
$36.0M
Interest expense, net
$12.1M
$12.0M
$11.8M
$9.2M
Other expense (income)
$0
($100.0K)
$300.0K
$0
Income before income taxes
$42.7M
$60.7M
$45.5M
$26.8M
Income tax expense
$4.1M
$11.4M
$8.3M
$6.2M
Net income
$38.6M
$49.3M
$37.2M
$20.6M
Basic net income per common share
$0.51
$0.65
$0.49
$0.26
Diluted net income per common share
$0.5
$0.64
$0.49
$0.26
Basic
75.8M
75.7M
75.9M
79.8M
Diluted
76.7M
76.5M
76.7M
80.3M
Balance sheet
Hexcel Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$71.0M
$125.4M
$227.0M
$112.0M
Accounts receivable, net
$249.3M
$212.0M
$234.7M
$222.7M
Inventories
$328.8M
$356.2M
$334.4M
$319.3M
Contract assets
$35.9M
$29.8M
$25.1M
$32.0M
Prepaid expenses and other current assets
$45.7M
$50.6M
$43.0M
$38.9M
Assets held for sale
$0
$7.5M
$0
$9.5M
Total current assets
$730.7M
$781.5M
$864.2M
$734.4M
Property, plant and equipment
$3.3B
$3.2B
$3.2B
$3.1B
Less accumulated depreciation
($1.7B)
($1.6B)
($1.5B)
($1.4B)
Property, plant and equipment, net
$1.6B
$1.6B
$1.7B
$1.7B
Goodwill and other intangible assets
$239.8M
$237.0M
$251.3M
$256.0M
Investments in affiliated companies
$5.0M
$5.0M
$5.0M
$47.6M
Other assets
$117.0M
$105.4M
$119.3M
$141.5M
Total assets
$2.7B
$2.7B
$2.9B
$2.8B
Short-term borrowings
$0
$100.0K
$100.0K
$200.0K
Accounts payable
$146.6M
$142.3M
$159.1M
$155.5M
Accrued compensation and benefits
$79.0M
$99.7M
$75.7M
$69.6M
Financial instruments
$3.8M
$8.0M
$6.0M
$22.0M
Accrued liabilities
$93.3M
$99.2M
$75.0M
$82.5M
Liabilities held for sale
$0
$4.2M
—
—
Total current liabilities
$322.7M
$353.5M
$315.9M
$329.8M
Long-term debt
$993.0M
$700.6M
$699.4M
$723.3M
Retirement obligations
$28.4M
$31.9M
$42.6M
$42.7M
Deferred income taxes
$86.7M
$81.2M
$110.6M
$126.4M
Other non-current liabilities
$22.5M
$30.5M
$33.5M
$60.9M
Total liabilities
$1.5B
$1.2B
$1.2B
$1.3B
Common stock, $0.01 par value, 200.0 shares authorized, 112.1 shares and 111.6 shares issued at December 31, 2025 and 2024, respectively
1.1M
1.1M
1.1M
1.1M
Additional paid-in capital
$994.9M
$970.0M
$936.8M
$905.0M
Retained earnings
$2.3B
$2.3B
$2.2B
$2.1B
Accumulated other comprehensive loss
($12.9M)
($115.0M)
($74.1M)
($174.4M)
Total stockholders' equity including treasury stock value
$3.3B
$3.1B
$3.0B
$2.8B
Less - Treasury stock, at cost, 36.4 shares at December 31, 2025 and 30.6 shares at December 31, 2024
-2.0B
-1.6B
-1.3B
-1.3B
Total stockholders' equity
$1.3B
$1.5B
$1.7B
$1.6B
Total liabilities and stockholders' equity
$2.7B
$2.7B
$2.9B
$2.8B
Hexcel Corp balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$77.8M
$62.2M
$54.1M
$90.5M
Accounts receivable, net
$271.6M
$299.2M
$291.0M
$234.3M
Inventories, net
$357.4M
$345.2M
$339.8M
$357.6M
Contract assets
$41.7M
$41.6M
$40.4M
$38.9M
Prepaid expenses and other current assets
$49.5M
$44.0M
$44.4M
$66.1M
Total current assets
$798.0M
$792.2M
$769.7M
$787.4M
Property, plant and equipment
$3.3B
$3.3B
$3.3B
$3.3B
Less accumulated depreciation
($1.8B)
($1.7B)
($1.7B)
($1.7B)
Net property, plant and equipment
$1.6B
$1.6B
$1.6B
$1.6B
Goodwill and other intangible assets, net
$233.9M
$235.6M
$237.4M
$241.2M
Investments in affiliated companies
$5.0M
$5.0M
$5.0M
$5.0M
Other assets
$117.3M
$116.7M
$119.0M
$112.5M
Total assets
$2.7B
$2.7B
$2.7B
$2.8B
Accounts payable
$139.4M
$144.6M
$140.7M
$124.4M
Accrued compensation and benefits
$79.6M
$73.3M
$67.2M
$72.5M
Financial instruments
$4.9M
$4.5M
$1.7M
$2.9M
Accrued liabilities
$86.8M
$104.0M
$104.1M
$86.2M
Total current liabilities
$310.7M
$326.4M
$313.7M
$286.0M
Long-term debt
$934.9M
$959.4M
$998.1M
$757.9M
Retirement obligations
$28.6M
$28.8M
$27.8M
$29.9M
Deferred income taxes
$102.7M
$88.7M
$87.9M
$92.2M
Other non-current liabilities
$27.9M
$29.1M
$30.2M
$25.7M
Total liabilities
$1.4B
$1.4B
$1.5B
$1.2B
Common stock, $0.01 par value, 200.0 shares authorized, 113.0 shares and 112.1 shares issued at September 30, 2026 and December 31, 2025, respectively
1.1M
1.1M
1.1M
1.1M
Additional paid-in capital
$1.0B
$1.0B
$992.5M
$988.8M
Retained earnings
$2.4B
$2.4B
$2.3B
$2.3B
Accumulated other comprehensive loss
($49.9M)
($43.8M)
($30.5M)
($11.2M)
Total stockholders' equity including treasury stock value
$3.4B
$3.3B
$3.3B
$3.3B
Less - Treasury stock, at cost, 37.3 shares at September 30, 2026 and 36.4 shares at December 31, 2025
-2.0B
-2.0B
-2.0B
-1.7B
Total stockholders' equity
$1.3B
$1.3B
$1.3B
$1.6B
Total liabilities and stockholders' equity
$2.7B
$2.7B
$2.7B
$2.8B
Cash flow statement
Hexcel Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$109.4M
$132.1M
$105.7M
$126.3M
Depreciation and amortization
$122.3M
$124.0M
$124.8M
$126.2M
Amortization of deferred financing costs and debt discount
$100.0K
$400.0K
$600.0K
$700.0K
Deferred income taxes
$5.9M
($16.7M)
($32.7M)
($3.1M)
Equity in earnings from affiliated companies
$0
$0
($8.1M)
($8.1M)
Stock-based compensation
$14.4M
$22.2M
$20.9M
$20.0M
Debt extinguishment costs
$400.0K
—
—
—
Loss on divestiture of assets
$4.9M
—
—
—
Restructuring expenses, net of payments
$9.1M
$0
($4.4M)
($700.0K)
Pension Settlement
$0
$0
$70.5M
—
Gain on sale of assets
$0
$0
($800.0K)
($19.4M)
Impairment of assets
$0
$28.9M
$3.1M
$1.6M
Loss (gain) on sale of investments
$0
$0
$3.0M
—
Decrease (increase) in accounts receivable
($22.5M)
$10.7M
($8.9M)
($62.8M)
Increase in inventories
$45.4M
($34.0M)
($8.9M)
($82.4M)
(Increase) decrease in prepaid expenses and other current assets
($4.0M)
($6.7M)
$2.6M
($8.3M)
Increase (decrease) in accounts payable/accrued liabilities
($20.4M)
$29.2M
($12.2M)
$80.8M
Other – net
($34.5M)
($200.0K)
$1.9M
$2.6M
Net cash provided by operating activities
$230.5M
$289.9M
$257.1M
$173.1M
Capital expenditures
($73.3M)
($87.0M)
($108.2M)
($76.3M)
Payments on divestiture of assets
($2.7M)
—
—
—
Proceeds from sale of assets
$0
$0
$10.3M
$21.2M
Proceeds from sale of investments
$0
$0
$47.2M
$500.0K
Net cash used for investing activities
($76.0M)
($87.0M)
($50.7M)
($54.6M)
Borrowing from senior unsecured credit facility
$480.0M
$160.0M
$163.0M
$50.0M
Repayment of senior unsecured credit facility
($185.0M)
($160.0M)
($188.0M)
($150.0M)
Repayment of finance lease obligation and other debt, net
($4.2M)
$300.0K
($200.0K)
($600.0K)
Issuance costs related to senior credit facility
$0
$0
($2.5M)
$0
Redemption of 4.7% senior notes due 2025
($300.0M)
—
—
—
Proceeds from issuance of 5.875% senior notes due 2035
300000000.0%
—
—
—
Dividends paid
($53.9M)
($49.3M)
($42.2M)
($33.7M)
Repurchase of stock
($454.3M)
($252.2M)
($30.1M)
$0
Activity under stock plans
$5.1M
($500.0K)
$7.4M
$4.3M
Net cash used for financing activities
($212.3M)
($301.7M)
($92.6M)
($130.0M)
Effect of exchange rate changes on cash and cash equivalents
$3.4M
($2.8M)
$1.2M
($4.2M)
Net (decrease) increase in cash and cash equivalents
($54.4M)
($101.6M)
$115.0M
($15.7M)
Cash and cash equivalents at beginning of period
$125.4M
$227.0M
$112.0M
$127.7M
Cash and cash equivalents at end of period
$71.0M
$125.4M
$227.0M
$112.0M
Interest, net of capitalized interest
$40.2M
$33.5M
$34.6M
$35.4M
Income Taxes
$7.3M
$42.2M
$59.1M
$35.9M
Accrual basis additions to property, plant and equipment
$81.2M
$81.1M
$121.6M
$69.8M
Hexcel Corp cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$125.1M
$86.5M
$37.2M
$63.0M
Depreciation and amortization
$90.5M
$60.5M
$30.4M
$91.5M
Amortization related to financing
$1.1M
$800.0K
$400.0K
$100.0K
Deferred income taxes
$22.5M
$8.0M
$3.5M
$7.8M
Stock-based compensation
$18.4M
$14.5M
$9.3M
$13.4M
Restructuring expenses, net of payments
$300.0K
$2.1M
$3.6M
$10.7M
Debt Extinguishment costs
$700.0K
$700.0K
$0
$400.0K
Loss on divestiture of assets
$0
$0
$0
—
Increase in accounts receivable
($23.9M)
($52.0M)
($43.0M)
($8.0M)
(Increase) decrease in inventories
($35.5M)
($22.0M)
($14.3M)
$16.5M
Increase in prepaid expenses and other current assets
($14.3M)
($9.3M)
($6.6M)
($16.8M)
Decrease in accounts payable/accrued liabilities
($4.4M)
$11.1M
$800.0K
($55.5M)
Other – net
($9.4M)
($4.2M)
($2.3M)
($23.0M)
Net cash provided by operating activities
$171.1M
$96.7M
$19.0M
$105.0M
Capital expenditures
($68.6M)
($44.9M)
($25.2M)
($55.1M)
Payments on divestiture of assets
$0
$0
$0
($2.7M)
Net cash used for investing activities
($68.6M)
($44.9M)
($25.2M)
($57.8M)
Borrowing from senior unsecured credit facility
$595.0M
$595.0M
$315.0M
$160.0M
Repayment of senior unsecured credit facility
($650.0M)
($625.0M)
($310.0M)
($100.0M)
Redemption of 4.7% senior notes due 2025
$0
$0
$0
($300.0M)
Proceeds from issuance of 5.875% senior notes due 2035
0.0%
0.0%
0.0%
300000000.0%
Redemption of 3.95% senior notes due 2027
($400.0M)
($400.0M)
—
—
Proceeds from issuance of 4.9% senior notes due 2031
400000000.0%
400000000.0%
—
—
Repurchases of common stock
$0
$0
$0
($100.9M)
Issuance costs related to senior unsecured credit facilities
($2.3M)
($2.3M)
($1.9M)
—
Issuance costs related to senior notes
($4.6M)
($4.6M)
—
—
Repayment of finance lease obligation and other debt, net
$200.0K
($200.0K)
$0
($4.1M)
Dividends paid
($40.9M)
($27.3M)
($13.7M)
($41.0M)
Activity under stock plans
$8.1M
$4.7M
$300.0K
$500.0K
Net cash used for financing activities
($94.5M)
($59.7M)
($10.3M)
($85.5M)
Effect of exchange rate changes on cash and cash equivalents
($1.2M)
($900.0K)
($400.0K)
$3.4M
Net increase (decrease) in cash and cash equivalents
$6.8M
($8.8M)
($16.9M)
($34.9M)
Cash and cash equivalents at beginning of period
$71.0M
$71.0M
$71.0M
$125.4M
Cash and cash equivalents at end of period
$77.8M
$62.2M
$54.1M
$90.5M
Accrual basis additions to plant, property and equipment