Form 8-K

8-K — HEXCEL CORP /DE/

Accession: 0001193125-26-323808

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0000717605

SIC: 2821 (PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — hxl-20260729.htm (Primary)

EX-99.1 (hxl-ex99_1.htm)

EX-99.2 (hxl-ex99_2.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hxl-20260729.htm · Sequence: 1

8-K

0000717605false00007176052026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

July 29, 2026 (July 29, 2026)

____________________________________

Date of report (Date of earliest event reported)

Hexcel Corporation

___________________________________________

(Exact Name of Registrant as Specified in Charter)

Delaware

1-8472

94-1109521

(State of Incorporation)

(Commission File No.)

(IRS Employer Identification No.)

Two Stamford Plaza

281 Tresser Boulevard

Stamford, Connecticut 06901-3238

______________________________________________________

(Address of Principal Executive Offices and Zip Code)

(203) 969-0666

__________________________________________________

(Registrant's telephone number, including area code)

N/A

___________________________________________________________

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written Communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

HXL

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.□

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition

On July 29, 2026 Hexcel Corporation (the “Company”) issued a press release in which the Company announced its financial results for its fiscal quarter ended June 30, 2026. A copy of this earnings press release is being furnished as Exhibit 99.1 and is incorporated herein by reference.

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure

The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

The information contained in Items 2.02 and 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Section 8 – Other Events

Item 8.01 Other Events

On July 29, 2026 the Company posted to its website a table which summarizes sales by segment and market for the quarters ended June 30, 2026 and 2025, March 31, 2026 and 2025 and the six-month periods ended June 30, 2026 and 2025. A copy of this information is being filed as Exhibit 99.2 and is incorporated herein by reference. Other information appearing on the Company’s website is not incorporated by reference herein.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Press Release issued by the Company on July 29, 2026.

99.2

Sales by segment and market for the quarters ended June 30, 2026 and 2025, March 31, 2026 and 2025 and the six-month periods ended June 30, 2026 and 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEXCEL CORPORATION

July 29, 2026

/s/ Amy S. Evans

Amy S. Evans

Senior Vice President,

Chief Accounting Officer

EX-99.1

Filename: hxl-ex99_1.htm · Sequence: 2

EX-99.1

Hexcel Corporation

Two Stamford Plaza| 281 Tresser Blvd., 16thFloor

Stamford, CT 06901 USA

www.hexcel.com

Exhibit 99.1

HEXCEL REPORTS 2026 SECOND QUARTER RESULTS

•

Q2 2026 GAAP diluted EPS of $0.64 compared to Q2 2025 GAAP diluted EPS of $0.17.

•

Q2 2026 adjusted diluted EPS of $0.66, compared to Q2 2025 adjusted diluted EPS of $0.50.

•

Q2 2026 Sales were $529 million, an increase of 8.0% over Q2 2025 sales of $490 million (8.1% increase in constant currency).

•

FY 2026 sales guidance increased to $2.025 billion to $2.125 billion, previously $2.0 billion to $2.1 billion. Adjusted EPS increased to $2.30 to $2.40, previously $2.10 to $2.30.

See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.

Summary of Results from Operations

Quarters Ended

Six Months Ended

June 30,

(In millions, except per share data)

2026

2025

% Change

2026

2025

% Change

Net Sales

529.3

489.9

8.0 %

1,030.8

946.4

8.9 %

Net sales change in constant currency

8.1 %

8.5 %

Operating Income

72.6

30.0

142.0 %

130.2

74.2

75.5 %

Net Income

49.3

13.5

265.2 %

86.5

42.4

104.0 %

Diluted net income per common share

0.64

0.17

276.5 %

1.13

0.52

117.3 %

Non-GAAP measures for year-over-year comparison (Table C)

Adjusted Operating Income

73.6

54.2

35.8 %

141.1

99.5

41.8 %

As a % of sales

13.9

11.1

13.7

10.5

Adjusted Net Income

50.2

40.4

24.3 %

95.7

70.5

35.7 %

Adjusted diluted net income per share

0.66

0.50

32.0 %

1.25

0.87

43.7 %

STAMFORD, Conn. July 29, 2026 – Hexcel Corporation (NYSE: HXL) today reported second quarter 2026 results including net sales of $529.3 million and adjusted diluted EPS of $0.66 per share.

Chairman, CEO and President Tom Gentile said, “Rising build rates at our commercial aerospace customers drove strong sales growth this quarter. Sales growth was particularly strong for both the Airbus A350 and Boeing 787 programs, with quarterly sales for these two platforms reaching their highest levels since before the pandemic. The increase in total sales generated meaningful operating leverage that contributed to solid earnings for the quarter with adjusted EPS of $0.66 per share.”

Mr. Gentile continued, “Last year, we intentionally lagged adding headcount as we sought greater certainty around customer demand. With the commercial aerospace recovery taking hold and improving visibility to future rates, we are now adding headcount and accelerating the restart of previously idle assets. Our focus remains on execution as we position Hexcel to benefit from a multi-year growth cycle under existing contracts and from the growing adoption of advanced, lightweight composites across aerospace platforms. Given the strengthening demand signals from our customers, we are increasing our 2026 sales and adjusted EPS guidance. As we generate cash this year, we will continue to pay down debt following the borrowing for the accelerated share repurchase executed in late 2025.”

Markets

Sales in the second quarter of 2026 were $529.3 million compared to $489.9 million in the second quarter of 2025.

Commercial Aerospace

•

Commercial Aerospace sales of $346.6 million for the second quarter of 2026 increased 18.3% (18.8% in constant currency) compared to the second quarter of 2025. Sales growth was led by the Airbus A350 and Boeing 787 widebodies. Narrowbody sales also increased year over year including the Boeing 737 MAX, Airbus A320neo and Airbus A220. Other Commercial Aerospace sales increased 3.7% in the second quarter of 2026 compared to the second quarter of 2025 from growth in regional jets.

Defense, Space & Other

•

Defense, Space & Other sales of $182.7 million in the second quarter of 2026 decreased 7.2% (7.7% in constant currency) for the quarter as compared to the second quarter of 2025. The sales decrease reflected the September 30, 2025 divestment of the Austrian-based industrial business.

Consolidated Operations

Gross margin for the second quarter of 2026 was 26.1% compared to 22.8% in the second quarter of 2025 as the current period benefited from higher sales leverage. As a percentage of sales, selling, general and administrative expenses for the second quarter of 2026 were 8.9% compared to 8.8% for the second quarter of 2025. R&D expenses as a percentage of sales were 3.3 % in the second quarter of 2026 compared to 2.9% for the second quarter of 2025. Adjusted operating income in the second quarter of 2026 was $73.6 million or 13.9% of sales, compared to $54.2 million, or 11.1% of sales in the second quarter of 2025. The impact of exchange rates on operating income as a percent of sales was unfavorable by approximately 90 basis points in the second quarter of 2026 compared to the second quarter of 2025. Other operating expense in the second quarter of 2026 included restructuring charges of $1.0 million related to the shutdown of industrial-oriented manufacturing at the Leicester, UK facility. Other operating expense in the second quarter of 2025 included restructuring charges of $24.2 million related to the closure of the Welkenraedt, Belgium facility.

Year-to-Date 2026 Results

Sales for the first six months of 2026 were $1,030.8 million compared to $946.4 million, an 8.9% increase from the same period in 2025.

Commercial Aerospace (66% of YTD sales)

•

Commercial Aerospace sales of $679.3 million increased 18.5% (18.9% in constant currency) for the first six months of 2026 compared to the first six months of 2025 with growth in all four of the major platforms including the Airbus A350 and A320neo and the Boeing 787 and 737 MAX. Other Commercial Aerospace increased 9.2% for the first six months of 2026 compared to the same period in 2025 with sales increasing for both regional and business jets.

Defense, Space & Other (34% of YTD sales)

•

Defense, Space & Other sales of $351.5 million decreased 5.8% (7.3% in constant currency) for the first six months of 2026 as compared to the first six months of 2025. The sales decrease reflected the September 30, 2025 divestment of the Austrian-based industrial business.

Consolidated Operations

Gross margin for the first six months of 2026 was 26.5% compared to 22.6% in the prior year period benefiting from higher sales leverage and mix. As a percentage of sales, selling, general and

administrative expenses for the first six months of 2026 were 9.4% compared to 9.1% in the comparable prior year period. R&D expenses as a percentage of sales were 3.4% in the first six months of 2026 compared to 3.0% in the first six months of 2025. Adjusted operating income for the first six months of 2026 was $141.1 million or 13.7% of sales, compared to $99.5 million or 10.5% of sales in 2025. The impact of foreign exchange rates on operating income as a percent of sales was unfavorable by approximately 80 basis points in the first six months of 2026 compared to the first six months of 2025. Other operating expense for the first six months of 2026 included restructuring expenses related to the shutdown of industrial-oriented manufacturing at the Leicester, UK facility and non-recurring professional fees. Other operating expense for the first six months of 2025 included restructuring charges related to the closure of the Welkenraedt, Belgium facility and the divestiture of the Hartford, Connecticut business.

Cash and other

•

Net cash provided by operating activities in the first six months of 2026 was $96.7 million, compared to net cash used of $5.2 million for the first six months of 2025. Working capital was a cash use of $72.2 million for the first six months of 2026 and a use of $124.5 million for the comparable period in 2025. Capital expenditures on a cash basis were $44.9 million and $41.4 million for the first six months of 2026 and 2025, respectively. Free cash flow was $51.8 million in the first six months of 2026 compared to ($46.6) million in the first six months of 2025. Free cash flow is defined as cash generated from operating activities less cash paid for capital expenditures. Capital expenditures on an accrual basis were $37.2 million and $31.8 million for the first six months of 2026 and 2025, respectively.

•

During the second quarter of 2026, the Company issued $400 million of 4.9% unsecured senior notes due in May 2031, using the proceeds to redeem the $400 million of 3.95% unsecured senior notes that were due in February 2027.

•

During the second quarter of 2026, the Company did not repurchase shares. The aggregate remaining authorization under the share repurchase program as of June 30, 2026 was approximately $380.6 million.

•

As announced today, the Board of Directors declared a quarterly dividend of $0.18 per share payable to stockholders of record as of August 10, 2026, with a payment date of August 17, 2026.

2026 Guidance

•

Sales of $2.025 billion to $2.125 billion (previously $2.0 to $2.1 billion)

•

Adjusted diluted earnings per share of $2.30 to $2.40 (previously $2.10 to $2.30)

•

Free cash flow of greater than $195 million (unchanged)

•

Capital expenditures less than $100 million (unchanged)

*****

Hexcel will host a conference call at 9:30 a.m. ET, on July 30, 2026 to discuss second quarter 2026 results. The live webcast will be available on the Investor Relations section of the Hexcel website via the following link: : https://events.q4inc.com/attendee/221265810. The event can also be accessed by dialing +1 (646) 307-1963. The conference ID: 2360739. Replays of the call will be available on the investor relations page of the Hexcel website approximately two hours after the conclusion of the call.

*****

About Hexcel

Hexcel Corporation is a global leader in advanced lightweight composites technology. We provide innovative, high-performance material solutions that are lighter, stronger, and tougher, shaping a world that moves farther, smarter, and more efficiently. Our broad and unrivaled product range includes carbon fiber, specialty

reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core, and composite structures for use in commercial aerospace, defense and space, and industrial applications.

*****

Disclaimer on Forward Looking Statements

This news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others, and the revenues we may generate from an aircraft model or program; expectations with regard to the impact of regulatory activity related to the Boeing 737 MAX on our revenues; expectations with regard to raw material cost and availability, including any impact associated with quotas, duties, tariffs, taxes or other similar restrictions upon the import or export of materials or the Middle East conflict; expectations of composite content on new commercial aircraft programs and our share of those requirements; expectations regarding revenues from defense and space applications, including whether certain programs might be curtailed or discontinued, and government funding opportunities; expectations regarding sales for industrial applications; expectations regarding cash generation, working capital trends, and inventory levels; expectations as to the level of research and development investment, capital expenditures, capacity, including the timing of completion of capacity expansions, and qualification of new products; expectations regarding our ability to improve or maintain margins; expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy; projections regarding our tax rate or restructuring or alignment activities; expectations with regard to the continued impact of macroeconomic factors or geopolitical issues or conflicts, including the Middle East conflict; expectations regarding our strategic initiatives, including our sustainability goals and restructuring or alignment activities; expectations with regard to the effectiveness of cybersecurity measures; expectations regarding the outcome of legal matters or the impact of changes in laws or regulations; expectations relating to our share repurchase program and dividends; and our expectations of financial results for 2026 and beyond. Actual results may differ materially from the results anticipated in the forward-looking statements due to a variety of factors, including but not limited to, the extent of the impact of macroeconomic factors or geopolitical issues or conflicts, including U.S. trade policy and retaliatory actions taken in response and the Middle East conflict; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to regulatory activity or public scrutiny impacting the Boeing 737 MAX; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; the availability and cost of raw materials, including the impact of supply disruptions, inflation, tariffs and the Middle East conflict; our ability to successfully implement or realize our strategic initiatives, including our sustainability goals and any restructuring or alignment activities in which we may engage; changes in sales mix; changes in current pricing due to cost levels; changes in aerospace build or delivery rates; any impact from a prolonged shutdown of the U.S. federal government; changes in government defense procurement or investment budgets; timely new product development or introduction; our ability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; our ability to execute future share repurchases or dividends and the source of funds used for such repurchases or dividends; cybersecurity-related risks, including the potential impact of breaches or intrusions; currency exchange rate fluctuations; uncertainty related to governmental actions and changes in political, social and economic conditions, including the effect of change in global trade policies, tariff rates, economic sanctions and embargoes; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; and the unexpected outcome of legal matters or impact of changes in laws or regulations. Additional risk factors are described in our filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.

Contact

Kurt Goddard | Vice President Investor Relations | Kurt.Goddard@Hexcel.com | +1 (203)-352-6826

*****

Hexcel Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

Unaudited

Quarters Ended

Six Months Ended

June 30,

(In millions, except per share data)

2026

2025

2026

2025

Net sales

529.3

489.9

1,030.8

946.4

Cost of sales

391.2

378.4

758.0

732.5

Gross margin

138.1

111.5

272.8

213.9

% Gross Margin

26.1

22.8

26.5

22.6

Selling, general and administrative expenses

47.2

43.0

96.6

86.3

Research and development expenses

17.3

14.3

35.1

28.1

Other operating expense

1.0

24.2

10.9

25.3

Operating income

72.6

30.0

130.2

74.2

Interest expense, net

12.0

9.1

23.8

16.9

Other (income) expense

(0.1

)

(0.9

)

0.2

(0.5

)

Income before income taxes

60.7

21.8

106.2

57.8

Income tax expense

11.4

8.3

19.7

15.4

Net income

49.3

13.5

86.5

42.4

Basic net income per common share:

0.65

0.17

1.14

0.53

Diluted net income per common share:

0.64

0.17

1.13

0.52

Weighted-average common shares:

Basic

75.7

80.2

75.8

80.7

Diluted

76.5

80.6

76.6

81.1

Hexcel Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

Unaudited

June 30,

December 31,

(In millions)

2026

2025

Assets

Cash and cash equivalents

62.2

71.0

Accounts receivable, net

299.2

249.3

Inventories, net

345.2

328.8

Contract assets

41.6

35.9

Prepaid expenses and other current assets

44.0

45.7

Total current assets

792.2

730.7

Property, plant and equipment

3,324.2

3,322.4

Less accumulated depreciation

(1,743.1

)

(1,710.9

)

Net property, plant and equipment

1,581.1

1,611.5

Goodwill and other intangible assets, net

235.6

239.8

Investments in affiliated companies

5.0

Other assets

116.7

117.0

Total assets

2,730.6

2,704.0

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable

144.6

146.6

Accrued compensation and benefits

73.3

79.0

Accrued liabilities

108.5

97.1

Total current liabilities

326.4

322.7

Long-term debt

959.4

993.0

Retirement obligations

28.8

28.4

Other non-current liabilities

117.8

109.2

Total liabilities

1,432.4

1,453.3

Stockholders' equity:

Common stock, $0.01 par value, 200.0 shares authorized, 112.7 shares issued at June 30, 2026 and 112.1 shares

issued at December 31, 2025

1.1

Additional paid-in capital

1,002.3

994.9

Retained earnings

2,366.2

2,307.0

Accumulated other comprehensive loss

(43.8

)

(12.9

)

3,325.8

3,290.1

Less – Treasury stock, at cost, 37.2 shares at June 30, 2026 and 36.4 shares at December 31, 2025

(2,027.6

)

(2,039.4

)

Total stockholders' equity

1,298.2

1,250.7

Total liabilities and stockholders' equity

2,730.6

2,704.0

Hexcel Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

Unaudited

Six Months Ended

June 30,

(In millions)

2026

2025

Cash flows from operating activities

Net income

86.5

42.4

Reconciliation to net cash (used for) provided by operating activities:

Depreciation and amortization

60.5

60.6

Amortization related to financing

0.8

0.1

Deferred income taxes

8.0

(2.7

)

Stock-based compensation

14.5

12.4

Restructuring expenses, net of payments

2.1

23.1

Debt extinguishment costs

0.7

0.4

Loss on divestiture of assets

1.1

Changes in assets and liabilities:

Increase in accounts receivable

(52.0

)

(44.2

)

Increase (decrease) in inventories

(22.0

)

7.2

Increase in prepaid expenses and other current assets

(9.3

)

(19.5

)

Increase (decrease) in accounts payable/accrued liabilities

11.1

(68.0

)

Other - net

(4.2

)

(18.1

)

Net cash provided by (used for) operating activities (a)

96.7

(5.2

)

Cash flows from investing activities

Capital expenditures (b)

(44.9

)

(41.4

)

Payments on divestiture of assets

(1.1

)

Net cash used for investing activities

(44.9

)

(42.5

)

Cash flows from financing activities

Borrowings from senior unsecured credit facilities

595.0

160.0

Repayments of senior unsecured credit facilities

(625.0

)

(30.0

)

Redemption of 4.7% senior notes due 2025

(300.0

)

Redemption of 3.95% senior notes due 2027

(400.0

)

Proceeds from issuance of 4.9% senior notes due 2031

400.0

Proceeds from issuance of 5.875% senior notes due 2035

300.0

Repurchases of common stock

(100.9

)

Issuance costs related to senior unsecured credit facilities

(2.3

)

Issuance costs related to senior notes

(4.6

)

(4.1

)

Repayment of finance lease obligation and other debt, net

(0.2

)

0.2

Dividends paid

(27.3

)

(27.5

)

Activity under stock plans

4.7

(1.8

)

Net cash used for financing activities

(59.7

)

(4.1

)

Effect of exchange rate changes on cash and cash equivalents

(0.9

)

3.6

Net decrease in cash and cash equivalents

(8.8

)

(48.2

)

Cash and cash equivalents at beginning of period

71.0

125.4

Cash and cash equivalents at end of period

62.2

77.2

Supplemental data:

Free Cash Flow (a)+(b)

51.8

(46.6

)

Accrual basis additions to property, plant and equipment

37.2

31.8

Hexcel Corporation and Subsidiaries

Net Sales to Third-Party Customers by Market

Quarters Ended June 30, 2026 and 2025

Unaudited

Table A

(In millions)

As Reported

Constant Currency (a)

B/(W)

Market

2026

2025

Effect (b)

2025

Commercial Aerospace

346.6

293.1

18.3

(1.4

)

291.7

18.8

Defense, Space & Other

182.7

196.8

(7.2

)

1.1

197.9

(7.7

)

Consolidated Total

529.3

489.9

8.0

(0.3

)

489.6

8.1

Consolidated % of Net Sales

Commercial Aerospace

65.5

59.8

59.6

Defense, Space & Other

34.5

40.2

40.4

Consolidated Total

100.0

Six Months Ended June 30, 2026 and 2025

Unaudited

(In millions)

As Reported

Constant Currency (a)

B/(W)

Market

2026

2025

Effect (b)

2025

Commercial Aerospace

679.3

573.2

18.5

(2.0

)

571.2

18.9

Defense, Space & Other

351.5

373.2

(5.8

)

6.0

379.2

(7.3

)

Consolidated Total

1,030.8

946.4

8.9

4.0

950.4

8.5

Consolidated % of Net Sales

Commercial Aerospace

65.9

60.6

60.1

Defense, Space & Other

34.1

39.4

39.9

Consolidated Total

100.0

(a)

To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter and six months ended June 30, 2025 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective periods in 2026 and are referred to as “constant currency” sales.

(b)

FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates.

Hexcel Corporation and Subsidiaries

Segment Information

Unaudited

Table B

(In millions)

Composite Materials

Engineered Products

Corporate

& Other (a)

Total

Second Quarter 2026

Net sales to external customers

421.5

107.8

529.3

Intersegment sales

27.2

1.5

(28.7

)

Total sales

448.7

109.3

(28.7

)

529.3

Other operating expense

1.0

Operating income (loss)

74.2

16.4

(18.0

)

72.6

% Operating margin

16.5

15.0

13.7

Depreciation and amortization

27.0

3.1

30.1

Stock-based compensation expense

1.2

0.3

3.7

5.2

Accrual based additions to capital expenditures

16.9

2.6

19.5

Second Quarter 2025

Net sales to external customers

393.2

96.7

489.9

Intersegment sales

19.4

0.4

(19.8

)

Total sales

412.6

97.1

(19.8

)

489.9

Other operating expense

24.2

Operating income (loss)

58.3

(13.6

)

(14.7

)

30.0

% Operating margin

14.1

(14.0

6.1

Depreciation and amortization

27.5

3.3

30.8

Stock-based compensation expense

0.9

0.2

1.6

2.7

Accrual based additions to capital expenditures

13.1

1.6

14.7

First Six Months 2026

Net sales to external customers

820.3

210.5

1,030.8

Intersegment sales

55.6

3.1

(58.7

)

Total sales

875.9

213.6

(58.7

)

1,030.8

Other operating expense

6.7

4.2

10.9

Operating income (loss)

143.9

31.6

(45.3

)

130.2

% Operating margin

16.4

14.8

12.6

Depreciation and amortization

54.2

6.3

60.5

Stock-based compensation expense

4.6

1.1

8.8

14.5

Accrual based additions to capital expenditures

32.9

4.3

37.2

First Six Months 2025

Net sales to external customers

758.5

187.9

946.4

Intersegment sales

39.5

0.7

(40.2

)

Total sales

798.0

188.6

(40.2

)

946.4

Other operating expense

25.3

Operating income (loss)

112.9

(8.5

)

(30.2

)

74.2

% Operating margin

14.1

(4.5

7.8

Depreciation and amortization

54.1

6.5

60.6

Stock-based compensation expense

3.9

1.0

7.5

12.4

Accrual based additions to capital expenditures

28.6

3.2

31.8

(a) Hexcel does not allocate corporate expenses to the operating segments.

Hexcel Corporation and Subsidiaries

Reconciliation of GAAP to Non-GAAP Operating Income, Net Income, EPS and Operating Cash Flow to Free Cash Flow

Table C

Unaudited

Quarters Ended

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

GAAP operating income

72.6

30.0

130.2

74.2

Other operating expense (a)

1.0

24.2

10.9

25.3

Non-GAAP operating income

73.6

54.2

141.1

99.5

Unaudited

Quarters Ended June 30,

2026

2025

(In millions, except per diluted share data)

Net Income

EPS

Net Income

EPS

GAAP

49.3

0.64

13.5

0.17

Other operating expense, net of tax (a)

0.8

0.02

24.2

0.30

Other income, net of tax (b)

(0.1

)

(0.7

)

(0.01

)

Tax expense (c)

0.2

3.4

0.04

Non-GAAP

50.2

0.66

40.4

0.50

Unaudited

Six Months Ended June 30,

2026

2025

(In millions, except per diluted share data)

Net Income

EPS

Net Income

EPS

GAAP

86.5

1.13

42.4

0.52

Other operating expense, net of tax (a)

8.9

0.12

25.1

0.31

Other expense (income), net of tax (b)

0.1

(0.4

)

Tax expense (c)

0.2

3.4

0.04

Non-GAAP

95.7

1.25

70.5

0.87

Unaudited

Six Months Ended June 30

(In millions)

2026

2025

Net cash provided by operating activities

96.7

(5.2

)

Less: Capital expenditures

(44.9

)

(41.4

)

Free cash flow (non-GAAP)

51.8

(46.6

)

(a)

The quarter and six months ended June 30, 2026 included restructuring charges of $1.0 million and $6.5 million, respectively, related to the shutdown of industrial-oriented manufacturing at the Leicester, UK facility The six months ended June 30, 2026 also included $4.1 million of non-recurring professional fees. The quarter and six months ended June 30, 2025 included restructuring charges of $24.2 million related to the closure of the Welkenraedt, Belgium facility. The six months ended June 30, 2025 also included a loss of $1.1 million for the divestiture of the Hartford, Connecticut business.

(b)

The quarter ended June 30, 2026 included debt extinguishment costs related to the redemption of the 3.95% senior unsecured notes and gains for the recognition of deferred hedging gains on treasury lock agreements. The six months ended June 30, 2026 also included costs associated with the new credit facility entered into in the first quarter of 2026. The quarter and six months ended June 30, 2025 included a gain of $0.9 million related to a lump-sum pension settlement. The six months ended June 30, 2025 also included debt extinguishment costs.

(c)

The quarter and six months ended June 30, 2026 included a tax charge of $0.2 million primarily related to adjustments to our provision based on the finalization of prior year tax returns. The quarter and six months ended June 30, 2025 included a tax charge for a valuation allowance related to the closure of our Welkenraedt, Belgium facility.

NOTE: Management believes that adjusted operating income, adjusted net income, adjusted diluted net income per share and free cash flow, which are non-GAAP measures, are meaningful to investors because they provide a view of Hexcel with respect to the underlying operating results excluding special items. Special items represent significant charges or credits that are important to an understanding of Hexcel’s overall operating results in the periods presented. Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.

Hexcel Corporation and Subsidiaries

Schedule of Total Debt, Net of Cash

Table D

Unaudited

June 30,

December 31,

June 30,

(In millions)

2026

2025

Senior unsecured credit facility

265.0

295.0

130.0

3.95% senior notes due 2027

400.0

5.875% senior notes due 2035

300.0

4.9% senior notes due 2031

400.0

Senior notes original issue discounts

(0.4

)

(0.3

)

Senior notes deferred financing costs

(7.1

)

(4.2

)

(4.3

)

Other debt

1.9

2.2

2.3

Total long-term debt

959.4

993.0

827.7

Total Debt

959.4

993.0

827.7

Less: Cash and cash equivalents

(62.2

)

(71.0

)

(77.2

)

Total debt, net of cash

897.2

922.0

750.5

EX-99.2

Filename: hxl-ex99_2.htm · Sequence: 3

EX-99.2

EXHIBIT 99.2

Hexcel Corporation and Subsidiaries

Net Sales by Segment and Market

For the Quarters Ended June 30, 2026 and 2025, March 31, 2026 and 2025

and the Six-Months Ended June 30, 2026 and 2025

Unaudited

Commercial

Defense, Space

(In millions)

Aerospace

& Other

Total

Second Quarter 2026

Composite Materials

289.2

132.3

421.5

Engineered Products

57.4

50.4

107.8

Total

346.6

182.7

529.3

100

First Quarter 2026

Composite Materials

281.2

117.6

398.8

Engineered Products

51.5

51.2

102.7

Total

332.7

168.8

501.5

100

Second Quarter 2025

Composite Materials

249.9

143.3

393.2

Engineered Products

43.2

53.5

96.7

Total

293.1

196.8

489.9

100

First Quarter 2025

Composite Materials

241.8

123.5

365.3

Engineered Products

38.3

52.9

91.2

Total

280.1

176.4

456.5

100

Year to date June 30, 2026

Composite Materials

570.4

249.9

820.3

Engineered Products

108.9

101.6

210.5

Total

679.3

351.5

1,030.8

100

Year to date June 30, 2025

Composite Materials

491.7

266.8

758.5

Engineered Products

81.5

106.4

187.9

Total

573.2

373.2

946.4

100

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