HEXCEL CORP /DE/

Listed Company

HXLCIK 0000717605NYSELarge AcceleratedPlastic Materials, Synth Resins & Nonvulcan ElastomersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.89B

Net Income

—

Total Assets

$2.70B

Equity

$1.25B

Shares Out

75.43M

Op. Cash Flow

$230.50M

Business

HEXCEL CORP /DE/ manufactures advanced lightweight composite materials and engineered composite structures for commercial aerospace, space & defense, and industrial customers. Its main products include carbon fiber, fabrics and specialty reinforcements, prepregs, resins and other fiber‑reinforced matrix materials, honeycomb cores, structural adhesives, pultruded profiles, engineered honeycomb parts, RF/EMI and microwave‑absorbing materials, and thermoplastic additive manufacturing parts. The company operates through two reportable segments: Composite Materials and Engineered Products. It serves global markets via manufacturing facilities, sales offices, representatives and select distributors across the Americas, Europe, Asia Pacific, India and Africa.

Summary from filing dated 2025-02-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,894	1,903	1,789	1,578	1,325
Cost of sales	1,459	1,433	1,356	1,221	1,075
Gross margin	435	470	433	357	250
Selling, general and administrative expenses	169	177	164	148	135
Research and technology expenses	56	57	53	46	45
Other operating expense (income)	38	50	1	−12	18
Operating income	172	186	215	175	52
Interest expense, net	38	31	34	36	38
Other expense (income)	−1	0	72	−11	−9
Total income before income taxes	135	155	110	150	22
Income tax expense	26	23	12	32	6
Income before equity in earnings	109	132	98	118	16
Equity in earnings from affiliated companies	0	0	8	8	0
Net income	109	132	106	126	16
Basic net income per common share:	1.38	1.61	1.25	1.5	0.19
Diluted net income per common share:	1.37	1.59	1.24	1.49	0.19
Basic	80	82	85	84	84
Diluted	80	83	86	85	85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	71	125	227	112	128
Accounts receivable, net	249	212	235	223	160
Inventories	329	356	334	319	246
Contract assets	36	30	25	32	31
Prepaid expenses and other current assets	46	51	43	39	40
Assets held for sale	0	8	0	10	13
Total current assets	731	782	864	734	616
Property, plant and equipment	3,322	3,163	3,196	3,088	3,110
Less accumulated depreciation	−1,711	−1,566	−1,517	−1,430	−1,364
Property, plant and equipment, net	1,612	1,597	1,679	1,658	1,746
Goodwill and other intangible assets	240	237	251	256	268
Investments in affiliated companies	5	5	5	48	45
Other assets	117	105	119	142	145
Total assets	2,704	2,726	2,919	2,837	2,819
Short-term borrowings	0	100,000	100,000	200,000	900,000
Accounts payable	147	142	159	156	113
Accrued compensation and benefits	79	100	76	70	54
Financial instruments	4	8	6	22	6
Accrued liabilities	93	99	75	83	73
Liabilities held for sale	0	4	0	—	—
Total current liabilities	323	354	316	330	248
Long-term debt	993	701	699	723	822
Retirement obligations	28	32	43	43	53
Deferred income taxes	87	81	111	126	140
Other non-current liabilities	23	31	34	61	71
Total liabilities	1,453	1,198	1,202	1,283	1,334
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	1	1	1	1
Additional paid-in capital	995	970	937	905	879
Retained earnings	2,307	2,252	2,169	2,105	2,013
Accumulated other comprehensive loss	−13	−115	−74	−174	−127
Total stockholders' equity including treasury stock value	3,290	3,108	3,033	2,837	2,766
Less - Treasury stock, at cost, 36.4 shares at December 31, 2025 and 30.6 shares at December 31, 2024	−2,039	−1,580	−1,316	−1,282	−1,280
Total stockholders' equity	1,251	1,528	1,717	1,554	1,486
Total liabilities and stockholders' equity	2,704	2,726	2,919	2,837	2,819

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	109	132	106	126	16
Depreciation and amortization	122	124	125	126	138
Amortization of deferred financing costs and debt discount	100,000	400,000	600,000	700,000	3
Deferred income taxes	6	−17	−33	−3	−3
Equity in earnings from affiliated companies	0	0	−8	−8	0
Stock-based compensation	14	22	21	20	19
Debt extinguishment costs	400,000	0	0	—	—
Loss on divestiture of assets	5	0	0	—	—
Restructuring expenses, net of payments	9	0	−4	−700,000	−6
Pension Settlement	0	0	71	0	0
Gain on sale of assets	0	0	−800,000	−19	0
Impairment of assets	0	29	3	2	0
Loss (gain) on sale of investments	0	0	3	−300,000	0
Decrease (increase) in accounts receivable	−23	11	−9	−63	−41
Increase in inventories	45	−34	−9	−82	−40
(Increase) decrease in prepaid expenses and other current assets	−4	−7	3	−8	13
Increase (decrease) in accounts payable/accrued liabilities	−20	29	−12	81	50
Other net	−35	−200,000	2	3	2
Net cash provided by operating activities	231	290	257	173	152
Capital expenditures	−73	−87	−108	−76	−28
Payments on divestiture of assets	−3	0	0	—	—
Proceeds from sale of assets	0	0	10	21	0
Proceeds from sale of investments	0	0	47	500,000	0
Net cash used for investing activities	−76	−87	−51	−55	−28
Repayment of finance lease obligation and other debt, net	−4	300,000	−200,000	−600,000	−900,000
Issuance costs related to senior credit facility	0	0	−3	0	0
Redemption of 4.7% senior notes due 2025	−300	0	0	—	—
Proceeds from issuance of 5.875% senior notes due 2035	300	0	0	—	—
Dividends paid	−54	−49	−42	−34	0
Repurchase of stock	−454	−252	−30	0	0
Activity under stock plans	5	−500,000	7	4	7
Net cash used for financing activities	−212	−302	−93	−130	−97
Effect of exchange rate changes on cash and cash equivalents	3	−3	1	−4	−3
Net (decrease) increase in cash and cash equivalents	−54	−102	115	−16	24
Interest, net of capitalized interest	40	34	35	35	36
Income Taxes	7	42	59	36	1
Accrual basis additions to property, plant and equipment	81	81	122	70	41

Filings

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