Every material Form 8-K Hexcel has filed with the SEC since April 21, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Hexcel reported third-quarter 2026 net sales of $496.4 million, up 8.8% from a year earlier, and GAAP diluted EPS of $0.50 versus $0.26. The company reaffirmed its 2026 guidance, and its board raised the share repurchase authorization to $750 million from about $380.6 million remaining. Management said it has prioritized debt repayment and expects to return to its targeted leverage range by the end of 2026.
Q3 2026 net sales were $496.4 million, up 8.8% (9.2% in constant currency); commercial aerospace sales rose 20.5% to $330.3 million
GAAP diluted EPS was $0.50 for Q3 2026 versus $0.26 a year earlier; adjusted diluted EPS was $0.50 versus $0.37
2026 guidance unchanged: sales of $2.025 billion to $2.125 billion and adjusted diluted EPS of $2.30 to $2.40
Share repurchase authorization raised to $750 million; no shares were repurchased in Q3 2026, and a $0.18 quarterly dividend is payable November 9, 2026
Hexcel reported second quarter 2026 GAAP diluted EPS of $0.64, up from $0.17 a year earlier, with sales of $529.3 million, up 8.0%. The company raised its 2026 sales guidance to $2.025 billion to $2.125 billion and adjusted EPS guidance to $2.30 to $2.40, citing rising commercial aerospace build rates.
Q2 2026 sales were $529.3 million, up 8.0% from $489.9 million; Commercial Aerospace sales rose 18.3% to $346.6 million.
Q2 2026 adjusted diluted EPS was $0.66, versus $0.50 in Q2 2025; GAAP diluted EPS was $0.64, versus $0.17.
2026 guidance: sales raised to $2.025 billion to $2.125 billion (from $2.0 billion to $2.1 billion); adjusted EPS raised to $2.30 to $2.40 (from $2.10 to $2.30).
Quarterly dividend of $0.18 per share declared, payable August 17, 2026, to holders of record on August 10, 2026.
At its May 14, 2026 annual meeting, Hexcel stockholders elected all nine director nominees, approved the 2025 pay of named executive officers on an advisory basis, and ratified Ernst & Young LLP as auditor for 2026. Stockholders also approved a Long-Term Incentive Plan authorizing 3,015,000 shares, which replaces the 2013 Incentive Stock Plan, and the company's independent directors named Guy C. Hachey lead independent director.
Stockholders approved the Long-Term Incentive Plan with 63,629,417 votes for and 4,394,949 against, and authorized 3,015,000 shares for awards.
The plan caps the combined grant-date fair value of equity awards and maximum cash to any non-employee director at $750,000 per calendar year.
Guy C. Hachey was appointed lead independent director effective immediately after the May 14, 2026 meeting; he has chaired the board's compensation committee since February 2020.
Ernst & Young LLP was ratified as independent registered public accounting firm for 2026, with 69,376,870 votes for and 1,947,799 against.
Hexcel reported first quarter 2026 net sales of $501.5 million, up 9.9% from $456.5 million a year earlier, and GAAP diluted EPS of $0.49 versus $0.35. The company reaffirmed its full-year 2026 guidance, including adjusted diluted EPS of $2.10 to $2.30, while noting restructuring costs tied to the planned shutdown of its Leicester, UK industrial manufacturing operation.
Net sales were $501.5 million, up 9.9%; Commercial Aerospace sales rose 18.8% to $332.7 million, while Defense, Space & Other fell 4.3% to $168.8 million.
GAAP diluted EPS was $0.49 versus $0.35; adjusted diluted EPS was $0.59 versus $0.37.
2026 guidance unchanged: sales of $2.0 billion to $2.1 billion, adjusted diluted EPS of $2.10 to $2.30, and free cash flow above $195 million.
Free cash flow was negative $6.2 million versus negative $54.6 million a year earlier; the $750 million revolving credit facility was refinanced with a 2031 maturity.
Hexcel entered into a new credit agreement on March 31, 2026, governing a $750 million revolving credit facility maturing March 31, 2031. It borrowed $300 million under the new facility to repay and terminate its existing credit facility, which was scheduled to expire April 25, 2028, and the company reported no early termination penalties.
New $750 million revolver matures March 31, 2031, with Bank of America, N.A. as agent
$300 million drawn on March 31, 2026 to repay the terminated facility and pay refinancing fees and expenses
Initial margin of 1.125% for SOFR borrowings and 0.125% for base rate borrowings, subject to later adjustment
Agreement includes minimum interest coverage and maximum net leverage covenants; violations could trigger default
Hexcel said its board appointed James Coogan as executive vice president and chief financial officer, effective May 1, 2026, replacing interim CFO Michael Lenz, who will become a senior advisor for about three months. The filing describes Coogan's compensation, including a $630,000 base salary and a $500,000 cash signing bonus, and the change puts a permanent finance chief in place for shareholders.
Coogan, age 45, becomes CFO and principal financial officer effective May 1, 2026, and reports to Chairman, CEO and President Tom Gentile.
Coogan's offer letter sets an annual base salary of $630,000 and a target annual bonus of 80% of base salary.
Coogan receives a $500,000 cash signing bonus and a sign-on restricted stock unit award with a grant date value of $2,250,000.
Coogan was CFO of Axcelis Technologies from September 2023 through March 2026 and was previously CFO of Kaman Corporation.
Hexcel entered into a cooperation agreement with Vision One Fund, LP on March 3, 2026, under which the activist investor withdrew its nominees for the 2026 annual meeting and agreed to standstill, non-disparagement and voting commitments. The company appointed Neal J. Keating, former chairman, president and CEO of Kaman Corporation, to its Board and Audit Committee the same day.
Vision One Parties agreed to withdraw their nominees for the 2026 Annual Meeting and to customary standstill restrictions until the Expiration Date.
Neal J. Keating, age 70, was appointed to the Board and Audit Committee on March 3, 2026, and will be nominated for election at the 2026 annual meeting.
Board size is capped at ten directors until the 2026 Annual Meeting and nine directors afterward, subject to the Expiration Date terms in the agreement.
Hexcel reported fourth-quarter 2025 sales of $491 million, up 3.7% from a year earlier, and GAAP diluted EPS of $0.60 versus $0.07, while adjusted diluted EPS was flat at $0.52. For the full year, sales fell 0.5% to $1,894 million and adjusted diluted EPS fell 13.3% to $1.76, and the company guided 2026 sales of $2.0 billion to $2.1 billion and adjusted EPS of $2.10 to $2.30.
Q4 2025 sales of $491 million vs. $474 million in Q4 2024; Commercial Aerospace sales rose 7.6% to $299.5 million
FY 2025 sales of $1,894 million vs. $1,903 million; FY adjusted diluted EPS of $1.76 vs. $2.03
2026 guidance: sales of $2.0 billion to $2.1 billion, adjusted diluted EPS of $2.10 to $2.30, free cash flow above $195 million
Hexcel said Chief Financial Officer Patrick Winterlich will leave effective November 30, 2025, to pursue another professional opportunity. The board named Michael C. Lenz, former FedEx chief financial officer, as Executive Vice President and Interim Chief Financial Officer, and the company continues to search for a permanent successor.
Winterlich's resignation is effective November 30, 2025.
Lenz joins Hexcel on November 19, 2025, and will serve as principal financial officer on a temporary basis.
Lenz will receive a base salary of $65,000 per month for a minimum of three months, with a cash bonus target of 85% of base salary.
Lenz was Executive Vice President and Chief Financial Officer of FedEx Corp. from September 2020 through July 31, 2023.
Hexcel Corporation disclosed that Lead Director Jeffrey C. Campbell told the board on November 10, 2025 that he will not stand for reelection at the 2026 Annual Meeting of Stockholders. The filing states his decision was not the result of any dispute or disagreement with the company over its operations, policies or practices.
Jeffrey C. Campbell informed the board on November 10, 2025 of his intention not to stand for reelection at the 2026 Annual Meeting.
Campbell joined the board in 2003 and has served as Lead Director since 2018.
He also serves on the Audit Committee and the Nominating, Governance and Sustainability Committee.
The filing states the decision was not due to any disagreement with the company on operations, policies or practices.
Hexcel entered into accelerated share repurchase agreements with Bank of America and Goldman Sachs to buy back $350 million of its common stock, funded by borrowing under its $750 million revolving credit facility. The Board also approved an additional $600 million repurchase authorization, leaving approximately $384 million remaining across its share repurchase programs after the ASR.
Company will pay $350 million to the counterparties on October 24, 2025, and receive initial share deliveries of about 80% of the expected total shares
Final settlement is scheduled no later than the first quarter of 2026, and the final share count depends on average daily VWAP less a discount
Company notified lenders on October 21, 2025 to borrow $350 million under its revolver to fund the initial settlement
Approximately $384 million remains under the share repurchase programs after giving effect to the ASR
Hexcel reported third-quarter 2025 net sales of $456 million, roughly flat from $457 million a year earlier, while adjusted diluted EPS fell to $0.37 from $0.47. The company lowered its 2025 adjusted EPS guidance to $1.70 to $1.80 from $1.85 to $2.05, citing tariffs, and said it expects sales at the bottom end of its guidance. It also announced a $350 million accelerated share repurchase under a new $600 million authorization.
Q3 2025 net sales were $456.2 million versus $456.5 million; Commercial Aerospace fell 7.3% to $274.2 million while Defense, Space & Other rose 13.3% to $182.0 million.
2025 adjusted diluted EPS guidance cut to $1.70 to $1.80 from $1.85 to $2.05; sales guidance of around $1.88 billion versus the prior $1.88 billion to $1.95 billion.
$350 million accelerated share repurchase; about $384 million of authorization remains after the ASR.
Quarterly dividend of $0.17 per share, payable November 10, 2025 to holders of record as of November 3, 2025.
Hexcel said its Chief Financial Officer, Patrick Winterlich, informed the company on October 20, 2025 that he will resign effective November 30, 2025, to pursue another professional opportunity. The filing states the resignation was not due to any disagreement with the company on operations, policies, or practices, and the board has started a search for a replacement.
CFO Patrick Winterlich gave notice on October 20, 2025 of his resignation.
Resignation takes effect November 30, 2025.
Filing states no disagreement with the company led to the departure.
Hexcel reported second quarter 2025 net sales of $490 million, down 2.1% from $500 million a year earlier, and adjusted diluted EPS of $0.50 versus $0.60. GAAP diluted EPS was $0.17, which included a $24.2 million restructuring charge tied to the closure of its Welkenraedt, Belgium facility. The company left full-year 2025 guidance unchanged, so shareholders are seeing lower quarterly profit without a change to the company's annual forecast.
Net sales were $490 million versus $500 million, down 2.1% (2.9% in constant currency).
GAAP diluted EPS was $0.17 versus $0.60; adjusted diluted EPS was $0.50 versus $0.60.
Gross margin was 22.8% versus 25.3%, and operating income was $30.0 million versus $71.8 million.
2025 guidance was unchanged: sales of $1.88 billion to $1.95 billion and adjusted diluted EPS of $1.85 to $2.05, excluding tariff impact.
Hexcel said President of Aerospace EMEA/AP & Industrial Thierry Merlot plans to retire in 2026 and will move to Executive Vice President – Strategy on or about September 29, 2025. The company said a successor is expected to be in place on or about that date as part of its ongoing succession planning.
Thierry Merlot notified the Board on July 7, 2025 of his intention to retire in 2026
Merlot moves from President, Aerospace – EMEA/AP & Industrial to Executive Vice President – Strategy on or about September 29, 2025
A successor is expected to be in place on or about September 29, 2025
Hexcel reported first-quarter 2025 sales of $457 million, down 3.3% from a year earlier, and GAAP diluted EPS of $0.35 versus $0.43. The company lowered its full-year 2025 guidance for sales, adjusted EPS, and free cash flow, citing supply chain delays in commercial aircraft production rate ramps, particularly on the Airbus A350. Lower guidance means shareholders should expect weaker 2025 results than previously forecast.
Q1 2025 net sales were $456.5 million, down from $472.3 million; Commercial Aerospace sales fell 6.4% to $280.1 million.
Q1 2025 adjusted diluted EPS was $0.37, versus $0.44 a year earlier; GAAP diluted EPS was $0.35, versus $0.43.
2025 sales guidance was cut to $1.88 billion to $1.95 billion from $1.95 billion to $2.05 billion.
2025 adjusted diluted EPS guidance was cut to $1.85 to $2.05 from $2.05 to $2.25; free cash flow guidance was lowered to approximately $190 million from greater than $220 million.
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