Hexcel (HXL) financial statements
Hexcel reported revenue of $1.9B in fiscal 2025, down 0.6% a year over 9 years.
Net income was $109M and the operating margin 9.1%, against 18.0% in 2016.
Free cash flow was $157M, and the company returned $54M in dividends and $454M in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hexcel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.0B | $2.2B | $2.4B | $1.5B | $1.3B | $1.6B | $1.8B | $1.9B | $1.9B |
| Cost of revenue | $1.4B | $1.4B | $1.6B | $1.7B | $1.3B | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B |
| Gross profit | $565M | $552M | $581M | $640M | $240M | $250M | $357M | $433M | $470M | $435M |
| Research and development | $47M | $49M | $56M | $56M | $47M | $45M | $46M | $53M | $57M | $56M |
| Selling, general and admin | $158M | $152M | $146M | $159M | $121M | $135M | $148M | $164M | $177M | $169M |
| Operating income | $360M | $351M | $371M | $425M | $14M | $52M | $175M | $215M | $186M | $172M |
| Interest expense | $22M | $27M | $38M | $46M | $42M | $38M | $36M | $34M | $31M | $38M |
| Pre-tax income | $338M | $323M | $334M | $380M | -$28M | $22M | $150M | $110M | $155M | $135M |
| Income tax | $90M | $42M | $62M | $77M | -$61M | $6M | $32M | $12M | $23M | $26M |
| Net income | $250M | $284M | $277M | $307M | $32M | $16M | $126M | $106M | $132M | $109M |
| Diluted shares | 94M | 92M | 89M | 86M | 84M | 85M | 85M | 86M | 83M | 80M |
| Gross margin | 28.2% | 28.0% | 26.5% | 27.2% | 16.0% | 18.9% | 22.6% | 24.2% | 24.7% | 23.0% |
| Operating margin | 18.0% | 17.8% | 17.0% | 18.0% | 0.9% | 3.9% | 11.1% | 12.0% | 9.8% | 9.1% |
| Net margin | 12.5% | 14.4% | 12.6% | 13.0% | 2.1% | 1.2% | 8.0% | 5.9% | 6.9% | 5.8% |
Balance sheet
Fiscal years, from Hexcel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $35M | $60M | $33M | $64M | $103M | $128M | $112M | $227M | $125M | $71M |
| Receivables | $246M | $249M | $261M | $228M | $125M | $160M | $223M | $235M | $212M | $249M |
| Inventory | $291M | $314M | $298M | $333M | $214M | $246M | $319M | $334M | $356M | $329M |
| Total current assets | $607M | $657M | $676M | $705M | $536M | $616M | $734M | $864M | $782M | $731M |
| Property, plant and equipment | $1.6B | $1.9B | $1.9B | $1.9B | $1.9B | $1.7B | $1.7B | $1.7B | $1.6B | $1.6B |
| Goodwill | $67M | $110M | $108M | $190M | $193M | $190M | $187M | $189M | $186M | $192M |
| Total assets | $2.4B | $2.8B | $2.8B | $3.1B | $2.9B | $2.8B | $2.8B | $2.9B | $2.7B | $2.7B |
| Total current liabilities | $272M | $262M | $327M | $323M | $183M | $248M | $330M | $316M | $354M | $323M |
| Long-term debt | $684M | $806M | $947M | $1.1B | $926M | $822M | $723M | $699M | $701M | $993M |
| Total liabilities | $1.2B | $1.3B | $1.5B | $1.7B | $1.4B | $1.3B | $1.3B | $1.2B | $1.2B | $1.5B |
| Shareholders' equity | $1.2B | $1.5B | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B | $1.5B | $1.3B |
| Net debt | $654M | $750M | $924M | $996M | $823M | $696M | $612M | $472M | $575M | $922M |
Cash flow
Fiscal years, from Hexcel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $401M | $429M | $421M | $491M | $264M | $152M | $173M | $257M | $290M | $230M |
| Capital spending | $328M | $278M | $184M | $204M | $51M | $28M | $76M | $108M | $87M | $73M |
| Free cash flow | $74M | $151M | $237M | $287M | $214M | $124M | $97M | $149M | $203M | $157M |
| Stock-based compensation | $16M | $18M | $16M | $18M | $15M | $19M | $20M | $21M | $22M | $14M |
| Dividends paid | $40M | $43M | $48M | $4M | $14M | $0 | $34M | $42M | $49M | $54M |
| Share buybacks (net) | -$111M | -$150M | -$358M | -$143M | -$25M | $0 | $0 | -$30M | -$252M | -$454M |
| Net borrowing | $26M | $33M | -$4M | -$9M | -$50M | — | $0 | — | — | — |
| Free cash flow margin | 3.7% | 7.6% | 10.8% | 12.2% | 14.2% | 9.3% | 6.1% | 8.3% | 10.7% | 8.3% |
| Dividends per share | $0.42 | $0.46 | $0.54 | $0.05 | $0.17 | — | $0.40 | $0.49 | $0.59 | $0.67 |
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Open HXL in InvestinglyQuestions
What was Hexcel's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hexcel generate?
$157M in fiscal 2025 (operating cash flow minus capital spending).
From Hexcel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.