Carpenter Technology Corporation
NYSE: CRS · INDUSTRIALS · METAL FABRICATION
Updated 2026-06-05
Carpenter Technology Corporation (CRS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.57B | $1.94B | $1.95B | $1.36B | $1.20B | $1.68B | $2.03B | $2.27B | $2.17B | $2.23B | $1.81B | $1.80B | $2.16B | $2.38B | $2.18B | $1.48B | $1.84B | $2.55B | $2.76B | $2.88B |
| Revenue growth (YoY) | — | +24.0% | +0.4% | -30.3% | -12.0% | +39.8% | +21.1% | +12.0% | -4.3% | +2.5% | -18.6% | -0.9% | +20.0% | +10.3% | -8.4% | -32.3% | +24.4% | +38.9% | +8.2% | +4.3% |
| Cost of revenue | $1.13B | $1.49B | $1.50B | $1.16B | $1.05B | $1.43B | $1.64B | $1.84B | $1.77B | $1.91B | $1.56B | $1.50B | $1.78B | $1.94B | $1.85B | $1.47B | $1.69B | $2.21B | $2.18B | $2.11B |
| Gross profit | $436.10M | $457.70M | $457.20M | $207.20M | $144.80M | $249.00M | $391.00M | $433.50M | $398.90M | $318.30M | $255.90M | $300.80M | $382.30M | $444.80M | $329.40M | $1.00M | $149.80M | $337.30M | $584.30M | $768.60M |
| Gross margin | 27.8% | 23.5% | 23.4% | 15.2% | 12.1% | 14.9% | 19.3% | 19.1% | 18.4% | 14.3% | 14.1% | 16.7% | 17.7% | 18.7% | 15.1% | 0.1% | 8.2% | 13.2% | 21.2% | 26.7% |
| R&D | $10.20M | $11.50M | $14.40M | $15.40M | $17.80M | $18.90M | $20.50M | $19.40M | $18.50M | $18.70M | $16.30M | $16.90M | $19.30M | $23.30M | $28.00M | $19.70M | $20.40M | $24.40M | $25.60M | $26.10M |
| SG&A | $125.40M | $133.90M | $163.60M | $133.80M | $133.10M | $149.50M | $169.20M | $200.80M | $186.90M | $177.70M | $173.80M | $183.90M | $195.10M | $203.40M | $201.00M | $180.20M | $174.70M | $204.20M | $230.20M | $243.20M |
| Operating income | $310.70M | $323.80M | $293.60M | $64.00M | $11.70M | $96.40M | $210.10M | $232.70M | $212.00M | $111.50M | $51.60M | $121.50M | $189.30M | $241.40M | $25.30M | $-248.60M | $-24.90M | $133.10M | $323.10M | $521.80M |
| Operating margin | 19.8% | 16.6% | 15.0% | 4.7% | 1.0% | 5.8% | 10.4% | 10.2% | 9.8% | 5.0% | 2.8% | 6.8% | 8.8% | 10.1% | 1.2% | -16.8% | -1.4% | 5.2% | 11.7% | 18.1% |
| EBITDA | $358.30M | $366.10M | $367.00M | $131.80M | $81.60M | $171.40M | $296.20M | $341.90M | $325.30M | $239.10M | $168.80M | $217.80M | $305.10M | $363.60M | $149.80M | $-140.70M | $113.20M | $267.60M | $411.60M | $670.40M |
| EBITDA margin | 22.8% | 18.8% | 18.8% | 9.7% | 6.8% | 10.2% | 14.6% | 15.1% | 15.0% | 10.7% | 9.3% | 12.1% | 14.1% | 15.3% | 6.9% | -9.5% | 6.2% | 10.5% | 14.9% | 23.3% |
| EBIT | $310.70M | $317.40M | $317.80M | $79.10M | $22.50M | $104.90M | $212.40M | $237.80M | $213.40M | $116.80M | $49.50M | $100.00M | $188.50M | $242.10M | $25.90M | $-264.30M | $-18.20M | $136.60M | $277.00M | $531.20M |
| Interest expense | $0.00 | $0.00 | $20.50M | $16.10M | $17.80M | $17.10M | $23.80M | $21.00M | $17.00M | $27.70M | $28.00M | $29.80M | $28.30M | $26.10M | $19.80M | $33.60M | $44.90M | $64.10M | $65.40M | $63.90M |
| Income tax | $97.30M | $103.80M | $96.80M | $15.10M | $2.60M | $16.10M | $67.00M | $70.30M | $63.60M | $30.40M | $10.20M | $23.20M | $-28.30M | $49.00M | $4.60M | $-68.30M | $-14.00M | $16.10M | $25.10M | $91.30M |
| Effective tax rate | 31.5% | 31.4% | 25.8% | 24.0% | 55.3% | 18.5% | 35.6% | 32.5% | 32.4% | 34.1% | 47.4% | 33.0% | -17.7% | 22.7% | 75.4% | 22.9% | 22.2% | 22.2% | 11.9% | 19.5% |
| Net income | $211.80M | $227.20M | $277.70M | $47.90M | $2.10M | $71.00M | $121.20M | $146.10M | $132.80M | $58.70M | $11.30M | $47.00M | $188.50M | $167.00M | $1.50M | $-229.60M | $-49.10M | $56.40M | $186.50M | $376.00M |
| Net income growth (YoY) | — | +7.3% | +22.2% | -82.8% | -95.6% | +3281.0% | +70.7% | +20.5% | -9.1% | -55.8% | -80.7% | +315.9% | +301.1% | -11.4% | -99.1% | -15406.7% | +78.6% | +214.9% | +230.7% | +101.6% |
| Profit margin | 13.5% | 11.7% | 14.2% | 3.5% | 0.2% | 4.2% | 6.0% | 6.4% | 6.1% | 2.6% | 0.6% | 2.6% | 8.7% | 7.0% | 0.1% | -15.6% | -2.7% | 2.2% | 6.8% | 13.1% |
Frequently asked questions
What is Carpenter Technology Corporation's revenue?
Carpenter Technology Corporation's trailing twelve-month revenue is $3.03B, and consensus projects about $4.75B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is CRS?
In its most recent fiscal year, CRS ran a gross margin of 26.71%, an operating margin of 18.14%, and a net margin of 13.07%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CRS generate?
CRS produced $286.10M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CRS's balance sheet healthy?
CRS holds $315.50M in cash and equivalents against $695.40M in long-term debt, on $1.89B of shareholder equity. That debt is best read against the cash flow the business throws off each year.