AAR (AIR) financial statements
AAR reported revenue of $3.3B in fiscal 2026, up 8.5% a year over 9 years.
Net income was $188M and the operating margin 8.4%, against 5.2% in 2017.
Free cash flow was $62M.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AAR's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $2.1B | $2.1B | $1.7B | $1.8B | $2.0B | $2.3B | $2.8B | $3.3B |
| Cost of revenue | $788M | $840M | $1.7B | — | — | $1.5B | $1.6B | $1.9B | $2.3B | $2.7B |
| Gross profit | $263M | $294M | $330M | $269M | $276M | $313M | $370M | $442M | $528M | $622M |
| Selling, general and admin | $179M | $208M | $215M | $221M | $182M | $202M | $230M | $312M | $348M | $349M |
| Operating income | $82M | $86M | $98M | $41M | $85M | $107M | $134M | $129M | $185M | $278M |
| Interest expense | $5M | $8M | $10M | $9M | $5M | $2M | $12M | $43M | $75M | $72M |
| Pre-tax income | — | — | — | — | — | — | $121M | $58M | $39M | $246M |
| Income tax | $25M | $4M | $5M | $6M | $18M | $27M | $31M | $12M | $26M | $58M |
| Net income | $56M | $16M | $8M | $4M | $36M | $79M | $90M | $46M | $12M | $188M |
| EPS (diluted) | $1.64 | $0.41 | $0.21 | $0.13 | $1.00 | $2.17 | $2.53 | $1.29 | $0.35 | $4.86 |
| Diluted shares | 34M | 35M | 35M | 35M | 35M | 36M | 35M | 35M | 36M | 38M |
| Gross margin | 16.6% | 16.8% | 16.1% | 13.0% | 16.7% | 17.2% | 18.6% | 19.1% | 19.0% | 18.8% |
| Operating margin | 5.2% | 4.9% | 4.8% | 2.0% | 5.2% | 5.9% | 6.7% | 5.6% | 6.7% | 8.4% |
| Net margin | 3.6% | 0.9% | 0.4% | 0.2% | 2.2% | 4.3% | 4.5% | 2.0% | 0.4% | 5.7% |
Balance sheet
Fiscal years, from AAR's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $31M | $21M | $405M | $52M | $54M | $68M | $86M | $96M | $84M |
| Receivables | $234M | $202M | $198M | $172M | $167M | $214M | $241M | $287M | $355M | $387M |
| Inventory | $433M | $461M | $524M | $623M | $541M | $550M | $574M | $733M | $809M | $979M |
| Total current assets | $888M | $943M | $952M | $1.4B | $937M | $1.0B | $1.1B | $1.4B | $1.5B | $1.7B |
| Property, plant and equipment | $117M | $133M | $133M | $136M | $120M | $110M | $126M | $172M | $158M | $167M |
| Goodwill | $106M | $119M | $116M | $116M | $119M | $116M | $176M | $555M | $531M | $580M |
| Total assets | $1.5B | $1.5B | $1.5B | $2.1B | $1.5B | $1.6B | $1.8B | $2.8B | $2.8B | $3.4B |
| Total current liabilities | $335M | $333M | $358M | $383M | $337M | $348M | $352M | $467M | $555M | $613M |
| Long-term debt | $154M | $177M | $142M | $600M | $134M | $99M | $270M | $985M | $968M | $894M |
| Total liabilities | $590M | $588M | $611M | $1.2B | $565M | $539M | $734M | $1.6B | $1.6B | $1.7B |
| Shareholders' equity | $914M | $936M | $906M | $903M | $974M | $1.0B | $1.1B | $1.2B | $1.2B | $1.7B |
| Net debt | $144M | $146M | $120M | $195M | $82M | $45M | $201M | $900M | $872M | $810M |
Cash flow
Fiscal years, from AAR's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22M | $64M | $67M | -$36M | $105M | $75M | $23M | $44M | $36M | $99M |
| Capital spending | $25M | $22M | $17M | $24M | $11M | $17M | $30M | $30M | $35M | $37M |
| Free cash flow | -$3M | $42M | $50M | -$60M | $94M | $58M | -$6M | $14M | $1M | $62M |
| Stock-based compensation | $11M | $15M | $14M | $7M | $9M | $8M | $14M | $15M | $20M | $18M |
| Dividends paid | $10M | $10M | $10M | $11M | $100,000 | — | — | — | — | — |
| Share buybacks (net) | -$20M | -$13M | -$10M | -$4M | — | -$42M | -$50M | -$5M | -$10M | — |
| Net borrowing | $11M | $24M | -$35M | $460M | -$470M | -$34M | $172M | $725M | -$20M | -$74M |
| Free cash flow margin | -0.2% | 2.4% | 2.4% | -2.9% | 5.7% | 3.2% | -0.3% | 0.6% | 0.1% | 1.9% |
| Dividends per share | $0.30 | $0.30 | $0.30 | $0.31 | $0.00 | — | — | — | — | — |
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Open AIR in InvestinglyQuestions
What was AAR's revenue in 2026?
$3.3B in fiscal 2026, from its 10-K filing.
How much free cash flow does AAR generate?
$62M in fiscal 2026 (operating cash flow minus capital spending).
From AAR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.