AeroVironment (AVAV) financial statements
AeroVironment reported revenue of $2.0B in fiscal 2026, up 26.8% a year over 9 years.
Net income was -$265M and the operating margin -15.7%, against 8.9% in 2017.
Free cash flow was -$141M.
The diluted share count rose 111% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AeroVironment's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $233M | $268M | $314M | $367M | $395M | $446M | $541M | $717M | $821M | $2.0B |
| Cost of revenue | $134M | $162M | $186M | $214M | $230M | $304M | $367M | $433M | $502M | $1.5B |
| Gross profit | $97M | $108M | $128M | $153M | $165M | $141M | $174M | $284M | $319M | $501M |
| Research and development | $28M | $26M | $34M | $46M | $54M | $55M | $64M | $98M | $101M | $128M |
| Selling, general and admin | $48M | $51M | $60M | $59M | $67M | $96M | $132M | $114M | $159M | $443M |
| Operating income | $21M | $30M | $34M | $47M | $43M | -$10M | -$179M | $72M | $41M | -$311M |
| Interest expense | — | — | — | — | — | — | — | — | — | $24M |
| Pre-tax income | $14M | $33M | $50M | $53M | $34M | -$19M | -$188M | $63M | $40M | -$306M |
| Income tax | $5M | $10M | $5M | $6M | $539,000 | -$10M | -$15M | $2M | $882,000 | -$23M |
| Net income | $13M | $18M | $47M | $41M | $23M | -$4M | -$176M | $60M | $44M | -$265M |
| EPS (diluted) | $0.56 | $0.75 | $1.97 | $1.71 | $0.96 | -$0.17 | -$7.04 | $2.18 | $1.55 | -$5.40 |
| Diluted shares | 23M | 24M | 24M | 24M | 24M | 25M | 25M | 27M | 28M | 49M |
| Gross margin | 41.6% | 40.1% | 40.9% | 41.7% | 41.7% | 31.7% | 32.1% | 39.6% | 38.8% | 25.3% |
| Operating margin | 8.9% | 11.3% | 10.8% | 12.8% | 11.0% | -2.2% | -33.1% | 10.0% | 5.0% | -15.7% |
| Net margin | 5.6% | 6.7% | 15.1% | 11.2% | 5.9% | -0.9% | -32.6% | 8.3% | 5.3% | -13.4% |
Balance sheet
Fiscal years, from AeroVironment's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $200M | $257M | $323M | $303M | $181M | $102M | $133M | $73M | $41M | $632M |
| Receivables | $69M | $57M | $31M | $74M | $63M | $60M | $88M | $70M | $102M | $316M |
| Inventory | $41M | $37M | $54M | $46M | $72M | $91M | $139M | $150M | $144M | $313M |
| Total current assets | $354M | $399M | $470M | $504M | $402M | $369M | $477M | $516M | $607M | $1.9B |
| Property, plant and equipment | $16M | $19M | $17M | $22M | $59M | $62M | $40M | $47M | $51M | $167M |
| Goodwill | $122,000 | — | — | $6M | $314M | $334M | $181M | $276M | $257M | $2.5B |
| Total assets | $432M | $473M | $509M | $585M | $929M | $914M | $825M | $1.0B | $1.1B | $5.7B |
| Total current liabilities | $48M | $62M | $45M | $67M | $96M | $101M | $121M | $145M | $172M | $439M |
| Long-term debt | — | — | — | — | $188M | $178M | $126M | $17M | $30M | $729M |
| Total liabilities | $49M | $64M | $46M | $75M | $316M | $306M | $274M | $193M | $234M | $1.3B |
| Shareholders' equity | $382M | $409M | $463M | $510M | $612M | $608M | $551M | $823M | $887M | $4.4B |
| Net debt | -$80M | -$144M | -$173M | -$255M | $49M | $111M | $545,000 | -$46M | -$11M | $352M |
Cash flow
Fiscal years, from AeroVironment's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8M | $70M | $27M | $25M | $87M | -$10M | $11M | $15M | -$1M | -$78M |
| Capital spending | $9M | $10M | $9M | $11M | $11M | $22M | $15M | $23M | $20M | $63M |
| Free cash flow | -$17M | $60M | $18M | $14M | $75M | -$32M | -$3M | -$8M | -$21M | -$141M |
| Stock-based compensation | $3M | $5M | $7M | $6M | $7M | $5M | $11M | $17M | $21M | $38M |
| Net borrowing | — | — | — | — | $200M | — | -$55M | -$107M | -$28M | -$700M |
| Free cash flow margin | -7.4% | 22.5% | 5.7% | 3.8% | 19.1% | -7.2% | -0.6% | -1.1% | -2.5% | -7.1% |
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Open AVAV in InvestinglyQuestions
What was AeroVironment's revenue in 2026?
$2.0B in fiscal 2026, from its 10-K filing.
How much free cash flow does AeroVironment generate?
-$141M in fiscal 2026 (operating cash flow minus capital spending).
From AeroVironment's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.