AAR CORP AIR
AAR CORP. and its subsidiaries are referred to herein collectively as "AAR," "Company," "we," "us," and "our" unless the context indicates otherwise. AAR was incorporated in 1955 and we are a leading independent provider of solutions to the global aviation aftermarket. We offer a broad line of products and services to commercial and government aerospace customers and operate globally in over 20 countries.
During the fourth quarter of fiscal 2026, we changed our operating segment structure to realign our Integrated Solutions segment which resulted in the following changes:
● Combined our government programs activities and our Mobility Systems business, previously reported as Expeditionary Services, into a new operating segment named Government Solutions;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.31B | $2.78B | $2.32B | $1.99B | $1.82B | $1.65B | $2.07B | $2.05B | $1.75B | $1.59B |
| Cost of revenue | $2.69B | $2.25B | $1.88B | $1.62B | $1.51B | — | — | $1.72B | $613.2M | $539.9M |
| Gross profit | $622.0M | $527.7M | $442.3M | $370.1M | $313.2M | $275.9M | $269.2M | $329.8M | $294.1M | $263.4M |
| SG&A | $349.3M | $347.7M | $312.2M | $230.4M | $202.2M | $182.4M | $220.6M | $215.4M | $208.1M | $179.0M |
| Total operating expenses | — | — | — | $1.85B | $1.71B | $1.57B | $2.03B | $1.95B | $1.66B | $1.51B |
| Interest expense | $72.1M | $75.4M | $43.2M | $12.2M | $2.4M | $5.0M | $9.3M | $9.5M | $8.0M | $5.3M |
| Pre-tax income | $245.9M | $38.9M | $58.3M | $121.2M | $105.3M | $54.0M | $10.0M | $12.4M | $19.1M | $81.6M |
| Income tax | $58.2M | $26.4M | $12.0M | $31.4M | $26.6M | $18.2M | $5.6M | $4.9M | $3.5M | $25.1M |
| Net income | $187.7M | $12.5M | $46.3M | $90.2M | $78.7M | $35.8M | $4.4M | $7.5M | $15.6M | $56.5M |
| EPS, basic | 4.88 | 0.35 | 1.30 | 2.56 | 2.20 | 1.01 | 0.12 | 0.20 | 0.44 | 1.66 |
| EPS, diluted | 4.86 | 0.35 | 1.29 | 2.53 | 2.17 | 1.00 | 0.13 | 0.21 | 0.41 | 1.64 |
| Shares, diluted (wtd. avg.) | $38.4M | $35.8M | $35.4M | $35.1M | $36.0M | $35.3M | $35.0M | $34.9M | $34.6M | $34.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $84.0M | $96.5M | $96.1M | $81.8M | $58.9M | $60.2M | $424.7M | $21.3M | $31.1M | $10.3M |
| Receivables | $386.8M | $354.8M | $287.2M | $241.3M | $214.0M | $166.7M | $171.9M | $197.8M | $202.0M | $234.5M |
| Inventory | $979.0M | $809.2M | $733.1M | $574.1M | $550.5M | $540.6M | $623.1M | $523.7M | $460.7M | $433.4M |
| Total current assets | $1.74B | $1.51B | $1.39B | $1.10B | $1.01B | $937.0M | $1.44B | $952.5M | $942.7M | $888.4M |
| Property, plant and equipment | $166.9M | $158.5M | $171.7M | $126.1M | $109.6M | $120.0M | $135.7M | $132.8M | $133.2M | $117.2M |
| Goodwill | $580.3M | $530.8M | $554.8M | $175.8M | $116.4M | $119.3M | $115.7M | $116.2M | $118.7M | $105.6M |
| Other intangibles | $281.6M | $219.6M | $235.4M | $63.7M | $3.3M | $4.5M | $6.0M | $22.2M | $27.8M | $30.6M |
| Total assets | $3.36B | $2.84B | $2.77B | $1.83B | $1.57B | $1.54B | $2.08B | $1.52B | $1.52B | $1.50B |
| Accounts payable | $295.6M | $303.1M | $238.0M | $158.5M | $156.4M | $127.2M | $191.6M | $187.8M | $170.0M | $164.2M |
| Short-term debt | — | — | — | — | — | — | — | — | — | $100.0K |
| Total current liabilities | $613.2M | $554.7M | $466.9M | $351.5M | $348.2M | $336.8M | $383.1M | $357.5M | $333.3M | $335.0M |
| Long-term debt | $893.9M | $968.0M | $985.4M | $269.7M | $98.9M | $133.7M | $600.0M | $141.7M | $177.2M | $154.1M |
| Total liabilities | — | — | — | $1.8M | — | — | — | — | — | — |
| Retained earnings | $1.16B | $969.4M | $956.9M | $910.6M | $820.4M | $741.7M | $706.0M | $709.8M | $733.2M | $727.9M |
| Total equity | $1.70B | $1.21B | $1.19B | $1.10B | $1.03B | $974.4M | $902.6M | $905.9M | $936.3M | $914.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $98.7M | $36.1M | $43.6M | $23.3M | $75.2M | $105.2M | -$36.1M | $67.4M | $64.3M | $21.8M |
| Depreciation and amortisation | $72.1M | $55.2M | $40.2M | $27.2M | $33.1M | $36.3M | $43.7M | $42.8M | $40.5M | $35.7M |
| Stock-based compensation | $17.8M | $19.9M | $15.3M | $13.5M | $8.2M | $9.2M | $7.3M | $13.5M | $15.3M | $11.0M |
| Capital expenditure | $36.6M | $34.7M | $29.7M | $29.5M | $17.3M | $11.3M | $23.6M | $17.4M | $22.0M | $25.2M |
| Investing cash flow | -$308.7M | $10.7M | -$758.5M | -$138.0M | -$16.5M | -$500.0K | -$24.8M | -$19.0M | -$42.9M | -$30.1M |
| Financing cash flow | $208.6M | -$33.7M | $729.2M | $137.7M | -$59.8M | -$469.5M | $444.5M | -$48.7M | $10.0M | -$12.1M |
| Dividends paid | — | — | — | — | — | $100.0K | $10.7M | $10.5M | $10.3M | $10.2M |
| Buybacks | — | $10.1M | $5.1M | $50.1M | $42.4M | — | $4.1M | $10.3M | $13.1M | $19.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-031078.
Others in SIC 3720
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TXT | TEXTRON INC | $13.60B | 15.5x | 8.0% |