NYSE : AIR
AAR Corp. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 104.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.15B
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Financial statements
AAR Corp. (AIR) reported revenue of 3.49B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 3.49B | 3.31B | 2.78B | 2.32B | 1.99B | 1.82B |
| Cost of Revenue | 2.82B | 2.69B | 2.25B | 1.88B | 1.62B | 1.51B |
| Gross Profit | 664.60M | 622.00M | 527.70M | 442.30M | 370.10M | 313.20M |
| Selling, General & Admin | 379.00M | 348.70M | 346.50M | 284.40M | 229.80M | 200.90M |
| Operating Expenses | 381.10M | 350.80M | 346.70M | 285.10M | 232.40M | 202.10M |
| Operating Income | 283.50M | 271.20M | 181.00M | 157.20M | 137.70M | 111.10M |
| Interest Expense | -69.90M | -72.10M | -75.40M | -43.20M | -12.20M | -2.40M |
| Interest & Investment Income | 1.70M | 1.60M | 1.80M | 2.20M | 1.00M | 100.00K |
| Earnings From Equity Investments | 7.00M | 7.20M | 5.40M | -200.00K | -3.20M | -2.90M |
| Other Non Operating Income (Expenses) | -3.10M | -2.70M | -800.00K | -900.00K | -1.40M | 900.00K |
| EBT Excluding Unusual Items | 219.20M | 205.20M | 112.00M | 115.10M | 121.90M | 106.80M |
| Merger & Restructuring Charges | -21.00M | |||||
| Gain (Loss) on Sale of Assets | 10.50M | 11.20M | -72.40M | -2.80M | -700.00K | -1.70M |
| Other Unusual Items | 24.60M | 29.50M | -700.00K | -33.00M | ||
| Pretax Income | 254.30M | 245.90M | 38.90M | 58.30M | 121.20M | 105.10M |
| Income Tax Expense | 60.90M | 58.20M | 26.40M | 12.00M | 31.40M | 26.60M |
| Earnings From Continuing Operations | 193.40M | 187.70M | 12.50M | 46.30M | 89.80M | 78.50M |
| Earnings From Discontinued Operations | 400.00K | 200.00K | ||||
| Net Income | 193.40M | 187.70M | 12.50M | 46.30M | 90.20M | 78.70M |
| Preferred Dividends & Other Adjustments | 1.10M | 600.00K | ||||
| Net Income to Common | 193.40M | 187.70M | 12.50M | 46.30M | 89.10M | 78.10M |
| Shares Outstanding (Basic) | 39.27M | 38.30M | 35.60M | 35.10M | 34.70M | 35.60M |
| Shares Outstanding (Diluted) | 39.40M | 38.40M | 35.80M | 35.40M | 35.10M | 36.00M |
| EPS (Basic) | 4.92 | 4.90 | 0.35 | 1.32 | 2.57 | 2.19 |
| EPS (Diluted) | 4.88 | 4.86 | 0.35 | 1.29 | 2.53 | 2.17 |
| Free Cash Flow | 134.60M | 33.30M | -2.60M | 12.40M | -6.20M | 57.90M |
| Free Cash Flow Per Share | 3.42 | 0.87 | -0.07 | 0.35 | -0.18 | 1.61 |
| Gross Margin | 19.06% | 18.80% | 18.98% | 19.07% | 18.59% | 17.21% |
| Operating Margin | 8.13% | 8.20% | 6.51% | 6.78% | 6.92% | 6.10% |
| Profit Margin | 5.55% | 5.67% | 0.45% | 2.00% | 4.48% | 4.29% |
| Free Cash Flow Margin | 3.86% | 1.01% | -0.09% | 0.53% | -0.31% | 3.18% |
| EBITDA | 360.60M | 343.30M | 236.20M | 197.40M | 164.90M | 144.20M |
| EBITDA Margin | 10.34% | 10.38% | 8.49% | 8.51% | 8.28% | 7.92% |
| D&A For EBITDA | 77.10M | 72.10M | 55.20M | 40.20M | 27.20M | 33.10M |
| EBIT | 283.50M | 271.20M | 181.00M | 157.20M | 137.70M | 111.10M |
| EBIT Margin | 8.13% | 8.20% | 6.51% | 6.78% | 6.92% | 6.10% |
| Effective Tax Rate | 23.95% | 23.67% | 67.87% | 20.58% | 25.91% | 25.31% |
| Revenue as Reported | 3.49B | 3.31B | 2.78B | 2.32B | 1.99B | 1.82B |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 104.50M | 84.00M | 96.50M | 85.80M | 68.40M | 53.50M |
| Cash & Short-Term Investments | 104.50M | 84.00M | 96.50M | 85.80M | 68.40M | 53.50M |
| Accounts Receivable | 583.70M | 535.20M | 495.10M | 410.40M | 328.20M | 287.60M |
| Other Receivables | 5.60M | 13.20M | 6.80M | 2.70M | ||
| Receivables | 583.70M | 535.20M | 500.70M | 423.60M | 335.00M | 290.30M |
| Inventory | 1.01B | 979.00M | 809.20M | 733.10M | 574.10M | 550.50M |
| Finance Div. Other Current Assets | 81.50M | 50.60M | 53.60M | |||
| Prepaid Expenses | 134.10M | 120.10M | 91.50M | 45.40M | 42.90M | 37.70M |
| Restricted Cash | 8.60M | 23.80M | 12.70M | 10.30M | 13.40M | 5.40M |
| Other Current Assets | 9.90M | 13.50M | 16.20M | |||
| Total Current Assets | 1.84B | 1.74B | 1.51B | 1.39B | 1.10B | 1.01B |
| Property, Plant & Equipment | 377.60M | 377.70M | 251.80M | 268.30M | 189.80M | 182.60M |
| Long-Term Investments | 62.60M | 46.80M | 50.20M | 28.00M | 24.50M | |
| Goodwill | 564.80M | 580.30M | 530.80M | 554.80M | 175.80M | 116.40M |
| Other Intangible Assets | 287.90M | 322.80M | 265.60M | 287.20M | 103.30M | 25.50M |
| Long-Term Accounts Receivable | 45.70M | 42.90M | 28.40M | 24.60M | 27.50M | 22.50M |
| Other Long-Term Assets | 160.70M | 47.20M | 38.20M | 29.00M | 32.70M | 28.60M |
| Total Assets | 3.43B | 3.36B | 2.84B | 2.77B | 1.83B | 1.57B |
| Accounts Payable | 337.90M | 295.60M | 303.10M | 238.00M | 158.50M | 156.40M |
| Accrued Expenses | 259.00M | 233.40M | 211.30M | 204.60M | 159.90M | 154.10M |
| Current Portion of Leases | 17.00M | |||||
| Current Income Taxes Payable | 8.80M | |||||
| Current Unearned Revenue | 40.80M | 50.30M | 40.30M | 14.70M | 19.70M | 20.50M |
| Other Current Liabilities | 13.00M | 8.10M | 9.60M | 13.40M | 17.20M | |
| Total Current Liabilities | 650.70M | 613.20M | 554.70M | 466.90M | 351.50M | 348.20M |
| Long-Term Debt | 879.60M | 893.90M | 968.00M | 985.40M | 269.70M | 98.90M |
| Long-Term Leases | 98.80M | 101.10M | 79.60M | 80.30M | 48.20M | 57.40M |
| Long-Term Unearned Revenue | 20.20M | 6.90M | 6.40M | 7.20M | 12.70M | 10.10M |
| Pension & Post-Retirement Benefits | 3.40M | |||||
| Long-Term Deferred Tax Liabilities | 22.50M | 23.10M | 18.40M | 23.90M | 33.60M | 20.00M |
| Other Long-Term Liabilities | 12.70M | 13.90M | 5.90M | 16.50M | 18.30M | 1.40M |
| Total Liabilities | 1.68B | 1.65B | 1.63B | 1.58B | 734.00M | 539.40M |
| Common Stock | 48.80M | 48.80M | 45.30M | 45.30M | 45.30M | 45.30M |
| Additional Paid-In Capital | 785.60M | 789.70M | 505.20M | 493.90M | 484.50M | 477.50M |
| Retained Earnings | 1.20B | 1.16B | 969.40M | 956.90M | 910.60M | 820.40M |
| Treasury Stock | -286.00M | -287.90M | -302.70M | -297.50M | -317.80M | -289.10M |
| Comprehensive Income & Other | -3.20M | -3.90M | -5.60M | -8.80M | -23.50M | -19.60M |
| Shareholders' Equity | 1.74B | 1.70B | 1.21B | 1.19B | 1.10B | 1.03B |
| Total Liabilities & Equity | 3.43B | 3.36B | 2.84B | 2.77B | 1.83B | 1.57B |
| Total Debt | 978.40M | 1.01B | 1.05B | 1.07B | 317.90M | 156.30M |
| Net Cash (Debt) | -873.90M | -928.00M | -951.10M | -979.90M | -249.50M | -102.80M |
| Net Cash Per Share | -22.18 | -24.17 | -26.57 | -27.68 | -7.11 | -2.86 |
| Filing Date Shares Outstanding | 39.69M | 39.39M | 35.31M | 35.08M | 34.36M | 34.86M |
| Total Common Shares Outstanding | 39.69M | 39.37M | 35.29M | 35.06M | 34.34M | 34.84M |
| Working Capital | 1.19B | 1.13B | 955.90M | 922.70M | 746.40M | 659.00M |
| Book Value Per Share | 43.90 | 43.27 | 34.33 | 33.94 | 32.00 | 29.70 |
| Tangible Book Value | 889.70M | 800.70M | 415.20M | 347.80M | 820.00M | 892.60M |
| Tangible Book Value Per Share | 22.42 | 20.34 | 11.76 | 9.92 | 23.88 | 25.62 |
| Land | 7.30M | 9.20M | 9.50M | 3.30M | 3.30M | |
| Buildings | 92.70M | 118.30M | 118.10M | 95.90M | 94.70M | |
| Machinery | 309.10M | 309.70M | 324.10M | 295.70M | 269.90M | |
| Order Backlog | 777.00M |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 193.40M | 187.70M | 12.50M | 46.30M | 90.20M | 78.70M |
| Depreciation & Amortization | 77.10M | 72.10M | 55.20M | 40.20M | 27.20M | 33.10M |
| Other Amortization | 3.30M | 3.20M | 2.60M | 1.00M | 700.00K | |
| Loss (Gain) From Sale of Assets | -8.80M | -9.80M | 68.90M | |||
| Asset Writedown & Restructuring Costs | 1.00M | 1.00M | 1.00M | 2.90M | ||
| Loss (Gain) on Equity Investments | -7.00M | -7.20M | -5.40M | 200.00K | 3.20M | 2.90M |
| Stock-Based Compensation | 20.30M | 17.80M | 19.90M | 15.30M | 13.50M | 8.20M |
| Provision & Write-off of Bad Debts | 2.10M | 2.10M | 200.00K | 700.00K | 2.60M | 1.20M |
| Other Operating Activities | -32.70M | -32.70M | -5.50M | 6.20M | -2.60M | 9.90M |
| Change in Accounts Receivable | -6.50M | 15.80M | -109.40M | -22.40M | -31.80M | -50.90M |
| Change in Inventory | -58.30M | -69.00M | -109.30M | -90.40M | -23.60M | -10.40M |
| Change in Accounts Payable | -17.80M | -49.90M | 70.50M | 59.40M | 29.40M | |
| Change in Unearned Revenue | 3.80M | |||||
| Change in Other Net Operating Assets | 33.30M | -32.40M | 35.90M | -12.70M | -56.60M | -19.00M |
| Operating Cash Flow | 199.40M | 98.70M | 36.10M | 43.60M | 23.30M | 75.20M |
| Capital Expenditures | -64.80M | -65.40M | -38.70M | -31.20M | -29.50M | -17.30M |
| Sale of Property, Plant & Equipment | 25.10M | 25.10M | 4.70M | 7.30M | ||
| Cash Acquisitions | -253.70M | -259.40M | -1.50M | -722.90M | -103.30M | |
| Divestitures | 600.00K | 600.00K | 48.00M | |||
| Investment in Securities | -17.10M | -9.60M | -1.80M | -4.40M | -5.20M | -6.50M |
| Other Investing Activities | -600.00K | |||||
| Investing Cash Flow | -310.50M | -308.70M | 10.70M | -758.50M | -138.00M | -16.50M |
| Short-Term Debt Issued | 175.00M | 172.00M | ||||
| Long-Term Debt Issued | 153.00M | 550.00M | ||||
| Total Debt Issued | 153.00M | 725.00M | 172.00M | |||
| Short-Term Debt Repaid | -227.00M | -20.00M | -9.50M | |||
| Long-Term Debt Repaid | -24.70M | |||||
| Total Debt Repaid | -145.00M | -227.00M | -20.00M | -34.20M | ||
| Net Debt Issued (Repaid) | -145.00M | -74.00M | -20.00M | 725.00M | 172.00M | -34.20M |
| Issuance of Common Stock | 285.10M | 285.10M | 19.60M | 17.70M | 16.80M | |
| Repurchase of Common Stock | -10.10M | -5.10M | -50.10M | -42.40M | ||
| Other Financing Activities | -7.50M | -2.50M | -3.60M | -10.30M | -1.90M | |
| Financing Cash Flow | 132.60M | 208.60M | -33.70M | 729.20M | 137.70M | -59.80M |
| Foreign Exchange Rate Adjustments | -100.00K | -200.00K | ||||
| Net Cash Flow | 21.50M | -1.40M | 13.10M | 14.30M | 22.90M | -1.30M |
| Free Cash Flow | 134.60M | 33.30M | -2.60M | 12.40M | -6.20M | 57.90M |
| Free Cash Flow Margin | 3.86% | 1.01% | -0.09% | 0.53% | -0.31% | 3.18% |
| Free Cash Flow Per Share | 3.42 | 0.87 | -0.07 | 0.35 | -0.18 | 1.61 |
| Levered Free Cash Flow | 33.20M | -50.36M | 82.50M | -62.35M | 17.84M | 34.84M |
| Unlevered Free Cash Flow | 73.59M | -8.50M | 127.03M | -36.35M | 24.76M | 36.34M |
| Cash Interest Paid | 67.60M | 71.70M | 74.40M | 31.90M | 11.10M | 2.10M |
| Cash Income Tax Paid | 46.20M | 49.60M | 23.70M | 41.80M | 34.40M | 20.10M |
| Change in Working Capital | -49.30M | -135.50M | -112.30M | -66.10M | -112.00M | -47.10M |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.23B | 4.42B | 2.18B | 2.47B | 1.71B | 1.68B |
| Enterprise Value | 5.10B | 5.32B | 3.18B | 2.75B | 1.90B | 1.80B |
| Last Close Price | 100.26 | 112.62 | 61.41 | 70.99 | 50.11 | 48.22 |
| PE Ratio | 21.85 | 23.54 | 174.25 | 53.44 | 19.21 | 21.49 |
| Forward PE | 18.08 | 21.16 | 14.38 | 18.55 | 16.84 | 15.85 |
| PS Ratio | 1.19 | 1.34 | 0.78 | 1.07 | 0.86 | 0.92 |
| PB Ratio | 2.28 | 2.59 | 1.80 | 2.08 | 1.56 | 1.62 |
| P/TBV Ratio | 4.68 | 5.52 | 5.25 | 7.11 | 2.09 | 1.88 |
| P/FCF Ratio | 30.93 | 132.67 | 199.54 | 28.99 | ||
| P/OCF Ratio | 20.88 | 44.76 | 60.34 | 56.75 | 73.45 | 22.32 |
| PEG Ratio | 1.36 | 1.69 | 1.15 | 1.02 | 0.68 | 0.69 |
| EV/Sales Ratio | 1.44 | 1.61 | 1.15 | 1.19 | 0.95 | 0.99 |
| EV/EBITDA Ratio | 13.97 | 15.49 | 13.48 | 13.95 | 11.50 | 12.48 |
| EV/EBIT Ratio | 17.77 | 19.61 | 17.59 | 17.51 | 13.77 | 16.20 |
| EV/FCF Ratio | 37.43 | 159.73 | 222.00 | 31.07 | ||
| Debt / Equity Ratio | 0.56 | 0.59 | 0.86 | 0.90 | 0.29 | 0.15 |
| Debt / EBITDA Ratio | 2.29 | 2.50 | 3.79 | 4.57 | 1.64 | 0.89 |
| Debt / FCF Ratio | 7.27 | 30.39 | 85.94 | 2.70 | ||
| Net Debt / Equity Ratio | 0.50 | 0.55 | 0.79 | 0.82 | 0.23 | 0.10 |
| Net Debt / EBITDA Ratio | 2.42 | 2.70 | 4.03 | 4.96 | 1.51 | 0.71 |
| Net Debt / FCF Ratio | 6.49 | 27.87 | -365.81 | 79.02 | -40.24 | 1.77 |
| Asset Turnover | 1.10 | 1.07 | 0.99 | 1.01 | 1.17 | 1.17 |
| Inventory Turnover | 3.02 | 3.00 | 2.92 | 2.87 | 2.88 | 2.76 |
| Quick Ratio | 1.06 | 1.01 | 1.08 | 1.09 | 1.15 | 0.99 |
| Current Ratio | 2.83 | 2.84 | 2.72 | 2.98 | 3.12 | 2.89 |
| Return on Equity (ROE) | 12.93% | 12.88% | 1.04% | 4.05% | 8.42% | 7.81% |
| Return on Assets (ROA) | 5.58% | 5.47% | 4.03% | 4.27% | 5.05% | 4.46% |
| Return on Invested Capital (ROIC) | 8.22% | 8.63% | 2.69% | 7.10% | 8.21% | 7.36% |
| Return on Capital Employed (ROCE) | 10.20% | 9.90% | 7.90% | 6.80% | 9.30% | 9.10% |
| Earnings Yield | 4.58% | 4.25% | 0.57% | 1.87% | 5.27% | 4.69% |
| FCF Yield | 3.23% | 0.75% | -0.12% | 0.50% | -0.36% | 3.45% |
| Buyback Yield / Dilution | -9.83% | -7.26% | -1.13% | -0.85% | 2.50% | -1.98% |
| Total Shareholder Return | -9.83% | -7.26% | -1.13% | -0.85% | 2.50% | -1.98% |