AAR Corp. is an independent provider of aviation services to commercial and government customers worldwide. Headquartered in Wood Dale, Illinois, the company specializes in aftermarket support, including aircraft maintenance, repair, and overhaul (MRO), as well as parts distribution. AAR operates through four main segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services.
Financial Statements
In thousands, USD
FY 2026
FY 2025
FY 2024
FY 2023
Total Revenues
3,308,000
2,780,500
2,318,900
1,990,500
Cost of Sales
2,686,000
2,252,800
1,876,600
3,240,800
Gross Profit
622,000
527,700
442,300
370,100
Selling, General & Administrative Expenses
349,300
347,700
312,200
230,400
Other Operating Expenses
(5,100)
(5,200)
900
5,800
Operating Profit
277,800
185,200
129,200
133,900
Interest and Investment Income
1,600
1,800
2,200
1,000
Interest Expense
(72,100)
(75,400)
(43,200)
(12,200)
Non-Operating Income
38,600
(72,700)
(29,900)
(1,500)
Total Non-Operating Income
(31,900)
(146,300)
(70,900)
(12,700)
Income Before Provision for Income Taxes
245,900
38,900
58,300
121,200
Provision for Income Taxes
58,200
26,400
12,000
31,400
Consolidated Net Income
187,700
12,500
46,300
89,800
Net Income Attributable to Discontinued Operations
—
—
—
400
Net Income Attributable to Common Shareholders
187,700
12,500
46,300
90,200
Basic EPS
4.88
0.35
1.30
2.56
Diluted EPS
4.86
0.35
1.29
2.53
Basic Weighted Average Shares Outstanding
38,300
35,600
35,100
34,700
Diluted Weighted Average Shares Outstanding
38,400
35,800
35,400
35,100
Shares Outstanding
39,880
35,830
35,694
34,916
FY 2026
FY 2025
FY 2024
FY 2023
Cash and Cash Equivalents
84,000
96,500
85,800
68,400
Total Cash and Cash Equivalents
84,000
96,500
85,800
68,400
Accounts Receivable
386,800
354,800
287,200
241,300
Other Receivables
148,400
140,300
123,200
86,900
Total Trade Receivables
535,200
495,100
410,400
328,200
Inventories
979,000
809,200
733,100
574,100
Other Current Assets
143,900
109,800
160,300
127,200
Total Current Assets
1,742,100
1,510,600
1,389,600
1,097,900
Net Property, Plant & Equipment
377,700
251,800
268,300
189,800
Net Intangible Assets
281,600
219,600
235,400
63,700
Goodwill
580,300
530,800
554,800
175,800
Other Long-Term Assets
374,200
331,800
321,900
305,900
Total Assets
3,355,900
2,844,600
2,770,000
1,833,100
Accounts Payable
295,600
303,100
238,000
158,500
Accrued Expenses
267,300
211,300
219,300
179,600
Unearned Revenue
50,300
40,300
—
—
Other Current Liabilities
—
—
9,600
13,400
Total Current Liabilities
613,200
554,700
466,900
351,500
Long-Term Debt
893,900
968,000
985,400
269,700
Leases
101,100
79,600
80,300
48,200
Other Long-Term Liabilities
43,900
30,700
47,600
64,600
Total Long-Term Liabilities
1,038,900
1,078,300
1,113,300
382,500
Total Liabilities
1,652,100
1,633,000
1,580,200
734,000
Common Stock
48,800
45,300
45,300
45,300
Treasury Stock
(287,900)
(302,700)
(297,500)
(317,800)
Additional Paid-in Capital
789,700
505,200
493,900
484,500
Accumulated Other Comprehensive Income
(3,900)
(5,600)
(8,800)
(23,500)
Retained Earnings
1,157,100
969,400
956,900
910,600
Total Common Shareholders' Equity
1,703,800
1,211,600
1,189,800
1,099,100
Total Shareholders' Equity
1,703,800
1,211,600
1,189,800
1,099,100
Total Liabilities and Shareholders' Equity
3,355,900
2,844,600
2,770,000
1,833,100
FY 2026
FY 2025
FY 2024
FY 2023
Net Income
187,700
12,500
46,300
179,600
Depreciation & Amortization
72,100
55,200
40,200
27,200
Share-Based Compensation Expense
17,800
19,900
15,300
13,500
Other Adjustments
(43,400)
60,800
8,100
5,300
Changes in Trade Receivables
15,800
(109,400)
(22,400)
(31,800)
Changes in Inventories
(69,000)
(109,300)
(90,400)
(23,600)
Changes in Accounts Payable
(49,900)
70,500
59,400
—
Changes in Accrued Expenses
21,600
40,900
16,900
(6,400)
Changes in Other Operating Activities
(54,000)
(5,000)
(29,600)
(50,200)
Cash from Operating Activities
98,700
36,100
43,600
23,300
Capital Expenditure
(36,600)
(34,700)
(29,700)
(29,500)
Proceeds from Sale of Property, Plant & Equipment
25,100
4,700
—
—
Payments for Business Acquisitions
(259,400)
(1,500)
(722,900)
(103,300)
Proceeds from Business Divestments
600
48,000
—
—
Other Investing Activities
(38,400)
(5,800)
(5,900)
(5,200)
Cash from Investing Activities
(308,700)
10,700
(758,500)
(138,000)
Issuance of Short-Term Debt
—
—
—
172,000
Net Issuance / (Repayments) of Short-Term Debt
—
—
—
172,000
Issuance of Long-Term Debt
153,000
—
550,000
—
Net Issuance / (Repayments) of Long-Term Debt
153,000
—
550,000
—
Issuance of Common Shares
285,100
(3,500)
19,600
17,700
Repurchases of Common Shares
—
(10,100)
(5,100)
(50,100)
Net Issuance / (Repurchases) of Common Shares
285,100
(13,600)
14,500
(32,400)
Other Financing Activities
(229,500)
(20,100)
164,700
(1,900)
Cash from Financing Activities
208,600
(33,700)
729,200
137,700
Effect of Exchange Rate Changes on Cash and Cash Equivalents
—
—
—
(100)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash