AeroVironment, Inc. is an American defense technology company that designs and manufactures autonomous systems, loitering munitions, and counter-uncrewed aircraft systems (UAS). Headquartered in Virginia, the company primarily serves the U.S. Department of Defense and allied international militaries. It is best known for its tactical drone systems, including the Switchblade, Raven, and Puma, which provide intelligence, surveillance, reconnaissance, and precision strike capabilities.
Financial Statements
In thousands, USD
FY 2026
FY 2025
FY 2024
FY 2023
Total Revenues
1,976,845
820,627
716,720
540,536
Cost of Sales
1,476,203
501,991
432,789
367,022
Gross Profit
500,642
318,636
283,931
173,514
Selling, General & Administrative Expenses
443,251
158,753
114,420
131,905
Research & Development Expenses
127,678
100,729
97,687
64,255
Other Operating Expenses
240,708
18,359
—
156,017
Operating Profit
(310,995)
40,795
71,824
(178,663)
Interest and Investment Income
11,828
2,649
(5,894)
(11,821)
Non-Operating Income
10,986
1,057
(4,373)
(346)
Total Non-Operating Income
22,814
3,706
(10,267)
(12,167)
Income Before Provision for Income Taxes
(288,181)
44,501
61,557
(190,830)
Provision for Income Taxes
(23,059)
882
1,891
(14,663)
Consolidated Net Income
(265,122)
43,619
59,666
(176,167)
Net Income Attributable to Minority Interests and Other
—
—
—
45
Net Income Attributable to Common Shareholders
(265,122)
43,619
59,666
(176,212)
Basic EPS
-5.40
1.56
2.19
-7.04
Diluted EPS
-5.40
1.55
2.18
-7.04
Basic Weighted Average Shares Outstanding
49,087
28,019
27,203
25,045
Diluted Weighted Average Shares Outstanding
49,087
28,019
27,328
25,045
Shares Outstanding
50,611
28,268
28,134
26,217
FY 2026
FY 2025
FY 2024
FY 2023
Cash and Cash Equivalents
377,325
40,862
73,301
132,859
Short-Term Investments
254,972
—
—
—
Total Cash and Cash Equivalents
632,297
40,862
73,301
132,859
Accounts Receivable
886,575
391,976
269,779
193,286
Total Trade Receivables
886,575
391,976
269,779
193,286
Inventories
312,856
144,090
150,168
138,814
Other Current Assets
58,695
29,588
22,333
12,043
Total Current Assets
1,890,423
606,516
515,581
477,002
Net Property, Plant & Equipment
267,111
82,583
87,905
67,158
Net Intangible Assets
929,826
48,711
72,224
43,577
Goodwill
2,493,678
256,781
275,652
180,801
Long-Term Investments
81,128
31,627
20,960
23,613
Other Long-Term Assets
54,576
94,349
43,538
32,426
Total Assets
5,716,742
1,120,567
1,015,860
824,577
Accounts Payable
160,507
72,462
48,298
31,355
Accrued Expenses
98,056
44,253
44,312
35,637
Current Portion of Long-Term Debt
—
—
10,000
7,500
Current Portion of Leases
17,594
10,479
9,841
8,229
Unearned Revenue
79,607
15,952
11,192
16,645
Other Current Liabilities
83,473
29,015
21,236
21,968
Total Current Liabilities
439,237
172,161
144,879
121,334
Long-Term Debt
728,967
30,000
17,092
125,904
Leases
88,228
23,812
22,745
21,189
Other Long-Term Liabilities
59,910
8,087
8,399
5,180
Total Long-Term Liabilities
877,105
61,899
48,236
152,273
Total Liabilities
1,316,342
234,060
193,115
273,607
Common Stock
6
4
4
4
Additional Paid-in Capital
4,396,845
618,711
597,646
384,397
Accumulated Other Comprehensive Income
(5,635)
(6,514)
(5,592)
(4,452)
Retained Earnings
9,184
274,306
230,687
171,021
Total Common Shareholders' Equity
4,400,400
886,507
822,745
550,970
Total Shareholders' Equity
4,400,400
886,507
822,745
550,970
Total Liabilities and Shareholders' Equity
5,716,742
1,120,567
1,015,860
824,577
FY 2026
FY 2025
FY 2024
FY 2023
Net Income
(265,122)
43,619
59,666
(176,167)
Depreciation & Amortization
265,037
40,998
35,749
99,999
Share-Based Compensation Expense
38,334
21,461
17,069
10,765
Other Adjustments
238,297
10,879
9,638
160,869
Changes in Trade Receivables
(287,677)
(122,275)
(73,642)
(28,869)
Changes in Inventories
(111,610)
2,966
(23,045)
(61,846)
Changes in Accounts Payable
28,081
22,331
12,968
12,538
Changes in Income Taxes Payable
(1,364)
(590)
—
442
Changes in Other Operating Activities
17,620
(20,707)
(23,111)
(6,456)
Cash from Operating Activities
(78,404)
(1,318)
15,292
11,400
Capital Expenditure
(62,544)
(19,547)
(22,983)
(14,868)
Purchases of Intangible Assets
(23,674)
(3,269)
(1,500)
—
Purchases of Investments
(382,410)
(5,674)
(3,074)
(12,204)
Proceeds from Sale of Investments
113,714
—
—
26,059
Payments for Business Acquisitions
(871,507)
—
(24,157)
(5,105)
Other Investing Activities
(6,250)
—
—
(885)
Cash from Investing Activities
(1,232,671)
(28,490)
(51,714)
(7,003)
Issuance of Short-Term Debt
233,939
40,000
—
—
Repayments of Short-Term Debt
(265,000)
(10,000)
—
—
Net Issuance / (Repayments) of Short-Term Debt
(31,061)
30,000
—
—
Issuance of Long-Term Debt
1,420,146
—
—
—
Repayments of Long-Term Debt
(700,000)
(28,000)
(107,000)
(55,000)
Net Issuance / (Repayments) of Long-Term Debt
720,146
(28,000)
(107,000)
(55,000)
Issuance of Common Shares
972,870
3,751
88,437
106,927
Repurchases of Common Shares
(10,928)
(4,147)
(1,596)
(1,065)
Net Issuance / (Repurchases) of Common Shares
961,942
(396)
86,841
105,862
Other Financing Activities
(3,849)
(4,460)
(2,693)
(28)
Cash from Financing Activities
1,647,178
(2,856)
(22,852)
50,834
Effect of Exchange Rate Changes on Cash and Cash Equivalents
360
225
(284)
397
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash