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Annual figures as reported in 10-K / 20-F / 40-F filings.
AIR · CIK 0000001750

AAR CORP

Annual figures as reported, FY2015–FY2026. Ratios and growth rates derived on-page.

AIR logo
Aircraft & Parts
Company profile
NYSE · AIRHQ Wood Dale, ILIncorporated in DEFiscal year ends May 31Large accelerated filer
Revenue
$3.3B
▲ +19.0% vs FY2025
Net income
$187.7M
▲ +1401.6% vs FY2025
Free cash flow
$62.1M
▲ +4335.7% vs FY2025
Diluted EPS
$4.86
▲ +1288.6% vs FY2025

Revenue

Annual, as reported

01B2B3B’15’17’19’21’23’25’26$3.3B

Net income

Annual, as reported

050M100M150M’15’17’19’21’23’25’26$187.7M

Recent quarters

momentum · last 12 quarters
Revenue — May ’26 quarter
$928.0M
▲ +23.0% vs May ’25
Net income — May ’26 quarter
$50.7M
▲ +49.1% vs May ’25
Revenue — trailing 12 months
$3.3B
▲ +19.0% vs May ’25
Diluted EPS — trailing 12 months
$4.86
▲ +1288.6% vs May ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

0250M500M750MAug ’23Feb ’24Aug ’24Feb ’25Aug ’25Feb ’26May ’26$928.0M

Quarterly net income

Losses shown in terracotta

−25M025M50MAug ’23Feb ’24Aug ’24Feb ’25Aug ’25Feb ’26May ’26$50.7M
QuarterRevenueRev. YoYGross marginNet incomeNet marginDiluted EPS
May ’26$928.0M23.0%19.0%$50.7M5.5%$1.30
Feb ’26$845.1M24.6%18.3%$68.0M8.0%$1.71
Nov ’25$795.3M15.9%19.7%$34.6M4.4%$0.90
Aug ’25$739.6M11.8%18.1%$34.4M4.7%$0.95
May ’25$754.5M14.9%19.9%$34.0M4.5%$0.97
Feb ’25$678.2M19.5%19.4%−$8.9M−1.3%−$0.25
Nov ’24$686.1M25.8%18.7%−$30.6M−4.5%−$0.87
Aug ’24$661.7M20.4%17.7%$18.0M2.7%$0.50

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

0%5%10%15%’15’17’19’21’23’25
Gross marginNet margin

Returns on capital

Net income vs year-end equity and assets

0%5%10%’15’17’19’21’23’25
Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

−50M050M’15’17’19’21’23’25’26$62.1M

Operating cash flow

Net cash from operations

050M100M’15’17’19’21’23’25’26$98.7M

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

050M100M150M’15’17’19’22’24’25
Buybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

010M20M30M’15’17’19’21’23’25’2638M

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

0500M1B1.5B’15’17’19’21’23’25’26$1.7B

Net debt

Long-term debt less cash — negative means net cash

0250M500M750M’15’17’19’21’23’25’26$809.9M

Growth rates

compounding, annualized

Income statement

CAGR over 3, 5 and 10 years

0%+10%+20%+30%Revenue CAGR3Y+18.4%5Y+14.9%10Y+8.0%Net income CAGR3Y+27.7%5Y+39.3%10Y+14.7%Diluted EPS CAGR3Y+24.3%5Y+37.2%10Y+13.5%

Cash flow & share count

FCF compounding; share count as total change

-5%0%+5%+10%Free cash flow CAGR5Y−7.9%Share count change (split-adjusted, total)5Y+8.8%10Y+11.0%

Key ratios

derived per fiscal year
Fiscal yearGross marginNet marginFCF marginROEROACurrent ratioDebt / equity
FY202618.8%5.7%1.9%11.0%5.6%2.84×0.52×
FY202519.0%0.4%0.1%1.0%0.4%2.72×0.80×
FY202419.1%2.0%0.6%3.9%1.7%2.98×0.83×
FY202318.6%4.5%−0.3%8.2%4.9%3.12×0.25×
FY202217.2%4.3%3.2%7.6%5.0%2.89×0.10×
FY202116.7%2.2%5.7%3.7%2.3%2.78×0.14×
FY202013.0%0.2%−2.9%0.5%0.2%3.76×0.66×
FY201916.1%0.4%2.4%0.8%0.5%2.66×0.16×
FY201816.8%0.9%2.4%1.7%1.0%2.83×0.19×
FY201716.6%3.6%−0.2%6.2%3.8%2.65×0.17×
FY201615.3%3.1%−0.5%5.5%3.3%2.58×0.16×
FY20158.1%0.6%−5.2%1.2%0.7%2.17×0.10×

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2026$3.3B$622.0M—$187.7M$4.86$98.7M$36.6M$3.4B$1.7B$1.7B$84.0M$893.9M
FY2025$2.8B$527.7M—$12.5M$0.35$36.1M$34.7M$2.8B$1.6B$1.2B$96.5M$968.0M
FY2024$2.3B$442.3M—$46.3M$1.29$43.6M$29.7M$2.8B$1.6B$1.2B$85.8M$985.4M
FY2023$2.0B$370.1M—$90.2M$2.53$23.3M$29.5M$1.8B$1.8M$1.1B$68.4M$269.7M
FY2022$1.8B$313.2M—$78.7M$2.17$75.2M$17.3M$1.6B$539.4M$1.0B$53.5M$98.9M
FY2021$1.7B$275.9M—$35.8M$1.00$105.2M$11.3M$1.5B$565.3M$974.4M$51.8M$133.7M
FY2020$2.1B$269.2M—$4.4M$0.13−$36.1M$23.6M$2.1B$1.2B$902.6M$404.7M$600.0M
FY2019$2.1B$329.8M—$7.5M$0.21$67.4M$17.4M$1.5B$611.3M$905.9M$21.3M$141.7M
FY2018$1.7B$294.1M—$15.6M$0.41$64.3M$22.0M$1.5B$588.4M$936.3M$31.1M$177.2M
FY2017$1.6B$263.4M—$56.5M$1.64$21.8M$25.2M$1.5B$589.9M$914.2M$10.3M$154.1M
FY2016$1.5B$233.1M—$47.7M$1.37$32.1M$40.1M$1.5B$590.2M$865.8M$31.2M$136.1M
FY2015$1.6B$130.8M—$10.2M$0.24−$43.0M$42.1M$1.5B$609.0M$845.1M$54.7M$82.4M

Latest filings

the most recent regulatory filings
S-3ASRSecurities registration2026-07-22 ↗10-KAnnual report2026-07-22 ↗8-KCurrent report — material event2026-07-21 ↗4PRIMARY DOCUMENT2026-07-15 ↗4PRIMARY DOCUMENT2026-07-15 ↗4PRIMARY DOCUMENT2026-07-15 ↗4PRIMARY DOCUMENT2026-07-15 ↗4PRIMARY DOCUMENT2026-06-03 ↗4PRIMARY DOCUMENT2026-06-03 ↗4PRIMARY DOCUMENT2026-06-03 ↗

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