What is Air T's operating income?

Air T's total operating income in 2026 was -$11.20 million, based on the following breakdown: Total Gross Profit: $74.28 million Total Operating Expenses: $85.48 million

Air T (AIRTP) Financials

$19.30 +0.31 (+1.61%)

As of 11:30 AM Eastern

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Annual Income Statements for Air T

This table shows Air T's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4.41	-3.21	2.28	1.34	7.66	-7.28	11	-12	-6.82	-6.14	78
Consolidated Net Income / (Loss)	3.76	-4.94	0.54	3.20	11	-8.39	12	-12	-4.68	-5.41	85
Net Income / (Loss) Continuing Operations	3.76	-4.94	-155	4.21	3.17	-8.39	12	-12	-4.68	-5.41	85
Total Pre-Tax Income	6.15	-4.22	0.23	5.97	2.62	-12	13	-11	-3.96	-4.99	86
Total Operating Income	6.03	-3.10	0.97	9.33	7.29	-9.18	8.76	-4.41	1.26	1.91	-11
Total Gross Profit	148	148	5.84	216	53	35	177	50	55	65	74
Total Revenue	148	148	5.84	216	237	175	177	247	287	292	327
Operating Revenue	148	148	5.84	216	237	175	177	247	287	292	327
Total Cost of Revenue	0.00	0.00	0.00	0.00	184	140	0.00	197	232	227	253
Operating Cost of Revenue	-	-	-	-	184	140	-	197	232	227	253
Total Operating Expenses	142	152	162	206	45	44	168	55	54	63	85
Selling, General & Admin Expense	18	22	1.40	34	40	34	30	43	51	58	81
Depreciation Expense	1.26	3.18	2.43	7.24	5.68	3.11	1.86	4.16	2.80	4.36	12
Other Operating Expenses / (Income)	122	125	158	165	-	-	137	7.32	-	0.00	-7.03
Other Special Charges / (Income)	-0.01	-	-0.03	-0.02	-0.04	-0.01	0.01	0.01	0.00	0.44	-0.67
Total Other Income / (Expense), net	0.12	-1.12	1.53	-3.36	-4.67	-2.61	4.64	-6.95	-5.22	-6.90	97
Interest Expense	-	-	1.72	3.43	4.69	4.62	-3.38	7.94	6.92	8.39	12
Interest & Investment Income	0.07	-1.41	1.67	-1.66	-3.22	-0.72	0.04	1.46	1.69	1.70	-1.74
Other Income / (Expense), net	0.05	0.29	1.58	1.72	3.24	2.74	1.22	-0.47	0.01	-0.21	111
Income Tax Expense	2.40	0.73	-0.31	1.76	-0.54	-3.39	1.17	0.43	0.73	0.42	1.37
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.66	-1.73	0.18	1.86	3.58	-1.11	1.30	0.51	2.14	0.73	6.67
Basic Earnings per Share	$1.86	($1.51)	$1.11	$0.44	$2.74	($2.53)	$3.79	($4.32)	($2.42)	($2.23)	$28.85
Weighted Average Basic Shares Outstanding	2.37M	2.13M	2.04M	3.05M	2.79M	2.88M	2.88M	2.85M	2.82M	2.75M	2.70M
Diluted Earnings per Share	$1.84	($1.51)	$1.11	$0.44	$2.73	($2.53)	$3.78	($4.32)	($2.42)	($2.23)	$28.85
Weighted Average Diluted Shares Outstanding	2.40M	2.13M	2.05M	3.06M	2.80M	2.88M	2.89M	2.85M	2.82M	2.75M	2.70M
Weighted Average Basic & Diluted Shares Outstanding	2.37M	2.04M	2.04M	2.02M	2.88M	2.88M	2.87M	2.82M	2.76M	2.70M	2.70M

This table shows Air T's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2025	12/31/2025	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.61	-2.98	-1.70	-0.34	4.36	-2.45	-7.71	-1.64
Consolidated Net Income / (Loss)	-1.61	-2.11	-0.94	0.03	5.03	-2.00	-8.48	-0.67
Net Income / (Loss) Continuing Operations	-1.61	-2.11	-0.94	0.03	5.03	-2.00	-8.48	-0.67
Total Pre-Tax Income	-1.12	-1.96	-1.06	0.10	7.23	-1.88	-10	-0.81
Total Operating Income	0.76	-1.61	1.45	-0.58	5.51	-3.78	0.76	0.45
Total Gross Profit	14	12	15	15	17	14	18	17
Total Revenue	79	64	73	66	64	71	90	71
Operating Revenue	79	64	73	66	64	71	90	71
Total Cost of Revenue	65	51	57	52	47	57	72	54
Operating Cost of Revenue	65	51	57	52	47	57	72	54
Total Operating Expenses	13	14	14	15	12	18	17	16
Selling, General & Admin Expense	13	13	13	15	18	17	8.49	15
Depreciation Expense	0.70	0.70	0.71	0.76	0.83	1.59	1.18	1.28
Total Other Income / (Expense), net	-1.88	-0.35	-2.52	0.68	1.73	1.90	-11	-1.25
Interest Expense	1.85	1.53	1.73	1.95	2.25	2.38	1.81	2.31
Interest & Investment Income	0.75	1.04	-0.79	1.92	4.18	4.23	-8.64	-0.02
Other Income / (Expense), net	-0.78	0.14	-	0.70	-0.20	0.05	-0.76	1.08
Income Tax Expense	0.49	0.15	-0.12	0.07	2.20	0.12	-1.97	-0.14
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.87	0.76	0.37	0.68	0.45	-0.77	0.97
Basic Earnings per Share	($0.57)	($1.06)	($0.60)	($0.12)	$1.61	($0.91)	($2.81)	($0.61)
Weighted Average Basic Shares Outstanding	2.82M	2.82M	2.82M	2.76M	2.70M	2.70M	2.75M	2.70M
Diluted Earnings per Share	($0.57)	($1.06)	($0.60)	($0.12)	$1.61	($0.91)	($2.81)	($0.61)
Weighted Average Diluted Shares Outstanding	2.82M	2.82M	2.82M	2.76M	2.70M	2.70M	2.75M	2.70M
Weighted Average Basic & Diluted Shares Outstanding	2.82M	2.82M	2.76M	2.76M	2.70M	2.70M	2.70M	2.70M

This table details how cash moves in and out of Air T's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	-8.04	-2.58	274	7.57	3.03	0.36	-7.56	-1.28	0.75	-1.09	19
Net Cash From Operating Activities	3.21	-7.55	1.59	21	-25	-1.82	-33	17	17	23	-25
Net Cash From Continuing Operating Activities	3.21	-7.55	1.59	22	-26	-1.82	-33	17	17	23	-25
Net Income / (Loss) Continuing Operations	3.76	-4.94	0.54	4.21	3.17	-8.39	12	-12	-4.68	-5.41	85
Consolidated Net Income / (Loss)	3.76	-4.94	0.54	3.20	11	-8.39	12	-12	-4.68	-5.41	85
Depreciation Expense	1.26	3.18	2.43	7.27	5.71	3.11	1.86	4.16	2.80	4.36	12
Non-Cash Adjustments To Reconcile Net Income	-1.08	4.23	5.67	-6.62	-6.37	5.95	-16	15	1.74	2.13	-112
Changes in Operating Assets and Liabilities, net	-0.72	-10	0.49	17	-29	-2.49	-31	9.19	17	22	-10
Net Cash From Investing Activities	-5.27	-3.70	-27	-23	8.61	2.52	-33	-6.17	-2.50	-20	-22
Net Cash From Continuing Investing Activities	-5.27	-3.70	-7.71	-23	-12	2.52	-33	-6.17	-2.50	-20	-22
Purchase of Property, Plant & Equipment	-1.25	-2.35	-2.12	-1.17	-2.44	-6.01	-1.56	-1.18	-1.08	-16	-16
Acquisitions	-	-4.57	-4.70	-3.38	-0.50	-0.54	-26	-2.50	-	0.00	-6.71
Purchase of Investments	-4.48	-2.72	-2.84	-4.01	-3.44	-0.66	-6.80	-3.06	-4.63	-7.03	-15
Sale of Property, Plant & Equipment	0.20	0.01	0.00	-	31	8.18	-	-	-	0.00	20
Divestitures	0.08	-	-	-	-	-	-	0.68	3.19	6.03	5.44
Sale and/or Maturity of Investments	0.23	6.00	0.72	0.89	0.24	2.45	0.82	-	-	0.40	2.54
Other Investing Activities, net	-0.04	-0.07	-18	-15	-36	-0.92	0.36	-0.11	0.02	-3.91	-11
Net Cash From Financing Activities	-5.99	8.69	29	9.55	19	0.07	59	-12	-14	-4.80	65
Net Cash From Continuing Financing Activities	-5.99	8.69	280	9.55	19	0.07	59	-12	-14	-4.80	65
Repayment of Debt	-22	-50	-124	-128	-4.56	-135	-86	-162	-171	-165	-155
Repurchase of Common Equity	0.00	-7.92	0.00	-	-	-	-	-	-0.88	-1.45	-0.03
Payment of Dividends	-	-	0.00	-	-	-	-	-	-	-0.49	-3.69
Issuance of Debt	16	74	154	135	406	134	134	150	149	161	221
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	8.78	0.91	3.10
Cash Income Taxes Paid	2.83	1.09	1.66	0.53	1.49	0.48	0.43	1.03	0.92	0.98	0.85

This table details how cash moves in and out of Air T's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2025	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-0.50	-0.74	2.66	0.86	10	-0.11	-12	8.47
Net Cash From Operating Activities	12	7.25	-5.97	0.11	-6.62	26	4.12	-1.10
Net Cash From Continuing Operating Activities	12	7.25	-5.97	0.11	-6.62	26	4.12	-1.10
Net Income / (Loss) Continuing Operations	-1.61	-2.11	-0.94	0.03	4.33	-2.61	-7.16	-0.67
Consolidated Net Income / (Loss)	-1.61	-2.11	-0.94	0.03	4.33	-2.61	-7.16	-0.67
Depreciation Expense	0.70	0.70	0.71	0.76	1.35	0.93	1.32	1.28
Non-Cash Adjustments To Reconcile Net Income	0.12	-0.93	1.82	-1.28	-10	9.65	3.84	0.46
Changes in Operating Assets and Liabilities, net	13	9.58	-7.56	0.60	-2.22	18	6.12	-2.17
Net Cash From Investing Activities	0.18	0.06	-2.72	2.01	12	-31	-3.39	-2.72
Net Cash From Continuing Investing Activities	0.18	0.06	-2.72	2.01	12	-31	-3.39	-2.72
Purchase of Property, Plant & Equipment	-0.15	-0.12	-0.40	-0.34	-0.11	-15	-0.15	-0.23
Acquisitions	-	-	-	0.00	-1.16	1.16	-	-1.18
Purchase of Investments	-0.58	-0.09	-3.55	0.00	-6.77	4.47	-4.74	-2.04
Divestitures	0.96	0.27	1.11	2.32	-0.57	2.87	1.41	0.85
Other Investing Activities, net	-0.06	0.01	0.12	0.02	-1.53	-2.10	-0.31	-0.12
Net Cash From Financing Activities	-13	-7.92	11	-1.29	5.04	4.24	-13	13
Net Cash From Continuing Financing Activities	-13	-7.92	11	-1.29	5.04	4.24	-13	13
Repayment of Debt	-45	-34	-54	-32	-52	-39	-42	-34
Issuance of Debt	32	19	64	31	60	39	31	47
Effect of Exchange Rate Changes	0.07	-0.13	0.10	0.03	-0.18	0.51	0.05	-0.29

This table presents Air T's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	52	65	97	115	151	141	208	190	177	174	409
Total Current Assets	39	49	62	71	98	106	128	117	103	79	160
Cash & Equivalents	5.35	2.76	4.80	12	5.95	11	5.62	5.81	7.10	5.93	20
Restricted Cash	0.82	0.89	1.51	0.95	11	6.44	4.44	3.45	2.14	1.26	4.94
Short-Term Investments	4.94	2.13	0.29	1.76	1.68	1.41	0.86	-	0.53	0.42	1.03
Accounts Receivable	12	19	15	11	13	6.51	20	27	23	24	40
Inventories, net	12	20	34	27	61	72	75	71	61	39	77
Prepaid Expenses	1.67	1.67	1.46	6.14	5.28	4.07	10	5.76	2.35	3.10	8.85
Current Deferred & Refundable Income Taxes	1.01	0.40	1.56	0.14	1.17	4.39	3.23	-	0.56	0.68	0.20
Other Current Assets	-	-	2.01	-	-	-	9.14	3.20	6.57	4.68	7.62
Plant, Property, & Equipment, net	4.58	5.32	20	4.26	5.27	8.52	21	21	21	20	162
Total Noncurrent Assets	8.62	11	15	40	48	26	58	52	53	75	87
Long-Term Investments	4.71	2.46	6.38	6.70	5.21	4.48	9.86	13	17	19	26
Noncurrent Note & Lease Receivables	0.10	0.07	0.31	25	28	2.13	15	0.08	0.25	21	14
Goodwill	0.28	4.42	4.42	4.23	4.23	4.23	10	11	11	11	12
Intangible Assets	1.11	1.38	1.31	1.00	-	1.60	13	12	11	10	13
Other Noncurrent Operating Assets	2.42	2.62	2.78	0.32	10	14	10	16	15	15	22
Total Liabilities & Shareholders' Equity	52	65	97	115	151	141	208	190	177	174	409
Total Liabilities	17	42	71	86	120	119	171	164	158	168	318
Total Current Liabilities	16	20	31	53	68	28	31	64	47	48	96
Short-Term Debt	1.86	0.03	9.23	25	43	5.64	6.48	39	14	10	4.55
Accounts Payable	7.00	12	10	11	11	8.34	9.40	10	15	18	37
Accrued Expenses	6.84	8.67	3.52	-	13	-	13	13	16	17	50
Current Deferred & Payable Income Tax Liabilities	0.01	0.00	0.02	0.89	0.00	0.04	0.19	0.30	-	0.00	0.69
Other Current Liabilities	-	-	-	14	1.17	14	1.44	1.66	1.76	2.81	3.60
Total Noncurrent Liabilities	1.17	21	40	34	53	91	140	100	112	121	222
Long-Term Debt	0.00	18	39	33	43	82	129	86	99	105	205
Noncurrent Deferred & Payable Income Tax Liabilities	0.55	0.01	0.09	0.00	0.58	0.60	2.81	2.42	2.45	2.25	3.36
Other Noncurrent Operating Liabilities	0.62	3.04	0.79	0.60	8.88	8.81	8.08	11	11	14	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	1.44	1.99	5.48	6.08	6.60	11	13	13	7.05	10
Total Equity & Noncontrolling Interests	35	22	24	23	25	15	26	13	5.82	-1.52	81
Total Preferred & Common Equity	34	23	25	24	24	14	25	12	4.77	-3.22	80
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	34	23	25	24	24	14	25	12	4.77	-3.22	80
Common Stock	5.55	4.72	4.68	3.37	3.39	0.76	1.15	1.49	1.62	1.71	1.88
Retained Earnings	29	18	21	21	24	16	27	14	8.19	2.13	80
Treasury Stock	-	-	-	0.00	-2.62	-2.62	-3.00	-4.08	-4.96	-6.40	-6.43
Accumulated Other Comprehensive Income / (Loss)	-0.14	-0.21	-0.26	-0.21	-0.54	-0.68	-0.26	0.82	-0.08	-0.65	4.25
Noncontrolling Interest	1.04	-0.80	-0.87	-1.00	1.01	0.99	1.10	1.08	1.05	1.70	1.07

This table presents Air T's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	6/30/2024	9/30/2025	12/31/2025	6/30/2025
Total Assets	172	163	175	185	382	190
Total Current Assets	98	89	101	96	161	93
Cash & Equivalents	5.00	4.48	7.82	17	37	14
Restricted Cash	2.18	2.17	2.13	0.08	5.53	1.27
Short-Term Investments	-	0.33	-	1.10	0.60	0.49
Accounts Receivable	27	18	23	19	43	25
Inventories, net	54	54	58	47	65	40
Prepaid Expenses	9.77	9.97	2.35	3.56	3.42	3.81
Current Deferred & Refundable Income Taxes	0.29	0.35	-	0.17	0.09	1.02
Other Current Assets	0.00	0.00	7.78	8.18	5.46	7.37
Plant, Property, & Equipment, net	21	21	21	20	136	20
Total Noncurrent Assets	52	53	54	69	84	77
Long-Term Investments	14	15	16	28	34	20
Noncurrent Note & Lease Receivables	-	-	0.30	4.78	4.41	20
Goodwill	10	11	11	12	12	12
Intangible Assets	11	11	11	10	14	10
Other Noncurrent Operating Assets	16	15	17	14	21	15
Total Liabilities & Shareholders' Equity	172	163	175	185	382	190
Total Liabilities	149	142	163	177	376	185
Total Current Liabilities	51	45	47	46	168	49
Short-Term Debt	24	17	16	4.91	4.96	7.51
Accounts Payable	12	14	14	16	16	18
Accrued Expenses	12	12	15	22	47	21
Other Current Liabilities	1.89	1.83	2.03	2.55	99	2.99
Total Noncurrent Liabilities	98	97	116	131	208	136
Long-Term Debt	84	83	100	117	191	121
Noncurrent Deferred & Payable Income Tax Liabilities	2.58	2.58	2.45	2.25	2.25	2.25
Other Noncurrent Operating Liabilities	11	11	13	11	15	13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	12	13	7.40	8.22	8.05	8.21
Total Equity & Noncontrolling Interests	11	7.95	5.17	-0.91	-2.15	-2.92
Total Preferred & Common Equity	9.90	6.90	4.12	0.07	-1.17	-4.63
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9.90	6.90	4.12	0.07	-1.17	-4.63
Common Stock	1.67	1.75	1.63	1.79	1.83	1.75
Retained Earnings	12	9.01	7.94	4.85	2.40	0.49
Treasury Stock	-4.10	-4.10	-5.26	-6.40	-6.40	-6.40
Accumulated Other Comprehensive Income / (Loss)	0.24	0.23	-0.19	-0.16	1.00	-0.47
Noncontrolling Interest	1.05	1.06	1.05	-0.98	-0.98	1.71

This table displays calculated financial ratios and metrics derived from Air T's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	4,745,054.00	4,085,578.00	2,042,789.00	2,024,331.00	2,912,599.00	2,881,853.00	2,876,953.00	2,819,660.00	2,821,504.00	2,725,916.00	2,702,639.00
DEI Adjusted Shares Outstanding	7,117,581.00	6,128,367.00	3,064,183.00	3,036,496.00	2,912,599.00	2,881,853.00	2,876,953.00	2,819,660.00	2,821,504.00	2,725,916.00	2,702,639.00
DEI Earnings Per Adjusted Shares Outstanding	0.62	-0.52	0.74	0.44	2.63	-2.53	3.80	-4.36	-2.42	-2.25	28.85
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.12%	0.18%	-96.07%	3,593.10%	9.88%	-26.04%	1.12%	39.67%	15.98%	1.75%	12.07%
EBITDA Growth	71.35%	-94.93%	1,263.27%	261.05%	-11.33%	-120.48%	455.76%	-106.05%	668.44%	48.77%	1,752.02%
EBIT Growth	77.52%	-146.21%	190.94%	332.64%	-4.73%	-161.10%	255.05%	-148.90%	126.08%	33.57%	5,774.04%
NOPAT Growth	48.22%	-158.92%	205.46%	187.36%	33.82%	-172.96%	224.42%	-138.60%	128.68%	50.95%	-925.01%
Net Income Growth	51.29%	-231.57%	110.93%	492.45%	250.92%	-174.69%	245.73%	-196.39%	60.25%	-15.52%	1,664.42%
EPS Growth	76.92%	-182.07%	110.93%	492.45%	520.45%	-192.67%	249.41%	-214.29%	43.98%	7.85%	1,393.72%
Operating Cash Flow Growth	-53.00%	-335.00%	121.09%	1,214.04%	-219.77%	92.75%	-1,718.80%	151.11%	1.59%	36.78%	-206.59%
Free Cash Flow Firm Growth	-124.57%	-543.06%	-72.34%	157.56%	-314.56%	104.67%	-4,086.33%	134.68%	18.66%	-46.30%	-1,388.12%
Invested Capital Growth	38.84%	58.57%	81.49%	-12.97%	74.91%	-8.44%	77.21%	-15.32%	-17.92%	-10.91%	164.31%
Revenue Q/Q Growth	-41.49%	504.61%	-96.84%	879.75%	2.96%	72.33%	-32.98%	10.22%	-0.59%	3.82%	0.00%
EBITDA Q/Q Growth	-37.92%	105.57%	-23.75%	77.55%	-26.08%	-160.98%	427.32%	-105.89%	274.45%	-47.97%	0.00%
EBIT Q/Q Growth	-44.50%	71.99%	-45.69%	163.96%	-31.13%	-469.77%	290.93%	-157.65%	122.72%	-78.47%	0.00%
NOPAT Q/Q Growth	-66.25%	71.06%	-4.31%	611.22%	-0.68%	-1,087.62%	256.98%	-143.31%	122.01%	-68.07%	0.00%
Net Income Q/Q Growth	-19.16%	29.27%	-58.25%	449.65%	-20.78%	-358.47%	842.71%	-485.63%	65.30%	-287.75%	0.00%
EPS Q/Q Growth	-9.80%	36.02%	-58.25%	449.65%	-15.48%	-583.78%	1,011.76%	-1,236.84%	51.60%	-630.95%	0.00%
Operating Cash Flow Q/Q Growth	16.74%	27.69%	-86.05%	480.31%	-349.67%	91.75%	-122.76%	198.26%	-60.84%	75.21%	0.00%
Free Cash Flow Firm Q/Q Growth	-154.66%	20.08%	-138.02%	146.22%	-854.88%	123.15%	-122.73%	176.54%	-51.46%	163.07%	0.00%
Invested Capital Q/Q Growth	-8.82%	-1.22%	29.92%	-32.92%	1.81%	-13.34%	26.67%	-16.16%	5.50%	-24.54%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	22.27%	19.86%	100.00%	20.40%	19.24%	22.12%	22.71%
EBITDA Margin	4.95%	0.25%	86.95%	8.50%	6.86%	-1.90%	6.68%	-0.29%	1.42%	2.07%	34.28%
Operating Margin	4.07%	-2.09%	16.65%	4.33%	3.08%	-5.24%	4.94%	-1.78%	0.44%	0.65%	-3.42%
EBIT Margin	4.10%	-1.89%	43.79%	5.13%	4.45%	-3.67%	5.63%	-1.97%	0.44%	0.58%	30.51%
Profit (Net Income) Margin	2.54%	-3.33%	9.26%	1.49%	4.74%	-4.79%	6.90%	-4.77%	-1.63%	-1.85%	25.88%
Tax Burden Percent	61.07%	117.18%	235.63%	53.64%	428.09%	71.22%	91.27%	103.81%	118.43%	108.48%	98.41%
Interest Burden Percent	101.20%	150.17%	8.97%	53.99%	24.92%	183.11%	134.28%	232.74%	-310.93%	-293.58%	86.19%
Effective Tax Rate	38.93%	0.00%	-135.63%	29.51%	-20.73%	0.00%	8.73%	0.00%	0.00%	0.00%	1.59%
Return on Invested Capital (ROIC)	20.09%	-7.88%	4.81%	11.47%	12.00%	-7.18%	6.74%	-2.21%	0.76%	1.34%	-6.45%
ROIC Less NNEP Spread (ROIC-NNEP)	19.57%	139.35%	-2.91%	0.15%	17.60%	-10.29%	11.47%	-10.20%	-5.13%	-6.38%	71.64%
Return on Net Nonoperating Assets (RNNOA)	-8.54%	-8.92%	-2.64%	0.16%	25.49%	-24.84%	35.57%	-35.71%	-21.81%	-45.82%	181.42%
Return on Equity (ROE)	11.55%	-16.79%	2.17%	11.63%	37.49%	-32.02%	42.32%	-37.91%	-21.06%	-44.48%	174.98%
Cash Return on Invested Capital (CROIC)	-12.43%	-53.18%	-53.09%	25.34%	-42.50%	1.63%	-48.96%	14.38%	20.44%	12.88%	-96.65%
Operating Return on Assets (OROA)	12.72%	-4.78%	3.15%	10.41%	7.90%	-4.40%	5.73%	-2.46%	0.69%	0.97%	34.24%
Return on Assets (ROA)	7.86%	-8.42%	0.67%	3.02%	8.43%	-5.74%	7.02%	-5.93%	-2.55%	-3.08%	29.04%
Return on Common Equity (ROCE)	11.37%	-16.32%	2.09%	10.44%	30.26%	-23.06%	28.07%	-22.27%	-7.89%	-2.84%	138.51%
Return on Equity Simple (ROE_SIMPLE)	10.98%	-21.53%	2.15%	13.14%	46.79%	-61.13%	49.68%	-99.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.68	-2.17	2.29	6.58	8.80	-6.42	7.99	-3.08	0.88	1.34	-11
NOPAT Margin	2.49%	-1.46%	39.23%	3.05%	3.72%	-3.67%	4.51%	-1.25%	0.31%	0.46%	-3.37%
Net Nonoperating Expense Percent (NNEP)	0.52%	-147.23%	7.72%	11.32%	-5.60%	3.11%	-4.73%	8.00%	5.89%	7.72%	-78.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	0.75%	1.18%	-3.80%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	77.73%	80.14%	0.00%	79.60%	80.76%	77.88%	77.29%
SG&A Expenses to Revenue	12.24%	14.96%	23.98%	15.59%	16.80%	19.57%	16.84%	17.32%	17.82%	19.82%	24.71%
R&D to Revenue	0.52%	0.70%	3.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	95.93%	102.09%	2,784.34%	95.67%	19.19%	25.10%	95.06%	22.18%	18.80%	21.46%	26.13%
Earnings before Interest and Taxes (EBIT)	6.08	-2.81	2.56	11	11	-6.43	9.98	-4.88	1.27	1.70	100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7.34	0.37	5.07	18	16	-3.33	12	-0.72	4.07	6.06	112
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	1.79	2.06	2.51	1.52	4.99	2.66	5.93	13.13	0.00	0.74
Price to Tangible Book Value (P/TBV)	1.75	2.40	2.67	3.19	1.84	8.67	53.34	0.00	0.00	0.00	1.07
Price to Revenue (P/Rev)	0.39	0.28	8.86	0.28	0.15	0.39	0.37	0.29	0.22	0.16	0.18
Price to Earnings (P/E)	12.99	0.00	22.70	45.61	4.76	0.00	5.99	0.00	0.00	0.00	0.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.70%	0.00%	4.41%	2.19%	21.01%	0.00%	16.70%	0.00%	0.00%	0.00%	132.36%
Enterprise Value to Invested Capital (EV/IC)	2.08	1.54	1.43	1.90	1.13	1.64	1.27	1.46	1.55	1.53	0.92
Enterprise Value to Revenue (EV/Rev)	0.30	0.35	15.06	0.47	0.45	0.80	1.09	0.76	0.57	0.49	0.69
Enterprise Value to EBITDA (EV/EBITDA)	6.05	139.81	17.32	5.54	6.51	0.00	16.25	0.00	40.09	23.63	2.02
Enterprise Value to EBIT (EV/EBIT)	7.30	0.00	34.40	9.17	10.05	0.00	19.28	0.00	128.28	84.23	2.28
Enterprise Value to NOPAT (EV/NOPAT)	12.05	0.00	38.40	15.42	12.02	0.00	24.07	0.00	184.42	107.14	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	13.81	0.00	55.17	4.84	0.00	0.00	0.00	11.06	9.50	6.09	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	6.98	0.00	96.37	0.00	9.29	6.83	11.16	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.78	1.83	2.00	2.76	4.11	3.72	4.87	6.01	20.75	2.29
Long-Term Debt to Equity	0.00	0.78	1.48	1.14	1.39	3.84	3.55	3.36	5.24	18.88	2.24
Financial Leverage	-0.44	-0.06	0.91	1.08	1.45	2.41	3.10	3.50	4.25	7.18	2.53
Leverage Ratio	1.47	2.00	3.26	3.85	4.45	5.58	6.03	6.39	8.24	14.42	6.02
Compound Leverage Factor	1.49	3.00	0.29	2.08	1.11	10.21	8.09	14.87	-25.63	-42.34	5.19
Debt to Total Capital	5.02%	43.85%	64.70%	66.66%	73.41%	80.41%	78.83%	82.96%	85.73%	95.40%	69.63%
Short-Term Debt to Total Capital	5.01%	0.06%	12.42%	28.60%	36.51%	5.18%	3.76%	25.69%	10.90%	8.62%	1.51%
Long-Term Debt to Total Capital	0.01%	43.79%	52.28%	38.06%	36.90%	75.23%	75.06%	57.27%	74.83%	86.78%	68.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.80%	1.52%	1.50%	5.17%	6.06%	6.97%	6.89%	9.14%	10.65%	7.27%	3.80%
Common Equity to Total Capital	92.18%	54.62%	33.80%	28.16%	20.53%	12.61%	14.29%	7.90%	3.62%	-2.67%	26.57%
Debt to EBITDA	0.25	49.54	9.48	3.15	5.28	-26.30	11.47	-174.70	27.75	18.98	1.86
Net Debt to EBITDA	-1.90	27.38	6.92	1.96	3.83	-19.29	9.72	-143.30	21.25	14.58	1.40
Long-Term Debt to EBITDA	0.00	49.47	7.66	1.80	2.66	-24.60	10.93	-120.60	24.22	17.26	1.82
Debt to NOPAT	0.51	-8.49	21.01	8.77	9.75	-13.62	17.00	-40.55	127.63	86.03	-18.98
Net Debt to NOPAT	-3.79	-4.69	15.34	5.45	7.08	-9.99	14.39	-33.26	97.77	66.10	-14.23
Long-Term Debt to NOPAT	0.00	-8.48	16.98	5.00	4.90	-12.75	16.18	-27.99	111.40	78.25	-18.56
Altman Z-Score	6.57	3.64	1.26	3.06	2.44	2.26	1.98	1.91	2.32	2.11	2.18
Noncontrolling Interest Sharing Ratio	1.60%	2.86%	3.53%	10.16%	19.29%	28.00%	33.66%	41.26%	62.52%	93.61%	20.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.48	2.41	1.98	1.35	1.45	3.75	4.15	1.81	2.20	1.65	1.67
Quick Ratio	1.48	1.29	0.67	0.47	0.31	0.67	0.85	0.51	0.65	0.64	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.28	-15	-25	15	-31	1.46	-58	20	24	13	-165
Operating Cash Flow to CapEx	307.48%	-322.80%	75.32%	1,790.93%	0.00%	0.00%	-2,123.49%	1,435.40%	1,596.47%	149.86%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-14.64	4.24	-6.65	0.31	0.00	2.54	3.45	1.53	-13.72
Operating Cash Flow to Interest Expense	0.00	0.00	0.92	6.11	-5.34	-0.39	0.00	2.13	2.48	2.80	-2.08
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-0.30	5.77	0.68	0.08	0.00	1.98	2.33	0.93	-1.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.10	2.53	0.07	2.03	1.78	1.20	1.02	1.25	1.56	1.66	1.12
Accounts Receivable Turnover	13.57	9.51	0.34	16.55	19.77	17.89	13.52	10.55	11.44	12.46	10.25
Inventory Turnover	0.00	0.00	0.00	0.00	4.18	2.12	0.00	2.69	3.51	4.58	4.37
Fixed Asset Turnover	41.46	29.99	0.46	17.57	49.66	25.40	11.91	11.60	13.56	14.19	3.59
Accounts Payable Turnover	0.00	0.00	0.00	0.00	16.53	14.61	0.00	19.84	18.15	13.84	9.23
Days Sales Outstanding (DSO)	26.89	38.38	1,065.92	22.05	18.47	20.41	26.99	34.61	31.89	29.28	35.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	87.34	172.42	0.00	135.61	103.87	79.68	83.48
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	22.09	24.98	0.00	18.40	20.11	26.38	39.53
Cash Conversion Cycle (CCC)	26.89	38.38	1,065.92	22.05	83.72	167.85	26.99	151.82	115.66	82.58	79.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21	34	61	53	93	85	152	128	105	94	248
Invested Capital Turnover	8.08	5.39	0.12	3.76	3.23	1.96	1.49	1.77	2.46	2.93	1.91
Increase / (Decrease) in Invested Capital	5.96	12	28	-7.96	40	-7.88	66	-23	-23	-11	154
Enterprise Value (EV)	44	52	88	101	106	140	192	187	163	143	227
Market Capitalization	57	41	52	61	36	69	65	71	63	46	59
Book Value per Share	$14.43	$11.24	$12.30	$12.03	$8.24	$4.76	$8.56	$4.22	$1.69	($1.18)	$29.53
Tangible Book Value per Share	$13.84	$8.41	$9.49	$9.45	$6.79	$2.74	$0.43	($3.82)	($5.94)	($8.72)	$20.34
Total Capital	37	42	74	86	117	109	172	151	132	120	300
Total Debt	1.86	18	48	58	86	87	136	125	113	115	209
Total Long-Term Debt	0.00	18	39	33	43	82	129	86	99	105	205
Net Debt	-14	10	35	36	62	64	115	103	87	88	157
Capital Expenditures (CapEx)	1.05	2.34	2.12	1.17	-28	-2.18	1.56	1.18	1.08	16	-3.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	14	23	33	28	55	64	93	82	61	34	43
Debt-free Net Working Capital (DFNWC)	25	29	40	43	73	83	104	91	70	41	69
Net Working Capital (NWC)	23	29	30	19	31	78	97	52	56	31	64
Net Nonoperating Expense (NNE)	-0.07	2.77	1.75	3.38	-2.43	1.97	-4.24	8.70	5.57	6.75	-96
Net Nonoperating Obligations (NNO)	-14	10	35	25	62	64	115	103	87	88	157
Total Depreciation and Amortization (D&A)	1.26	3.18	2.52	7.27	5.71	3.11	1.86	4.16	2.80	4.36	12
Debt-free, Cash-free Net Working Capital to Revenue	9.44%	15.38%	567.66%	13.07%	23.27%	36.77%	52.46%	33.06%	21.14%	11.52%	13.06%
Debt-free Net Working Capital to Revenue	16.94%	19.27%	680.74%	20.09%	31.01%	47.53%	58.63%	36.80%	24.54%	14.13%	21.10%
Net Working Capital to Revenue	15.68%	19.26%	522.57%	8.61%	12.98%	44.31%	54.97%	21.13%	19.54%	10.57%	19.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.92	($0.67)	$0.49	$0.66	$0.00	($2.53)	$3.79	$0.00	($2.42)	$0.00	$28.85
Adjusted Weighted Average Basic Shares Outstanding	5.34M	4.78M	4.60M	2.03M	0.00	2.88M	2.88M	0.00	2.82M	0.00	2.70M
Adjusted Diluted Earnings per Share	$0.92	($0.67)	$0.49	$0.66	$0.00	($2.53)	$3.78	$0.00	($2.42)	$0.00	$28.85
Adjusted Weighted Average Diluted Shares Outstanding	5.39M	4.78M	4.61M	2.04M	0.00	2.88M	2.89M	0.00	2.82M	0.00	2.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.34M	4.60M	4.60M	2.02M	0.00	2.88M	2.87M	0.00	2.76M	0.00	2.70M
Normalized Net Operating Profit after Tax (NOPAT)	3.68	-2.17	0.83	6.59	5.09	-1.82	8.03	-2.72	0.88	1.64	-12
Normalized NOPAT Margin	2.48%	-1.46%	14.29%	3.06%	2.15%	-1.04%	4.53%	-1.10%	0.31%	0.56%	-3.57%
Pre Tax Income Margin	4.15%	-2.84%	3.93%	2.77%	1.11%	-6.73%	7.57%	-4.59%	-1.38%	-1.71%	26.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.48	3.23	2.24	-1.39	0.00	-0.61	0.18	0.20	8.29
NOPAT to Interest Expense	0.00	0.00	1.33	1.92	1.88	-1.39	0.00	-0.39	0.13	0.16	-0.92
EBIT Less CapEx to Interest Expense	0.00	0.00	0.26	2.88	8.27	-0.92	0.00	-0.76	0.03	-1.67	8.57
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.10	1.58	7.90	-0.92	0.00	-0.54	-0.03	-1.71	-0.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.04%	4.35%
Augmented Payout Ratio	0.00%	-160.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-18.70%	-35.74%	4.39%

This table displays calculated financial ratios and metrics derived from Air T's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2025	12/31/2025	3/31/2025	6/30/2025
DEI Shares Outstanding	2,817,754.00	2,821,504.00	2,821,504.00	2,760,047.00	2,702,639.00	2,702,639.00	2,725,916.00	5,405,278.00
DEI Adjusted Shares Outstanding	2,817,754.00	2,821,504.00	2,821,504.00	2,760,047.00	2,702,639.00	2,702,639.00	2,725,916.00	5,405,278.00
DEI Earnings Per Adjusted Shares Outstanding	-0.57	-1.06	-0.60	-0.12	1.61	-0.91	-2.83	-0.30
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	30.12%	3.84%	-2.28%	-7.03%	-18.76%	11.57%	24.05%	6.71%
EBITDA Growth	-19.55%	-167.64%	151.01%	-55.50%	815.96%	-265.84%	-39.11%	217.16%
EBIT Growth	91.01%	-3,957.89%	126.82%	-90.32%	33,268.75%	-154.64%	-100.07%	1,111.11%
NOPAT Growth	325.14%	-1,291.11%	126.16%	-85.66%	619.38%	-135.07%	-47.90%	274.16%
Net Income Growth	-20.36%	-2,052.78%	90.36%	218.52%	413.00%	5.12%	-801.60%	-2,196.88%
EPS Growth	-32.56%	-404.76%	81.13%	36.84%	382.46%	14.15%	-368.33%	-408.33%
Operating Cash Flow Growth	208.74%	-28.46%	-128.79%	-96.76%	-76.39%	257.08%	169.03%	-1,069.03%
Free Cash Flow Firm Growth	200.31%	256.32%	24.28%	-26.88%	-43.23%	-152.15%	-49.95%	-69.84%
Invested Capital Growth	-32.74%	-34.77%	-17.92%	-16.86%	-24.42%	24.56%	-10.91%	-5.76%
Revenue Q/Q Growth	10.55%	-19.26%	14.00%	-8.63%	-3.40%	10.88%	26.75%	6.87%
EBITDA Q/Q Growth	-65.70%	-212.30%	382.01%	-59.04%	606.09%	-144.85%	146.94%	328.83%
EBIT Q/Q Growth	-101.23%	-9,062.50%	199.11%	-91.33%	4,111.90%	-170.34%	99.97%	159.94%
NOPAT Q/Q Growth	651.71%	-311.30%	190.36%	-117.62%	2,237.74%	-169.05%	120.03%	113.81%
Net Income Q/Q Growth	-5,855.56%	-31.16%	55.43%	103.40%	15,628.13%	-139.76%	-323.54%	90.63%
EPS Q/Q Growth	-200.00%	-85.96%	43.40%	80.00%	1,441.67%	-156.52%	-208.79%	76.08%
Operating Cash Flow Q/Q Growth	256.29%	-41.61%	-182.33%	101.89%	2,493.81%	491.13%	-84.08%	-126.58%
Free Cash Flow Firm Q/Q Growth	90.42%	-3.63%	-53.90%	-13.56%	47.85%	-188.52%	144.24%	-32.15%
Invested Capital Q/Q Growth	-11.41%	-9.23%	5.50%	-2.00%	-19.47%	49.60%	-24.54%	3.66%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	18.01%	19.39%	21.17%	22.28%	26.71%	20.32%	20.14%	23.65%
EBITDA Margin	0.86%	-1.20%	2.98%	1.33%	9.75%	-3.94%	1.46%	3.97%
Operating Margin	0.96%	-2.52%	2.00%	-0.87%	8.59%	-5.31%	0.84%	0.63%
EBIT Margin	-0.02%	-2.30%	2.00%	0.19%	8.27%	-5.25%	0.00%	2.15%
Profit (Net Income) Margin	-2.04%	-3.31%	-1.29%	0.05%	7.85%	-2.81%	-9.40%	-0.95%
Tax Burden Percent	143.44%	107.82%	88.51%	31.07%	69.57%	106.44%	81.14%	83.15%
Interest Burden Percent	7,006.25%	133.42%	-73.09%	81.75%	136.31%	50.36%	1,044,500.00%	-52.88%
Effective Tax Rate	0.00%	0.00%	0.00%	68.93%	30.43%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.41%	-4.03%	3.44%	-0.67%	16.52%	-9.33%	1.72%	1.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.57%	-5.03%	1.37%	-0.45%	18.00%	-8.68%	-8.58%	0.23%
Return on Net Nonoperating Assets (RNNOA)	-2.14%	-17.85%	5.81%	-2.24%	95.71%	-63.52%	-61.64%	2.30%
Return on Equity (ROE)	-0.73%	-21.88%	9.25%	-2.91%	112.23%	-72.85%	-59.92%	3.61%
Cash Return on Invested Capital (CROIC)	37.09%	38.91%	20.44%	18.43%	30.13%	-18.14%	12.88%	7.98%
Operating Return on Assets (OROA)	-0.03%	-3.54%	3.13%	0.29%	12.39%	-5.42%	0.00%	3.49%
Return on Assets (ROA)	-2.93%	-5.09%	-2.02%	0.07%	11.75%	-2.90%	-15.63%	-1.54%
Return on Common Equity (ROCE)	-0.42%	-11.13%	3.47%	-1.19%	36.62%	-15.48%	-3.83%	-0.10%
Return on Equity Simple (ROE_SIMPLE)	-113.91%	-195.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.53	-1.13	1.02	-0.18	3.83	-2.65	0.53	0.31
NOPAT Margin	0.67%	-1.77%	1.40%	-0.27%	5.97%	-3.72%	0.59%	0.44%
Net Nonoperating Expense Percent (NNEP)	1.98%	1.00%	2.07%	-0.22%	-1.48%	-0.65%	10.30%	1.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.04%	0.86%	-0.15%	3.16%	-1.37%	0.47%	0.25%
Cost of Revenue to Revenue	81.99%	80.61%	78.83%	77.72%	73.29%	79.68%	79.86%	76.35%
SG&A Expenses to Revenue	16.16%	20.82%	18.19%	22.00%	28.21%	23.41%	9.41%	21.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.04%	21.91%	19.17%	23.15%	18.13%	25.64%	19.30%	23.02%
Earnings before Interest and Taxes (EBIT)	-0.02	-1.47	1.45	0.13	5.31	-3.73	-0.00	1.53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.68	-0.77	2.16	0.89	6.26	-2.81	1.32	2.81
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.36	6.92	13.13	14.28	929.08	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.22	0.17	0.22	0.21	0.24	0.18	0.16	0.20
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	50.46	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.98%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.41	1.55	1.53	1.77	1.42	1.53	1.66
Enterprise Value to Revenue (EV/Rev)	0.57	0.49	0.57	0.56	0.55	0.63	0.49	0.54
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	40.09	53.27	17.23	15.22	23.63	20.22
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	128.28	1,628.29	27.15	22.45	84.23	52.07
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	184.42	7,780.48	66.00	42.34	107.14	78.65
Enterprise Value to Operating Cash Flow (EV/OCF)	3.49	3.20	9.50	11.44	34.02	13.21	6.09	7.24
Enterprise Value to Free Cash Flow (EV/FCFF)	3.21	2.86	6.83	7.54	5.06	0.00	11.16	20.17
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	4.65	4.79	6.01	9.27	16.74	33.15	20.75	24.20
Long-Term Debt to Equity	3.62	3.96	5.24	7.99	16.07	32.31	18.88	22.78
Financial Leverage	3.76	3.55	4.25	5.01	5.32	7.32	7.18	10.22
Leverage Ratio	6.92	6.75	8.24	9.59	11.66	20.22	14.42	20.46
Compound Leverage Factor	485.03	9.01	-6.03	7.84	15.90	10.18	150,650.19	-10.82
Debt to Total Capital	82.29%	82.73%	85.73%	90.27%	94.36%	97.07%	95.40%	96.03%
Short-Term Debt to Total Capital	18.20%	14.26%	10.90%	12.49%	3.79%	2.46%	8.62%	5.63%
Long-Term Debt to Total Capital	64.09%	68.47%	74.83%	77.78%	90.58%	94.61%	86.78%	90.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.17%	11.61%	10.65%	6.54%	5.58%	3.51%	7.27%	7.44%
Common Equity to Total Capital	7.54%	5.66%	3.62%	3.19%	0.05%	-0.58%	-2.67%	-3.47%
Debt to EBITDA	-250.13	-43.20	27.75	39.33	14.33	16.80	18.98	16.05
Net Debt to EBITDA	-200.70	-33.76	21.25	30.56	8.88	10.18	14.58	11.52
Long-Term Debt to EBITDA	-194.80	-35.76	24.22	33.89	13.75	16.37	17.26	15.11
Debt to NOPAT	-38.58	-25.07	127.63	5,743.79	54.86	46.73	86.03	62.42
Net Debt to NOPAT	-30.96	-19.59	97.77	4,464.19	34.00	28.31	66.10	44.82
Long-Term Debt to NOPAT	-30.05	-20.75	111.40	4,949.31	52.66	45.55	78.25	58.76
Altman Z-Score	2.35	2.35	2.33	2.26	2.11	0.77	2.07	2.06
Noncontrolling Interest Sharing Ratio	42.99%	49.13%	62.52%	59.12%	67.37%	78.75%	93.61%	102.84%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	1.94	1.99	2.20	2.15	2.06	0.96	1.65	1.89
Quick Ratio	0.62	0.51	0.65	0.65	0.80	0.48	0.64	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	54	52	24	21	31	-27	12	6.26
Operating Cash Flow to CapEx	8,113.07%	5,990.08%	-1,499.25%	33.33%	19.75%	74.00%	2,764.43%	-474.03%
Free Cash Flow to Firm to Interest Expense	29.17	34.09	13.90	10.66	13.63	-11.41	6.64	2.71
Operating Cash Flow to Interest Expense	6.70	4.74	-3.46	0.06	1.30	10.87	2.28	-0.47
Operating Cash Flow Less CapEx to Interest Expense	6.62	4.66	-3.69	-0.12	-5.29	-3.82	2.19	-0.57
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	1.44	1.54	1.56	1.55	1.50	1.03	1.66	1.62
Accounts Receivable Turnover	11.64	17.41	11.44	10.28	11.81	9.17	12.46	12.49
Inventory Turnover	3.31	3.40	3.51	3.68	4.10	3.63	4.58	4.71
Fixed Asset Turnover	13.47	13.70	13.56	13.33	13.01	3.58	14.19	14.48
Accounts Payable Turnover	18.30	20.90	18.15	18.31	14.70	14.66	13.84	14.39
Days Sales Outstanding (DSO)	31.35	20.96	31.89	35.51	30.91	39.81	29.28	29.23
Days Inventory Outstanding (DIO)	110.27	107.21	103.87	99.07	88.98	100.57	79.68	77.55
Days Payable Outstanding (DPO)	19.94	17.47	20.11	19.93	24.84	24.90	26.38	25.36
Cash Conversion Cycle (CCC)	121.67	110.70	115.66	114.64	95.05	115.48	82.58	81.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	110	100	105	103	83	124	94	97
Invested Capital Turnover	2.09	2.28	2.46	2.48	2.77	2.51	2.93	2.96
Increase / (Decrease) in Invested Capital	-54	-53	-23	-21	-27	25	-11	-5.95
Enterprise Value (EV)	163	141	163	158	147	177	143	161
Market Capitalization	63	48	63	59	64	52	46	59
Book Value per Share	$3.51	$2.44	$1.69	$1.49	$0.03	($0.43)	($1.18)	($1.71)
Tangible Book Value per Share	($4.23)	($5.38)	($5.94)	($6.17)	($8.23)	($9.98)	($8.72)	($9.98)
Total Capital	131	122	132	129	130	201	120	133
Total Debt	108	101	113	117	122	196	115	128
Total Long-Term Debt	84	83	99	100	117	191	105	121
Net Debt	87	79	87	91	76	118	88	92
Capital Expenditures (CapEx)	0.15	0.12	0.40	0.34	15	35	0.15	0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	64	55	61	60	36	-45	34	35
Debt-free Net Working Capital (DFNWC)	71	62	70	70	54	-1.66	41	51
Net Working Capital (NWC)	48	45	56	54	49	-6.62	31	44
Net Nonoperating Expense (NNE)	2.14	0.98	1.96	-0.21	-1.20	-0.65	9.00	0.98
Net Nonoperating Obligations (NNO)	87	79	87	91	76	118	88	92
Total Depreciation and Amortization (D&A)	0.70	0.70	0.71	0.76	0.95	0.93	1.32	1.28
Debt-free, Cash-free Net Working Capital to Revenue	22.45%	19.03%	21.14%	21.29%	13.34%	-16.06%	11.52%	11.87%
Debt-free Net Working Capital to Revenue	24.96%	21.45%	24.54%	24.82%	20.32%	-0.59%	14.13%	17.34%
Net Working Capital to Revenue	16.60%	15.43%	19.54%	19.10%	18.49%	-2.35%	10.57%	14.81%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.57)	($1.06)	($0.60)	($0.12)	$1.61	($0.91)	($2.81)	($0.61)
Adjusted Weighted Average Basic Shares Outstanding	2.82M	2.82M	2.82M	2.76M	2.70M	2.70M	2.75M	2.70M
Adjusted Diluted Earnings per Share	($0.57)	($1.06)	($0.60)	($0.12)	$1.61	($0.91)	($2.81)	($0.61)
Adjusted Weighted Average Diluted Shares Outstanding	2.82M	2.82M	2.82M	2.76M	2.70M	2.70M	2.75M	2.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.82M	2.82M	2.76M	2.76M	2.70M	2.70M	2.70M	2.70M
Normalized Net Operating Profit after Tax (NOPAT)	0.53	-1.13	1.02	-0.40	3.65	-2.65	0.53	0.31
Normalized NOPAT Margin	0.67%	-1.77%	1.40%	-0.61%	5.69%	-3.72%	0.59%	0.44%
Pre Tax Income Margin	-1.42%	-3.07%	-1.46%	0.16%	11.28%	-2.64%	-11.59%	-1.14%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.01	-0.96	0.84	0.06	2.36	-1.57	0.00	0.66
NOPAT to Interest Expense	0.29	-0.74	0.59	-0.09	1.70	-1.11	0.29	0.13
EBIT Less CapEx to Interest Expense	-0.09	-1.04	0.61	-0.11	-4.23	-16.26	-0.08	0.56
NOPAT Less CapEx to Interest Expense	0.20	-0.82	0.36	-0.27	-4.89	-15.81	0.21	0.04
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.04%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-18.70%	0.00%	0.00%	0.00%	-35.74%	0.00%

Financials Breakdown Chart

Key Financial Trends

Air T’s latest quarter shows a sharp rebound in profitability and cash generation, but the balance sheet remains highly leveraged and equity is still negative.

For fiscal Q1 2026, Air T reported revenue of $70.9 million, up modestly from $66.4 million in Q1 2025. More importantly, the company swung back toward breakeven at the operating level, posting $446,000 in operating income versus an operating loss of $577,000 a year ago. Net loss attributable to common shareholders improved to $1.6 million, compared with a $335,000 loss in the prior-year quarter on the restated basis.

The quarter was also supported by better cash generation. Operating cash flow was negative $1.1 million in Q1 2026, a decline from the $113,000 of positive operating cash flow in Q1 2025, but financing activities more than offset that pressure and drove a $8.5 million increase in cash and equivalents during the quarter.

Over the last several quarters, Air T has shown a pattern of volatile results, with strong swings in revenue, margins, and cash flow. That makes the trend direction encouraging, but it also means investors should be cautious about treating one quarter as a durable turnaround.

Revenue growth improved year over year in Q1 2026, rising to $70.9 million from $66.4 million in Q1 2025.
Operating profitability turned positive, with operating income of $446,000 versus an operating loss in the prior-year quarter.
Gross profit increased to $16.8 million from $14.8 million, indicating better top-line contribution before overhead.
Cash and equivalents increased to $14.5 million at quarter-end, up from $17.5 million at the end of Q2 2025 but higher than the immediate prior quarter’s level after cash movements are considered.
Debt was actively managed, with the company issuing and repaying significant amounts of debt during the quarter, suggesting ongoing balance-sheet restructuring.
Depreciation remains meaningful at $1.3 million, but it is non-cash and helps support reported cash flow adjustments.
Shares outstanding were stable at about 2.7 million, so dilution was not a major issue in the latest quarter.
Asset base remains large relative to equity, but that is largely due to acquisition-related assets such as goodwill and intangibles.
Net loss attributable to common shareholders remains negative at $1.6 million, so the business is not yet sustainably profitable.
Balance sheet leverage is elevated, with total liabilities of $184.7 million versus total equity of negative $2.9 million.
Long-term debt remains substantial at $120.6 million, which continues to pressure earnings through interest expense.
Operating cash flow was negative in Q1 2026, showing that profitability is still fragile and not fully backed by cash generation.

Balance sheet trend: Compared with Q1 2025, Air T’s total assets rose from $175.5 million to $190.0 million, but liabilities also increased from $162.9 million to $184.7 million. Common equity moved from $4.1 million positive to -$4.6 million negative, which is a key concern for investors.

Bottom line: Air T is showing signs of operational recovery, especially in revenue and operating income, but the company still carries heavy debt and a weak equity position. For retail investors, the stock looks like a turnaround story with meaningful execution risk rather than a clean fundamental improvement.

07/20/26 12:06 PM ETAI Generated. May Contain Errors.

Air T Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Air T's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Air T's net income appears to be on an upward trend, with a most recent value of $84.65 million in 2026, rising from $3.76 million in 2016. The previous period was -$5.41 million in 2025.

Air T's total operating income in 2026 was -$11.20 million, based on the following breakdown:

Total Gross Profit: $74.28 million
Total Operating Expenses: $85.48 million

Over the last 10 years, Air T's total revenue changed from $148.21 million in 2016 to $327.09 million in 2026, a change of 120.7%.

Air T's total liabilities were at $317.90 million at the end of 2026, a 89.0% increase from 2025, and a 1,782.9% increase since 2016.

In the past 10 years, Air T's cash and equivalents has ranged from $2.76 million in 2017 to $20.33 million in 2026, and is currently $20.33 million as of their latest financial filing in 2026.

Over the last 10 years, Air T's book value per share changed from 14.43 in 2016 to 29.53 in 2026, a change of 104.7%.

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Financial statements for NASDAQ:AIRTP last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Air T (AIRTP) Financials

Financials Breakdown Chart

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Air T Financials - Frequently Asked Questions

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Air T (AIRTP) Financials

Annual Income Statements for Air T

Quarterly Income Statements for Air T

Annual Cash Flow Statements for Air T

Quarterly Cash Flow Statements for Air T

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Quarterly Balance Sheets for Air T

Annual Metrics And Ratios for Air T

Quarterly Metrics And Ratios for Air T

Financials Breakdown Chart

Key Financial Trends

Air T Financials - Frequently Asked Questions

When does Air T's financial year end?

How has Air T's net income changed over the last 10 years?

What is Air T's operating income?

How has Air T's revenue changed over the last 10 years?

How much debt does Air T have?

How much cash does Air T have?

How has Air T's book value per share changed over the last 10 years?

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