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AAR (AIR) Financials

AAR logo
$107.48 +6.59 (+6.53%)
Closing price 03:59 PM Eastern
Extended Trading
$107.34 -0.13 (-0.12%)
As of 07:52 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for AAR

Annual Income Statements for AAR

This table shows AAR's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders
10 48 57 16 7.50 4.40 36 79 90 46 13
Consolidated Net Income / (Loss)
10 48 57 16 7.50 4.40 36 79 90 46 13
Net Income / (Loss) Continuing Operations
-74 46 52 74 84 25 46 79 90 46 13
Total Pre-Tax Income
-113 69 77 77 89 30 65 105 121 58 39
Total Operating Income
-42 75 82 86 99 43 85 110 137 103 180
Total Gross Profit
131 233 261 294 314 264 267 313 368 442 528
Total Revenue
1,621 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781
Operating Revenue
1,621 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781
Total Cost of Revenue
1,491 1,292 1,330 1,455 1,738 1,808 1,385 1,508 1,623 1,877 2,253
Operating Cost of Revenue
1,491 1,292 1,327 1,454 1,722 1,803 1,376 1,507 1,620 1,877 2,253
Other Cost of Revenue
- - 2.10 0.50 16 5.40 8.50 1.20 2.60 0.70 0.20
Total Operating Expenses
172 158 179 208 215 221 182 204 230 339 348
Selling, General & Admin Expense
172 158 179 208 215 221 182 202 230 312 348
Other Special Charges / (Income)
- - - - - - - - 0.00 27 0.00
Total Other Income / (Expense), net
-72 -6.20 -5.20 -8.30 -9.60 -13 -21 -4.70 -16 -44 -141
Interest Expense
72 6.40 5.30 8.00 9.50 9.30 5.00 2.40 12 43 75
Interest & Investment Income
0.50 0.20 0.10 0.60 0.70 -1.40 0.40 -2.80 -2.20 2.00 7.20
Other Income / (Expense), net
- - - -0.90 -0.80 -2.10 -16 0.50 -1.50 -3.20 -73
Income Tax Expense
-39 23 25 3.50 4.90 5.60 18 27 31 12 26
Net Income / (Loss) Discontinued Operations
- 2.20 4.50 -58 -77 -20 -11 0.20 0.40 0.00 0.00
Basic Earnings per Share
$0.26 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30 $0.35
Weighted Average Basic Shares Outstanding
39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M
Diluted Earnings per Share
$0.24 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29 $0.35
Weighted Average Diluted Shares Outstanding
39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M
Weighted Average Basic & Diluted Shares Outstanding
39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M

Quarterly Income Statements for AAR

This table shows AAR's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
Net Income / (Loss) Attributable to Common Shareholders
-0.60 24 14 9.10 18 -31 -8.90 34 34 35 68
Consolidated Net Income / (Loss)
-0.60 24 14 9.10 18 -31 -8.90 34 34 35 68
Net Income / (Loss) Continuing Operations
-0.60 24 14 9.10 18 -31 -8.90 34 34 35 68
Total Pre-Tax Income
-7.50 32 21 14 25 -23 -11 48 47 48 93
Total Operating Income
-0.50 38 33 32 41 -4.20 71 72 62 67 75
Total Gross Profit
101 103 110 127 117 129 132 150 133 156 155
Total Revenue
550 545 567 657 662 686 678 755 740 795 845
Operating Revenue
550 545 567 657 662 686 678 755 740 795 845
Total Cost of Revenue
449 442 457 529 545 557 546 605 607 640 691
Operating Cost of Revenue
448 442 457 529 545 558 547 604 606 638 690
Other Cost of Revenue
0.40 0.00 0.10 0.20 0.20 -0.30 -0.20 0.50 0.60 1.10 0.50
Total Operating Expenses
101 66 77 95 76 133 61 77 71 89 80
Selling, General & Admin Expense
75 66 77 95 76 133 61 77 71 89 90
Other Special Charges / (Income)
- - - - - - 0.00 - - - -9.80
Total Other Income / (Expense), net
-7.00 -6.00 -13 -19 -16 -18 -82 -25 -15 -19 19
Interest Expense
5.80 6.20 12 19 19 19 19 19 19 19 18
Interest & Investment Income
-0.50 1.20 0.40 0.90 2.80 2.40 -63 1.10 3.30 0.40 1.80
Other Income / (Expense), net
-0.70 -1.00 -1.20 -0.30 -0.20 -1.40 -0.10 -7.00 0.60 -0.30 35
Income Tax Expense
-6.90 7.90 6.50 4.50 6.90 8.10 -2.20 14 13 14 25
Basic Earnings per Share
($0.02) $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.96 $0.91 $1.72
Weighted Average Basic Shares Outstanding
35.29M 35.50M 34.80M 35.71M 35.20M 35.20M 35.40M 35.85M 35.70M 37.80M 39.30M
Diluted Earnings per Share
($0.02) $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.95 $0.90 $1.71
Weighted Average Diluted Shares Outstanding
35.29M 35.50M 35.20M 35.71M 35.60M 35.20M 35.40M 35.85M 35.90M 38.10M 39.50M
Weighted Average Basic & Diluted Shares Outstanding
35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M 35.85M 36.11M 39.57M 39.76M

Annual Cash Flow Statements for AAR

This table details how cash moves in and out of AAR's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Change in Cash & Equivalents
-35 -24 -21 31 -41 384 -365 -1.30 23 14 13
Net Cash From Operating Activities
-43 32 22 64 67 -36 105 75 23 44 36
Net Cash From Continuing Operating Activities
86 46 -14 56 61 -19 109 90 24 44 36
Net Income / (Loss) Continuing Operations
-74 46 52 74 84 25 46 79 90 46 13
Consolidated Net Income / (Loss)
10 48 57 16 7.50 4.40 36 79 90 46 13
Net Income / (Loss) Discontinued Operations
84 2.20 4.50 -58 -77 -20 -11 0.20 0.40 0.00 0.00
Depreciation Expense
58 33 36 41 43 44 36 33 27 40 55
Amortization Expense
23 - - - - - - - 0.70 1.00 2.60
Non-Cash Adjustments To Reconcile Net Income
118 -0.90 -75 -40 9.00 43 33 15 6.60 26 57
Changes in Operating Assets and Liabilities, net
-39 -32 -26 -19 -75 -131 -6.70 -37 -101 -70 -91
Net Cash From Discontinued Operating Activities
-129 -14 35 8.50 6.90 -17 -3.30 -15 -0.50 -0.20 0.00
Net Cash From Investing Activities
689 -17 -30 -43 -38 -25 -0.50 -17 -138 -759 11
Net Cash From Continuing Investing Activities
7.20 -44 -34 -39 -38 -25 -0.50 -17 -138 -759 11
Purchase of Property, Plant & Equipment
-42 -40 -25 -22 - -24 -11 -17 -30 -30 -35
Acquisitions
-1.00 -4.80 -13 -23 - - 0.00 0.00 -103 -723 -1.50
Divestitures
- - - - - - - - 0.00 0.00 48
Other Investing Activities, net
3.50 1.00 -2.70 -2.30 -18 -1.20 11 -6.50 -5.20 -5.90 -1.10
Net Cash From Financing Activities
-678 -38 -12 10 -71 445 -470 -60 138 729 -34
Net Cash From Continuing Financing Activities
-678 -38 -10 12 -71 445 -470 -60 138 729 -34
Repayment of Debt
-520 -71 -10 -1.30 -10 -1.30 -0.10 -34 172 175 -20
Repurchase of Common Equity
-152 -19 -20 -13 - -4.10 0.00 -42 -52 -15 -10
Issuance of Debt
6.30 60 21 25 - 460 -470 0.00 0.00 550 0.00
Other Financing Activities, net
- 1.80 8.50 12 -40 1.10 0.60 17 18 20 -3.50
Effect of Exchange Rate Changes
-2.60 -0.30 -0.50 -0.10 - 0.00 0.30 -0.20 -0.10 0.00 0.00

Quarterly Cash Flow Statements for AAR

This table details how cash moves in and out of AAR's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
Net Change in Cash & Equivalents
8.40 -15 8.10 13 -33 19 18 8.30 -18 4.60 3.90
Net Cash From Operating Activities
-19 17 20 25 -19 22 -19 51 -45 14 75
Net Cash From Continuing Operating Activities
-19 17 20 25 -19 22 -19 51 -45 14 75
Net Income / (Loss) Continuing Operations
-0.60 24 14 9.10 18 -31 -8.90 34 34 35 68
Consolidated Net Income / (Loss)
-0.60 24 14 9.10 18 -31 -8.90 34 34 35 68
Depreciation Expense
8.40 8.70 8.40 15 14 15 13 14 14 17 20
Amortization Expense
- - - - 0.70 - - 0.60 0.70 0.90 0.80
Non-Cash Adjustments To Reconcile Net Income
20 2.90 17 9.90 -22 0.10 57 21 -4.50 16 -32
Changes in Operating Assets and Liabilities, net
-46 -18 -19 -9.80 -29 38 -82 -18 -89 -55 18
Net Cash From Investing Activities
-12 -8.70 -6.50 -732 -5.30 -7.90 -3.70 28 -24 -213 -15
Net Cash From Continuing Investing Activities
-12 -8.70 -6.50 -732 -5.30 -7.90 -3.70 28 -24 -213 -15
Purchase of Property, Plant & Equipment
-9.10 -7.30 -5.80 -7.50 -7.90 -8.30 -8.50 -10 -8.70 -7.40 -8.50
Acquisitions
- - - - 2.90 - - - -12 -210 -0.40
Other Investing Activities, net
-2.50 -1.40 -0.70 -1.30 -0.30 0.40 4.80 -6.00 -3.20 3.80 -31
Net Cash From Financing Activities
39 -23 -5.80 720 -9.10 5.30 41 -71 51 204 -56
Net Cash From Continuing Financing Activities
39 -23 -5.80 720 -9.10 5.30 41 -71 51 204 -56
Repayment of Debt
35 - - - -5.00 - - - -97 -70 -65
Other Financing Activities, net
3.70 6.60 0.10 9.20 -4.10 0.30 5.90 -5.60 -2.40 0.40 8.90

Annual Balance Sheets for AAR

This table presents AAR's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Total Assets
1,454 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770 2,845
Total Current Assets
896 882 888 943 953 1,439 937 1,007 1,098 1,390 1,511
Cash & Equivalents
55 31 10 31 21 405 52 54 68 86 97
Restricted Cash
- - - 11 20 20 8.40 5.40 13 10 13
Accounts Receivable
229 248 235 202 198 172 167 214 241 287 355
Inventories, net
456 452 433 461 524 623 541 551 574 733 809
Prepaid Expenses
- - - - - 77 28 40 50 59 97
Other Current Assets
139 150 90 113 161 119 122 127 138 205 140
Plant, Property, & Equipment, net
215 238 117 133 133 136 120 110 126 172 159
Total Noncurrent Assets
344 336 499 449 432 505 483 457 609 1,209 1,176
Noncurrent Note & Lease Receivables
80 81 160 183 - 212 184 167 178 263 266
Goodwill
124 117 106 119 116 122 124 116 176 555 531
Intangible Assets
37 36 31 28 22 - - 3.30 64 235 220
Other Noncurrent Operating Assets
83 102 105 119 294 171 175 171 192 156 159
Total Liabilities & Shareholders' Equity
1,454 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770 2,845
Total Liabilities
609 590 590 588 611 1,176 565 539 734 1,580 1,633
Total Current Liabilities
412 341 335 333 358 383 337 348 352 467 555
Accounts Payable
142 166 164 170 188 192 127 156 159 238 303
Accrued Expenses
201 163 140 138 141 162 174 175 180 219 252
Total Noncurrent Liabilities
197 249 255 255 254 793 229 191 383 1,113 1,078
Long-Term Debt
82 136 154 177 142 600 134 99 270 985 968
Noncurrent Deferred & Payable Income Tax Liabilities
115 113 101 16 - - 9.50 20 34 24 18
Other Noncurrent Operating Liabilities
- - - 26 28 105 85 72 79 104 92
Total Equity & Noncontrolling Interests
845 866 914 936 906 903 974 1,035 1,099 1,190 1,212
Total Preferred & Common Equity
845 866 914 936 906 903 974 1,035 1,099 1,190 1,212
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
845 866 914 936 906 903 974 1,035 1,099 1,190 1,212
Common Stock
488 496 506 516 525 524 525 523 530 539 551
Retained Earnings
644 682 728 733 710 706 742 820 911 957 969
Treasury Stock
-246 -268 -280 -281 -288 -283 -274 -289 -318 -298 -303
Accumulated Other Comprehensive Income / (Loss)
-40 -44 -40 -32 -41 -45 -18 -20 -24 -8.80 -5.60

Quarterly Balance Sheets for AAR

This table presents AAR'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 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 11/30/2022 2/28/2023 8/31/2023 11/30/2023 2/29/2024 8/31/2024 11/30/2024 2/28/2025 8/31/2025 11/30/2025 2/28/2026
Total Assets
1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859 2,930 3,243 3,333
Total Current Assets
1,060 1,068 1,207 1,194 1,241 1,427 1,498 1,535 1,567 1,690 1,764
Cash & Equivalents
49 53 70 65 69 49 62 84 80 76 79
Restricted Cash
2.20 1.40 20 10 14 14 21 17 12 21 22
Accounts Receivable
225 238 281 246 257 311 320 313 364 402 426
Inventories, net
595 571 614 646 672 748 790 776 862 911 958
Prepaid Expenses
- - 59 61 57 77 81 75 104 129 137
Other Current Assets
174 191 151 154 161 218 216 183 147 153 142
Plant, Property, & Equipment, net
114 120 131 133 134 162 167 153 162 217 163
Total Noncurrent Assets
473 486 616 639 647 1,195 1,184 1,171 1,201 1,335 1,406
Noncurrent Note & Lease Receivables
171 174 177 177 267 171 174 263 264 316 381
Goodwill
118 118 177 176 179 553 543 528 543 552 552
Intangible Assets
- - 63 62 60 231 227 224 226 296 289
Other Noncurrent Operating Assets
184 194 199 224 140 240 240 156 168 171 184
Total Liabilities & Shareholders' Equity
1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859 2,930 3,243 3,333
Total Liabilities
612 606 833 810 854 1,573 1,668 1,677 1,680 1,681 1,689
Total Current Liabilities
324 332 394 380 428 467 558 545 539 594 653
Accounts Payable
157 159 222 210 230 258 292 279 314 342 324
Accrued Expenses
152 159 159 159 187 201 259 237 225 252 329
Total Noncurrent Liabilities
288 274 439 430 426 1,106 1,109 1,131 1,142 1,087 1,036
Long-Term Debt
197 186 305 275 275 981 987 1,022 1,022 953 888
Noncurrent Deferred & Payable Income Tax Liabilities
20 14 40 40 37 24 24 25 22 21 18
Other Noncurrent Operating Liabilities
71 74 95 115 114 101 99 84 98 113 130
Total Equity & Noncontrolling Interests
1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
Total Preferred & Common Equity
1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
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
1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
Common Stock
524 527 527 531 535 536 541 546 549 827 833
Retained Earnings
866 887 910 934 948 975 944 935 1,004 1,038 1,106
Treasury Stock
-332 -324 -307 -301 -306 -293 -293 -287 -298 -298 -292
Accumulated Other Comprehensive Income / (Loss)
-23 1,068 -8.10 -8.50 -8.70 -7.30 -11 -12 -5.20 -6.40 -4.70

Annual Metrics And Ratios for AAR

This table displays calculated financial ratios and metrics derived from AAR's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-5.13% -5.92% 4.29% 9.90% 17.36% 0.98% -20.26% 10.15% 9.37% 16.50% 19.91%
EBITDA Growth
-82.27% 173.48% 8.96% 6.02% 12.39% -39.69% 24.29% 35.86% 14.18% -13.95% 17.34%
EBIT Growth
-133.12% 280.53% 9.59% 2.79% 15.60% -57.98% 68.13% 59.33% 23.16% -26.62% 7.84%
NOPAT Growth
-134.09% 270.31% 11.92% 47.05% 14.15% -62.18% 73.13% 34.16% 24.09% -19.71% -29.08%
Net Income Growth
-86.01% 367.65% 18.45% -72.39% -51.92% -41.33% 713.64% 119.83% 14.61% -48.67% -73.00%
EPS Growth
-86.89% 470.83% 19.71% -75.00% -48.78% -38.10% 669.23% 117.00% 16.59% -49.01% -72.87%
Operating Cash Flow Growth
-130.76% 174.65% -32.09% 194.95% 4.82% -153.56% 391.41% -28.52% -69.02% 87.12% -17.20%
Free Cash Flow Firm Growth
540.97% -104.95% 681.51% -111.69% 399.20% -173.68% 290.27% -14.56% -256.52% -546.83% 109.38%
Invested Capital Growth
-40.33% 8.67% -11.40% 11.62% 3.56% 7.79% -1.94% 1.10% 19.66% 61.54% -0.42%
Revenue Q/Q Growth
13.18% -8.83% 3.91% 7.27% 4.55% -6.59% -41.94% 221.10% 4.03% 4.66% 3.65%
EBITDA Q/Q Growth
-72.03% 438.81% 6.31% -0.95% 7.33% -34.31% -46.88% 1,975.36% 2.00% 3.15% 25.93%
EBIT Q/Q Growth
-151.49% 231.52% -7.94% -0.94% 7.95% -51.53% -56.92% 496.04% 2.34% -3.21% 45.20%
NOPAT Q/Q Growth
-154.65% 224.08% -4.85% 4.45% 11.10% -52.86% -39.51% 1,363.14% 2.62% -5.56% 116.34%
Net Income Q/Q Growth
-15.70% -6.10% 19.45% -36.84% 334.38% -89.93% 575.47% 14.39% -0.77% -23.34% 200.81%
EPS Q/Q Growth
-14.29% -2.84% 18.84% -41.43% 261.54% -89.60% 0.00% 0.00% 0.00% -23.21% 194.59%
Operating Cash Flow Q/Q Growth
-159.64% 148.71% -37.36% -2.43% 20.57% -206.18% 89.89% 30.33% 28.02% -32.19% 292.39%
Free Cash Flow Firm Q/Q Growth
-1.61% -1,117.87% 22,646.89% -114.73% 51.48% -404.67% -42.85% 260.26% -420.26% -869.96% 106.40%
Invested Capital Q/Q Growth
-11.24% 0.69% -15.76% -0.70% -1.71% 0.03% 2.11% -0.33% 7.31% 52.99% 1.17%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
8.07% 15.28% 16.43% 16.79% 15.30% 12.73% 16.18% 17.21% 18.46% 19.04% 18.98%
EBITDA Margin
2.44% 7.10% 7.42% 7.16% 6.85% 4.09% 6.38% 7.87% 8.21% 6.07% 5.94%
Operating Margin
-2.57% 4.92% 5.17% 4.89% 4.81% 2.08% 5.14% 6.02% 6.89% 4.43% 6.47%
EBIT Margin
-2.57% 4.92% 5.17% 4.84% 4.77% 1.98% 4.18% 6.05% 6.81% 4.29% 3.86%
Profit (Net Income) Margin
0.63% 3.13% 3.55% 0.89% 0.37% 0.21% 2.17% 4.32% 4.53% 2.00% 0.45%
Tax Burden Percent
-9.01% 69.23% 73.28% 20.21% 8.43% 14.47% 55.50% 74.88% 74.42% 79.42% 32.13%
Interest Burden Percent
272.12% 91.74% 93.68% 91.25% 91.00% 73.97% 93.34% 95.46% 89.38% 58.59% 36.25%
Effective Tax Rate
0.00% 33.96% 32.56% 4.53% 5.51% 18.42% 28.22% 25.31% 25.91% 20.58% 67.87%
Return on Invested Capital (ROIC)
-2.41% 5.26% 5.99% 8.86% 9.42% 3.37% 5.68% 7.65% 8.60% 4.85% 2.79%
ROIC Less NNEP Spread (ROIC-NNEP)
11.29% 3.11% 8.70% 1,680.35% -116.38% -18.43% -12.88% 2.80% -1.35% -1.70% -2.40%
Return on Net Nonoperating Assets (RNNOA)
3.51% 0.32% 0.36% -7.17% -8.60% -2.88% -1.86% 0.18% -0.14% -0.80% -1.75%
Return on Equity (ROE)
1.11% 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05% 1.04%
Cash Return on Invested Capital (CROIC)
48.12% -3.05% 18.08% -2.12% 5.92% -4.13% 7.64% 6.56% -9.30% -42.21% 3.21%
Operating Return on Assets (OROA)
-2.28% 5.16% 5.56% 5.59% 6.43% 2.29% 3.82% 7.07% 7.96% 4.32% 3.82%
Return on Assets (ROA)
0.56% 3.28% 3.82% 1.03% 0.49% 0.24% 1.98% 5.06% 5.30% 2.01% 0.45%
Return on Common Equity (ROCE)
1.10% 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05% 1.04%
Return on Equity Simple (ROE_SIMPLE)
1.21% 5.51% 6.18% 1.67% 0.83% 0.49% 3.67% 7.61% 8.21% 3.89% 1.03%
Net Operating Profit after Tax (NOPAT)
-29 50 56 82 93 35 61 82 102 82 58
NOPAT Margin
-1.80% 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52% 2.08%
Net Nonoperating Expense Percent (NNEP)
-13.70% 2.15% -2.71% -1,671.49% 125.80% 21.80% 18.56% 4.85% 9.95% 6.55% 5.19%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - - - 2.65%
Cost of Revenue to Revenue
91.93% 84.72% 83.57% 83.21% 84.70% 87.27% 83.82% 82.86% 81.54% 80.96% 81.03%
SG&A Expenses to Revenue
10.63% 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.11% 11.58% 13.46% 12.50%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
10.63% 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.19% 11.58% 14.61% 12.50%
Earnings before Interest and Taxes (EBIT)
-42 75 82 85 98 41 69 110 136 100 107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
40 108 118 125 141 85 105 143 164 141 165
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.33 0.95 1.28 1.63 1.15 0.78 1.51 1.64 1.58 2.11 1.83
Price to Tangible Book Value (P/TBV)
1.64 1.15 1.50 1.93 1.36 0.91 1.73 1.86 2.02 6.29 4.81
Price to Revenue (P/Rev)
0.69 0.54 0.74 0.87 0.51 0.34 0.89 0.93 0.87 1.08 0.80
Price to Earnings (P/E)
110.06 17.19 20.72 97.59 139.41 160.90 41.19 21.57 19.28 54.32 177.37
Dividend Yield
1.06% 1.27% 0.88% 0.68% 1.01% 1.86% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.91% 5.82% 4.83% 1.02% 0.72% 0.62% 2.43% 4.64% 5.19% 1.84% 0.56%
Enterprise Value to Invested Capital (EV/IC)
1.33 0.95 1.51 1.71 1.14 0.81 1.46 1.62 1.50 1.64 1.49
Enterprise Value to Revenue (EV/Rev)
0.74 0.61 0.83 0.95 0.56 0.43 0.94 0.95 0.97 1.47 1.11
Enterprise Value to EBITDA (EV/EBITDA)
30.27 8.65 11.14 13.25 8.15 10.42 14.69 12.13 11.79 24.20 18.63
Enterprise Value to EBIT (EV/EBIT)
0.00 12.47 15.97 19.60 11.72 21.49 22.40 15.78 14.21 34.21 28.67
Enterprise Value to NOPAT (EV/NOPAT)
0.00 18.89 23.68 20.31 12.30 25.06 25.37 21.22 18.97 41.74 53.18
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 29.18 60.30 25.79 17.01 0.00 14.72 23.10 82.71 78.08 85.21
Enterprise Value to Free Cash Flow (EV/FCFF)
2.06 0.00 7.85 0.00 19.57 0.00 18.85 24.76 0.00 0.00 46.16
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.18 0.17 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83 0.80
Long-Term Debt to Equity
0.10 0.16 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83 0.80
Financial Leverage
0.31 0.10 0.04 0.00 0.07 0.16 0.14 0.06 0.11 0.47 0.73
Leverage Ratio
1.98 1.70 1.66 1.64 1.65 1.99 1.93 1.55 1.60 2.01 2.34
Compound Leverage Factor
5.38 1.56 1.56 1.49 1.50 1.47 1.80 1.48 1.43 1.18 0.85
Debt to Total Capital
15.19% 14.61% 14.43% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30% 44.41%
Short-Term Debt to Total Capital
6.92% 1.18% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
8.27% 13.42% 14.42% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30% 44.41%
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
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
84.81% 85.39% 85.57% 84.09% 86.47% 60.07% 87.93% 91.27% 80.30% 54.70% 55.59%
Debt to EBITDA
3.82 1.37 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00 5.86
Net Debt to EBITDA
1.92 1.08 1.22 1.08 0.72 2.07 0.70 0.28 1.15 6.32 5.20
Long-Term Debt to EBITDA
2.08 1.26 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00 5.86
Debt to NOPAT
-5.20 2.99 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08 16.74
Net Debt to NOPAT
-2.62 2.36 2.59 1.66 1.08 4.97 1.20 0.49 1.85 10.90 14.85
Long-Term Debt to NOPAT
-2.83 2.74 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08 16.74
Altman Z-Score
3.15 3.15 3.55 4.04 3.72 2.51 3.93 4.51 3.94 2.79 2.80
Noncontrolling Interest Sharing Ratio
0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
2.17 2.58 2.65 2.83 2.66 3.76 2.78 2.89 3.12 2.98 2.72
Quick Ratio
0.69 0.82 0.73 0.70 0.61 1.51 0.65 0.77 0.88 0.80 0.81
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
582 -29 168 -20 59 -43 82 70 -110 -710 67
Operating Cash Flow to CapEx
0.00% 80.25% 116.58% 479.85% 0.00% -152.97% 930.97% 752.00% 78.98% 146.80% 104.03%
Free Cash Flow to Firm to Interest Expense
8.07 -4.50 31.61 -2.45 6.17 -4.64 16.42 29.23 -9.00 -16.44 0.88
Operating Cash Flow to Interest Expense
-0.60 5.02 4.11 8.04 7.09 -3.88 21.04 31.33 1.91 1.01 0.48
Operating Cash Flow Less CapEx to Interest Expense
-0.53 -1.23 0.58 6.36 8.93 -6.42 18.78 27.17 -0.51 0.32 0.02
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.89 1.05 1.07 1.15 1.35 1.15 0.91 1.17 1.17 1.01 0.99
Accounts Receivable Turnover
6.33 6.39 6.59 8.01 10.26 11.21 9.76 9.56 8.74 8.78 8.66
Inventory Turnover
3.13 2.85 3.00 3.25 3.53 3.15 2.38 2.76 2.89 2.87 2.92
Fixed Asset Turnover
6.12 6.74 8.95 13.96 15.43 15.43 12.92 15.85 16.89 15.57 16.84
Accounts Payable Turnover
9.51 8.38 8.05 8.71 9.71 9.53 8.69 10.63 10.31 9.47 8.33
Days Sales Outstanding (DSO)
57.64 57.10 55.39 45.57 35.56 32.56 37.40 38.17 41.74 41.59 42.14
Days Inventory Outstanding (DIO)
116.47 128.23 121.54 112.17 103.38 115.75 153.35 132.05 126.46 127.08 124.93
Days Payable Outstanding (DPO)
38.37 43.58 45.37 41.93 37.58 38.29 42.01 34.32 35.41 38.55 43.83
Cash Conversion Cycle (CCC)
135.74 141.75 131.56 115.81 101.36 110.02 148.74 135.90 132.79 130.13 123.24
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
904 983 871 972 1,007 1,085 1,064 1,076 1,287 2,079 2,070
Invested Capital Turnover
1.34 1.62 1.72 1.90 2.07 1.98 1.54 1.70 1.69 1.38 1.34
Increase / (Decrease) in Invested Capital
-611 78 -112 101 35 78 -21 12 211 792 -8.80
Enterprise Value (EV)
1,199 937 1,315 1,658 1,146 883 1,548 1,737 1,927 3,404 3,076
Market Capitalization
1,123 820 1,171 1,522 1,046 708 1,475 1,697 1,739 2,515 2,217
Book Value per Share
$21.23 $24.92 $26.63 $27.03 $25.83 $25.71 $27.59 $29.39 $31.67 $33.58 $33.56
Tangible Book Value per Share
$17.20 $20.51 $22.67 $22.80 $21.89 $22.25 $24.08 $25.99 $24.77 $11.28 $12.77
Total Capital
997 1,014 1,068 1,114 1,048 1,503 1,108 1,133 1,369 2,175 2,180
Total Debt
151 148 154 177 142 600 134 99 270 985 968
Total Long-Term Debt
82 136 154 177 142 600 134 99 270 985 968
Net Debt
76 117 144 136 101 175 74 40 188 889 859
Capital Expenditures (CapEx)
-4.70 40 19 13 -17 24 11 10 30 30 35
Debt-free, Cash-free Net Working Capital (DFCFNWC)
498 521 543 568 554 631 540 600 665 827 847
Debt-free Net Working Capital (DFNWC)
553 552 554 609 595 1,056 600 659 746 923 956
Net Working Capital (NWC)
484 540 553 609 595 1,056 600 659 746 923 956
Net Nonoperating Expense (NNE)
-39 1.89 -0.99 66 86 31 25 3.16 11 35 45
Net Nonoperating Obligations (NNO)
59 117 -44 36 101 182 89 41 188 889 858
Total Depreciation and Amortization (D&A)
81 33 36 41 43 44 36 33 28 41 58
Debt-free, Cash-free Net Working Capital to Revenue
30.72% 34.16% 34.15% 32.48% 27.00% 30.45% 32.68% 32.97% 33.39% 35.65% 30.45%
Debt-free Net Working Capital to Revenue
34.09% 36.21% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79% 34.38%
Net Working Capital to Revenue
29.84% 35.42% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79% 34.38%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.26 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30 $0.35
Adjusted Weighted Average Basic Shares Outstanding
35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M
Adjusted Diluted Earnings per Share
$0.24 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29 $0.35
Adjusted Weighted Average Diluted Shares Outstanding
35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M
Normalized Net Operating Profit after Tax (NOPAT)
-29 50 56 82 93 35 61 82 102 82 126
Normalized NOPAT Margin
-1.80% 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52% 4.53%
Pre Tax Income Margin
-6.98% 4.52% 4.85% 4.42% 4.34% 1.47% 3.90% 5.77% 6.09% 2.51% 1.40%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-0.58 11.73 15.53 10.58 10.29 4.42 13.82 45.88 11.11 2.30 1.42
NOPAT to Interest Expense
-0.40 7.75 10.47 10.20 9.81 3.79 12.20 34.11 8.33 1.89 0.77
EBIT Less CapEx to Interest Expense
-0.51 5.48 12.00 8.90 12.13 1.88 11.56 41.71 8.70 1.62 0.96
NOPAT Less CapEx to Interest Expense
-0.34 1.50 6.94 8.53 11.64 1.25 9.94 29.94 5.91 1.20 0.31
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
116.67% 21.80% 18.05% 66.03% -140.00% 243.18% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
1,601.96% 61.22% 53.10% 150.00% -140.00% 336.36% 0.00% 53.88% 57.65% 33.26% 81.60%

Quarterly Metrics And Ratios for AAR

This table displays calculated financial ratios and metrics derived from AAR's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
DEI Shares Outstanding
- - - - - - - - - - 39,764,268.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 39,764,268.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 1.71
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-0.35 28 23 22 30 -2.94 49 52 45 48 55
Return On Investment Capital (ROIC_SIMPLE)
- 1.98% 1.58% - - -0.14% 2.24% 2.37% 1.99% 1.92% 2.16%
Earnings before Interest and Taxes (EBIT)
-1.20 37 32 32 41 -5.60 6.50 65 63 67 109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
7.20 45 41 47 55 9.00 19 80 77 85 130
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-234 -145 -137 -770 -762 -734 -638 60 -6.79 -284 -331
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,336 1,355 1,359 2,079 2,128 2,086 2,046 2,070 2,180 2,418 2,432
Increase / (Decrease) in Invested Capital
234 173 160 792 791 731 687 -8.80 52 332 386
Book Value per Share
$32.11 $32.74 $32.90 $33.58 $33.89 $32.91 $32.93 $33.56 $34.85 $43.23 $41.53
Tangible Book Value per Share
$25.24 $26.01 $26.14 $11.28 $11.94 $11.45 $11.99 $12.77 $13.40 $19.76 $20.28
Total Capital
1,427 1,431 1,443 2,175 2,191 2,168 2,205 2,180 2,271 2,514 2,532
Total Debt
305 275 275 985 981 987 1,022 968 1,022 953 888
Total Long-Term Debt
305 275 275 985 981 987 1,022 968 1,022 953 888
Net Debt
215 200 191 889 918 904 921 859 931 857 788
Capital Expenditures (CapEx)
9.10 7.30 5.80 7.50 7.90 8.30 8.50 10 8.70 7.40 8.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)
724 739 729 827 897 857 889 847 937 1,000 1,011
Debt-free Net Working Capital (DFNWC)
814 814 813 923 960 940 990 956 1,028 1,096 1,111
Net Working Capital (NWC)
814 814 813 923 960 940 990 956 1,028 1,096 1,111
Net Nonoperating Expense (NNE)
0.25 4.50 8.74 12 12 28 58 18 11 14 -13
Net Nonoperating Obligations (NNO)
214 199 191 889 918 904 863 858 931 857 788
Total Depreciation and Amortization (D&A)
8.40 8.70 8.40 15 14 15 13 14 15 18 21
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.02) $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.96 $0.91 $1.72
Adjusted Weighted Average Basic Shares Outstanding
35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M 35.85M 35.70M 37.80M 39.30M
Adjusted Diluted Earnings per Share
($0.02) $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.95 $0.90 $1.71
Adjusted Weighted Average Diluted Shares Outstanding
35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M 35.85M 35.90M 38.10M 39.50M
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
35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M 35.85M 36.11M 39.57M 39.76M
Normalized Net Operating Profit after Tax (NOPAT)
-0.35 28 23 22 30 -2.94 49 52 45 48 47
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Below are key multi-year trends for AAR CORP (NYSE: AIR) based on the provided quarterly cash flow, income statement, and balance sheet data. Items are grouped and ordered as: positive impacts first, then neutral, then negative, with up to 10 bullet points total.

  • Revenue momentum: In Q2 2026, operating revenue reached 795.3 million, the strongest quarterly level in the four-year window, continuing a trend of rising quarterly sales from early 2024 through mid-2026.
  • Gross-margin stability: Gross margin generally sits in the 19%–20% range across recent quarters (e.g., Q2 2026: 155.8m gross profit on 795.3m revenue ≈ 19.6%), indicating stable profitability despite quarterly fluctuations.
  • Earnings per share consistency: The latest quarters show solid earnings per share around $0.90–$1.00 (Q2 2026 diluted EPS: 0.90; Q1 2026: 0.95–0.96; Q4 2025: 0.97), suggesting ongoing profitability on a per-share basis amid revenue strength.
  • Liquidity support from financing: Net cash from financing activities was strong in Q2 2026 (about 204.3 million), driven by debt issuance (about 153.0 million), underscoring access to capital to fund growth. Similar positive financing activity occurred in other quarters as well.
  • Balance-sheet strength and liquidity: Total equity sits around 1.56 billion in mid-2026 with total assets near 3.24 billion, while cash and equivalents provide a modest liquidity buffer (~75–80 million range across recent periods).
  • Capex discipline: Purchases of property, plant & equipment are modest and steady (typically around 7–11 million per quarter), indicating ongoing maintenance investment rather than large-scale, disruptive expansion.
  • Capital-structure dynamics: Financing activity is episodic—periodic debt issuances and repayments—leading to a fluctuating but manageable leverage profile relative to the asset base.
  • Operating cash flow volatility: Several quarters show negative net cash from continuing operating activities (e.g., Q1 2026: -44.9 million; Q3 2025: -18.7 million), signaling working-capital swings and cash-flow fragility at times.
  • Major investing outlays in some quarters: Large cash outlays for acquisitions (e.g., Q2 2026 acquisitions around -209.7 million) can pressure near-term liquidity and future cash flows.
  • Near-term profitability volatility: Net income has shown volatility, including quarters with losses (e.g., Q3 2025 and Q2 2025), which can introduce earnings risk even as other quarters post solid gains.
05/20/26 08:38 PM ETAI Generated. May Contain Errors.

AAR Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AAR's financial year ends in May. Their financial year 2025 ended on May 31, 2025.

AAR's net income appears to be on an upward trend, with a most recent value of $12.50 million in 2025, rising from $10.20 million in 2015. The previous period was $46.30 million in 2024. Check out AAR's forecast to explore projected trends and price targets.

AAR's total operating income in 2025 was $180 million, based on the following breakdown:
  • Total Gross Profit: $527.70 million
  • Total Operating Expenses: $347.70 million

Over the last 10 years, AAR's total revenue changed from $1.62 billion in 2015 to $2.78 billion in 2025, a change of 71.5%.

AAR's total liabilities were at $1.63 billion at the end of 2025, a 3.3% increase from 2024, and a 168.1% increase since 2015.

In the past 10 years, AAR's cash and equivalents has ranged from $10.30 million in 2017 to $404.70 million in 2020, and is currently $96.50 million as of their latest financial filing in 2025.

Over the last 10 years, AAR's book value per share changed from 21.23 in 2015 to 33.56 in 2025, a change of 58.1%.



Financial statements for NYSE:AIR last updated on 3/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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