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AAR Corp (AIR) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · AEROSPACE & DEFENSE · DATA UPDATED 2026-08-16

AAR Corp (AIR) operates in the AEROSPACE & DEFENSE industry and is headquartered in Wood Dale, United States with about 7,100 employees. Its market capitalization is roughly $5 billion. In the fiscal year ended 2026-05-31, AIR reported $3.3B in revenue and $188M in net income.

AAR Corp. provides products and services to commercial aviation, government, and defense markets in North America, Europe, Africa, Asia, and internationally. It operates through four segments: Parts Supply; Repair, Engineering, and Software; Government Solutions; and Legacy Commercial Programs.

Interactive charts & full statements → Open the AIR valuation workbench →

AIR Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-05-31	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31	2021-05-31	2020-05-31	2019-05-31	2018-05-31	2017-05-31	2016-05-31	2015-05-31	2014-05-31	2013-05-31	2012-05-31	2011-05-31	2010-05-31	2009-05-31	2008-05-31	2007-05-31
Total Revenue	$3.3B	$3.3B	$2.8B	$2.3B	$2.0B	$1.8B	$1.7B	$2.1B	$2.1B	$1.7B	$1.8B	$1.7B	$1.6B	$2.0B	$2.1B	$2.1B	$1.8B	$1.4B	$1.4B	$1.4B	$1.1B
Gross Profit	$622M	$622M	$528M	$442M	$370M	$313M	$276M	$269M	$330M	$295M	$276M	$237M	$159M	$340M	$314M	$319M	$303M	$244M	$242M	$264M	$184M
Gross Margin %	18.8%	18.8%	19.0%	19.1%	18.6%	17.2%	16.7%	13.0%	16.1%	16.9%	15.6%	14.2%	10.0%	16.7%	14.7%	15.4%	17.1%	18.0%	17.0%	19.1%	17.3%
Operating Income (EBIT)	$273M	$271M	$185M	$129M	$134M	$107M	$85M	$41M	$98M	$86M	$80M	$66M	($12M)	$146M	$123M	$131M	$139M	$90M	$103M	$135M	$95M
Operating Margin %	8.2%	8.2%	6.7%	5.6%	6.7%	5.9%	5.2%	2.0%	4.8%	4.9%	4.5%	4.0%	-0.8%	7.2%	5.7%	6.3%	7.8%	6.7%	7.2%	9.7%	9.0%
Net Income	$188M	$188M	$12M	$46M	$90M	$79M	$36M	$25M	$8M	$16M	$56M	$48M	$10M	$73M	$55M	$68M	$70M	$45M	$79M	$75M	$59M
Net Margin %	5.7%	5.7%	0.4%	2.0%	4.5%	4.3%	2.2%	1.2%	0.4%	0.9%	3.2%	2.9%	0.6%	3.6%	2.6%	3.3%	3.9%	3.3%	5.5%	5.4%	5.5%
EBITDA	$394M	$346M	$170M	$143M	$161M	$144M	$73M	$87M	$142M	$126M	$118M	$115M	($12M)	$208M	$212M	$212M	$198M	$130M	$179M	$177M	$95M
Earnings Per Share (EPS)	$4.96	$4.89	$0.35	$1.31	$2.57	$2.19	$1.01	$0.71	$0.21	$0.45	$1.65	$1.38	$0.26	$1.86	$1.35	$1.57	$1.60	$1.04	$1.84	$1.72	$1.40
Shares Outstanding (M)	40M	38M	36M	35M	35M	36M	35M	35M	35M	35M	34M	35M	39M	39M	41M	43M	44M	43M	43M	44M	42M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AIR Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31
Total Revenue	$928M	$845M	$795M	$740M	$754M	$678M	$686M	$662M
Gross Profit	$177M	$155M	$157M	$134M	$150M	$132M	$129M	$117M
Gross Margin %	19.0%	18.3%	19.7%	18.1%	19.9%	19.4%	18.7%	17.7%
Operating Income (EBIT)	$75M	$64M	$68M	$65M	$73M	$71M	($2M)	$43M
Operating Margin %	8.1%	7.6%	8.6%	8.8%	9.7%	10.5%	-0.3%	6.6%
Net Income	$51M	$68M	$35M	$34M	$34M	($9M)	($31M)	$18M
Net Margin %	5.5%	8.1%	4.3%	4.7%	4.5%	-1.3%	-4.5%	2.7%
EBITDA	$99M	$131M	$84M	$80M	$80M	$20M	$11M	$58M
Earnings Per Share (EPS)	$1.28	$1.79	$0.94	$0.96	$0.96	$-0.25	$-0.87	$0.51
Shares Outstanding (M)	40M	38M	37M	36M	36M	35M	35M	36M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AIR Free Cash Flow History

Cash flow	TTM → 2026-05-31	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31	2021-05-31	2020-05-31	2019-05-31	2018-05-31	2017-05-31	2016-05-31	2015-05-31	2014-05-31	2013-05-31	2012-05-31	2011-05-31	2010-05-31	2009-05-31	2008-05-31	2007-05-31
Cash from Operations (CFO)	$101M	$99M	$36M	$44M	$23M	$75M	$105M	($36M)	$67M	$64M	$22M	$32M	($43M)	$140M	$163M	$94M	$109M	$153M	$64M	$17M	($21M)
Capital Expenditures (CapEx)	$65M	$65M	$35M	$30M	$30M	$17M	$11M	$24M	$17M	$22M	$34M	$88M	$46M	$26M	$38M	$91M	$125M	$29M	$28M	$30M	$30M
Free Cash Flow (FCF)	$36M	$33M	$1M	$14M	($6M)	$58M	$94M	($60M)	$50M	$42M	($12M)	($56M)	($89M)	$113M	$125M	$3M	($16M)	$124M	$37M	($13M)	($51M)
FCF Margin %	1.1%	1.0%	0.1%	0.6%	-0.3%	3.2%	5.7%	-2.9%	2.4%	2.4%	-0.7%	-3.4%	-5.6%	5.6%	5.9%	0.1%	-0.9%	9.2%	2.6%	-1.0%	-4.8%
Dividends Paid	—	—	—	—	$190M	$17M	$0M	$11M	$10M	$10M	$10M	$10M	$12M	$12M	$13M	$12M	$3M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AIR Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31
Cash from Operations (CFO)	$58M	$75M	$14M	($45M)	$51M	($19M)	$22M	($19M)
Capital Expenditures (CapEx)	$16M	$33M	$7M	$9M	$10M	$8M	$8M	$8M
Free Cash Flow (FCF)	$42M	$42M	$6M	($54M)	$41M	($27M)	$14M	($26M)
FCF Margin %	4.5%	4.9%	0.8%	-7.2%	5.5%	-4.0%	2.1%	-4.0%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AIR Balance Sheet History

Balance sheet	2026-05-31	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31	2021-05-31	2020-05-31	2019-05-31	2018-05-31	2017-05-31	2016-05-31	2015-05-31	2014-05-31	2013-05-31	2012-05-31	2011-05-31	2010-05-31	2009-05-31	2008-05-31	2007-05-31
Total Assets	$3.4B	$3.4B	$2.8B	$2.8B	$1.8B	$1.6B	$1.5B	$2.1B	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$2.2B	$2.1B	$2.2B	$1.7B	$1.5B	$1.4B	$1.4B	$1.1B
Cash & Cash Equivalents	$84M	$84M	$96M	$86M	$68M	$54M	$52M	$405M	$21M	$31M	$10M	$31M	$55M	$89M	$75M	$68M	$57M	$79M	$113M	$109M	$83M
Total Liabilities	$1.7B	$1.7B	$1.6B	$1.6B	$734M	$539M	$565M	$1.2B	$611M	$588M	$590M	$590M	$609M	$1.2B	$1.2B	$1.3B	$868M	$754M	$679M	$777M	$573M
Total Debt (Short + Long-Term)	$894M	$894M	$980M	$999M	$289M	$110M	$139M	$688M	$226M	$347M	$155M	$148M	$154M	$634M	$709M	$792M	$428M	$437M	$457M	$531M	$328M
Total Shareholders' Equity	$1.7B	$1.7B	$1.2B	$1.2B	$1.1B	$1.0B	$974M	$903M	$906M	$936M	$914M	$866M	$845M	$1.0B	$919M	$865M	$835M	$747M	$697M	$585M	$494M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AIR viewer.

Other Companies in AEROSPACE & DEFENSE

MRCY · Mercury Systems Inc — $5 billion
BETA · Beta Technologies, Inc. — $5 billion
VSEC · VSE Corporation — $5 billion
KRMN · Karman Holdings Inc. — $5 billion
ACHR · Archer Aviation Inc — $4 billion
FLY · Firefly Aerospace Inc. Common Stock — $4 billion
ATRO · Astronics Corporation — $3 billion
RDW · Redwire Corp — $3 billion

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