AAR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AAR CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,591	1,748	2,052	2,072	1,652	1,820	1,991	2,319	2,781	3,308
Cost of revenue	788	841	1,722			1,507	1,620	1,877	2,253	2,686
Gross profit	263	294	330	269	276	313	370	442	528	622
Selling, general and administrative	179	208	215	221	182	202	230	312	348	349
Interest expense	5.3	8	9.5	9.3	5	2.4	12.2	43.2	75.4	72.1
Interest income	0.1	0.1	1	0.5	0.2	0.1	1	2.2	1.8	1.6
Other non-operating income		-0.9	-0.8	-2.1	4.3	2.2	-0.8	-0.4	-0.3	-2.1
Pre-tax income							121	58.3	38.9	246
Income tax	25.1	3.5	4.9	5.6	18.2	26.6	31.4	12	26.4	58.2
Income from continuing operations	52	73.7	84.1	24.8	46.3	78.5	89.8	46.3	12.5
Net income	56.5	15.6	7.5	4.4	35.8	78.7	90.2	46.3	12.5	188
EPS, basic	1.66	0.44	0.20	0.12	1.01	2.20	2.56	1.30	0.35	4.88
EPS, diluted	1.64	0.41	0.21	0.13	1.00	2.17	2.53	1.29	0.35	4.86
Shares, basic (weighted)	33.9	34.2	34.5	34.8	35	35.6	34.7	35.1	35.6	38.3
Shares, diluted (weighted)	34.3	34.6	34.9	35	35.3	36	35.1	35.4	35.8	38.4
Dividend per share	0.30	0.30	0.30

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	10.3	31.1	21.3	405	51.8	53.5	68.4	85.8	96.5	84
Receivables	235	202	198	172	167	214	241	287	355	387
Inventory	433	461	524	623	541	551	574	733	809	979
Other current assets	19.1	26.2	36.2	77.2	27.7	40.4		58.6	97.1	120
Total current assets	888	943	953	1,439	937	1,007	1,098	1,390	1,511	1,742
Property, plant and equipment	117	133	133	136	120	110	126	172	159	167
Lease right-of-use assets				89.7	75.8	73	63.7	96.6	93.3	211
Goodwill	106	119	116	116	119	116	176	555	531	580
Intangible assets	30.6	27.8	22.2	6	4.5	3.3	63.7	235	220	282
Other non-current assets	105	119	77.5	81.5	98.8	97.8	128	156	159	194
Total assets	1,504	1,525	1,517	2,079	1,540	1,574	1,833	2,770	2,845	3,356
Accounts payable	164	170	188	192	127	156	159	238	303	296
Accrued liabilities	140	138	141	162	174	175	180	219	252
Deferred revenue			12.6	11.2	25.9	20.5	19.7	14.7	40.3	50.3
Short-term debt	0.1
Total current liabilities	335	333	358	383	337	348	352	467	555	613
Long-term debt	154	177	142	600	134	98.9	270	985	968	894
Lease liabilities				70.9	59.9	57.4	48.2	80.3	79.6	101
Other non-current liabilities									12.3	20.8
Total liabilities	590	588	611	1,176	565	539	734	1,580	1,633	1,652
Total debt	154	177	142	600	134	98.9	270	985	968	894
Paid-in capital	461	471	479	479	480	478	485	494	505	790
Retained earnings	728	733	710	706	742	820	911	957	969	1,157
Treasury stock	-280	-281	-288	-283	-274	-289	-318	-298	-303	-288
Other comprehensive income	-39.9	-32	-40.9	-44.6	-18.3	-19.6	-23.5	-8.8	-5.6	-3.9
Shareholders' equity						1,035	1,099	1,190	1,212	1,704
Total equity	914	936	906	903	974	1,035	1,099	1,190	1,212	1,704
Total liabilities and equity	1,504	1,525	1,517	2,079	1,540	1,574	1,833	2,770	2,845	3,356

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	56.5	15.6	7.5	4.4	35.8	78.7	90.2	46.3	12.5	188
Depreciation and amortization	35.7	40.5	42.8	43.7	36.3	33.1	27.2	40.2	55.2	72.1
Stock-based compensation	11	15.3	13.5	7.3	9.2	8.2	13.5	15.3	19.9	17.8
Deferred income tax	12.5	-12.9	-5	0.5	8.4	8.7	-2.2	-20.5	-5.5	-3.2
Change in receivables	-16.8	35.4	-34.4	14.8	-4.5	-49	-18.1	-5.3	-82.8	7.7
Change in inventory	-23.3	-25.8	-80.9	-94.5	74.9	-10.4	-23.6	-90.4	-109	-69
Change in payables	19.6	1.8	17.5	4.1	-62.6	29.4		59.4	70.5	-49.9
Cash from operations	21.8	64.3	67.4	-36.1	105	75.2	23.3	43.6	36.1	98.7
Capital expenditures	-25.2	-22	-17.4	-23.6	-11.3	-17.3	-29.5	-29.7	-34.7	-36.6
Acquisitions	-12.5	-22.9	-2.3				-103	-723	-1.5	-259
Cash from investing	-30.1	-42.9	-19	-24.8	-0.5	-16.5	-138	-759	10.7	-309
Debt issued		24.8						550		153
Debt repaid	-10		-25			-24.7
Stock issued	8.5	11.6	8.5							274
Share buybacks	-19.8	-13.1	-10.3	-4.1		-42.4	-50.1	-5.1	-10.1
Dividends paid	-10.2	-10.3	-10.5	-10.7	-0.1
Cash from financing	-12.1	10	-48.7	445	-470	-59.8	138	729	-33.7	209
Exchange rate effect	-0.5
Net change in cash	-20.9	31.3	-0.5	384	-365	-1.3	22.9	14.3	13.1	-1.4
Free cash flow	-3.4	42.3	50	-59.7	93.9	57.9	-6.2	13.9	1.4	62.1
Interest paid	4.4	7.2	8.8	8.6	4.3	2.1	11.1	31.9	74.4	71.7
Income taxes paid	12.7	17	7	14.3	8.2	23.9	35.7	41.8	23.7	49.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $116.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.8%	Gross profit / revenue.
Pre-tax margin	7.4%	Pre-tax income / revenue.
Net margin	5.7%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.0%	Cash from operations / revenue.
Effective tax rate	23.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
SG&A / revenue	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,402.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	39.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,289.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	37.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	173.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	61.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4,336.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-7.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	40.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	18.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.84x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	49.2%	Total liabilities / total assets.
Net debt	$809.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.13B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$841.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	20.3x	Revenue / average property, plant and equipment.
Inventory turnover	3.00x	Cost of revenue / average inventory.
Days inventory	121 days	365 x average inventory / cost of revenue.
Receivables turnover	8.92x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	122 days	Days inventory + days sales outstanding - days payables.
FCF conversion	33.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	37.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$4.88	Net income per basic share, as reported (split-adjusted).
Revenue per share	$86.15	Revenue / diluted weighted shares.
FCF per share	$1.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.57	Cash from operations / diluted weighted shares.
Book value per share	$44.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.92	Tangible book value / shares outstanding.
Cash per share	$2.19	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.67B	Share price x shares outstanding.
Enterprise value	$5.48B	Market cap + total debt - cash - short-term investments.
P/E	24.9x	Market cap / net income. Only when net income is positive.
P/S	1.41x	Market cap / revenue.
P/B	2.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.55x	Market cap / tangible book value, when positive.
P/FCF	75.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	47.4x	Market cap / cash from operations, when positive.
EV/Sales	1.66x	Enterprise value / revenue.
EV/FCF	88.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
PEG	1.02x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AAR CORP's revenue in fiscal 2026?

AAR CORP reported revenue of $3.31B for fiscal 2026, 19% higher than the year before.

Was AAR CORP profitable in fiscal 2026?

Yes. Net income was $187.7M, a net margin of 5.7%.

How much free cash flow did AAR CORP generate in fiscal 2026?

Cash from operations of $98.7M minus capital expenditures of $36.6M left free cash flow of $62.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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