AIR T INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AIR T INC 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	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	148	195	216	237	175	177	247	287	292	327
Research and development	1.04	0.2
General and administrative	22.2	29.1	33.6	39.8	34.3	29.8	42.8	51.1	57.8	80.8
Operating expenses	152	190	206	229	184	168	252	286	290	345
Operating income	-3.1	4.25	9.33	7.29	-9.18	8.76	-4.41	1.26	1.91	-11.2
Interest expense		1.72	3.43	4.69	4.62	4.95	7.94	6.92	8.39	12
Interest income		0.06	0.06	0	0.02	0.23	0.33	0.09	0.38	0.75
Other non-operating income	-1.12	-1.59	-3.36	-4.67	-2.61	4.64	-6.95	-5.22	-6.9	97.2
Pre-tax income	-4.22	2.65	5.97	2.62	-11.8	13.4	-11.4	-3.96	-4.99	86
Income tax	0.73	0.2	1.76	-0.54	-3.39	1.17	0.43	0.73	0.42	1.37
Income from continuing operations			2.35	-0.41	-7.28	10.9
Net income to minority interests	-1.73	0.18	1.86	3.58	-1.11	1.3	0.51	2.14	0.73	6.67
Net income	-3.21	2.28	1.34	7.66	-7.28	10.9	-12.3	-6.82	-6.14	78
EBITDA	0.08	6.67	16.6	13	-6.07	10.6	-0.25	4.06	6.26	1.14
EPS, basic	-1.01	0.74	0.44	2.74	-2.53	3.79	-4.32	-2.42	-2.23	28.85
EPS, diluted	-1.01	0.74	0.44	2.73	-2.53	3.78	-4.32	-2.42	-2.23	28.85
Shares, basic (weighted)	3.19	3.06	3.05	2.79	2.88	2.88	2.85	2.82	2.75	2.7
Shares, diluted (weighted)	3.19	3.07	3.06	2.8	2.88	2.89	2.85	2.82	2.75	2.7

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	2.76	4.8	12.4	5.95	11	5.62	5.81	7.1	5.93	20.3
Short-term investments	2.13	0.29	1.76	1.68	1.41	0.86	0	0.53	0.42	1.03
Receivables	18.9	15.2	10.9	13.1	6.51	19.7	27.2	22.9	23.9	39.9
Inventory	19.8	34.2	27.5	60.6	72	75.2	71.1	60.7	38.5	77.1
Other current assets	1.67	0.66	6.14	5.28	4.07	10.1	3.26	3.48	4.68	7.62
Total current assets	48.9	61.7	71.3	98.5	106	128	117	103	78.5	160
Property, plant and equipment	5.32	4.61	4.26	5.27	8.52	21.2	21.4	20.9	20.3	162
Lease right-of-use assets			0	8.12	7.76	7.35	11.7	11.4	13.3	14.6
Goodwill	4.42	4.42	4.23	4.23	4.23	10.1	10.6	10.5	10.5	11.8
Intangible assets	1.38	1.31	1	0.75	1.6	13.3	12.1	11	10	13
Other non-current assets	0.37	0.42	0.2	2.17	6.27	3.03	3.92	3.63	1.64	7.47
Total assets	65.3	97.1	115	151	141	208	190	177	174	409
Accounts payable	11.6	10.2	11.4	10.9	8.34	9.4	10.4	15.1	17.8	37
Accrued liabilities	8.67	11.7	8.91			13.4	13.1	15.7	16.7	49.7
Deferred revenue		0.59	1.52
Short-term debt	0.03	9.23
Total current liabilities	20.3	31.2	52.8	67.7	28.2	30.9	64.3	46.8	47.7	95.5
Lease liabilities			0	7.47	7.08	6.73	10.8	10.5	11.8	12.2
Other non-current liabilities	3.04	0.79	0.6	1.4	1.73	1.34	0.05	0	0.87	2.02
Total liabilities	41.7	70.9	86.3	120	119	171	164	158	168	318
Total debt		48.1	57.7	85.8	87.5	136	125	113	110	208
Paid-in capital	4.21	4.17	2.87	2.64	0	0.39	0.73	0.86	0.95	1.12
Retained earnings	18.5	20.7	21.2	23.8	16.3	26.7	13.7	8.19	2.13	80.1
Treasury stock			0	-2.62	-2.62	-3	-4.08	-4.96	-6.4	-6.43
Other comprehensive income	-0.21	-0.26	-0.21	-0.54	-0.68	-0.26	0.82	-0.08	-0.65	4.25
Shareholders' equity	23	25.1	24.4	24	13.7	24.6	11.9	4.77	-3.22	79.8
Minority interests	-0.8	-0.87	-1	1.01	0.99	1.1	1.08	1.05	1.7	1.07
Total equity	22.2	24.2	23.4	25	14.7	25.7	13	5.82	-1.52	80.9
Total liabilities and equity	65.3	97.1	115	151	141	208	190	177	174	409
Shares outstanding	3.06	3.07	2.02	2.88	2.88	2.87	2.82	2.78	2.7	2.7

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-4.94	2.46	3.2	11.2	-8.39	12.2	-11.8	-4.68	-5.41	84.7
Depreciation and amortization	3.18	2.43	7.27	5.71	3.11	1.86	4.16	2.8	4.36	12.3
Deferred income tax	-0.66	-0.01	-1.16			-0.37	-0.61	0.03	-0.3	-0.65
Change in receivables	-5.52	4.74	-1.86	-2.24	6.07	-12.7	-6.29	4.05	-1.81	-3.35
Change in inventory	-7.85	-6.76	9.57	-29.6	-0.13	-17.6	10.2	9.1	20.6	-24.1
Change in payables	4.15	1.66	5.23	1.51	-2.52	1.05	0.99	4.62	2.71	16.3
Cash from operations	-7.55	-0.28	20.9	-25.1	-1.82	-33.1	16.9	17.2	23.5	-25
Capital expenditures	-2.35	-2.12	-1.17	-2.44	-3.9	-1.53	-1.18	-1.08	-1.08	-16.5
Acquisitions	-4.57	-2.4	-3.38	-0.5	-0.54	-12.8	-2.5	0	0	-6.71
Purchases of investments	-2.72	-0.32	-0.1	-0.63	-0.66	0
Sales and maturities of investments	6	0.72	0.89	0.24	2.45	0.82	0
Cash from investing	-3.7	-27	-23	8.61	2.52	-33.4	-6.17	-2.5	-20.2	-21.8
Debt issued		38.4	27.7	35.9	59.3	34.2	10.6	24.9	24.9	76.3
Debt repaid		-4.82	-15.7	-47.4	-27.3	-3.81	-27.9	-28.3	-35
Stock issued		0.01	0.02
Share buybacks	-7.92		-0.74					-0.88	-1.45	-0.03
Cash from financing	8.69	28.7	9.55	19.2	0.07	59.3	-12.4	-13.9	-4.8	65.4
Exchange rate effect	-0.02	-0	0.1	0.26	-0.41	-0.34	0.36	-0.02	0.41	-0.04
Net change in cash	-2.58	1.42	7.57	3.03	0.36	-7.56	-1.28	0.75	-1.09	18.5
Free cash flow	-9.9	-2.4	19.8	-27.5	-5.72	-34.6	15.7	16.1	22.4	-41.5
Interest paid	0.3	1.07	2.88	3.31	2.73	1.52	5.87	3.89	8.4	8.5
Income taxes paid	1.09	1.66	0.53	1.49	0.48	0.43	1.03	0.92	0.98	0.85

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-6.7%	Operating income / revenue.
EBITDA margin	-1.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.3%	Pre-tax income / revenue.
Net margin	17.2%	Net income / revenue.
FCF margin	-17.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-7.2%	Cash from operations / revenue.
Effective tax rate	3.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	97.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.6%	Net income / average total assets.
Return on invested capital (ROIC)	-8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	10.1%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-686.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-81.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-206.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-285.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	88.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	42.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	135.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	29.2%	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	23.8%	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	-1.7%	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	-1.7%	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	-1.3%	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	1.43x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.78x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	52.5%	Total debt / total assets.
Liabilities / assets	82.3%	Total liabilities / total assets.
Net debt	$228.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.61x	Operating income / interest expense.
Working capital	$47.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	2.12x	Revenue / average property, plant and equipment.
Receivables turnover	11.2x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
FCF conversion	-100.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$23.67	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.
Revenue per share	$137.86	Revenue / diluted weighted shares.
FCF per share	-$23.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$9.93	Cash from operations / diluted weighted shares.
Book value per share	$24.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.26	Tangible book value / shares outstanding.
Cash per share	$6.66	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$77.9M	Share price x shares outstanding.
Enterprise value	$306.3M	Market cap + total debt - cash - short-term investments.
P/E	1.22x	Market cap / net income. Only when net income is positive.
P/S	0.21x	Market cap / revenue.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	0.82x	Enterprise value / revenue.
FCF yield	-82.7%	Free cash flow / market cap.
Earnings yield	82.0%	Net income / market cap (the inverse of P/E).

What was AIR T INC's revenue in fiscal 2026?

AIR T INC reported revenue of $327.1M for fiscal 2026, 12.1% higher than the year before.

Was AIR T INC profitable in fiscal 2026?

Yes. Net income was $78.0M, a net margin of 23.8%.

How much free cash flow did AIR T INC generate in fiscal 2026?

Cash from operations of $25.0M minus capital expenditures of $16.5M left free cash flow of -$41.5M.

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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