AeroVironment Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AeroVironment 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	233	271	314	367	395	446	541	717	821	1,977
Cost of revenue	134	162	186	214	230	304	367	433	502	1,476
Gross profit	96.9	108	128	153	165	141	174	284	319	501
Research and development	28.5	26.4	34.2	46.5	53.8	54.7	64.3	97.7	101	128
Selling, general and administrative	47.6	50.8	60.3	59.5	67.5	96.4	132	114	159	443
Selling and marketing								109	155	313
Operating income	20.8	30.4	33.8	47.1	43.3	-9.89	-179	71.8	40.8	-311
Interest expense										24.2
Interest income	1.62	2.24	4.67	4.83						18.6
Other non-operating income	0.17	-0.05	12	0.71	-8.33	-10.3	-0.35	-4.37	1.06	11
Pre-tax income	22.4	31.3	46.5	47.2	23.9	-13.3	-191	61.6	44.5	-288
Income tax	4.76	9.8	4.64	5.85	0.54	-10.4	-14.7	1.89	0.88	-23.1
Income from continuing operations	17.7	21.8	41.9	41.3	23.3	-4.19
Net income to minority interests	-0.02	-0.22				0	0.05
Net income	13.1	17.9	47.4	41.1	23.3	-4.19	-176	59.7	43.6	-265
EBITDA	25.8	36.4	41.5	57	62.6	50.9	-78.7	108	81.8	-46
EPS, basic	0.57	0.76	2.00	1.73	0.97	-0.17	-7.04	2.19	1.56	-5.40
EPS, diluted	0.56	0.75	1.97	1.71	0.96	-0.17	-7.04	2.18	1.55	-5.40
Shares, basic (weighted)	23.1	23.5	23.7	23.8	24	24.7	25	27.2	28	49.1
Shares, diluted (weighted)	23.3	23.8	24.1	24.1	24.4	24.7	25	27.3	28.2	49.1

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	79.9	144	173	255	149	77.2	133	73.3	40.9	377
Short-term investments	120	114	150	47.5	32	24.7				255
Receivables	68.7	56.8	31.1	73.7	62.6	60.2	87.6	70.3	102	316
Inventory	40.9	37.4	54.1	45.5	71.6	90.6	139	150	144	313
Other current assets	5.53	5.1	7.42	6.25	15	11.5	12	22.3	29	52.5
Total current assets	354	399	470	504	402	369	477	516	607	1,890
Property, plant and equipment	16	19.2	16.9	21.7	58.9	62.3	39.8	46.6	50.7	167
Lease right-of-use assets				8.79	22.9	26.8	27.4	30	31.9	100
Goodwill	0.12			6.34	314	334	181	276	257	2,494
Intangible assets	1.82	0.63	0.46	13.6	106	97.2	43.6	72.2	48.7	930
Long-term investments	42.1	40.7	9.39	15	12.2	15.4	23.6	21	31.6	81.1
Other non-current assets	2.01	3	5.82	10.6	10.4	1.93	5.22	13.5	32.9	54.6
Total assets	433	473	509	585	929	914	825	1,016	1,121	5,717
Accounts payable	15.9	21.3	16	19.9	24.8	19.2	31.4	48.3	72.5	161
Accrued liabilities	10.9	16.9	18.5	24	28.1	25.4	35.6	44.3	44.3	98.1
Deferred revenue		3.56	2.96	7.9	7.18	8.97	16.6	11.2	16	79.6
Short-term debt					10	10	7.5	10
Total current liabilities	48.1	62.1	44.9	67	96.2	101	121	145	172	439
Long-term debt					188	178	126	17.1	30	729
Lease liabilities				6.83	19.1	21.9	21.2	22.7	23.8	88.2
Other non-current liabilities	0.18	0.62	0.15	0.25	10.1	0.77	0.75	2.13	2.03	1.99
Total liabilities	49.2	64.4	46.3	75.1	316	306	274	193	234	1,316
Total debt					200	190	135	28	30	748
Paid-in capital	162	170	176	181	260	267	384	598	619	4,397
Retained earnings	220	239	286	328	351	347	171	231	274	9.18
Other comprehensive income	-0.13	-0.02	0	0.33	0.34	-6.51	-4.45	-5.59	-6.51	-5.64
Shareholders' equity	382	409	463	510	612	608	551
Minority interests	0.24	0.02	0		0.01	0.24
Total equity	383	409	463	510	612	608	551	823	887	4,400
Total liabilities and equity	433	473	509	585	929	914	825	1,016	1,121	5,717
Shares outstanding	23.6	23.9	23.9	24.1	24.8	25	26.2	28.1	28.3	50.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	13.1	17.6	47.4	41.1	23.3	-4.19	-176	59.7	43.6	-265
Depreciation and amortization	5.05	5.98	7.67	9.89	19.3	60.8	100	35.7	41	265
Stock-based compensation	3.39	4.96	6.99	6.23	6.93	5.39	10.8	17.1	21.5	38.3
Deferred income tax	0.18	2.89	2.46	2.45	-3	-7.79	-19.9	-20.5	-20.7	-27.1
Change in receivables	-19.7	11.1	25.8	-42.9	17.2	3.08	-27.4	19.2	-31.8	-129
Change in inventory	-16.8	1.19	-16.6	8.86	-6.36	-29.4	-61.8	-23	2.97	-112
Change in payables	0.55	5.74	-7.05	3.13	2.57	-7.04	12.5	13	22.3	28.1
Cash from operations	-8.25	69.8	26.9	25.1	86.5	-9.62	11.4	15.3	-1.32	-78.4
Capital expenditures	-9.02	-9.56	-8.9	-11.2	-11.3	-22.3	-14.9	-23	-19.5	-62.5
Acquisitions	-0.43
Purchases of investments				-107	-126	-23.9	-1.33			-370
Sales and maturities of investments		0.45	2.25	201	146	35.9	26.1			94.5
Cash from investing	-36.5	-6.4	11.5	59.2	-379	-52.3	-7	-51.7	-28.5	-1,233
Debt issued					200
Debt repaid							-55	-107	-28	-700
Stock issued	3.87	2.71	0.07	0.1	1.52	2.78	105	88.4	1.84
Cash from financing	3.47	2.02	-1.18	-1.83	194	-16.6	50.8	-22.9	-2.86	1,647
Exchange rate effect						-1.32
Net change in cash	-44.4	63.6	29.2	82.4	-98.1	-79.8	55.6	-59.6	-32.4	336
Free cash flow	-17.3	60.3	18.1	13.9	75.3	-31.9	-3.47	-7.69	-20.9	-141
Interest paid						5.03	10.2	6.82	1.76	12.8
Income taxes paid	1.8	1.81	6.78	0.53	2.41	1.88	2.91	20.4	24.6	3.61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $152.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.5%	Gross profit / revenue.
Operating margin	-12.6%	Operating income / revenue.
EBITDA margin	-1.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.5%	Pre-tax income / revenue.
Net margin	-10.1%	Net income / revenue.
FCF margin	-1.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.9%	Cash from operations / revenue.
Return on assets (ROA)	-3.5%	Net income / average total assets.
R&D / revenue	5.9%	Research and development expense / revenue.
SG&A / revenue	21.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	11.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	140.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	54.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	57.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	42.4%	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	24.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-862.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-156.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-707.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-448.4%	EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	410.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	90.7%	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	43.8%	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	74.2%	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	25.1%	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	15.0%	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	4.26x	Current assets / current liabilities.
Quick ratio	1.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.31x	(Cash + short-term investments) / current liabilities.
Debt / assets	13.0%	Total debt / total assets.
Liabilities / assets	23.3%	Total liabilities / total assets.
Net debt	$167.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.44B	Current assets - current liabilities.
Goodwill and intangibles / assets	59.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	9.88x	Revenue / average property, plant and equipment.
Inventory turnover	3.58x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	10.9x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	92 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	142.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.07	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	$40.20	Revenue / diluted weighted shares.
FCF per share	-$0.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.18	Cash from operations / diluted weighted shares.
Cash per share	$11.42	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.73B	Share price x shares outstanding.
Enterprise value	$7.89B	Market cap + total debt - cash - short-term investments.
P/S	3.86x	Market cap / revenue.
P/OCF	131x	Market cap / cash from operations, when positive.
EV/Sales	3.94x	Enterprise value / revenue.
FCF yield	-0.3%	Free cash flow / market cap.
Earnings yield	-2.6%	Net income / market cap (the inverse of P/E).

What was AeroVironment Inc's revenue in fiscal 2026?

AeroVironment Inc reported revenue of $1.98B for fiscal 2026, 140.9% higher than the year before.

Was AeroVironment Inc profitable in fiscal 2026?

No. It reported a net loss of $265.1M.

How much free cash flow did AeroVironment Inc generate in fiscal 2026?

Cash from operations of $78.4M minus capital expenditures of $62.5M left free cash flow of -$140.9M.

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.

Open interactive statements, quarterly figures and charts

Back to AeroVironment Inc