AAR Corp (AIR) financial statements: income statement, balance sheet and cash flow
AAR Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (May 31, 2026 · FY), AAR Corp reported revenue of $3.3B (+19.0% year on year) and net income of $187.7M (+1401.6% year on year).
Income statement
AAR Corp income statement, fiscal years
Line item
May 31, 2026 · FY
May 31, 2025 · FY
May 31, 2024 · FY
May 31, 2023 · FY
Sales
$3.3B
$2.8B
$2.3B
$2.0B
Cost of sales
$2.7B
$2.3B
$1.9B
$1.6B
Gross profit
$622.0M
$527.7M
$442.3M
—
Provision for credit losses
$2.1M
$200.0K
$700.0K
$2.6M
Selling, general and administrative
$349.3M
$347.7M
$312.2M
$230.4M
Earnings (Loss) from joint ventures
$7.2M
$5.4M
($200.0K)
($3.2M)
Operating income
$277.8M
$185.2M
$129.2M
$133.9M
Bargain purchase gain
$29.5M
—
—
—
Gain on sale of headquarters building
$9.8M
—
—
—
Gain (Loss) related to sale and exit of businesses
$1.4M
($72.4M)
—
—
Other expense, net
($2.1M)
($300.0K)
($400.0K)
($800.0K)
Interest expense
($72.1M)
($75.4M)
($43.2M)
($12.2M)
Interest income
$1.6M
$1.8M
$2.2M
$1.0M
Income (loss) before income tax expense
$245.9M
$38.9M
—
—
Income tax expense
$58.2M
$26.4M
$12.0M
$31.4M
Net income
$187.7M
$12.5M
$46.3M
$90.2M
Earnings per share - basic (in dollars per share)
$4.88
$0.35
$1.30
$2.56
Earnings per share - diluted (in dollars per share)
$4.86
$0.35
$1.29
$2.53
Weighted average shares outstanding - basic (in shares)
38.3M
—
—
—
Weighted average shares outstanding - diluted (in shares)
38.4M
—
—
—
AAR Corp income statement, quarters
Line item
Aug 31, 2026 · Q1
Feb 28, 2026 · Q3
Nov 30, 2025 · Q2
Aug 31, 2025 · Q1
Sales
$918.0M
$845.1M
$795.3M
$739.6M
Cost of sales
$741.7M
$690.4M
$638.4M
$605.9M
Gross profit
$176.3M
$154.7M
$156.9M
$133.7M
Selling, general, and administrative
$107.0M
$89.8M
$88.7M
$71.2M
Earnings from joint ventures
$2.8M
$1.4M
($100.0K)
$3.0M
Operating income
$72.1M
$65.8M
$67.0M
$64.9M
Other expense, net
($500.0K)
($700.0K)
($200.0K)
($100.0K)
Interest expense
($16.6M)
($17.5M)
($19.1M)
($18.8M)
Interest income
$400.0K
$400.0K
$500.0K
$300.0K
Income before income taxes
$55.4M
$93.1M
$48.1M
$47.0M
Income tax expense
$15.3M
$25.1M
$13.5M
$12.6M
Net income
$40.1M
$68.0M
$34.6M
$34.4M
Earnings per share - basic (in dollars per share)
$1.01
$1.72
$0.91
$0.96
Earnings per share - diluted (in dollars per share)
$1.00
$1.71
$0.90
$0.95
Weighted average shares outstanding - basic (in shares)
39.6M
39.3M
37.8M
35.7M
Weighted average shares outstanding - diluted (in shares)
39.9M
39.5M
38.1M
35.9M
Balance sheet
AAR Corp balance sheet, fiscal years
Line item
May 31, 2026 · FY
May 31, 2025 · FY
May 31, 2024 · FY
May 31, 2023 · FY
Cash and cash equivalents
$84.0M
$96.5M
$85.8M
$68.4M
Restricted cash
$23.8M
$12.7M
$10.3M
$13.4M
Accounts receivable, net
$386.8M
$354.8M
$287.2M
$241.3M
Contract assets
$148.4M
$140.3M
$123.2M
$86.9M
Inventories
$979.0M
$809.2M
$733.1M
$574.1M
Prepaid expenses and other current assets
$120.1M
$52.6M
$58.6M
$49.7M
Total current assets
$1.7B
$1.5B
$1.4B
$1.1B
Land
$7.3M
$9.2M
$9.5M
$3.3M
Buildings and improvements
$92.7M
$118.3M
$118.1M
$95.9M
Equipment and furniture and fixtures
$309.1M
$309.7M
$324.1M
$295.7M
Property plant and equipment, gross
$409.1M
$437.2M
$451.7M
$394.9M
Accumulated depreciation
($242.2M)
($278.7M)
($280.0M)
($268.8M)
Property, Plant and Equipment, Net
$166.9M
$158.5M
$171.7M
$126.1M
Goodwill
$580.3M
$530.8M
$554.8M
$175.8M
Intangible assets, net
$281.6M
$219.6M
$235.4M
$63.7M
Operating lease right-of-use assets, net
$210.8M
$93.3M
$96.6M
$63.7M
Rotable assets, net
$180.3M
$172.4M
$166.3M
$178.1M
Other non-current assets
$193.9M
$159.4M
$155.6M
$127.8M
Total other assets
$1.4B
$1.2B
$1.2B
$609.1M
Total assets
$3.4B
$2.8B
$2.8B
$1.8B
Accounts payable
$295.6M
$303.1M
$238.0M
$158.5M
Deferred revenue
$50.3M
—
—
—
Other accrued liabilities
$267.3M
—
—
—
Total current liabilities
$613.2M
$554.7M
$466.9M
$351.5M
Long-term debt
$893.9M
$968.0M
$985.4M
$269.7M
Operating lease liabilities
$101.1M
$79.6M
$80.3M
$48.2M
Deferred tax liabilities
$23.1M
$18.4M
$23.9M
$33.6M
Other liabilities
$20.8M
$12.3M
$23.7M
$31.0M
Total noncurrent liabilities
$1.0B
$1.1B
$1.1B
$382.5M
Common stock, $1.00 par value, authorized 100,000,000 shares; issued 48,750,786 and 45,300,786 shares at cost, respectively
48.8M
45.3M
45.3M
45.3M
Capital surplus
$789.7M
$505.2M
$493.9M
$484.5M
Retained earnings
$1.2B
$969.4M
$956.9M
$910.6M
Treasury stock, 8,871,272 and 9,470,781 shares at cost, respectively
-287.9M
-302.7M
-297.5M
-317.8M
Accumulated other comprehensive loss
($3.9M)
($5.6M)
($8.8M)
($23.5M)
Total equity
$1.7B
$1.2B
$1.2B
$1.1B
Total liabilities and equity
$3.4B
$2.8B
$2.8B
$1.8B
AAR Corp balance sheet, quarters
Line item
Aug 31, 2026
Feb 28, 2026
Nov 30, 2025
Aug 31, 2025
Cash and cash equivalents
$104.5M
$78.5M
$75.6M
$80.0M
Restricted cash
$8.6M
$21.6M
$20.6M
$11.6M
Accounts receivable, less allowances of $14.3 and $14.2, respectively
$436.4M
$426.2M
$401.9M
$363.5M
Contract assets
$147.3M
$142.3M
$152.6M
$146.7M
Inventories
$1.0B
$958.2M
$910.8M
$861.5M
Prepaid expenses and other current assets
$134.1M
$136.9M
$128.8M
$103.6M
Total current assets
$1.8B
$1.8B
$1.7B
$1.6B
Property, plant, and equipment, net of accumulated depreciation of $247.8 and $242.2, respectively
$172.3M
$163.2M
$216.8M
$161.9M
Goodwill
$564.8M
$552.3M
$552.2M
$543.1M
Intangible assets, net of accumulated amortization of $61.4 and $53.7, respectively
$287.9M
$288.6M
$295.5M
$225.9M
Operating lease right-of-use assets, net
$205.3M
$192.8M
$105.1M
$91.0M
Rotable assets, net
$150.4M
$188.0M
$211.3M
$173.4M
Other non-current assets
$206.4M
$183.9M
$171.3M
$167.5M
Total other assets
$1.4B
$1.4B
$1.3B
$1.2B
Total assets
$3.4B
$3.3B
$3.2B
$2.9B
Accounts payable
$337.9M
$324.0M
$341.8M
$313.5M
Deferred revenue
$40.8M
—
—
—
Accrued liabilities
$272.0M
$329.0M
$252.4M
$225.0M
Total current liabilities
$650.7M
$653.0M
$594.2M
$538.5M
Long-term debt
$879.6M
$888.3M
$952.7M
$1.0B
Operating lease liabilities
$98.8M
$91.4M
$91.6M
$77.9M
Deferred tax liabilities
$22.5M
$18.0M
$21.2M
$21.5M
Other liabilities
$32.9M
$38.4M
$21.6M
$20.4M
Total noncurrent liabilities
$1.0B
$1.0B
$1.1B
$1.1B
Common stock, $1.00 par value, authorized 100,000,000 shares; issued 48,750,786 shares at cost
48.8M
48.8M
48.8M
45.3M
Capital surplus
$785.6M
$784.5M
$778.2M
$503.5M
Retained earnings
$1.2B
$1.1B
$1.0B
$1.0B
Treasury stock, x,xxx,xxx and 8,871,272 shares at cost, respectively
-286.0M
-291.6M
-297.8M
-298.1M
Accumulated other comprehensive loss
($3.2M)
($4.7M)
($6.4M)
($5.2M)
Total equity
$1.7B
$1.6B
$1.6B
$1.2B
Total liabilities and equity
$3.4B
$3.3B
$3.2B
$2.9B
Cash flow statement
AAR Corp cash flow statement, fiscal years
Line item
May 31, 2026 · FY
May 31, 2025 · FY
May 31, 2024 · FY
May 31, 2023 · FY
Net income
$187.7M
$12.5M
$46.3M
$90.2M
Depreciation and amortization
$72.1M
$55.2M
$41.2M
$27.9M
Amortization of financing costs
$3.2M
$2.6M
—
—
Stock-based compensation expense
$17.8M
$19.9M
$15.3M
$13.5M
Bargain purchase gain
($29.5M)
—
—
—
Gain on sale of building
($9.8M)
—
—
—
Provision for credit losses
$2.1M
$200.0K
$700.0K
$2.6M
Deferred tax benefit
($3.2M)
($5.5M)
($20.5M)
($2.2M)
Loss (Earnings) from joint ventures
($7.2M)
($5.4M)
$200.0K
$3.2M
Impairment charges and loss on sale of investments
$1.0M
—
—
—
Accounts receivable
$7.7M
($82.8M)
($5.3M)
($18.1M)
Contract assets
$8.1M
($26.6M)
($17.1M)
($13.7M)
Inventories
($69.0M)
($109.3M)
($90.4M)
($23.6M)
Prepaid expenses and other current assets
($11.9M)
($10.5M)
($20.5M)
($8.6M)
Rotable assets supporting long-term programs
($22.3M)
($23.9M)
$2.5M
($19.3M)
Accounts payable
($49.9M)
$70.5M
$59.4M
—
Accrued and other liabilities
$21.6M
$40.9M
$16.9M
($6.4M)
Other
($19.8M)
$29.4M
($8.0M)
($19.0M)
Net cash provided by operating activities-continuing operations
$98.7M
$36.1M
$43.8M
$23.8M
Net cash provided by operating activities
$98.7M
$36.1M
$43.6M
$23.3M
Property, plant and equipment expenditures
($36.6M)
($34.7M)
($29.7M)
($29.5M)
Acquisitions, net of cash acquired
($259.4M)
($1.5M)
($722.9M)
($103.3M)
Proceeds from sale of building and land
$25.1M
—
—
—
Proceeds from sale of business
$600.0K
$48.0M
—
—
Hangar expansion activity, net
($28.8M)
—
—
—
Joint venture and other investment activity
($9.6M)
($1.1M)
($5.9M)
($5.2M)
Net cash provided by (used in) investing activities
($308.7M)
$10.7M
($758.5M)
($138.0M)
Proceeds from equity offering, net
$273.9M
—
—
—
Proceeds from long-term borrowings, net
$153.0M
—
$550.0M
—
Short-term borrowings (repayments), net
($227.0M)
($20.0M)
$175.0M
$172.0M
Stock compensation activity
$11.2M
($3.5M)
$19.6M
$17.7M
Financing costs
($2.5M)
($100.0K)
($10.3M)
—
Net cash provided by (used in) financing activities
$208.6M
($33.7M)
$729.2M
$137.7M
Increase (Decrease) in cash and cash equivalents
($1.4M)
$13.1M
$14.3M
$22.9M
Cash, cash equivalents, and restricted cash at beginning of year
$109.2M
$96.1M
$81.8M
$58.9M
Cash, cash equivalents, and restricted cash at end of year
$107.8M
$109.2M
$96.1M
$81.8M
AAR Corp cash flow statement, quarters
Line item
Aug 31, 2026 · Q1
Feb 28, 2026 · YTD
Nov 30, 2025 · YTD
Aug 31, 2025 · Q1
Net income
$40.1M
$137.0M
$69.0M
$34.4M
Depreciation and amortization
$18.8M
$51.1M
$30.9M
$13.8M
Amortization of financing costs
$800.0K
$2.4M
$1.6M
$700.0K
Stock-based compensation expense
$7.8M
$13.3M
$9.6M
$5.3M
Earnings from joint ventures
($2.8M)
($4.3M)
($2.9M)
($3.0M)
Accounts receivable
($50.5M)
($35.1M)
($10.6M)
($8.5M)
Contract assets
$13.3M
$14.2M
$3.7M
($6.4M)
Inventories
($41.1M)
($65.5M)
($18.3M)
($51.8M)
Prepaid expenses and other current assets
($15.4M)
($18.5M)
($17.5M)
$3.5M
Rotable assets
$27.5M
($25.6M)
($44.6M)
($3.5M)
Accounts payable
$42.1M
($17.5M)
$400.0K
$10.0M
Accrued and other liabilities
($1.3M)
$42.6M
($29.0M)
($26.7M)
Other
$16.5M
($6.4M)
($24.3M)
($12.3M)
Net cash provided by (used in) operating activities
$55.8M
$43.4M
($31.3M)
($44.9M)
Property, plant, and equipment expenditures
($11.8M)
($24.6M)
($16.1M)
($8.7M)
Acquisitions, net of cash acquired
($6.2M)
($222.0M)
($221.6M)
($11.9M)
Hangar expansion activity, net
($500.0K)
($24.5M)
—
—
Investment
($7.5M)
—
—
—
Other
$400.0K
($5.5M)
$600.0K
($3.2M)
Net cash used in investing activities
($25.6M)
($251.8M)
($237.1M)
($23.8M)
Short-term borrowings (repayments), net
($15.0M)
($232.0M)
($167.0M)
($97.0M)
Stock compensation activity
($9.9M)
$6.9M
($2.0M)
($2.4M)
Net cash provided by (used in) financing activities
($24.9M)
$199.3M
$255.4M
$51.1M
Increase (Decrease) in cash, cash equivalents, and restricted cash
$5.3M
($9.1M)
($13.0M)
($17.6M)
Cash, cash equivalents, and restricted cash at beginning of period
$107.8M
$109.2M
$109.2M
$109.2M
Cash, cash equivalents, and restricted cash at end of period