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AAR (AIR) earnings and revenue breakdown
Latest: Q1 FY27 · 10-Q filed Sep 29, 2026 · AAR (AIR) Q1 FY27 earnings results →
Q1 FY27 Revenue up 24% year over year to $918M · 4¢ of every $1 of revenue kept as net profit · operating margin 6.0%
AAR made $918M in Q1 FY27 (+24% Y/Y): Parts Supply $415M, Repair, Engineering, and Software $298M, Government Solutions $139M. Operating margin 6.0%, net earnings $40.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $918.0M in Q1 FY27, up 24% year over year and down 1% from the previous quarter. Parts Supply was the largest line at 45% of revenue. Parts Supply added $97.0M year over year (up 31%), 54% of the total change.
Gross margin was 19.2%, up 1.1 points from Q1 FY26. Operating profit was $55.4M, a 6.0% margin (down 0.3 points year over year). Of the extra revenue versus Q1 FY26, 5% reached operating profit, below the 6% margin then. Operating expenses grew 39% against revenue growth of 24%. The fastest-growing cost line was SG&A (+49%). Net earnings were $40.1M, up 17% year over year. The effective tax rate was 27.6%.
Operating cash flow was $55.8M, 139% of net earnings. Non-cash charges added back $18.8M of depreciation and amortization and $7.8M of share-based compensation. Working capital and other items used $10.9M. Capital expenditures of $11.8M left free cash flow of $44.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 FY27 | 10-Q | Sep 29, 2026 | $918M | +24% | 6.0% | $40.1M | $55.8M |
| Q4 FY26 | 10-K | Jul 22, 2026 | $928M | +23% | 6.2% | $50.7M | $55.3M |
| Q3 FY26 | 10-Q | Mar 25, 2026 | $845M | +25% | 11.0% | $68.0M | $74.7M |
| Q2 FY26 | 10-Q | Jan 7, 2026 | $795M | +16% | 6.0% | $34.6M | $13.6M |
| Q1 FY26 | 10-Q | Sep 23, 2025 | $740M | +12% | 6.4% | $34.4M | −$44.9M |
| Q4 FY25 | 10-K | Jul 22, 2025 | $754M | +15% | 6.3% | $34.0M | $51.4M |
| Q3 FY25 | 10-Q | Mar 28, 2025 | $678M | +20% | -1.6% | −$8.9M | −$18.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 28% of its revenue · Stated in 10-K (sentence) · source
About AAR
AAR CORP. and its subsidiaries are referred to herein collectively as “AAR,” “Company,” “we,” “us,” and “our” unless the context indicates otherwise. AAR was incorporated in 1955 and we are a leading independent provider of solutions to the global aviation aftermarket. We offer a broad line of products and services to commercial and government aerospace customers. We operate globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. In fiscal 2025, we continued our efforts to optimize our products and services portfolio to position us for continued strong growth as well as to respond to the industry’s increased demand for aftermarket services. Double-digit sales growth in our new parts Distribution activities was a key contributor to improvements in profitability.
In its own words, from its annual report, filed Jul 22, 2025.
AAR against its Aircraft & Parts peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AIR AAR | Q1 FY27 | $918M | +24% | 6.0% |
| TXT Textron | Q3 2026 | $3.8B | +4% | 8.6% |
Source: AAR 10-Q on SEC EDGAR · CIK 1750 · Aircraft & Parts
13F: who owns AIR and who is buying
More on AIR
History
Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results