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AAR cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$44.0M in Q1 FY27 · $160M over twelve months

Operating cash flow$55.8M
Capital spending−$11.8M
Free cash flow+$44.0M
Cash / net income1.4×
Cash conversion cycle125 days

Analysis

In Q1 FY27, AAR generated $55.8M of operating cash flow and spent $11.8M on capital projects, leaving free cash flow of $44.0M. That is $97.6M more than in Q1 FY26 (−$53.6M).

Over the twelve months to Aug 31, 2026, operating cash flow was $199M; the largest uses were acquisitions ($254M), net borrowing (+) / repaid (−) ($145M), capital spending ($39.7M); besides operations, cash came from other financing ($278M); the cash balance rose by $21.5M.

Operating cash flow was $55.8M against net income of $40.1M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$162M, receivables −$50.5M, payables +$42.1M.

Its cash conversion cycle was 125 days (receivables 41 + inventory 123 − payables 39).

Free cash flow

AAR: free cash flow by quarterAAR: free cash flow by quarter$13.7MQ2 FY25−$27.2MQ3 FY25$41.4MQ4 FY25−$53.6MQ1 FY26$6.2MQ2 FY26$66.2MQ3 FY26$43.3MQ4 FY26$44.0MQ1 FY27
Operating cash flow less capital spending.
AAR: operating cash flow against capital spendingAAR: operating cash flow against capital spendingOperating cash flowCapital spending$22.0M$8.3MQ2 FY25−$18.7M$8.5MQ3 FY25$51.4M$10.0MQ4 FY25−$44.9M$8.7MQ1 FY26$13.6M$7.4MQ2 FY26$74.7M$8.5MQ3 FY26$55.3M$12.0MQ4 FY26$55.8M$11.8MQ1 FY27
Latest (Q1 FY27): Operating cash flow $55.8M, Capital spending $11.8M.

Capital allocation, year by year

AAR: where the cash came from (up) and went (down), by fiscal yearAAR: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $75.2MFY22: Net borrowing −$34.2MFY22: Asset sales $7.3MFY22: Capital spending −$17.3MFY22: Buybacks −$42.4M$82.5MFY22FY23: Operating cash flow $23.3MFY23: Net borrowing $172MFY23: Capital spending −$29.5MFY23: Acquisitions −$103MFY23: Buybacks −$50.1M$195MFY23FY24: Operating cash flow $43.6MFY24: Net borrowing $725MFY24: Capital spending −$29.7MFY24: Acquisitions −$723MFY24: Buybacks −$5.1M$769MFY24FY25: Operating cash flow $36.1MFY25: Net borrowing −$20.0MFY25: Asset sales $52.7MFY25: Capital spending −$34.7MFY25: Acquisitions −$1.5MFY25: Buybacks −$10.1M$88.8MFY25FY26: Operating cash flow $98.7MFY26: Net borrowing −$74.0MFY26: Shares issued $274MFY26: Asset sales $25.7MFY26: Capital spending −$36.6MFY26: Acquisitions −$259M$398MFY26
Over these 5 years operating cash flow totalled $277M; the largest uses were acquisitions ($1.1B) and capital spending ($148M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$104M
Debt$880M
Net debt$775M

AAR funds itself: free cash flow was $160M over the last twelve months, and $104M of cash and investments stands against $880M of debt.

Where the cash came from and went

AAR: sources (+) and uses (−) of cash, Q1 FY27AAR: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$55.8MNet borrowing (+) / repaid (−)−$15.0MCapital spending−$11.8MOther financing−$9.9MOther investing−$7.6MAcquisitions−$6.2MCash drawn (+) / kept (−)−$5.3M
AAR: sources (+) and uses (−) of cash, TTM to Q1 FY27AAR: sources (+) and uses (−) of cash, TTM to Q1 FY27Other financing$278MAcquisitions−$254MOperating cash flow$199MNet borrowing (+) / repaid (−)−$145MCapital spending−$39.7MCash drawn (+) / kept (−)−$21.5MOther investing−$17.1M

From profit to cash

AAR: net income to operating cash flow, Q1 FY27AAR: net income to operating cash flow, Q1 FY27Net income$40.1MDepreciation & amortization$18.8MStock-based pay$7.8MReceivables−$50.5MInventory−$41.1MPayables$42.1MAccrued liabilities−$1.3MDeferred revenue$162MContract assets$13.3MOther operating capital$16.5MOperating cash flow$55.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY274112339125
Q4 FY264011938121
Q3 FY264412243123
Q2 FY264412647123
Q1 FY264512747125
Q4 FY254112144117
Q3 FY254212947124
Q2 FY254212645123

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$55.8M−$11.8M−$6.2M−$15.0M−$5.3M$44.0M
Q4 FY26$55.3M−$12.0M−$37.4M$5.0M−$7.7M$43.3M
Q3 FY26$74.7M−$8.5M−$400K−$65.0M−$3.9M$66.2M
Q2 FY26$13.6M−$7.4M−$210M−$70.0M−$4.6M$6.2M
Q1 FY26−$44.9M−$8.7M−$11.9M$56.0M$17.6M−$53.6M
Q4 FY25$51.4M−$10.0M−$4.4M−$55.0M−$8.3M$41.4M
Q3 FY25−$18.7M−$8.5M—$38.8M−$18.4M−$27.2M
Q2 FY25$22.0M−$8.3M—$1.2M−$19.4M$13.7M

AAR: income statement and cash flow

AAR, Q1 FY27: revenue $918M (+24% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

AAR: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.