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Air T (AIRT) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Aug 14, 2026 · Air T (AIRT) Q1 FY27 earnings results →

Q1 FY27 Revenue up 63% year over year to $115M · 14¢ of every $1 of revenue lost · operating margin -11.1%

Air T made $115M in Q1 FY27 (+63% Y/Y): Regional airline $55.9M, Overnight Air Cargo $30.0M, Commercial aircraft, engines and parts $20.5M. Operating margin -11.1%, net loss $15.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.

Revenue$115M
Year over year+63%
Operating margin-11.1%
Net earnings−$15.7M
Operating cash flow−$2.8M

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 $115.5M in Q1 FY27, up 63% year over year and down 5% from the previous quarter. Regional airline was the largest line at 48% of revenue. Digital solutions added $391K year over year (up 19%), 1% of the total change. Ground support equipment declined 76%.

Operating costs exceeded revenue by $12.8M, an operating margin of -11.1%. Total costs grew 83% against revenue growth of 63%. The fastest-growing cost line was General & admin (+97%). The quarter ended with a net loss of $15.7M, after a profit of $82.3M the previous quarter.

Operating cash flow was −$2.8M. Non-cash charges added back $9.9M of depreciation and amortization. Working capital and other items added $3.0M. Capital expenditures of $21.3M exceeded it, leaving free cash flow of −$24.2M.

Quarterly history

Air T revenue by quarterAir T revenue by quarter$77.9MQ3 FY25$66.3MQ4 FY25$70.9MQ1 FY26$64.2MQ2 FY26$71.1MQ3 FY26$121MQ4 FY26$115MQ1 FY27
Air T net earnings by quarterAir T net earnings by quarter−$1.2MQ3 FY25−$7.2MQ4 FY25−$671KQ1 FY26$4.4MQ2 FY26−$2.0MQ3 FY26$82.3MQ4 FY26−$15.7MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QAug 14, 2026$115M+63%-11.1%−$15.7M−$2.8M
Q4 FY2610-KJun 29, 2026$121M+82%-11.4%$82.3M−$44K
Q3 FY2610-QFeb 13, 2026$71.1M-9%-5.3%−$2.0M−$18.5M
Q2 FY2610-QNov 12, 2025$64.2M-21%8.6%$4.4M−$5.4M
Q1 FY2610-QAug 13, 2025$70.9M+7%0.6%−$671K−$1.1M
Q4 FY2510-KJun 27, 2025$66.3M-9%-4.9%−$7.2M$4.1M
Q3 FY2510-QFeb 12, 2025$77.9M+22%2.3%−$1.2M$16.3M

Charts

Air T: revenue growth, year over year and quarter over quarterAir T: revenue growth, year over year and quarter over quarterY/YQ/Q+22%Q3 FY25-9%-15%Q4 FY25+7%+7%Q1 FY26-21%-9%Q2 FY26-9%+11%Q3 FY26+82%+70%Q4 FY26+63%-5%Q1 FY27
Latest (Q1 FY27): Y/Y +63%, Q/Q -5%.
Air T: where the cash came from (+) and went (−), TTM to Q1 FY27Air T: where the cash came from (+) and went (−), TTM to Q1 FY27Net borrowing (+) / repaid (−)$104MCapital spending−$37.6MOperating cash flow−$26.8MAcquisitions−$24.7MOther financing−$8.8MCash drawn (+) / kept (−)−$6.4MExchange rates$1.2MOther investing−$820K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Air T: profit against cash, quarter by quarterAir T: profit against cash, quarter by quarterNet incomeOperating cash flow$3.0M$2.9MQ2 FY25−$1.2M$16.3MQ3 FY25−$7.2M$4.1MQ4 FY25−$671K−$1.1MQ1 FY26$5.0M−$5.4MQ2 FY26−$2.0M−$18.5MQ3 FY26$82.3M−$44KQ4 FY26−$15.7M−$2.8MQ1 FY27
Latest (Q1 FY27): Net income −$15.7M, Operating cash flow −$2.8M.
Air T: diluted shares by fiscal yearAir T: diluted shares by fiscal year3MFY213MFY223MFY233MFY243MFY253MFY26
-6.2% since FY21: buybacks shrank the count.
Air T: long-term debt falling due (FY26)Air T: long-term debt falling due (FY26)$3.6M2027$22.8M2028$3.0M2029$6.8M2030$1.5M2031$173MLater
Cash $20.3M, short-term investments $1.0M, long-term debt $208M at 2026-03-31.

Interactive views

The same charts as the app — open one to draw it.

💵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

Buys from

About Air T

Air T, Inc. (the “Company,” “Air T,” “we” or “us” or “our”) is a holding company with a portfolio of operating businesses and financial assets. Our goal is to prudently and strategically grow Air T’s earnings power, compounding its free-cash-flow per share over time. • Ground support equipment (formerly known as ground equipment sales), which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers;

In its own words, from its 10-K, filed Jun 29, 2026.

Air T against its Air Courier Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +63% against the peers' median +12%. Operating margin: -11.1% against the peers' median 4.7%.

CompanyQuarterRevenueY/YOp. margin
AIRT Air TQ1 FY27$115M+63%-11.1%
FDX FedExQ1 FY27$22.9B+12%4.7%
FDXF FedEx Freight Holding CompanyQ1 FY27$2.4B+8%10.4%

Source: Air T 10-Q on SEC EDGAR · CIK 353184 · Air Courier Services

13F: who owns AIRT and who is buying

Largest holders of AIRT (13F)Largest holders of AIRT (13F)Renaissance Technologies LLC$2.7MVanguard Capital Management LLC$1.1MVanguard Group$900KMorgan Stanley$827KGeode Capital Management, LLC$287KVanguard Fiduciary Trust$123KBlackRock$121KRoyal Bank of Canada$69KUBS Group AG$40KCWM, LLC$21K
Funds' net buying of AIRT by quarter (13F)Funds' net buying of AIRT by quarter (13F)$52K2024-09−$91K2024-12−$11K2025-03$186K2025-06−$2.0M2025-09$62K2025-12−$322K2026-03$261K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AIRT

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：Air T（AIRT）财报

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