Filing Flows › Air T (AIRT) › Q2 FY26
Air T (AIRT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 12, 2025
Air T (AIRT) reported revenue of $64.2M for the second quarter fiscal 2026 (Q2 FY26), -21% from a year earlier and -9% from the quarter before. Operating margin was 8.6%, net earnings $4.4M (6.8% of revenue).
Air T, Q2 FY26: revenue $64.2M (-21% year over year), operating margin 8.6%, net earnings $4.4M, operating cash flow −$5.4M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $64.2M | -9% | -21% |
| Operating profit | $5.5M | 12× | +52% |
| Net earnings | $4.4M | — | +73% |
| Operating cash flow | −$5.4M | — | — |
What changed
Revenue was $64.2M in Q2 FY26, down 21% year over year and down 9% from the previous quarter. Overnight air cargo was the largest line at 47% of revenue. Commercial aircraft, engines and parts lost $12.0M year over year (down 37%), 70% of the total change.
Operating profit was $5.5M, a 8.6% margin (up 4.1 points year over year). Total costs fell 24% while revenue fell 21%. The fastest-growing cost line was General & admin (+27%). Net earnings were $4.4M, up 73% year over year. The effective tax rate was 30.4%. Non-operating items added $1.7M, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$5.4M. Non-cash charges added back $827K of depreciation and amortization. Working capital and other items used $11.3M. Capital expenditures of $213K exceeded it, leaving free cash flow of −$5.6M.
Questions
What was Air T's revenue in the second quarter fiscal 2026?
Air T (AIRT) reported revenue of $64.2M for the second quarter fiscal 2026 (Q2 FY26), -21% from a year earlier and -9% from the quarter before.
Was Air T profitable in the second quarter fiscal 2026?
Operating profit was $5.5M (8.6% of revenue) and net earnings $4.4M.
Source: Air T 10-Q on SEC EDGAR.