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AeroVironment (AVAV) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Sep 10, 2026 · AeroVironment (AVAV) Q1 FY27 earnings results →

Q1 FY27 Revenue up 6% year over year to $480M · 1¢ of every $1 of revenue lost · operating margin -2.3%

AeroVironment made $480M in Q1 FY27 (+6% Y/Y): Precision Strike and Defense Systems $197M, Uncrewed Aircraft Systems $120M, Cyber and Mission Solutions $83.0M. Operating margin -2.3%, net loss $5.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 10, 2026.

Revenue$480M
Year over year+6%
Operating margin-2.3%
Net earnings−$5.1M
Operating cash flow$13.5M

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 $480.5M in Q1 FY27, up 6% year over year and down 25% from the previous quarter. Precision Strike and Defense Systems was the largest line at 41% of revenue. Uncrewed Aircraft Systems added $50.0M year over year (up 71%), 194% of the total change. Space and Directed Energy declined 27%.

Gross margin was 25.9%, up 5.0 points from Q1 FY26. Operating costs exceeded revenue by $10.9M, an operating margin of -2.3%. Operating expenses fell 18% while revenue rose 6%. The quarter ended with a net loss of $5.1M, after a profit of $63.2M the previous quarter. Non-operating items added $5.4M, -99% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $13.5M. Non-cash charges added back $56.0M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $42.4M. Capital expenditures of $44.0M exceeded it, leaving free cash flow of −$30.5M.

Quarterly history

AeroVironment revenue by quarterAeroVironment revenue by quarter$168MQ3 FY25$275MQ4 FY25$455MQ1 FY26$473MQ2 FY26$408MQ3 FY26$642MQ4 FY26$480MQ1 FY27
AeroVironment net earnings by quarterAeroVironment net earnings by quarter−$1.8MQ3 FY25$16.7MQ4 FY25−$67.4MQ1 FY26−$17.1MQ2 FY26−$244MQ3 FY26$63.2MQ4 FY26−$5.1MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QSep 10, 2026$480M+6%-2.3%−$5.1M$13.5M
Q4 FY2610-KJun 29, 2026$642M+133%8.9%$63.2M$95.5M
Q3 FY2610-QMar 11, 2026$408M+143%-65.8%−$244M−$5.1M
Q2 FY2610-QDec 10, 2025$473M+151%-6.4%−$17.1M−$45.1M
Q1 FY2610-QSep 10, 2025$455M+140%-15.2%−$67.4M−$124M
Q4 FY2510-KJun 25, 2025$275M+40%5.0%$16.7M−$264K
Q3 FY2510-QMar 5, 2025$168M-10%-1.8%−$1.8M−$25.8M

Charts

AeroVironment: revenue growth, year over year and quarter over quarterAeroVironment: revenue growth, year over year and quarter over quarterY/YQ/Q-10%Q3 FY25+40%+64%Q4 FY25+140%+65%Q1 FY26+151%+4%Q2 FY26+143%-14%Q3 FY26+133%+57%Q4 FY26+6%-25%Q1 FY27
Latest (Q1 FY27): Y/Y +6%, Q/Q -25%.
AeroVironment: where the cash came from (+) and went (−), TTM to Q1 FY27AeroVironment: where the cash came from (+) and went (−), TTM to Q1 FY27Cash drawn (+) / kept (−)$407MOther investing−$380MCapital spending−$83.8MOperating cash flow$58.8MTaxes on employees’ shares−$9.7MShares issued$7.4MExchange rates$382KOther financing−$12K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
AeroVironment: profit against cash, quarter by quarterAeroVironment: profit against cash, quarter by quarterNet incomeOperating cash flow$7.5M−$3.6MQ2 FY25−$1.8M−$25.8MQ3 FY25$16.7M−$264KQ4 FY25−$67.4M−$124MQ1 FY26−$17.1M−$45.1MQ2 FY26−$244M−$5.1MQ3 FY26$63.2M$95.5MQ4 FY26−$5.1M$13.5MQ1 FY27
Latest (Q1 FY27): Net income −$5.1M, Operating cash flow $13.5M.
AeroVironment: diluted shares by fiscal yearAeroVironment: diluted shares by fiscal year24MFY2125MFY2225MFY2327MFY2428MFY2549MFY26
+101.5% since FY21: more shares outstanding (issuance, stock pay).
AeroVironment in its industry: growth against margin (9 companies, SIC 3721)AeroVironment in its industry: growth against margin (9 companies, SIC 3721)revenue growth, year over year →↑ operating marginmedian +6%median -100%BAAVEXJOBYAIROBETAUAVSDUKRMTTNAVAV (+6%, -2%)
Aircraft; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Drones & new defense

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

About AeroVironment

We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. We develop and deploy autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. We operate an international manufacturing footprint, delivering proven systems and capabilities in markets that we believe offer the potential for significant long-term growth. In addition, we believe that some of the innovative potential products, services and technologies in our R&D pipeline will emerge as new growth platforms in the future, creating additional market opportunities.

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

AeroVironment against its Aircraft peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +76%. Operating margin: -2.3% against the peers' median -208.7%.

CompanyQuarterRevenueY/YOp. margin
AVAV AeroVironmentQ1 FY27$480M+6%-2.3%
BA BoeingQ3 2026$24.2B+4%1.5%
AVEX AevexQ2 2026$202M+100%7.6%
JOBY Joby AviationQ3 2026$55.1M+144%-504.8%
AIRO Airo Group HoldingsQ2 2026$43.2M+76%3.8%
BETA Beta TechnologiesQ3 2026$17.7M+98%-723.2%
ACHR Archer AviationQ2 2026$5.0M—n/m
UAVS AgEagle Aerial SystemsQ2 2026$2.7M-36%-208.7%
DUKR Duke RoboticsQ2 2026$149K+4%-622.8%

Source: AeroVironment 10-Q on SEC EDGAR · CIK 1368622 · Aircraft

Guidance and outlook

AeroVironment Revenue: guidance against what was reportedAeroVironment Revenue: guidance against what was reportedguided rangereported (above / within / below)FY25$821MFY26$2.0BFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns AVAV and who is buying

Largest holders of AVAV (13F)Largest holders of AVAV (13F)Vanguard Group$856MBlackRock$575MState Street$362MVanguard Capital Management LLC$272MVanguard Portfolio Management LLC$256MBaillie Gifford$160MHeard Capital LLC$149MMirae Asset Global ETFS Holdings$141MInvesco$115MGeode Capital Management, LLC$111M
Funds' net buying of AVAV by quarter (13F)Funds' net buying of AVAV by quarter (13F)$55.3M2024-09$25.5M2024-12$78.4M2025-03$160M2025-06$1.1B2025-09$98.6M2025-12−$230M2026-03−$137M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AVAV

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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