Filing Flows › AeroVironment (AVAV) › Q2 FY26
AeroVironment (AVAV) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Dec 10, 2025
AeroVironment (AVAV) reported revenue of $473M for the second quarter fiscal 2026 (Q2 FY26), +151% from a year earlier and +4% from the quarter before. Operating margin was -6.4%, net loss $17.1M (3.6% of revenue).
AeroVironment, Q2 FY26: revenue $473M (+151% year over year), operating margin -6.4%, net loss $17.1M, operating cash flow −$45.1M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $473M | +4% | +151% |
| Operating profit | −$30.2M | — | — |
| Net earnings | −$17.1M | — | — |
| Operating cash flow | −$45.1M | — | — |
What changed
Revenue was $472.5M in Q2 FY26, up 151% year over year and up 4% from the previous quarter. AxS was the largest line at 64% of revenue. AxS added $113.1M year over year (up 60%), 40% of the total change.
Gross margin was 22.0%, down 17.0 points from a year earlier. Operating costs exceeded revenue by $30.2M, an operating margin of -6.4%. Operating expenses grew 102% against revenue growth of 151%. The fastest-growing cost line was SG&A (+159%). The quarter ended with a net loss of $17.1M, narrower than the previous quarter's $67.4M loss. Non-operating items added $10.8M, -56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$45.1M. Non-cash charges added back $58.1M of depreciation and amortization and $8.6M of share-based compensation. Working capital and other items used $94.6M. Capital expenditures of $10.8M exceeded it, leaving free cash flow of −$55.9M.
Questions
What was AeroVironment's revenue in the second quarter fiscal 2026?
AeroVironment (AVAV) reported revenue of $473M for the second quarter fiscal 2026 (Q2 FY26), +151% from a year earlier and +4% from the quarter before.
Was AeroVironment profitable in the second quarter fiscal 2026?
Operating loss was $30.2M (-6.4% of revenue) and net loss $17.1M.
Source: AeroVironment 10-Q on SEC EDGAR.