Filing Flows › Butler National (BUKS) › Q1 FY26
Butler National (BUKS) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Sep 12, 2025
Butler National (BUKS) reported revenue of $20.1M for the first quarter fiscal 2026 (Q1 FY26), +1% from a year earlier and -7% from the quarter before. Operating margin was 23.2%, net earnings $3.7M (18.3% of revenue).
Butler National, Q1 FY26: revenue $20.1M (+2% year over year), operating margin 23.2%, net earnings $3.7M, operating cash flow $14.7M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.1M | -7% | +1% |
| Operating profit | $4.7M | +6% | +32% |
| Net earnings | $3.7M | +11% | +64% |
| Operating cash flow | $14.7M | — | +398% |
| Free cash flow | $13.3M | — | +649% |
What changed
Revenue was $20.1M in Q1 FY26, up 1% year over year and down 7% from the previous quarter. Casino Gaming Revenue was the largest line at 32% of revenue. Special Mission Electronics added $1.2M year over year (up 40%), 407% of the total change. Aircraft Modification declined 21%.
Operating profit was $4.7M, a 23.2% margin (up 5.4 points year over year). Of the extra revenue versus a year earlier, 381% reached operating profit, above the 18% margin then. Total costs fell 5% while revenue rose 1%. The fastest-growing cost line was Research & development (+19%). Net earnings were $3.7M, up 64% year over year. The effective tax rate was 14.6%.
Operating cash flow was $14.7M (up 398% year over year), 399% of net earnings. Non-cash charges added back $1.7M of depreciation and amortization and $34K of share-based compensation. Working capital and other items added $9.3M. Capital expenditures of $1.4M left free cash flow of $13.3M.
Questions
What was Butler National's revenue in the first quarter fiscal 2026?
Butler National (BUKS) reported revenue of $20.1M for the first quarter fiscal 2026 (Q1 FY26), +1% from a year earlier and -7% from the quarter before.
Was Butler National profitable in the first quarter fiscal 2026?
Operating profit was $4.7M (23.2% of revenue) and net earnings $3.7M.
Source: Butler National 10-Q on SEC EDGAR.