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Butler National (BUKS) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Dec 11, 2025
Butler National (BUKS) reported revenue of $23.3M for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and +16% from the quarter before. Operating margin was 30.4%, net earnings $6.0M (25.8% of revenue).
Butler National, Q2 FY26: revenue $23.3M (+9% year over year), operating margin 30.4%, net earnings $6.0M, operating cash flow −$822K. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.3M | +16% | +9% |
| Operating profit | $7.1M | +52% | +46% |
| Net earnings | $6.0M | +63% | +67% |
| Operating cash flow | −$822K | -106% | — |
What changed
Revenue was $23.3M in Q2 FY26, up 9% year over year and up 16% from the previous quarter. Aircraft Modification was the largest line at 36% of revenue. Aircraft Modification added $1.2M year over year (up 17%), 66% of the total change. Casino Non-Gaming Revenue declined 31%.
Operating profit was $7.1M, a 30.4% margin (up 7.7 points year over year). Of the extra revenue versus a year earlier, 118% reached operating profit, above the 23% margin then. Total costs fell 2% while revenue rose 9%. Net earnings were $6.0M, up 67% year over year. The effective tax rate was 31.8%.
Operating cash flow was −$822K. Non-cash charges added back $1.7M of depreciation and amortization and $79K of share-based compensation. Working capital and other items used $8.6M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$2.7M.
Questions
What was Butler National's revenue in the second quarter fiscal 2026?
Butler National (BUKS) reported revenue of $23.3M for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and +16% from the quarter before.
Was Butler National profitable in the second quarter fiscal 2026?
Operating profit was $7.1M (30.4% of revenue) and net earnings $6.0M.
Source: Butler National 10-Q on SEC EDGAR.