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Butler National (BUKS) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Mar 12, 2026
Butler National (BUKS) reported revenue of $26.9M for the third quarter fiscal 2026 (Q3 FY26), +27% from a year earlier and +16% from the quarter before. Operating margin was 34.3%, net earnings $6.7M (24.9% of revenue).
Butler National, Q3 FY26: revenue $26.9M (+27% year over year), operating margin 34.3%, net earnings $6.7M, operating cash flow $10.6M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.9M | +16% | +27% |
| Operating profit | $9.2M | +31% | +129% |
| Net earnings | $6.7M | +12% | +98% |
| Operating cash flow | $10.6M | — | -24% |
| Free cash flow | $9.2M | — | -27% |
What changed
Revenue was $26.9M in Q3 FY26, up 27% year over year and up 16% from the previous quarter. Aircraft Modification was the largest line at 41% of revenue. Aircraft Modification added $3.1M year over year (up 38%), 54% of the total change. Casino Gaming Revenue declined 5%.
Operating profit was $9.2M, a 34.3% margin (up 15.3 points year over year). Of the extra revenue versus Q3 FY25, 91% reached operating profit, above the 19% margin then. Total costs grew 3% against revenue growth of 27%. Net earnings were $6.7M, up 98% year over year. The effective tax rate was 25.5%.
Operating cash flow was $10.6M (down 24% year over year), 159% of net earnings. Non-cash charges added back $1.7M of depreciation and amortization and $47K of share-based compensation. Working capital and other items added $2.2M. Capital expenditures of $1.5M left free cash flow of $9.2M.
Questions
What was Butler National's revenue in the third quarter fiscal 2026?
Butler National (BUKS) reported revenue of $26.9M for the third quarter fiscal 2026 (Q3 FY26), +27% from a year earlier and +16% from the quarter before.
Was Butler National profitable in the third quarter fiscal 2026?
Operating profit was $9.2M (34.3% of revenue) and net earnings $6.7M.
Source: Butler National 10-Q on SEC EDGAR.