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How Butler National (BUKS) makes money

Butler National (BUKS) made $30.8M of revenue in the first quarter fiscal 2027 (Q1 FY27), +53% from a year earlier. Aircraft Modification brought in $16.3M (53%); Gaming brought in $9.0M (29%); Special Mission Electronics brought in $4.9M (16%). Of every dollar of revenue, 24¢ was left as operating profit, 17¢ was left as net earnings.

Drawing the Sankey…

Butler National revenue by segment, Q1 FY27Butler National revenue by segment, Q1 FY27Aircraft Modification$16.3MGaming$9.0MSpecial Mission Electronics$4.9MAircraft Avionics$537K
Butler National: revenue by line, Q3 FY25 to Q1 FY27Butler National: revenue by line, Q3 FY25 to Q1 FY27Aircraft ModificationGamingSpecial Mission Elect…Aircraft AvionicsCasino Non-Gaming Rev…Aircraft Modification: $16.3M latest$16.3MGaming: $9.0M latest$9.0MSpecial Mission Electronics: $4.9M latest$4.9MAircraft Avionics: $537K latestCasino Non-Gaming Revenue: $0 latestQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Gaming went from 46% of revenue in Q3 FY25 to 29% in Q1 FY27, the largest shift in the mix.
Butler National revenue by quarterButler National revenue by quarter$21.2MQ3 FY25$21.6MQ4 FY25$20.1MQ1 FY26$23.3MQ2 FY26$26.9MQ3 FY26$27.7MQ4 FY26$30.8MQ1 FY27
Butler National: where each dollar of revenue goesButler National: where each dollar of revenue goesOperating profit24¢Income tax6¢Net earnings17¢Operating cash flow15¢Free cash flow9¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
Aircraft Modification$16.3M53.0%+36%+189%
Gaming$9.0M29.4%-5%+3%
  ↳ Casino Gaming Revenue$6.8M22.2%-0.2%+6%
  ↳ Casino Non-Gaming Revenue$1.1M3.6%-6%+6%
  ↳ Sports Wagering Revenue$1.1M3.6%-26%-15%
Special Mission Electronics$4.9M15.9%-12%+16%
Aircraft Avionics$537K1.7%-12%-63%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$30.8M100.0%
Operating profit$7.4M24.1%
Income tax$1.9M6.3%
Net earnings$5.3M17.1%
Operating cash flow$4.6M15.1%
Free cash flow$2.7M8.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$30.8M+53%
Q4 FY26$27.7M+28%
Q3 FY26$26.9M+27%
Q2 FY26$23.3M+9%
Q1 FY26$20.1M+2%
Q4 FY25$21.6M-4%
Q3 FY25$21.2M+12%

From Butler National's 10-Q filed Sep 11, 2026 (on EDGAR).

Questions

How does Butler National make money?

Butler National (BUKS) made $30.8M of revenue in the first quarter fiscal 2027 (Q1 FY27), +53% from a year earlier. Aircraft Modification brought in $16.3M (53%); Gaming brought in $9.0M (29%); Special Mission Electronics brought in $4.9M (16%). Of every dollar of revenue, 24¢ was left as operating profit, 17¢ was left as net earnings.

What is Butler National's biggest business?

Aircraft Modification: $16.3M in the first quarter fiscal 2027, 53% of revenue, +189% from a year earlier.

What is Butler National's profit margin?

Net earnings were $5.3M, 17.1% of revenue, in the first quarter fiscal 2027; the operating margin was 24.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.