AAR CORP. Segment Realignment
May 6, 2026
LTM Q3 FY2C Adj. Operating Income marginPrior New
Expeditionary Services
Legacy Commercial Programs
Mobility Systems
Integrated Solutions Government Programs Commercial Programs
Software
Repair s EngineeringAirframe MRO Component MRO
Parts SupplyNew parts Distribution
USM
12.8%
7.4%
10.7%
13.7%
2.1%
9.7%
11.0%
13.7%
Commercial Programs
Government Solutions
Mobility Systems
Government Programs
Repair, Engineering, and SoftwareAirframe MRO Component MRO
Software
Parts SupplyNew parts Distribution USM
Corporate Corporate
Benefits
Segments aligned to core, focused operations
Better performance measurement and transparency
Wind-down of low-return Commercial Programs
Expect to deliver higher margins and higher ROIC
Prior New Expeditionary Services
14.7% | 5.3% | |||
9.3% | 10.9% | |||
12.7% | ||||
12.2% | ||||
14.7% | 14.7% | |||
orate |
Mobility Systems
Integrated Solutions Government Programs Commercial Programs
Software
Repair s EngineeringAirframe MRO Component MRO
12.1% 12.1% Legacy Commercial ProgramsCommercial Programs
Government SolutionsMobility Systems
Government Programs
Repair, Engineering, and SoftwareAirframe MRO Component MRO
Software
Parts SupplyNew parts Distribution
USM
Parts SupplyNew parts Distribution USM
Corp Corporate
LTM Q3 FY2C Adj. Sales
Prior New Expeditionary Services
$947M
$710M
$89M
Mobility Systems
Integrated Solutions Government Programs Commercial Programs
Software
Repair s EngineeringAirframe MRO Component MRO
$3.1B $3.1B Legacy Commercial ProgramsCommercial Programs
$999M
$514M
$234M
Mobility Systems
Government Programs
Repair, Engineering, and SoftwareAirframe MRO Component MRO
Software
Parts SupplyNew parts Distribution
$1,369M
USM
Parts Supply$1,369M
New parts Distribution USM
Appendix
Parts Supply
Last twelve
Three months ended Year ended Three months ended months ended
August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | ||||||||||||
(: in millions) | 2024 2024 2025 2025 2025 2025 2025 2026 2026 | |||||||||||||||||
Sales | $ | 246.7 | $ | 273.7 | $ | 270.7 | $ | 305.5 | 1,066.6 | $ | 317.8 | $ | 353.6 | $ | 362.5 | $ | 1,366.4 | |
Operating income | 30.1 | 31.6 | 45.4 | 46.7 | 156.8 | 40.6 | 40.6 | 50.7 | 182.2 | |||||||||
Operating income margin | 12.1% | 11.5% | 16.8% | 16.3% | 14.3% | 12.6% | 11.6% | 12.6% | 13.3% | |||||||||
Operating income | $ | 30.1 | $ | 31.6 | $ | 45.4 | $ | 46.7 | $ | 156.8 | $ | 40.6 | $ | 40.6 | $ | 50.7 | $ | 182.2 |
Acquisition, integration s amortization expenses | - | - | - | - | - | - | 1.6 | 2.6 | 4.8 | |||||||||
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - | |||||||||
Adjusted operating income | $ | 30.1 | $ | 31.6 | $ | 34.3 | $ | 46.7 | $ | 145.7 | $ | 40.6 | $ | 42.8 | $ | 53.6 | $ | 187.0 |
Adjusted operating margin | 12.1% | 11.5% | 12.7% | 16.3% | 13.3% | 12.6% | 12.1% | 13.7% | 13.7% | |||||||||
Operating income | $ | 30.1 | $ | 31.6 | $ | 45.4 | $ | 46.7 | $ | 156.8 | $ | 40.6 | $ | 40.6 | $ | 50.7 | $ | 182.2 |
Depreciation and amortization | 2.1 | 1.8 | 1.6 | 1.6 | 7.7 | 2.2 | 4.6 | 7.0 | 16.0 | |||||||||
Stock-based compensation | 0.5 | 0.5 | 0.6 | 0.5 | 2.1 | 0.7 | 0.7 | 0.7 | 2.6 | |||||||||
Acquisition and integration expenses | - | - | - | - | - | - | - | 0.1 | 0.1 | |||||||||
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - | |||||||||
Adjusted EBITDA | $ | 32.7 | $ | 33.6 | $ | 36.8 | $ | 52.1 | $ | 155.5 | $ | 43.8 | $ | 46.5 | $ | 58.5 | $ | 200.6 |
Adjusted EBITDA margin | 13.1% | 12.4% | 13.6% | 17.1% | 14.1% | 13.8% | 13.2% | 14.6% | 14.7% | |||||||||
Repair, Engineering, and Software
Last twelve
Three months ended Year ended Three months ended months ended
August 31,
November 30,
February 28,
May 31,
May 31,
August 31,
November 30,
February 28,
February 28,
(: in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026
Sales | $ 226.3 | $ 240.3 | $ 228.7 | $ 232.7 | 631.0 | $ 226.4 | $ 257.7 | $ 282.3 | $ 666.1 |
Operating income | 20.3 | 22.8 | 16.7 | 21.2 | 84.0 | 20.0 | 23.3 | 16.6 | 84.1 |
Operating income margin | 8.6% | 6.5% | 8.6% | 6.1% | 6.0% | 8.8% | 6.0% | 6.6% | 8.4% |
Operating income | $ 20.3 | $ 22.8 | $ 16.7 | $ 21.2 | $ 84.0 | $ 20.0 | $ 23.3 | $ 16.6 | $ 84.1 |
Acquisition, integration s amortization expenses | 7.4 | 7.1 | 7.7 | 3.1 | 25.3 | 5.1 | 5.6 | 11.7 | 25.8 |
Severance charges | - | - | - | - | - | 0.4 | - | - | 0.4 |
Gain related to sale of joint venture | (1.4) | (0.7) | - | - | (2.1) | - | - | - | - |
Adjusted operating income | $ 26.3 | $ 26.2 | $ 27.4 | $ 24.3 | $ 107.2 | $ 25.5 | $ 26.2 | $ 31.3 | $ 110.3 |
Adjusted operating margin | 11.5% | 12.2% | 12.0% | 10.4% | 11.5% | 11.3% | 11.3% | 11.1% | 11.0% |
Operating income | $ 20.3 | $ 22.8 | $ 16.7 | $ 21.2 | $ 84.0 | $ 20.0 | $ 23.3 | $ 16.6 | $ 84.1 |
Depreciation and amortization | 7.6 | 7.7 | 8.0 | 7.5 | 30.8 | 7.5 | 8.0 | 6.0 | 32.0 |
Stock-based compensation | 0.4 | 0.3 | 0.7 | 0.3 | 1.7 | 0.6 | 0.4 | 0.4 | 1.7 |
Acquisition and integration expenses | 3.4 | 3.2 | 3.7 | (1.0) | 6.3 | 1.1 | 1.8 | 6.4 | 8.3 |
Severance charges | - | - | - | - | - | 0.4 | - | - | 0.4 |
Gain related to sale of joint venture | (1.4) | (0.7) | - | - | (2.1) | - | - | - | - |
Adjusted EBITDA | $ 30.3 | $ 33.3 | $ 32.1 | $ 28.0 | $ 123.7 | $ 26.6 | $ 33.5 | $ 35.4 | $ 126.5 |
Adjusted EBITDA margin | 13.2% | 13.6% | 14.0% | 12.0% | 13.3% | 13.1% | 13.0% | 12.5% | 12.7% |
Government Solutions
Last twelve
Three months ended Year ended Three months ended months ended
August 31,
November 30,
February 28,
May 31,
May 31,
August 31,
November 30,
February 28,
February 28,
(: in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026
Sales | $ 121.4 | $ 110.6 | $ 121.6 | $ 141.5 | 465.4 | $ 133.6 | $ 123.5 | $ 114.7 | $ 513.6 |
Operating income | 3.6 | 6.7 | 13.2 | 11.6 | 35.1 | 12.7 | 12.4 | 12.6 | 46.6 |
Operating income margin | 3.0% | 6.0% | 10.6% | 8.2% | 7.1% | 6.5% | 10.0% | 11.2% | 6.7% |
Sales | $ 121.4 | $ 110.6 | $ 121.6 | $ 141.5 | $ 465.4 | $ 133.6 | $ 123.5 | $ 114.7 | $ 513.6 |
Contract termination benefit | (6.5) | - | (4.0) | - | (13.5) | - | - | - | - |
Adjusted sales | $ 111.6 | $ 110.6 | $ 117.6 | $ 141.5 | $ 481.6 | $ 133.6 | $ 123.5 | $ 114.7 | $ 513.6 |
Operating income | $ 3.6 | $ 6.7 | $ 13.2 | $ 11.6 | $ 35.1 | $ 12.7 | $ 12.4 | $ 12.6 | $ 46.6 |
Contract termination costs (benefit) | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
Adjusted operating income | $ 6.8 | $ 6.7 | $ 10.2 | $ 11.6 | $ 35.3 | $ 12.7 | $ 12.4 | $ 12.6 | $ 46.6 |
Adjusted operating margin | 6.1% | 6.0% | 8.7% | 8.2% | 7.3% | 6.5% | 10.0% | 11.2% | 6.7% |
Operating income | $ 3.6 | $ 6.7 | $ 13.2 | $ 11.6 | $ 35.1 | $ 12.7 | $ 12.4 | $ 12.6 | $ 46.6 |
Depreciation and amortization | 1.1 | 1.6 | 1.2 | 1.3 | 5.2 | 1.3 | 1.3 | 1.5 | 5.4 |
Stock-based compensation | 0.2 | 0.4 | 0.3 | 0.3 | 1.2 | 0.3 | 0.3 | 0.3 | 1.2 |
Contract termination costs (benefit) | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
Adjusted EBITDA | $ 8.1 | $ 8.7 | $ 11.7 | $ 13.2 | $ 41.7 | $ 14.3 | $ 14.0 | $ 14.7 | $ 56.2 |
Adjusted EBITDA margin | 7.2% | 7.8% | 6.6% | 6.3% | 8.7% | 10.7% | 11.3% | 12.8% | 10.6% |
Legacy Commercial Programs
Last twelve
Three months ended Year ended Three months ended months ended
August 31,
November 30,
February 28,
May 31,
May 31,
August 31,
November 30,
February 28,
February 28,
(: in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026
Sales | $ 61.3 | $ 61.2 | $ 57.2 | $ 74.8 | 254.5 | $ 61.5 | $ 60.5 | $ 55.6 | $ 252.4 |
Operating income (loss) | 3.2 | 2.0 | 2.1 | 1.3 | 8.6 | 0.4 | 3.3 | (5.2) | (0.2) |
Operating income margin | 5.2% | 3.3% | 3.7% | 1.7% | 3.4% | 0.7% | 5.5% | -6.4% | -0.1% |
Sales | $ 61.3 | $ 61.2 | $ 57.2 | $ 74.8 | $ 254.5 | $ 61.5 | $ 60.5 | $ 55.6 | $ 252.4 |
Contract termination benefit | - | - | - | (18.7) | (18.7) | - | - | - | (18.7) |
Adjusted sales | $ 61.3 | $ 61.2 | $ 57.2 | $ 56.1 | $ 235.8 | $ 61.5 | $ 60.5 | $ 55.6 | $ 233.7 |
Operating income (loss) | $ 3.2 | $ 2.0 | $ 2.1 | $ 1.3 | $ 8.6 | $ 0.4 | $ 3.3 | $ (5.2) | $ (0.2) |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.6 | 4.6 |
Adjusted operating income | $ 3.2 | $ 2.0 | $ 2.1 | $ 1.3 | $ 8.6 | $ 0.7 | $ 3.3 | $ (0.3) | $ 5.0 |
Adjusted operating margin | 5.2% | 3.3% | 3.7% | 2.3% | 3.6% | 1.1% | 5.5% | -0.5% | 2.1% |
Operating income (loss) | $ 3.2 | $ 2.0 | $ 2.1 | $ 1.3 | $ 8.6 | $ 0.4 | $ 3.3 | $ (5.2) | $ (0.2) |
Depreciation and amortization | 1.6 | 1.8 | 1.6 | 1.6 | 7.2 | 1.7 | 1.8 | 1.7 | 7.1 |
Stock-based compensation | 0.1 | - | 0.1 | 0.1 | 0.3 | 0.1 | - | 0.1 | 0.3 |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.6 | 4.6 |
Adjusted EBITDA | $ 4.6 | $ 3.8 | $ 4.1 | $ 3.3 | $ 16.1 | $ 2.5 | $ 5.1 | $ 1.5 | $ 12.4 |
Adjusted EBITDA margin | 8.0% | 6.2% | 7.2% | 5.6% | 6.8% | 4.1% | 8.4% | 2.7% | 5.3% |
Sales
Last twelve
Year ended Three months ended Year ended Three months ended months ended
May 31, | August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | |||||||||||||||||||||||
(: in millions) | 2024 2024 2024 2025 2025 2025 2025 2025 2026 2026 | |||||||||||||||||||||||||||||
Parts Supply Commercial | $ | 800.6 | $ | 210.4 | $ | 220.8 | $ | 220.6 | $ | 227.1 | 876.2 | $ | 254.5 | $ | 268.1 | $ | 300.0 | $ | 1,046.7 | |||||||||||
Government and defense | 166.4 | 36.3 | 52.6 | 46.8 | 78.4 | 220.4 | 63.3 | 85.5 | 62.5 | 316.7 | ||||||||||||||||||||
$ | 667.0 | $ | 246.7 | $ | 273.7 | $ | 270.7 | $ | 305.5 | $ | 1,066.6 | $ | 317.8 | $ | 353.6 | $ | 362.5 | $ | 1,366.4 | |||||||||||
Repair, Engineering, and Software | ||||||||||||||||||||||||||||||
Commercial | $ | 612.3 | $ | 166.6 | $ | 217.5 | $ | 205.8 | $ | 215.2 | 838.4 | $ | 206.6 | $ | 236.6 | $ | 258.6 | $ | 617.3 | |||||||||||
Government and defense | 66.0 | 26.4 | 22.8 | 22.6 | 17.5 | 62.6 | 16.8 | 21.1 | 23.4 | 81.8 | ||||||||||||||||||||
$ | 681.3 | $ | 226.3 | $ | 240.3 | $ | 228.7 | $ | 232.7 | $ | 631.0 | $ | 226.4 | $ | 257.7 | $ | 282.3 | $ | 666.1 | |||||||||||
Government Solutions | ||||||||||||||||||||||||||||||
Commercial | $ | 6.1 | $ | 1.3 | $ | 0.7 | $ | 1.6 | $ | 0.4 | 4.0 | $ | 0.7 | $ | 1.2 | $ | 1.3 | $ | 3.6 | |||||||||||
Government and defense | 445.6 | 120.1 | 110.2 | 120.0 | 141.1 | 461.4 | 133.2 | 122.3 | 113.4 | 510.0 | ||||||||||||||||||||
$ | 451.7 | $ | 121.4 | $ | 110.6 | $ | 121.6 | $ | 141.5 | $ | 465.4 | $ | 133.6 | $ | 123.5 | $ | 114.7 | $ | 513.6 | |||||||||||
Legacy Commercial Programs | ||||||||||||||||||||||||||||||
Commercial | $ | 218.6 | $ | 61.3 | $ | 61.2 | $ | 57.2 | $ | 74.8 | 254.5 | $ | 61.5 | $ | 60.5 | $ | 55.6 | $ | 252.4 | |||||||||||
Government and defense | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
$ | 218.6 | $ | 61.3 | $ | 61.2 | $ | 57.2 | $ | 74.8 | $ | 254.5 | $ | 61.5 | $ | 60.5 | $ | 55.6 | $ | 252.4 | |||||||||||
Parts Supply
Last twelve
Three months ended Year ended Three months ended months ended
August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | |||
(: in millions) | 2024 2024 2025 2025 2025 2025 2025 2026 2026 | ||||||||
Sales | $249.7 | $273.7 | $270.7 | $305.5 | $1,099.6 | $317.8 | $353.6 | $392.5 | $1,369.4 |
Operating income (loss) | 30.1 | 31.6 | 45.4 | 49.7 | $156.8 | 40.9 | 40.9 | 50.7 | $182.2 |
Operting income margin | 12.1% | 11.5% | 16.8% | 16.3% | 14.3% | 12.9% | 11.6% | 12.9% | |
Sales | $249.7 | $273.7 | $270.7 | $305.5 | $1,099.6 | $317.8 | $353.6 | $392.5 | $1,369.4 |
Contract termination benefit | - | - | - | - | - | - | - | - | - |
Adjusted sales | $249.7 | $273.7 | $270.7 | $305.5 | $1,099.6 | $317.8 | $353.6 | $392.5 | $1,369.4 |
Operating income (loss) | 30.1 | 31.6 | 45.4 | 49.7 | $156.8 | 40.9 | 40.9 | 50.7 | $182.2 |
Acquisition, integration C amortization expenses | - | - | - | - | - | - | 1.9 | 2.9 | 4.8 |
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - |
Adjusted operating income | $30.1 | $31.6 | $34.3 | $49.7 | $145.7 | $40.9 | $42.8 | $53.6 | $187.0 |
Adjusted operating margin | 12.1% | 11.5% | 12.7% | 16.3% | 13.3% | 12.9% | 12.1% | 13.7% | 13.7% |
Operating income (loss) | $30.1 | $31.6 | $45.4 | $49.7 | $156.8 | $40.9 | $40.9 | $50.7 | $182.2 |
Depreciation and amortization | 2.1 | 1.8 | 1.9 | 1.9 | 7.7 | 2.2 | 4.9 | 7.0 | 16.0 |
Stock-based compensation | 0.5 | 0.5 | 0.6 | 0.5 | 2.1 | 0.7 | 0.7 | 0.7 | 2.6 |
Acquisition and integration expenses | - | - | - | - | - | - | - | 0.1 | 0.1 |
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - |
Adjusted EBITDA | $32.7 | $33.9 | $36.8 | $52.1 | $155.5 | $43.8 | $46.5 | $58.5 | $200.9 |
Adjusted EBITDA margin | 13.1% | 12.4% | 13.6% | 17.1% | 14.1% | 13.8% | 13.2% | 14.9% | 14.7% |
Repair s Engineering
Last twelve
Three months ended Year ended Three months ended months ended
August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | |||
(: in millions) | 2024 2024 2025 2025 2025 2025 2025 2026 2026 | ||||||||
Sales | $217.6 | $228.8 | $215.9 | $222.6 | $884.9 | $214.6 | $244.5 | $265.3 | $947.0 |
Operating income (loss) | 21.1 | 22.8 | 19.0 | 18.3 | $81.2 | 20.4 | 22.7 | 15.1 | $76.5 |
Operting income margin | 9.7% | 10.0% | 8.8% | 8.2% | 9.2% | 9.5% | 9.3% | 5.7% | |
Sales | $217.6 | $228.8 | $215.9 | $222.6 | $884.9 | $214.6 | $244.5 | $265.3 | $947.0 |
Contract termination benefit | - | - | - | - | - | - | - | - | - |
Adjusted sales | $217.6 | $228.8 | $215.9 | $222.6 | $884.9 | $214.6 | $244.5 | $265.3 | $947.0 |
Operating income (loss) | 21.1 | 22.8 | 19.0 | 18.3 | $81.2 | 20.4 | 22.7 | 15.1 | $76.5 |
Acquisition, integration C amortization expenses | 4.6 | 5.3 | 4.9 | 5.0 | 19.8 | 4.1 | 4.7 | 10.5 | 24.3 |
Severance charges | - | - | - | - | - | 0.4 | - | - | 0.4 |
Gain related to sale of business/joint venture, net | (1.4) | (0.7) | - | - | (2.1) | - | - | - | - |
Adjusted operating income | $24.3 | $27.4 | $23.9 | $23.3 | $98.9 | $24.9 | $27.4 | $25.6 | $101.2 |
Adjusted operating margin | 11.2% | 12.0% | 11.1% | 10.5% | 11.2% | 11.6% | 11.2% | 9.6% | 10.7% |
Operating income (loss) | $21.1 | $22.8 | $19.0 | $18.3 | $81.2 | $20.4 | $22.7 | $15.1 | $76.5 |
Depreciation and amortization | 6.2 | 6.3 | 6.5 | 6.2 | 25.2 | 6.1 | 6.5 | 7.6 | 26.4 |
Stock-based compensation | 0.4 | 0.1 | 0.6 | 0.1 | 1.2 | 0.5 | 0.2 | 0.2 | 1.0 |
Acquisition and integration expenses | 1.6 | 2.4 | 1.8 | 2.1 | 7.9 | 1.1 | 1.8 | 6.4 | 11.4 |
Severance charges | - | - | - | - | - | 0.4 | - | - | 0.4 |
Gain related to sale of joint venture | (1.4) | (0.7) | - | - | (2.1) | - | - | - | - |
Adjusted EBITDA | $27.9 | $30.9 | $27.9 | $26.7 | $113.4 | $28.5 | $31.2 | $29.3 | $115.7 |
Adjusted EBITDA margin | 12.8% | 13.5% | 12.9% | 12.0% | 12.8% | 13.3% | 12.8% | 11.0% | 12.2% |
Integrated Solutions
Last twelve
Three months ended Year ended Three months ended months ended
August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | |||
(: in millions) | 2024 2024 2025 2025 2025 2025 2025 2026 2026 | ||||||||
Sales | $168.9 | $163.4 | $162.9 | $200.1 | $695.3 | $185.0 | $175.8 | $167.8 | $728.7 |
Operating income (loss) | 7.7 | 6.5 | 9.6 | 12.6 | $36.4 | 9.7 | 13.9 | 9.4 | $45.6 |
Operting income margin | 4.6% | 4.0% | 5.9% | 6.3% | 5.2% | 5.2% | 7.9% | 5.6% | |
Sales | $168.9 | $163.4 | $162.9 | $200.1 | $695.3 | $185.0 | $175.8 | $167.8 | $728.7 |
Contract termination benefit | - | - | - | (18.6) | (18.6) | - | - | - | (18.6) |
Adjusted sales | $168.9 | $163.4 | $162.9 | $181.5 | $676.7 | $185.0 | $175.8 | $167.8 | $710.1 |
Operating income (loss) | 7.7 | 6.5 | 9.6 | 12.6 | $36.4 | 9.7 | 13.9 | 9.4 | $45.6 |
Acquisition, integration C amortization expenses | 2.8 | 1.8 | 2.8 | (1.9) | 5.5 | 1.0 | 1.2 | 1.2 | 1.5 |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.9 | 4.9 |
Adjusted operating income | $10.5 | $8.3 | $12.4 | $10.7 | $41.9 | $11.0 | $15.1 | $15.5 | $52.3 |
Adjusted operating margin | 6.2% | 5.1% | 7.6% | 5.9% | 6.2% | 5.9% | 8.6% | 9.2% | 7.4% |
Operating income (loss) | $7.7 | $6.5 | $9.6 | $12.6 | $36.4 | $9.7 | $13.9 | $9.4 | $45.6 |
Depreciation and amortization | 3.7 | 4.4 | 4.2 | 4.1 | 16.4 | 4.0 | 4.1 | 4.2 | 16.4 |
Stock-based compensation | 0.3 | 0.6 | 0.5 | 0.5 | 1.9 | 0.5 | 0.5 | 0.6 | 2.1 |
Acquisition and integration expenses | 1.8 | 0.8 | 1.9 | (3.0) | 1.5 | - | - | - | (3.0) |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.9 | 4.9 |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
Adjusted EBITDA | $13.5 | $12.3 | $16.2 | $14.2 | $56.2 | $14.5 | $18.5 | $19.1 | $66.3 |
Adjusted EBITDA margin | 8.0% | 7.5% | 9.9% | 7.8% | 8.3% | 7.8% | 10.5% | 11.4% | 9.3% |
Expeditionary Services
Last twelve
Three months ended Year ended Three months ended months ended
August 31, | November 30, February 28, | May 31, | May 31, | August 31, | November 30, February 28, | February 28, | |||
(: in millions) | 2024 2024 2025 2025 2025 2025 2025 2026 2026 | ||||||||
Sales | $25.5 | $20.2 | $28.7 | $26.3 | $100.7 | $22.2 | $21.4 | $19.5 | $89.4 |
Operating income (loss) | (1.7) | 2.2 | 6.4 | 3.2 | $10.1 | 3.0 | 2.4 | 2.8 | $11.4 |
Operting income margin | -6.7% | 10.9% | 22.3% | 12.2% | 10.0% | 13.5% | 11.2% | 14.4% | |
Sales | $25.5 | $20.2 | $28.7 | $26.3 | $100.7 | $22.2 | $21.4 | $19.5 | $89.4 |
Contract termination benefit | (9.5) | - | (4.0) | - | (13.5) | - | - | - | - |
Adjusted sales | $16.0 | $20.2 | $24.7 | $26.3 | $87.2 | $22.2 | $21.4 | $19.5 | $89.4 |
Operating income (loss) | (1.7) | 2.2 | 6.4 | 3.2 | $10.1 | 3.0 | 2.4 | 2.8 | $11.4 |
Contract termination benefit | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
Adjusted operating income | $1.5 | $2.2 | $3.4 | $3.2 | $10.3 | $3.0 | $2.4 | $2.8 | $11.4 |
Adjusted operating margin | 9.4% | 10.9% | 13.8% | 12.2% | 11.8% | 13.5% | 11.2% | 14.4% | 12.8% |
Operating income (loss) | ($1.7) | $2.2 | $6.4 | $3.2 | $10.1 | $3.0 | $2.4 | $2.8 | $11.4 |
Depreciation and amortization | 0.4 | 0.4 | 0.4 | 0.4 | 1.6 | 0.4 | 0.5 | 0.4 | 1.7 |
Contract termination benefit | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
Adjusted EBITDA | $1.9 | $2.6 | $3.8 | $3.6 | $11.9 | $3.4 | $2.9 | $3.2 | $13.1 |
Adjusted EBITDA margin | 11.9% | 12.9% | 15.4% | 13.7% | 13.6% | 15.3% | 13.6% | 16.4% | 14.7% |
Corporate s Other
Last twelve
Three months ended Year ended Three months ended months ended
August 31,
November 30,
February 28,
May 31,
May 31,
August 31,
November 30,
February 28,
February 28,
(: in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026
Sales | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
Operating income (loss) | (13.8) | (65.4) | (9.3) | (10.8) | ($99.3) | (9.1) | (12.9) | (12.2) | ($45.0) |
Operting income margin | NA | NA | NA | NA | NA | NA | NA | NA | NA |
Sales | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
Contract termination benefit | - | - | - | - | - | - | - | - | - |
Adjusted sales | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
Operating income (loss) | (13.8) | (65.4) | (9.3) | (10.8) | ($99.3) | (9.1) | (12.9) | (12.2) | ($45.0) |
Acquisition, integration C amortization expenses | 1.6 | 0.1 | (0.2) | - | 1.5 | 1.3 | 6.4 | 0.9 | 8.6 |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
FCPA settlement and Investigation costs | - | 59.2 | 1.1 | - | 60.3 | - | - | - | - |
Government COVID-related subsidy liability reversal | - | - | - | 0.8 | 0.8 | (0.7) | - | - | 0.1 |
Investigation costs | 5.0 | - | - | - | 5.0 | - | - | - | - |
Adjusted operating income | ($7.2) | ($6.1) | ($8.4) | ($10.0) | ($37.5) | ($8.2) | ($6.5) | ($11.3) | ($36.1) |
Adjusted operating margin | NA | NA | NA | NA | NA | NA | NA | NA | NA |
Operating income (loss) | ($13.8) | ($65.4) | ($9.3) | ($10.8) | ($99.3) | ($9.1) | ($12.9) | ($12.2) | ($45.0) |
Depreciation and amortization | 1.1 | 1.1 | 1.0 | 1.1 | 4.3 | 1.1 | 1.1 | 1.0 | 4.3 |
Stock-based compensation | 3.8 | 3.8 | 3.9 | 3.2 | 14.7 | 3.6 | 2.9 | 2.2 | 11.9 |
Acquisition and integration expenses | 1.6 | - | (0.2) | - | 1.4 | 1.3 | 6.3 | 1.0 | 8.6 |
Severance charges | - | - | - | - | - | 0.3 | - | - | 0.3 |
Government COVID-related subsidy liability reversal | - | - | - | 0.8 | 0.8 | (0.7) | - | - | 0.1 |
Investigation costs | 5.0 | - | - | - | 5.0 | - | - | - | - |
FCPA settlement and Investigation costs | - | 59.2 | 1.1 | - | 60.3 | - | - | - | - |
Adjusted EBITDA | ($2.3) | ($1.3) | ($3.5) | ($5.7) | ($12.8) | ($3.5) | ($2.6) | ($8.0) | ($19.8) |
Adjusted EBITDA margin | NA | NA | NA | NA | NA | NA | NA | NA | NA |
Consolidated
Last twelve
Three months ended
Year ended
Three months ended
months ended
(: in millions) | August 31, 2024 | November 30, 2024 | February 28, 2025 | May 31, 2025 | May 31, 2025 | August 31, 2025 | November 30, 2025 | February 28, 2026 | February 28, 2026 |
Sales | $661.7 | $686.1 | $678.2 | $754.5 | $2,780.5 | $739.6 | $795.3 | $845.1 | $3,134.5 |
Operating income (loss) | 43.4 | (2.3) | 71.1 | 73.0 | $185.2 | 64.9 | 67.0 | 65.8 | $270.7 |
Operting income margin | 6.6% | -0.3% | 10.5% | 9.7% | 6.7% | 8.8% | 8.4% | 7.8% | |
Sales | $661.7 | $686.1 | $678.2 | $754.5 | $2,780.5 | $739.6 | $795.3 | $845.1 | $3,134.5 |
Contract termination benefit | (9.5) - | (4.0) (18.6) (32.1) | - | - | - | (18.6) | |||
Adjusted sales | $652.2 | $686.1 | $674.2 | $735.9 | $2,748.4 | $739.6 | $795.3 | $845.1 | $3,115.9 |
Operating income (loss) | 43.4 | (2.3) | 71.1 | 73.0 | $185.2 | 64.9 | 67.0 | 65.8 | $270.7 |
Acquisition, integration C amortization expenses | 9.0 | 7.2 | 7.5 | 3.1 | 26.8 | 6.4 | 14.2 | 15.5 | 39.2 |
Severance charges | - | - | - | - | - | 1.0 | - | - | 1.0 |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.9 | 4.9 |
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - |
Contract termination benefit | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
FCPA settlement and Investigation costs | - | 59.2 | 1.1 | - | 60.3 | - | - | - | - |
Gain related to sale of business/joint venture, net | (1.4) | (0.7) | - | - | (2.1) | - | - | - | - |
Government COVID-related subsidy liability reversal | - | - | - | 0.8 | 0.8 | (0.7) | - | - | 0.1 |
Investigation costs | 5.0 | - | - | - | 5.0 | - | - | - | - |
Adjusted operating income | $59.2 | $63.4 | $65.6 | $76.9 | $265.1 | $71.6 | $81.2 | $86.2 | $315.9 |
Adjusted operating margin | 9.1% | 9.2% | 9.7% | 10.4% | 9.6% | 9.7% | 10.2% | 10.2% | 10.1% |
Operating income (loss) | $43.4 | ($2.3) | $71.1 | $73.0 | $185.2 | $64.9 | $67.0 | $65.8 | $270.7 |
Depreciation and amortization | 13.5 | 14.0 | 14.0 | 13.7 | 55.2 | 13.8 | 17.1 | 20.2 | 64.8 |
Stock-based compensation | 5.0 | 5.0 | 5.6 | 4.3 | 19.9 | 5.3 | 4.3 | 3.7 | 17.6 |
Acquisition and integration expenses | 5.0 | 3.2 | 3.5 | (0.9) | 10.8 | 2.4 | 8.1 | 7.5 | 17.1 |
Impairment charge related to product line exit | - | - | - | - | - | - | - | 4.9 | 4.9 |
Severance charges | - | - | - | - | - | 1.0 | - | - | 1.0 |
Russian bankruptcy court judgment (reversal) | - | - | (11.1) | - | (11.1) | - | - | - | - |
Government COVID-related subsidy liability reversal | - | - | - | 0.8 | 0.8 | (0.7) | - | - | 0.1 |
Investigation costs | 5.0 | - | - | - | 5.0 | - | - | - | - |
Contract termination benefit | 3.2 | - | (3.0) | - | 0.2 | - | - | - | - |
FCPA settlement and Investigation costs | - | 59.2 | 1.1 | - | 60.3 | - | - | - | - |
Gain related to sale of joint venture | (1.4) (0.7) - | - | (2.1) - | - | - | - | |||
Adjusted EBITDA | $73.7 | $78.4 | $81.2 | $90.9 | $324.2 | $86.7 | $96.5 | $102.1 | $376.2 |
Adjusted EBITDA margin | 11.3% | 11.4% | 12.0% | 12.4% | 11.8% | 11.7% | 12.1% | 12.1% | 12.1% |
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original document
- Permalink
Disclaimer
AAR Corporation published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 23:02 UTC.
