AAR : segment realignment (Presentation slides)
AIR
Published on 05/06/2026 at 07:24 pm EDT - Modified on 05/06/2026 at 07:37 pm EDT
May 6, 2026
Expeditionary Services
Legacy Commercial Programs
Mobility Systems
Integrated Solutions Government Programs Commercial Programs
Software
Airframe MRO Component MRO
New 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
Airframe MRO Component MRO
Software
New 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
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
Airframe MRO Component MRO
Commercial Programs
Mobility Systems
Government Programs
Airframe MRO Component MRO
Software
New parts Distribution
USM
New parts Distribution USM
Corp Corporate
$947M
$710M
$89M
Mobility Systems
Integrated Solutions Government Programs Commercial Programs
Software
Airframe MRO Component MRO
Commercial Programs
$999M
$514M
$234M
Mobility Systems
Government Programs
Airframe MRO Component MRO
Software
New parts Distribution
$1,369M
USM
$1,369M
New parts Distribution USM
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%
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.