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AAR Corp

Logo: Fgbwashdc, CC BY-SA 4.0, via Wikimedia Commons4

Aviation support company

AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$3.3BRevenue, fiscal 20265
$187.7MNet income, fiscal 20265
1951Founded1

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  • TickerAIR on NYSE1
  • Industryaerospace industry1
  • HeadquartersWood Dale1
  • Websitewww.aarcorp.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1100 N Wood Dale Rd, Wood Dale, Il 601916
  • Filer categoryLarge accelerated filer6

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Mro female cohort
Photo: Fgbwashdc, CC BY-SA 4.0, via Wikimedia Commons8

AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide. The company is headquartered in Wood Dale, Illinois, a Chicago suburb. The company employs about 6,000 people, operating in about 30 different countries. John Holmes is the current CEO.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

18.8%Gross margin5
5.7%Net margin5
19.0%Revenue growth, 20265
11.0%Return on equity5
0.52×Debt to equity5
$62.1MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 65% of the revenue AAR Corp broke down this way in fiscal 2026.

  1. Product$2.1B565%up 25% from 2025
  2. Service$1.2B535%up 9% from 2025
Products and services by year
Products and services202420252026
Product$1.4B$1.7B$2.1B
Service$931.8M$1.1B$1.2B

Business segments

Reportable Segment, Aggregation before Corporate and Other Operating brought in 50% of the revenue AAR Corp broke down this way in fiscal 2026.

  1. Reportable Segment, Aggregation before Corporate and Other Operating$3.3B550%up 19% from 2025
  2. Parts Supply$1.5B523%up 36% from 2025
  3. Repair, Engineering, and Software$1.1B516%up 16% from 2025
  4. Government Solutions$502.3M58%up 1% from 2025
  5. Legacy Commercial Programs$240.9M54%down 6% from 2025
Business segments by year
Business segments202420252026
Reportable Segment, Aggregation before Corporate and Other Operating$2.3B$2.8B$3.3B
Parts Supply$975.6M$1.1B$1.5B
Repair, Engineering, and Software$681.3M$931.0M$1.1B
Government Solutions$451.7M$495.4M$502.3M
Legacy Commercial Programs$218.9M$255.0M$240.9M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue81¢$2.7B
  • Selling, general and admin11¢$349.3M
  • Other costs1¢$26.8M
  • Income tax2¢$58.2M
  • Profit6¢$187.7M

Out of $3.3B in revenue.5

Where each dollar of operating cash went, fiscal 2026

  • Capital spending37¢$36.6M
  • Kept or used elsewhere63¢$62.1M

Out of $98.7M of cash from operations.5

Financial statements

Revenue9101112135$3.3B in 2026+61% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.1B$2.1B20192020: $2.1B$2.1B2020+1%2021: $1.7B$1.7B2021−20%2022: $1.8B$1.8B2022+10%2023: $2.0B$2.0B2023+9%2024: $2.3B$2.3B2024+16%2025: $2.8B$2.8B2025+20%2026: $3.3B$3.3B2026+19%
Gross profit9101112135$622.0M in 2026+89% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $329.8M$329.8M20192020: $269.2M$269.2M2020−18%2021: $275.9M$275.9M2021+2%2022: $313.2M$313.2M2022+14%2023: $370.1M$370.1M2023+18%2024: $442.3M$442.3M2024+20%2025: $527.7M$527.7M2025+19%2026: $622.0M$622.0M2026+18%
Net income9101112135$187.7M in 2026+2403% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $7.5M$7.5M20192020: $4.4M$4.4M2020−41%2021: $35.8M$35.8M2021+714%2022: $78.7M$78.7M2022+120%2023: $90.2M$90.2M2023+15%2024: $46.3M$46.3M2024−49%2025: $12.5M$12.5M2025−73%2026: $187.7M$187.7M2026+1402%

Every line of the income statement in the latest annual report, as filed.5

Period ending2026-05-312025-05-312024-05-31
Sales$3.3B$2.8B$2.3B
Cost of sales$2.7B$2.3B$1.9B
Gross profit$622.0M$527.7M$442.3M
Provision for credit losses$2.1M$200.0K$700.0K
Selling, general and administrative$349.3M$347.7M$312.2M
Earnings (Loss) from joint ventures$7.2M$5.4M-$200.0K
Operating income$277.8M$185.2M$129.2M
Bargain purchase gain$29.5M
Gain on sale of headquarters building$9.8M
Pension settlement charge-$26.7M
Gain (Loss) related to sale and exit of businesses$1.4M-$72.4M-$2.8M
Other expense, net-$2.1M-$300.0K-$400.0K
Interest expense-$72.1M-$75.4M-$43.2M
Interest income$1.6M$1.8M$2.2M
Income (loss) before income tax expense$245.9M$38.9M$58.3M
Income tax expense$58.2M$26.4M$12.0M
Net income$187.7M$12.5M$46.3M
Earnings per share - basic (in dollars per share)$4.88$0.35$1.30
Earnings per share - diluted (in dollars per share)$4.86$0.35$1.29
Weighted average shares outstanding - basic (in shares)38.3M shares35.6M shares35.1M shares
Weighted average shares outstanding - diluted (in shares)38.4M shares35.8M shares35.4M shares

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The story

The company was founded by Ira Allen Eichner in 1951, to supply radios and other equipment to the commercial aviation industry. I.A. Allen Industrial was incorporated in 1955, renamed Allen Aircraft Radio (AAR) in 1962, and became AAR CORP. in 1970. Also, in 1969, AAR began its aircraft maintenance business in Oklahoma City. In 1965, AAR expanded to Europe and opened a Singapore office in 1982.

AAR organized its Aircraft Turbine Center, Inc. in 1979 after future CEO David P. Storch, Eichner's son-in-law, joined the company.

David P. Storch was CEO from 1996 to 2018. In 2018, John M. Holmes became CEO.

On November 3, 2025, AAR and HAECO Americas, with 1600 employees in Greensboro, North Carolina and Lake City, Florida, announced that AAR had purchased the HAECO subsidiary for $78 million. At the time, HAECO Americas was the second-largest heavy aircraft maintenance company in North America, with AAR being number one.

In December 2025, it was announced that AAR had entered into an agreement to acquire Aircraft Reconfig Technologies from ZIM Aircraft Cabin Solutions for US$35 million in an all-cash transaction. The acquisition was intended to expand AAR’s engineering and certification capabilities within its repair and engineering segment and was subject to customary closing conditions and regulatory approvals. In late December 2025, it was announced that AAR would be permanently closing its Indianapolis location by February 28, 2027.

Lobbying and corruption

During the first Trump administration, AAR quadrupled its lobbying expenditures. The company spent large sums at Trump-owned properties with the intent to get Trump to view the company more favorably. From the time Trump took office until October 2020, AAR obtained 10 new federal contracts worth a total of $1.35 billion.

In December 2024, AAR agreed to resolve U.S. charges in connection with schemes to bribe Nepalese and South African officials related to contracts with state-owned flag carriers Nepal Airlines and South African Airways. AAR agreed to pay more than $55 million to resolve investigations done by the Justice Department and SEC.

From Wikipedia’s article on AAR Corp., shared under CC BY-SA 4.0.7

Leadership

Who has led AAR Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David P. Storch2003–2018
  2. John McClain Holmes Iii.2018–now

Chair

  1. David P. Storch2005–2018
  2. John McClain Holmes Iii.2023–now

President

  1. David P. Storch2003–2017
  2. Timothy J. Romenesko2007–2015
  3. John McClain Holmes Iii.2017–now

Chief financial officer

  1. Timothy J. Romenesko2003–2017
  2. Richard J. Poulton2007–2012
  3. John C. Fortson2013–2015
  4. Michael D. Milligan2017–2018
  5. Sean M. Gillen2019–2025
  6. Sarah Louise Flanagan2025–2026
  7. Dylan Zachary Wolin2026–now

Chief operating officer

  1. Timothy J. Romenesko2007–2017
  2. John McClain Holmes Iii.2016–2017
197019801990200020102020
Board members and other officers (38)

Timeline

  1. Jul 10, 2018New chief executive John McClain Holmes Iii. becomes CEO19
  2. Jul 14, 2003New chief executive David P. Storch becomes CEO20
  3. 1951Founded Founded1

Recent filings

  1. Oct 1, 2026S-8
  2. Sep 29, 20268-K
  3. Sep 29, 202610-Q
  4. Sep 28, 20268-K
  5. Sep 24, 20268-K
  6. Sep 1, 20264 PRIMARY DOCUMENT
  7. Sep 1, 20264 PRIMARY DOCUMENT
  8. Aug 10, 2026DEFA14A
  9. Aug 4, 2026DEF 14A
  10. Aug 4, 2026DEFA14A
  11. Aug 4, 2026ARS
  12. Aug 3, 20264 PRIMARY DOCUMENT
  13. Aug 3, 20264 PRIMARY DOCUMENT
  14. Aug 3, 20264 PRIMARY DOCUMENT
  15. Aug 3, 20264 PRIMARY DOCUMENT

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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