AIRT on Nasdaq
AIR T INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
-3.4%Operating margin2
23.8%Net margin2
12.1%Revenue growth, 20262
97.7%Return on equity2
2.61×Debt to equity2
-$41.5MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Overnight Air Cargo brought in 38% of the revenue AIR T INC broke down this way in fiscal 2026.
Products and services by year
| Products and services | 2025 | 2026 |
|---|---|---|
| Overnight Air Cargo | $124.0M | $123.7M |
| Commercial Aircraft, Engines And Parts | $118.2M | $86.9M |
| Regional Airline | $0 | $55.3M |
| Ground Support Equipment | $38.9M | $47.2M |
| Digital Solutions | $7.3M | $9.1M |
| Corporate And Other Income | $3.4M | $4.9M |
Business segments
Overnight Air Cargo brought in 27% of the revenue AIR T INC broke down this way in fiscal 2026.
Business segments by year
| Business segments | 2025 | 2026 |
|---|---|---|
| Overnight Air Cargo | $124.9M | $128.7M |
| Commercial Aircraft Engines Inventory | $119.4M | $89.9M |
| Commercial Jet Engines Inventory | $118.2M | $86.9M |
| Passenger Airline | $0 | $55.3M |
| Ground Equipment Sales | $38.9M | $47.2M |
| Ground Support Equipment | $38.9M | $47.2M |
| Digital Solutions | $7.3M | $9.1M |
| Corporate Segment and Other Operating | $3.4M | $4.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Other costs72¢$235.7M
- Interest4¢$12.0M
- Income tax0¢$1.4M
- Profit24¢$78.0M
Out of $327.1M in revenue.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 |
|---|---|---|---|
| Reconciliation of revenue | $327.1M | $291.9M | |
| General and administrative | $80.8M | $57.8M | |
| Depreciation and amortization | $12.3M | $4.4M | |
| Earnout remeasurement | -$666.0K | $435.0K | |
| Operating expenses | $345.3M | $289.9M | |
| Gain on sale of aircraft on lease | $7.0M | $0 | |
| Operating (Loss) Income | -$11.2M | $1.9M | |
| Interest expense | -$12.0M | -$8.4M | |
| (Loss) income from equity method investments | -$1.7M | $1.7M | |
| Gain on bargain purchase | $111.2M | $0 | |
| Other | -$193.0K | -$209.0K | |
| Non-operating income (expense) | $97.2M | -$6.9M | |
| Earnings (Loss) before income taxes | $86.0M | -$5.0M | |
| Income Tax Expense | $1.4M | $423.0K | $729.0K |
| Net Income (Loss) | $84.7M | -$5.4M | |
| Net Income Attributable to Non-controlling Interests | -$6.7M | -$729.0K | |
| Net Income (Loss) Attributable to Air T, Inc. Stockholders | $78.0M | -$6.1M | |
| Basic (in dollars per share) | $28.85 | -$2.23 | |
| Diluted (in dollars per share) | $28.85 | -$2.23 | |
| Basic (in shares) | 2.7M shares | 2.8M shares | |
| Diluted (in shares) | 2.7M shares | 2.8M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 |
|---|---|---|---|
| Cash and cash equivalents | $20.3M | $5.9M | |
| Marketable securities | $1.0M | $422.0K | |
| Restricted cash | $4.9M | $575.0K | |
| Restricted investments | $0 | $683.0K | |
| Accounts receivable, net of allowance for doubtful accounts of $1,614 and $1,338 | $39.9M | $23.9M | |
| Income tax receivable | $196.0K | $681.0K | |
| Inventories, net | $77.1M | $38.5M | |
| Prepaid expenses | $8.9M | $3.1M | |
| Other current assets | $7.6M | $4.7M | |
| Total Current Assets | $160.0M | $78.5M | |
| Assets on lease or held for lease, net of accumulated depreciation of $60 and $1,451 | $0 | $14.7M | |
| Property and equipment, net of accumulated depreciation of $18,571 and $9,240 | $162.0M | $20.3M | |
| Intangible assets, net of accumulated amortization of $8,046 and $6,330 | $13.0M | $10.0M | |
| "Right-of-use (""ROU"") assets" | $14.6M | $13.3M | |
| Equity method investments | $26.1M | $19.0M | |
| Goodwill | $11.8M | $10.5M | |
| Other assets | $7.6M | $1.6M | |
| Total Assets | $409.1M | $173.8M | |
| Accounts payable | $37.0M | $17.8M | |
| Income tax payable | $687.0K | $0 | |
| Accrued expenses and other (Note 11) | $49.7M | $16.7M | |
| Current portion of earnout liability | $198.0K | $430.0K | |
| Short-term lease liability | $3.4M | $2.4M | |
| Total Current Liabilities | $95.5M | $47.7M | |
| Deferred income tax liabilities, net | $3.4M | $2.2M | |
| Long-term lease liability | $12.2M | $11.8M | |
| Long-term earnout liability | $244.0K | $1.1M | |
| Other non-current liabilities | $2.0M | $866.0K | |
| Total Liabilities | $317.9M | $168.2M | |
| Redeemable non-controlling interests | $10.3M | $7.1M | |
| Preferred stock, $1.00 par value, 4,000,000 and 2,000,000 shares authorized | $0 | $0 | |
| Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 and 3,030,245 shares issued, 2,701,375 and 2,702,639 shares outstanding | $758.0K | $758.0K | |
| Treasury stock, 328,870 shares at $19.56 and 327,606 shares at $19.55 | -$6.4M | -$6.4M | |
| Additional paid-in capital | $1.1M | $947.0K | |
| Retained earnings | $80.1M | $2.1M | |
| Accumulated other comprehensive income (loss) | $4.2M | -$647.0K | |
| Total Air T, Inc. Stockholders' Equity (Deficit) | $79.8M | -$3.2M | |
| Non-controlling Interests | $1.1M | $1.7M | |
| Total Equity (Deficit) | $80.9M | -$1.5M | $5.8M |
| Total Liabilities and Equity | $409.1M | $173.8M | |
| Accounts receivable, allowance for doubtful accounts | $1.6M | $1.3M | |
| Assets on lease, accumulated depreciation | $60.0K | $1.5M | |
| Property and equipment, accumulated depreciation | $18.6M | $9.2M | |
| Intangible assets, accumulated amortization | $8.0M | $6.3M | |
| Preferred stock, par value (in dollars per share) | $1.00 | $1.00 | |
| Preferred stock, shares authorized (in shares) | 4.0M shares | 2.0M shares | |
| Common stock, par value (in dollars per share) | $0.25 | $0.25 | |
| Common stock, shares authorized (in shares) | 4.0M shares | 4.0M shares | |
| Common stock, shares issued (in shares) | 3.0M shares | 3.0M shares | |
| Common stock, shares outstanding (in shares) | 2.7M shares | 2.7M shares | |
| Treasury stock (in shares) | 328.9K shares | 327.6K shares | |
| Treasury stock, average price (in dollars per share) | $19.56 | $19.55 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-03-31 |
|---|---|---|
| Net Income (Loss) | $84.7M | -$5.4M |
| Depreciation and amortization | $12.3M | $4.4M |
| Loss (Income) from equity method investments | $1.7M | -$1.7M |
| Gain on sale of aircraft on lease | -$7.0M | $0 |
| Gain on bargain purchase | -$111.2M | $0 |
| Other | $4.8M | $3.8M |
| Accounts receivable | -$3.3M | -$1.8M |
| Inventories | -$24.1M | $20.6M |
| Accounts payable | $16.3M | $2.7M |
| Accrued expenses | $5.8M | $1.1M |
| Other current assets | -$2.9M | $264.0K |
| Other | -$2.2M | -$464.0K |
| Net cash (used in) provided by operating activities | -$25.0M | $23.5M |
| Investment in unconsolidated entities | -$15.2M | -$7.0M |
| Distribution from unconsolidated entities | $5.4M | $6.0M |
| Capital expenditures related to property & equipment | -$16.5M | -$1.1M |
| Capital expenditures related to assets on lease or held for lease | $0 | -$14.6M |
| Proceeds from sale of aircraft on lease | $19.9M | $0 |
| Loan advances to Bloomia | -$1.4M | -$3.8M |
| Loan advances to other unrelated entity | $9.3M | $0 |
| Proceeds from notes receivable - CAM and Bloomia | $2.5M | $400.0K |
| Acquisition of businesses, net of cash acquired | -$6.7M | $0 |
| Other | -$495.0K | -$163.0K |
| Net cash used in investing activities | -$21.8M | -$20.2M |
| Proceeds from lines of credit | $145.0M | $136.5M |
| Payments on lines of credit | -$135.5M | -$131.4M |
| Proceeds from term loan | $76.3M | $24.9M |
| "Proceeds from issuance of Trust Preferred Securities (""TruPs"")" | $3.1M | $910.0K |
| Repurchase of common stock | -$28.0K | -$1.4M |
| Distribution to non-controlling interest | -$3.7M | -$489.0K |
| Other | -$714.0K | $1.2M |
| Net cash provided by (used in) financing activities | $65.4M | -$4.8M |
| Effect of foreign currency exchange rates on cash and cash equivalents | -$39.0K | $408.0K |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $18.5M | -$1.1M |
| Operating cash payments for operating leases | $3.7M | $2.3M |
| Cash paid during the year for income taxes | $850.0K | $983.0K |
Former names
- AIR TRANSPORTATION HOLDING CO INCNov 7, 1995 to Feb 12, 19993
Recent filings
- Sep 4, 20268-K
- Aug 28, 20268-K/A
- Aug 28, 20268-K
- Aug 26, 20268-K/A
- Aug 14, 202610-Q
- Aug 14, 20268-K
- Aug 14, 20268-K
- Jul 31, 2026144
- Jul 17, 2026SCHEDULE 13D/A
- Jul 10, 2026DEF 14A
- Jul 10, 2026ARS
- Jul 10, 2026DEFA14A
- Jul 10, 20268-K
- Jul 10, 2026424B5
- Jul 10, 2026424B5
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAIR T INC filings on SEC EDGAR
- 2SEC EDGARAIR T INC 10-K for fiscal 2026
- 3SEC EDGARAIR T INC filings on SEC EDGAR
- 4SEC EDGARAIR T INC 10-K for fiscal 2019
- 5SEC EDGARAIR T INC 10-K for fiscal 2020
- 6SEC EDGARAIR T INC 10-K for fiscal 2021
- 7SEC EDGARAIR T INC 10-K for fiscal 2023
- 8SEC EDGARAIR T INC 10-K for fiscal 2024
- 9SEC EDGARAIR T INC 10-K for fiscal 2022
- 10SEC EDGARAIR T INC 10-Q for fiscal 2025
- 11SEC EDGARAIR T INC 10-Q for fiscal 2025
- 12SEC EDGARAIR T INC 10-Q for fiscal 2026
- 13SEC EDGARAIR T INC 10-K for fiscal 2019