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MARKETS / NASDAQ / AIRT
NASDAQ · AIR COURIER SERVICES · SMALL CAP

AIR T Inc. AIRT

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$327.1M
▲ 12.1% YoY
$78.0M
$-41.5M
▼ 285.3% YoY
In brief

What this company does

Air T, Inc. operates in five core industry segments: overnight air cargo, which operates in the air express delivery services industry; ground support equipment, which manufactures and provides mobile deicers and other specialized equipment to passenger and cargo airlines, airports, the military and industrial customers; commercial aircraft, engines and parts, which manages and leases aviation assets and supplies surplus and aftermarket commercial jet engine components; digital solutions, which develops and provides digital aviation and other business services to customers within the aviation industry; and regional airline, which provides scheduled regional passenger, freight and charter airline services and pilot training in Australia. As of March 31, 2026, the Company and its subsidiaries had approximately 1,666 full-time and full-time-equivalent employees, of which approximately 969 were employed by Rex in Australia and the remainder were employed by the Company's other consolidated subsidiaries, principally in the United States. Revenues from MAC and CSA's contracts with FedEx accounted for approximately 35% and 39% of the Company's consolidated revenue for the fiscal years ended March 31, 2026 and 2025, respectively. GGS manufactures five basic models of mobile deicing equipment with capacities ranging from 1,200 to 2,800 gallons. Contrail acquires commercial aircraft, jet engines and components for the purposes of sale, trading, leasing and disassembly/overhaul. As of March 31, 2026, Rex's network served 53 destinations across all Australian states, comprising seven hub airports—Sydney, Melbourne, Adelaide, Brisbane, Cairns, Townsville and Perth—and 46 regional ports, with more than 1,000 scheduled flights per week. Air T was incorporated under the laws of the State of Delaware in 1980.

Written from the business description in AIR T, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 29 June 2026. Every sentence was checked against that document before publication.

Growth
USD 327.1M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 327.1 · Net income 78.0
200M201020122014201620182020202220242025
Compound annual growth
+9.8%
+13.3%
+8.2%
+9.5%
+33.3%
+27.1%
−3.1%
−20.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
26 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating -3.4% · Net 25.9%
10%20%-2%-4%201020122014201620182020202220242025
ROE
FY2025 · ROE 203.6%
100%200%-200%-400%-600%201020122014201620182020202220242025

Each USD of equity produced 204 cents of profit this year.

Cash & shareholders
USD 28,000.00
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -41.5
8M16M-20M-40M201020122014201620182020202220242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 0.0
4MDividendsNet buybacks201020112012201320162018202320242025

USD 28,000.00 in buybacks — 0% of the year's profit went back to shareholders.

Total assetsUSD 409.1M
EquityUSD 79.8M
CashUSD 20.3M
Gross debtUSD 208.2M
Net debtUSD 187.9M
DepositsUSD 849,000.00

Net debt stands at 235% of equity.

The 16-year record
16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.30.30.30.20.20.20.20.20.20.10.10.10.10.10.10.1
Operating income $B−0.00.00.0−0.00.0−0.00.00.00.0−0.00.00.00.00.00.00.0
EBITDA $B0.00.00.0−0.00.0−0.00.00.00.0·······
Income tax $B0.00.00.00.00.0−0.0−0.00.00.00.00.00.00.00.00.00.0
Net income $B0.1−0.0−0.0−0.00.0−0.00.00.00.0−0.00.00.00.00.00.00.0
Free cash flow $B−0.00.00.00.0−0.0−0.0−0.00.0−0.0−0.00.00.0−0.00.0−0.0−0.0
EPS, diluted $28.85−2.23−2.42−4.323.78−2.532.730.441.11−1.511.841.040.600.680.550.87
Dividend / sh $············0.300.250.250.33
Payout %············50374538
ROE %203.6−790.2−81.8−67.357.0−38.631.75.49.5−11.213.88.75.36.15.18.1
Shares out B0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityAir Courier Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsMarch 31
SEC categorysmaller reporting company
Data on record since2010

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