Air T Inc (AIRTP) Financials
Newest figures come from the 10-Q for Q1 FY2027, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AIRTP SEC filings page.
Air T Inc (AIRTP) reported $371.7M in revenue over the twelve months to Jun 30, 2026, up 25.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2026’s dominant mechanic was a reported earnings surge disconnected from operating performance, cash generation, and funding needs.
Net income swung from-$6.1M in FY2025 to$78.0M in FY2026, yet operating performance weakened rather than improving. Operating cash flow also reversed from$23.5M positive to-$25.0M , so reported profit did not translate into cash, pointing to a major non-operating contribution to earnings.
SG&A climbed to
The asset base expanded to
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Air T Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Air T Inc has an operating margin of -3.4%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 22/100. This is down from 0.7% the prior year.
Air T Inc's revenue grew 12.1% year-over-year to $327.1M, a solid pace of expansion. This earns a growth score of 56/100.
Air T Inc has elevated debt relative to equity (D/E of 2.61), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Air T Inc's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.
Air T Inc's operations used $25.0M of cash, and capex of $16.5M added to the outflow, for a free cash flow shortfall of $41.5M. This results in a cash flow score of 19/100.
Air T Inc generates a 97.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100.
Air T Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Air T Inc used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Air T Inc reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Air T Inc generated $115.5M in revenue in Q1 2027. This represents an increase of 62.9% from the same quarter a year earlier. Against the prior quarter it is down 4.5%.
Air T Inc's EBITDA was -$2.9M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 237.9% from the same quarter a year earlier. Against the prior quarter it is up 42.7%.
Air T Inc reported -$15.8M in net income in Q1 2027. This represents a decrease of 866.3% from the same quarter a year earlier. Against the prior quarter it is down 120.3%.
Air T Inc earned -$5.86 per diluted share (EPS) in Q1 2027. This represents a decrease of 860.7% from the same quarter a year earlier. Against the prior quarter it is down 120.4%.
Cash & Balance Sheet
Air T Inc recorded an outflow of $24.2M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents a decrease of 1721.5% from the same quarter a year earlier. Against the prior quarter it is down 57.9%.
Air T Inc held $16.7M in cash against $246.3M in long-term debt as of Q1 2027.
Not reported for Q1 2027.
Margins & Returns
Air T Inc's operating margin was -11.1% in Q1 2027, reflecting core business profitability. This is down 12.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Air T Inc's net profit margin was -13.7% in Q1 2027, showing the share of revenue converted to profit. This is down 11.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 78.0 percentage points.
Air T Inc's ROE was -24.3% in Q1 2027, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 121.6 percentage points.
Not reported for Q1 2027.
Capital Allocation
Air T Inc invested $21.3M in capex in Q1 2027, funding long-term assets and infrastructure. This represents an increase of 9130.7% from the same quarter a year earlier. Against the prior quarter it is up 39.8%.
Not reported for Q1 2027.
Not reported for Q1 2027.
AIRTP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $115.5M+62.9% | $120.9M+82.4% | $71.1M-8.7% | $64.2M-21.0% | $70.9M+6.7% | $66.3M-8.8% | $77.9M+22.2% | $81.2M+2.9% |
| SG&A Expenses | $29.6M+97.2% | $31.1M+109.1% | $16.6M+17.4% | $18.1M+27.4% | $15.0M+2.9% | $14.9M+12.3% | $14.2M+6.8% | $14.2M+11.3% |
| Operating Income | -$12.8M-1612.4% | -$13.8M-438.2% | -$3.8M-365.4% | $5.5M+52.2% | $848K+247.0% | -$2.6M-276.1% | $1.4M+188.6% | $3.6M+375.7% |
| EBITDA | -$2.9M-237.9% | -$5.1M-313.6% | -$2.2M-179.8% | $6.3M+38.7% | $2.1M+1065.0% | -$1.2M-157.4% | $2.8M+402.8% | $4.6M+212.7% |
| Interest Expense | $5.7M+145.2% | $5.1M+196.5% | $2.4M-7.1% | $2.3M+4.2% | $2.3M+18.9% | $1.7M-0.5% | $2.6M+67.6% | $2.2M+16.7% |
| Income Tax | $660K+585.3% | -$817K-146.8% | $121K-65.1% | $2.2M+555.1% | -$136K-291.5% | -$331K-171.3% | $347K+126.8% | $336K-31.0% |
| Net Income | -$15.8M-866.3% | $77.7M+1205.8% | -$2.5M-89.0% | $4.4M+72.8% | -$1.6M-388.4% | -$7.0M-313.4% | -$1.3M+56.5% | $2.5M+256.6% |
| EPS (Basic) | -$5.86-860.7% | $28.75+1227.5% | -$0.91-93.6% | $1.61+76.9% | -$0.61-408.3% | -$2.55-325.0% | -$0.47+55.7% | $0.91+259.6% |
| EPS (Diluted) | -$5.86-860.7% | $28.75+1227.5% | -$0.91-93.6% | $1.61+76.9% | -$0.61-408.3% | -$2.55-325.0% | -$0.47+55.7% | $0.91+259.6% |
| Diluted Shares (Avg) | 3M-0.3% | N/A | 3M-1.9% | 3M-2.1% | 3M-2.1% | N/A | 3M-2.3% | 3M-2.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AIRTP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $469.1M+146.8% | $409.1M+135.4% | $381.8M+103.5% | $184.7M-6.3% | $190.0M+8.3% | $173.8M-1.9% | $187.6M+15.3% | $197.1M+14.8% |
| Current Assets | $158.1M+70.1% | $160.0M+103.8% | $161.1M+78.7% | $95.8M-6.6% | $92.9M-7.7% | $78.5M-23.7% | $90.1M+0.9% | $102.6M+4.4% |
| Cash & Equivalents | $16.7M+15.3% | $20.3M+242.8% | $37.4M+102.4% | $17.5M+102.7% | $14.5M+85.0% | $5.9M-16.5% | $18.5M+312.0% | $8.6M+72.3% |
| Short-Term Investments | $1.2M+157.1% | $1.0M+143.1% | $595K | $1.1M | $485K | $422K-20.5% | $0-100.0% | $0 |
| Inventory | $90.1M+125.8% | $77.1M+100.2% | $65.4M+69.7% | $46.6M-9.1% | $39.9M-30.9% | $38.5M-36.6% | $38.5M-28.5% | $51.3M-5.8% |
| Accounts Receivable | $33.3M+35.2% | $39.9M+66.8% | $43.2M+75.7% | $18.6M-39.4% | $24.6M+7.9% | $23.9M+4.4% | $24.6M+35.5% | $30.8M+15.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $19.6M+64.6% | $11.8M+12.1% | $11.9M+14.5% | $11.9M+11.5% | $11.9M+13.3% | $10.5M0.0% | $10.4M-2.1% | $10.7M+2.0% |
| Total Liabilities | $385.9M+108.9% | $317.9M+89.0% | $375.9M+116.5% | $177.4M-2.0% | $184.7M+13.4% | $168.2M+6.2% | $173.6M+22.5% | $181.0M+21.9% |
| Current Liabilities | $110.7M+125.7% | $95.5M+100.4% | $167.7M+254.3% | $46.4M+3.0% | $49.1M+4.7% | $47.7M+1.8% | $47.3M+5.6% | $45.1M-11.1% |
| Non-Current Liabilities | $275.2M+102.8% | $222.4M+84.4% | $208.2M+64.8% | $131.0M-3.6% | $135.7M+16.9% | $120.6M+8.1% | $126.3M+30.3% | $135.9M+39.0% |
| Long-Term Debt | $246.3M+98.9% | $208.2M+88.7% | $194.2M+58.1% | $118.4M-6.6% | $123.8M+10.5% | $110.3M-2.3% | $122.9M+21.9% | $126.8M+17.3% |
| Total Equity | $65.2M+1508.2% | $79.8M+2581.7% | -$1.2M-122.9% | $69K-99.0% | -$4.6M-212.3% | -$3.2M-167.4% | $5.1M-25.8% | $7.0M-29.0% |
| Retained Earnings | $64.3M+12917.0% | $80.1M+3661.2% | $2.4M-73.8% | $4.8M-53.6% | $494K-93.8% | $2.1M-74.0% | $9.2M+1.6% | $10.5M-13.5% |
AIRTP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M-158.4% | -$44K-101.1% | -$18.5M-213.2% | -$5.4M-284.5% | -$1.1M-1069.0% | $4.1M+169.0% | $16.3M+125.3% | $2.9M-76.4% |
| Depreciation & Amortization | $9.9M+669.9% | $8.6M+555.8% | $1.6M+19.4% | $827K-12.9% | $1.3M+68.9% | $1.3M+85.6% | $1.3M+90.0% | $949K+35.6% |
| Capital Expenditures | $21.3M+9130.7% | $15.3M+10138.9% | $783K+123.1% | $213K-12.0% | $231K-31.9% | $149K-62.6% | $351K+190.1% | $242K+58.2% |
| Free Cash Flow | -$24.2M-1721.5% | -$15.3M-485.4% | -$19.3M-220.6% | -$5.6M-309.1% | -$1.3M-486.7% | $4.0M+162.4% | $16.0M+124.2% | $2.7M-78.1% |
| Investing Cash Flow | -$44.0M-1516.1% | -$28.8M-749.7% | -$6.9M-166.5% | $16.7M+202.8% | -$2.7M-235.7% | -$3.4M-24.7% | -$2.6M-4234.9% | -$16.2M-9254.2% |
| Financing Cash Flow | $42.3M+236.3% | $11.7M+191.1% | $50.0M+1209.4% | -$8.8M-164.1% | $12.6M+1074.2% | -$12.8M-213.8% | -$4.5M+43.1% | $13.8M+204.8% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
AIRTP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -11.1%-12.3pp | -11.4%-7.5pp | -5.3%-7.1pp | 8.6%+4.1pp | 1.2%+2.1pp | -3.9%-5.9pp | 1.8%+4.3pp | 4.5%+3.5pp |
| Net Margin | -13.7%-11.4pp | 64.3%+74.9pp | -3.5%-1.8pp | 6.8%+3.7pp | -2.3%-1.8pp | -10.6%-8.3pp | -1.7%+3.0pp | 3.1%+5.1pp |
| Return on Equity | -24.3% | 97.4% | N/A | 6311.6%+6275.8pp | N/A | N/A | -25.4%+17.8pp | 35.8%+52.1pp |
| Return on Assets | -3.4%-2.5pp | 19.0%+23.0pp | -0.6%0.0pp | 2.4%+1.1pp | -0.9%-0.7pp | -4.0%-3.1pp | -0.7%+1.1pp | 1.3%+2.2pp |
| Current Ratio | 1.43-0.5x | 1.670.0x | 0.96-0.9x | 2.06-0.2x | 1.89-0.3x | 1.65-0.5x | 1.90-0.1x | 2.27+0.3x |
| Debt-to-Equity | 3.78 | 2.61 | N/A | 1716.32+1698.3x | N/A | N/A | 24.03+9.4x | 18.02+7.1x |
| Asset Turnover | 0.25-0.1x | 0.30-0.1x | 0.19-0.2x | 0.35-0.1x | 0.370.0x | 0.380.0x | 0.420.0x | 0.410.0x |
| FCF Margin | -20.9%-19.1pp | -12.7%-18.6pp | -27.1%-47.6pp | -8.8%-12.1pp | -1.9%-1.5pp | 6.0%+14.8pp | 20.5%+9.3pp | 3.3%-12.2pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Air T Inc AIRTP | FY2026 | $327.1M | $78.0M | 23.8% | N/A | 28/100 |
| Tejon Ranch TRC | FY2025 | $49.6M | $75K | 0.1% | $435.3M | 42/100 |
| Boston Omaha Corp BOC | FY2025 | $114.4M | -$12.4M | -10.9% | $415.7M | 29/100 |
| Compass Diversified CODI | FY2025 | $1.9B | -$226.4M | -12.1% | $869.7M | 32/100 |
| FTAI INFRASTRUCTURE INC FIP | FY2025 | $502.5M | -$152.1M | -30.3% | $399.5M | 21/100 |
Where Air T Inc Ranks
Frequently Asked Questions
What is Air T Inc's annual revenue?
Air T Inc (AIRTP) reported $327.1M in total revenue for fiscal year 2026. This represents a 12.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Air T Inc's revenue growing?
Air T Inc (AIRTP) revenue grew by 12.1% year-over-year, from $291.9M to $327.1M in fiscal year 2026.
Is Air T Inc profitable?
Yes, Air T Inc (AIRTP) reported a net income of $78.0M in fiscal year 2026, with a net profit margin of 23.8%.
What is Air T Inc's EBITDA?
Air T Inc (AIRTP) had EBITDA of $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air T Inc have?
As of fiscal year 2026, Air T Inc (AIRTP) had $20.3M in cash and equivalents against $208.2M in long-term debt.
What is Air T Inc's operating margin?
Air T Inc (AIRTP) had an operating margin of -3.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Air T Inc's net profit margin?
Air T Inc (AIRTP) had a net profit margin of 23.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Air T Inc's return on equity (ROE)?
Air T Inc (AIRTP) has a return on equity of 97.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Air T Inc's free cash flow?
Air T Inc (AIRTP) recorded an outflow of $41.5M in free cash flow during fiscal year 2026. This represents a -285.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Air T Inc's operating cash flow?
Air T Inc (AIRTP) recorded an outflow of $25.0M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Air T Inc's total assets?
Air T Inc (AIRTP) had $409.1M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Air T Inc's capital expenditures?
Air T Inc (AIRTP) invested $16.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Air T Inc's current ratio?
Air T Inc (AIRTP) had a current ratio of 1.67 as of fiscal year 2026, which is generally considered healthy.
What is Air T Inc's debt-to-equity ratio?
Air T Inc (AIRTP) had a debt-to-equity ratio of 2.61 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air T Inc's return on assets (ROA)?
Air T Inc (AIRTP) had a return on assets of 19.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
How does Air T Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, Air T Inc (AIRTP) held $21.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $25.0M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Air T Inc's Piotroski F-Score?
Air T Inc (AIRTP) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Air T Inc's earnings high quality?
For every $1 of reported earnings, Air T Inc (AIRTP) used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Air T Inc cover its interest payments?
Air T Inc (AIRTP) reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Air T Inc?
Air T Inc (AIRTP) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.