HEICO Corporation Reports Record Net Income (Up 30%) on Record Operating Income (Up 22%) and Record Net Sales (Up 16%) for the Third Quarter of Fiscal 2025
HEICO Corporation (NYSE:HEI, HEI.A) reported exceptional Q3 fiscal 2025 results, with record net income of $177.3 million, up 30% year-over-year. The company achieved record net sales of $1.15 billion, a 16% increase, and record operating income of $265 million, up 22% from Q3 2024.
The Flight Support Group demonstrated remarkable performance with 20 consecutive quarters of growth, posting an 18% increase in net sales to $802.7 million and a 29% rise in operating income to $198.3 million. The Electronic Technologies Group also delivered strong results with record net sales of $355.9 million, up 10%, and operating income of $81 million, up 7%.
HEICO's consolidated operating margin improved to 23.1%, while cash flow from operations increased 8% to $231.2 million. The company maintains a strong financial position with a reduced net debt to EBITDA ratio of 1.90x.
HEICO Corporation (NYSE:HEI, HEI.A) ha pubblicato risultati eccezionali nel terzo trimestre fiscale 2025, registrando un utile netto record di $177,3 milioni, in aumento del 30% su base annua. La società ha raggiunto ricavi netti record di $1,15 miliardi, +16%, e un utile operativo record di $265 milioni, in crescita del 22% rispetto al Q3 2024.
Il Flight Support Group ha mostrato prestazioni notevoli con 20 trimestri consecutivi di crescita, segnando un aumento del 18% dei ricavi netti a $802,7 milioni e un incremento del 29% dell'utile operativo a $198,3 milioni. Anche l'Electronic Technologies Group ha ottenuto buoni risultati con ricavi netti record di $355,9 milioni, +10%, e un utile operativo di $81 milioni, +7%.
Il margine operativo consolidato di HEICO è salito al 23,1%, mentre il cash flow operativo è aumentato dell'8% a $231,2 milioni. L'azienda mantiene una solida posizione finanziaria con un rapporto debito netto/EBITDA ridotto a 1,90x.
HEICO Corporation (NYSE:HEI, HEI.A) informó resultados excepcionales en el tercer trimestre fiscal de 2025, con un beneficio neto récord de $177.3 millones, un 30% más interanual. La compañía alcanzó ventas netas récord de $1.150 millones, un aumento del 16%, y un beneficio operativo récord de $265 millones, un 22% más que en el tercer trimestre de 2024.
El Flight Support Group mostró un desempeño notable con 20 trimestres consecutivos de crecimiento, registrando un incremento del 18% en ventas netas hasta $802.7 millones y un aumento del 29% en el beneficio operativo hasta $198.3 millones. El Electronic Technologies Group también tuvo resultados sólidos con ventas netas récord de $355.9 millones, +10%, y un beneficio operativo de $81 millones, +7%.
El margen operativo consolidado de HEICO mejoró hasta el 23.1%, mientras que el flujo de caja operativo creció un 8% hasta $231.2 millones. La compañía mantiene una posición financiera fuerte con una ratio deuda neta/EBITDA reducida a 1,90x.
HEICO Corporation (NYSE:HEI, HEI.A)는 2025 회계연도 3분기에 뛰어난 실적을 발표했습니다. 순이익은 사상 최고인 $1억7730만으로 전년 동기 대비 30% 증가했습니다. 회사는 순매출 사상 최고인 $11억5000만을 기록하며 16% 증가했고, 영업이익도 사상 최고인 $2억6500만으로 2024년 3분기 대비 22% 상승했습니다.
Flight Support Group은 20분기 연속 성장을 기록하며 순매출이 18% 증가한 $8억27만, 영업이익은 29% 늘어난 $1억9830만을 달성하는 등 눈에 띄는 성과를 보였습니다. Electronic Technologies Group도 순매출 사상 최고인 $3억5590만으로 10% 증가했고, 영업이익은 $8100만으로 7% 상승했습니다.
HEICO의 연결 영업이익률은 23.1%로 개선되었고, 영업활동으로 인한 현금흐름은 8% 증가한 $2억3120만을 기록했습니다. 회사는 순부채/EBITDA 비율을 1.90배로 낮추어 견실한 재무 상태를 유지하고 있습니다.
HEICO Corporation (NYSE:HEI, HEI.A) a présenté des résultats exceptionnels pour le troisième trimestre fiscal 2025, avec un résultat net record de 177,3 M$, en hausse de 30% par rapport à l'année précédente. La société a réalisé des ventes nettes record de 1,15 Md$, +16%, et un résultat d'exploitation record de 265 M$, en progression de 22% par rapport au T3 2024.
Le Flight Support Group a affiché une performance remarquable avec 20 trimestres consécutifs de croissance, enregistrant une hausse de 18% des ventes nettes à 802,7 M$ et une augmentation de 29% du résultat d'exploitation à 198,3 M$. L'Electronic Technologies Group a également réalisé de solides performances avec des ventes nettes record de 355,9 M$, +10%, et un résultat d'exploitation de 81 M$, +7%.
La marge d'exploitation consolidée de HEICO s'est améliorée à 23,1%, tandis que les flux de trésorerie provenant des opérations ont augmenté de 8% à 231,2 M$. L'entreprise conserve une situation financière solide avec un ratio dette nette/EBITDA réduit à 1,90x.
HEICO Corporation (NYSE:HEI, HEI.A) meldete herausragende Ergebnisse für das dritte Quartal des Geschäftsjahres 2025: ein rekordhohes Nettoergebnis von $177,3 Millionen, ein Zuwachs von 30% gegenüber dem Vorjahr. Das Unternehmen erzielte rekordmäßige Nettoumsätze von $1,15 Milliarden (+16%) und ein rekordverdächtiges Betriebsergebnis von $265 Millionen, ein Anstieg von 22% gegenüber Q3 2024.
Die Flight Support Group zeigte bemerkenswerte Leistung mit 20 aufeinanderfolgenden Wachstumsquartalen, einem Umsatzplus von 18% auf $802,7 Millionen und einem Anstieg des Betriebsergebnisses um 29% auf $198,3 Millionen. Auch die Electronic Technologies Group verzeichnete starke Resultate mit rekordmäßigen Nettoumsätzen von $355,9 Millionen (+10%) und einem Betriebsergebnis von $81 Millionen (+7%).
Die konsolidierte operative Marge von HEICO verbesserte sich auf 23,1%, während der operative Cashflow um 8% auf $231,2 Millionen zunahm. Das Unternehmen hält eine solide Finanzlage mit einem reduzierten Netto-Verschuldungsgrad (Net Debt/EBITDA) von 1,90x.
- Net income increased 30% to record $177.3 million in Q3 2025
- Record net sales growth of 16% to $1.15 billion
- Operating income rose 22% to record $265 million
- Flight Support Group achieved 20 consecutive quarters of growth
- Operating margin improved to 23.1% from 21.8%
- Strong organic growth across both major segments
- Cash flow from operations increased 8% to $231.2 million
- Net debt to EBITDA ratio improved to 1.90x from 2.06x
- Electronic Technologies Group operating margin declined to 22.8% from 23.5%
- Decreased demand reported for medical products in Electronics Technologies Group
- Increased performance-based compensation expenses impacting Electronic Technologies Group margins
Insights
HEICO delivers exceptionally strong Q3 with record results across all metrics, showing robust aerospace aftermarket momentum and margin expansion.
HEICO's Q3 results demonstrate extraordinary momentum across its business segments. The company posted a
The margin story is particularly compelling. Consolidated operating margin expanded 130 basis points to
Flight Support Group's performance stands out with
The Electronic Technologies Group posted more modest but still impressive results with
HEICO's balance sheet continues to strengthen, with its net debt to EBITDA ratio improving to 1.90x from 2.06x at fiscal year-end 2024. Cash flow from operations increased
The consistent organic growth across product lines, particularly in aerospace aftermarket, defense, and space products, suggests HEICO is capitalizing on strong end-market demand while successfully executing its operational playbook. Management's comments indicate confidence in continued growth through both organic initiatives and strategic acquisitions.
HOLLYWOOD, FL and MIAMI, FL / ACCESS Newswire / August 25, 2025 / HEICO CORPORATION (NYSE:HEI.A)(NYSE:HEI) today reported an increase in net income of
Net sales increased
Net sales increased
Continued commercial aerospace product sales increases have resulted in twenty consecutive quarters of sequential growth in Flight Support Group net sales.
EBITDA increased
Consolidated Results
Laurans A. Mendelson, HEICO's Executive Chairman, along with Co-Chief Executive Officers Eric A. Mendelson and Victor H. Mendelson, commented on the Company's third quarter results stating, "We are proud to report record quarterly net income, operating income and net sales, mainly reflecting robust double-digit consolidated organic net sales growth. These results are highlighted by consistently strong organic net sales growth across the Flight Support Group's product lines and impressive double-digit organic net sales growth for the Electronic Technologies Group's other electronics and space products.
Cash flow provided by operating activities increased
Our total debt to net income attributable to HEICO ratio was 3.81x as of July 31, 2025, down from 4.34x as of October 31, 2024. Our net debt to EBITDA ratio was 1.90x as of July 31, 2025, down from 2.06x as of October 31, 2024. See our reconciliation of total debt to net debt at the end of this press release.
As we look ahead, we remain confident in achieving net sales growth across both the Flight Support Group and Electronic Technologies Group segments, driven by continued organic demand for most of our products. Additionally, we aim to accelerate growth through our recently completed acquisitions, while capitalizing on acquisition opportunities. Our disciplined financial strategy continues to focus on maximizing long-term shareholder value through a balanced approach of strategic acquisitions and organic growth initiatives aimed at gaining market share, while maintaining a strong financial position and preserving flexibility."
Flight Support Group
The Flight Support Group's record setting third quarter results were due to continued growth and momentum in our aerospace aftermarket business. Quarterly increases of
The Flight Support Group's net sales increased
The Flight Support Group's operating income increased
The Flight Support Group's operating income increased
The Flight Support Group's operating margin improved to
The Flight Support Group's operating margin improved to
Electronic Technologies Group
The Company announced quarterly record-setting net sales for the Electronic Technologies Group, citing continued growth, with net sales and operating income up
The Electronic Technologies Group's net sales increased
The Electronic Technologies Group's net sales increased
The Electronic Technologies Group's operating income increased
The Electronic Technologies Group's operating income increased
The Electronic Technologies Group's operating margin was
The Electronic Technologies Group's operating margin improved to
Non-GAAP Financial Measures
To provide additional information about the Company's results, HEICO has discussed in this press release its EBITDA (calculated as net income attributable to HEICO adjusted for depreciation and amortization expense, net income attributable to noncontrolling interests, interest expense and income tax expense), its net debt (calculated as total debt less cash and cash equivalents), and its net debt to EBITDA ratio (calculated as net debt divided by EBITDA), which are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
These non-GAAP measures are included to supplement the Company's financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate the performance of its business and believes the presentation of these measures enhance an investor's ability to analyze trends in the Company's business and to evaluate the Company's performance relative to other companies in its industry. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company's financial results as reported under GAAP.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company's results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Regulation G of the Securities and Exchange Act of 1934, the Company has provided a reconciliation of these non-GAAP measures in the last table included in this press release.
(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.)
There are currently approximately 84.2 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 55.1 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO's two classes of common stock on most websites are HEI.A and HEI. However, some websites change HEICO's Class A Common Stock trading symbol (HEI.A) to HEI/A or HEIa.
As previously announced, HEICO will hold a conference call on Tuesday, August 26, 2025 at 9:00 a.m. Eastern Daylight Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 394-8218, International (646) 828-8193, wait for the conference operator and provide the operator with the Conference ID 8001925. A digital replay will be available two hours after the completion of the conference for 14 days. To access the replay, please visit our website at https://www.heico.com under the Investors section for details.
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at https://www.heico.com.
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements. Factors that could cause such differences include, among others: the severity, magnitude and duration of public health threats, such as the COVID-19 pandemic; our liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase in our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; cyber security events or other disruptions of our information technology systems could adversely affect our business; and our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals, and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; and economic conditions, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission including, but not limited to, filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
HEICO CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Net sales | $ | 1,147,591 | $ | 992,246 | ||||
Cost of sales | 690,434 | 602,976 | ||||||
Selling, general and administrative expenses | 192,138 | 172,824 | ||||||
Operating income | 265,019 | 216,446 | ||||||
Interest expense | (31,701 | ) | (36,788 | ) | ||||
Other income | 1,662 | 659 | ||||||
Income before income taxes and noncontrolling interests | 234,980 | 180,317 | ||||||
Income tax expense | 44,300 | 32,500 | ||||||
Net income from consolidated operations | 190,680 | 147,817 | ||||||
Less: Net income attributable to noncontrolling interests | 13,339 | 11,240 | ||||||
Net income attributable to HEICO | $ | 177,341 | $ | 136,577 | ||||
Net income per share attributable to HEICO shareholders: | ||||||||
Basic | $ | 1.27 | $ | .99 | ||||
Diluted | $ | 1.26 | $ | .97 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 139,135 | 138,516 | ||||||
Diluted | 140,950 | 140,305 | ||||||
Three Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Operating segment information: | ||||||||
Net sales: | ||||||||
Flight Support Group | $ | 802,661 | $ | 681,626 | ||||
Electronic Technologies Group | 355,863 | 322,129 | ||||||
Intersegment sales | (10,933 | ) | (11,509 | ) | ||||
$ | 1,147,591 | $ | 992,246 | |||||
Operating income: | ||||||||
Flight Support Group | $ | 198,326 | $ | 153,594 | ||||
Electronic Technologies Group | 80,998 | 75,788 | ||||||
Other, primarily corporate | (14,305 | ) | (12,936 | ) | ||||
$ | 265,019 | $ | 216,446 | |||||
Depreciation and amortization: | ||||||||
Flight Support Group | $ | 28,581 | $ | 25,305 | ||||
Electronic Technologies Group | 20,297 | 18,300 | ||||||
Other, primarily corporate | 889 | 705 | ||||||
$ | 49,767 | (c) | $ | 44,310 | (c) | |||
HEICO CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Nine Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Net sales | $ | 3,275,633 | $ | 2,844,004 | ||||
Cost of sales | 1,975,010 | 1,736,170 | ||||||
Selling, general and administrative expenses | 560,647 | 502,025 | ||||||
Operating income | 739,976 | 605,809 | ||||||
Interest expense | (97,024 | ) | (113,907 | ) | ||||
Other income | 3,217 | 1,798 | ||||||
Income before income taxes and noncontrolling interests | 646,169 | 493,700 | ||||||
Income tax expense | 103,400 | (a) | 85,500 | (b) | ||||
Net income from consolidated operations | 542,769 | 408,200 | ||||||
Less: Net income attributable to noncontrolling interests | 40,680 | 33,779 | ||||||
Net income attributable to HEICO | $ | 502,089 | (a) | $ | 374,421 | (b) | ||
Net income per share attributable to HEICO shareholders: | ||||||||
Basic | $ | 3.61 | (a) | $ | 2.71 | (b) | ||
Diluted | $ | 3.57 | (a) | $ | 2.67 | (b) | ||
Weighted average number of common shares outstanding: | ||||||||
Basic | 138,993 | 138,389 | ||||||
Diluted | 140,678 | 140,086 | ||||||
Nine Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Operating segment information: | ||||||||
Net sales: | ||||||||
Flight Support Group | $ | 2,282,905 | $ | 1,947,574 | ||||
Electronic Technologies Group | 1,028,345 | 927,393 | ||||||
Intersegment sales | (35,617 | ) | (30,963 | ) | ||||
$ | 3,275,633 | $ | 2,844,004 | |||||
Operating income: | ||||||||
Flight Support Group | $ | 549,422 | $ | 438,561 | ||||
Electronic Technologies Group | 235,334 | 206,379 | ||||||
Other, primarily corporate | (44,780 | ) | (39,131 | ) | ||||
$ | 739,976 | $ | 605,809 | |||||
Depreciation and amortization: | ||||||||
Flight Support Group | $ | 82,862 | $ | 73,538 | ||||
Electronic Technologies Group | 59,334 | 55,010 | ||||||
Other, primarily corporate | 2,673 | 2,098 | ||||||
$ | 144,869 | (c) | $ | 130,646 | (c) | |||
HEICO CORPORATION
Footnotes to Condensed Consolidated Statements of Operations (Unaudited)
(a) During the first quarter of fiscal 2025, the Company recognized a
(b) During the first quarter of fiscal 2024, the Company recognized a
(c) Depreciation and amortization information on the Company's two operating segments for the three and nine months ended July 31, 2025 and 2024, is as follows (in thousands):
Three Months Ended July 31, | Nine Months Ended July 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Depreciation: | ||||||||||||||||
Flight Support Group | $ | 7,096 | $ | 6,683 | $ | 20,283 | $ | 18,612 | ||||||||
Electronic Technologies Group | 6,556 | 5,645 | 18,586 | 16,706 | ||||||||||||
Other, primarily corporate | 497 | 312 | 1,496 | 921 | ||||||||||||
$ | 14,149 | $ | 12,640 | $ | 40,365 | $ | 36,239 | |||||||||
Amortization: | ||||||||||||||||
Flight Support Group | $ | 21,485 | $ | 18,622 | $ | 62,579 | $ | 54,926 | ||||||||
Electronic Technologies Group | 13,741 | 12,655 | 40,748 | 38,304 | ||||||||||||
Other, primarily corporate | 392 | 393 | 1,177 | 1,177 | ||||||||||||
$ | 35,618 | $ | 31,670 | $ | 104,504 | $ | 94,407 | |||||||||
HEICO CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
July 31, 2025 | October 31, 2024 | |||||||
Cash and cash equivalents | $ | 261,888 | $ | 162,103 | ||||
Accounts receivable, net | 597,622 | 538,487 | ||||||
Contract assets | 132,963 | 112,235 | ||||||
Inventories, net | 1,310,393 | 1,170,949 | ||||||
Prepaid expenses and other current assets | 83,161 | 78,518 | ||||||
Total current assets | 2,386,027 | 2,062,292 | ||||||
Property, plant and equipment, net | 437,635 | 339,034 | ||||||
Goodwill | 3,646,106 | 3,380,295 | ||||||
Intangible assets, net | 1,513,525 | 1,334,774 | ||||||
Other assets | 548,330 | 476,427 | ||||||
Total assets | $ | 8,531,623 | $ | 7,592,822 | ||||
Current maturities of long-term debt | $ | 3,725 | $ | 4,107 | ||||
Other current liabilities | 707,591 | 659,744 | ||||||
Total current liabilities | 711,316 | 663,851 | ||||||
Long-term debt, net of current maturities | 2,443,898 | 2,225,267 | ||||||
Deferred income taxes | 127,097 | 114,156 | ||||||
Other long-term liabilities | 599,272 | 525,986 | ||||||
Total liabilities | 3,881,583 | 3,529,260 | ||||||
Redeemable noncontrolling interests | 437,587 | 366,156 | ||||||
Shareholders' equity | 4,212,453 | 3,697,406 | ||||||
Total liabilities and equity | $ | 8,531,623 | $ | 7,592,822 | ||||
HEICO CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Operating Activities: | ||||||||
Net income from consolidated operations | $ | 542,769 | $ | 408,200 | ||||
Depreciation and amortization | 144,869 | 130,646 | ||||||
Share-based compensation expense | 18,346 | 14,088 | ||||||
Employer contributions to HEICO Savings and Investment Plan | 14,186 | 13,677 | ||||||
Increase (decrease) in accrued contingent consideration, net | 8,974 | (10,892 | ) | |||||
Impairment of intangible assets | - | 6,000 | ||||||
Payment of contingent consideration | (2,190 | ) | (6,203 | ) | ||||
Deferred income tax benefit | (28,789 | ) | (15,227 | ) | ||||
Increase in accounts receivable | (36,063 | ) | (15,334 | ) | ||||
(Increase) decrease in contract assets | (20,305 | ) | 9,009 | |||||
Increase in inventories | (60,157 | ) | (102,183 | ) | ||||
Increase (decrease) in current liabilities, net | 13,147 | (9,652 | ) | |||||
Other | 44,153 | 44,618 | ||||||
Net cash provided by operating activities | 638,940 | 466,747 | ||||||
Investing Activities: | ||||||||
Acquisitions, net of cash acquired | (629,928 | ) | (55,208 | ) | ||||
Capital expenditures | (46,038 | ) | (42,175 | ) | ||||
Investments related to HEICO Leadership Compensation Plan | (21,689 | ) | (16,510 | ) | ||||
Other | (39 | ) | 1,743 | |||||
Net cash used in investing activities | (697,694 | ) | (112,150 | ) | ||||
Financing Activities: | ||||||||
Borrowings (payments) on revolving credit facility, net | 220,000 | (205,000 | ) | |||||
Cash dividends paid | (31,968 | ) | (29,069 | ) | ||||
Distributions to noncontrolling interests | (27,248 | ) | (23,302 | ) | ||||
Payment of contingent consideration | (5,954 | ) | (24,797 | ) | ||||
Acquisitions of noncontrolling interests | (5,773 | ) | (26,567 | ) | ||||
Redemptions of common stock related to stock option exercises | (1,979 | ) | (4,836 | ) | ||||
Payments on short-term debt, net | - | (13,924 | ) | |||||
Proceeds from stock option exercises | 11,680 | 6,387 | ||||||
Other | (3,509 | ) | (2,939 | ) | ||||
Net cash provided by (used in) financing activities | 155,249 | (324,047 | ) | |||||
Effect of exchange rate changes on cash | 3,290 | 1,342 | ||||||
Net increase in cash and cash equivalents | 99,785 | 31,892 | ||||||
Cash and cash equivalents at beginning of year | 162,103 | 171,048 | ||||||
Cash and cash equivalents at end of period | $ | 261,888 | $ | 202,940 | ||||
HEICO CORPORATION
Non-GAAP Financial Measures (Unaudited)
(in thousands, except ratios)
Three Months Ended July 31, | ||||||||
EBITDA Calculation | 2025 | 2024 | ||||||
Net income attributable to HEICO | $ | 177,341 | $ | 136,577 | ||||
Plus: Depreciation and amortization | 49,767 | 44,310 | ||||||
Plus: Net income attributable to noncontrolling interests | 13,339 | 11,240 | ||||||
Plus: Interest expense | 31,701 | 36,788 | ||||||
Plus: Income tax expense | 44,300 | 32,500 | ||||||
EBITDA (a) | $ | 316,448 | $ | 261,415 | ||||
Nine Months Ended July 31, | ||||||||
EBITDA Calculation | 2025 | 2024 | ||||||
Net income attributable to HEICO | $ | 502,089 | $ | 374,421 | ||||
Plus: Depreciation and amortization | 144,869 | 130,646 | ||||||
Plus: Net income attributable to noncontrolling interests | 40,680 | 33,779 | ||||||
Plus: Interest expense | 97,024 | 113,907 | ||||||
Plus: Income tax expense | 103,400 | 85,500 | ||||||
EBITDA (a) | $ | 888,062 | $ | 738,253 | ||||
Trailing Twelve Months Ended | ||||||||
EBITDA Calculation | July 31, 2025 | October 31, 2024 | ||||||
Net income attributable to HEICO | $ | 641,777 | $ | 514,109 | ||||
Plus: Depreciation and amortization | 189,554 | 175,331 | ||||||
Plus: Net income attributable to noncontrolling interests | 51,878 | 44,977 | ||||||
Plus: Interest expense | 132,430 | 149,313 | ||||||
Plus: Income tax expense | 136,400 | 118,500 | ||||||
EBITDA (a) | $ | 1,152,039 | $ | 1,002,230 | ||||
Net Debt Calculation | July 31, 2025 | October 31, 2024 | ||||||
Total debt | $ | 2,447,623 | $ | 2,229,374 | ||||
Less: Cash and cash equivalents | (261,888 | ) | (162,103 | ) | ||||
Net debt (a) | $ | 2,185,735 | $ | 2,067,271 | ||||
Total debt | $ | 2,447,623 | $ | 2,229,374 | ||||
Net income attributable to HEICO (trailing twelve months) | $ | 641,777 | $ | 514,109 | ||||
Total debt to net income attributable to HEICO ratio | 3.81 | 4.34 | ||||||
Net debt | $ | 2,185,735 | $ | 2,067,271 | ||||
EBITDA (trailing twelve months) | $ | 1,152,039 | $ | 1,002,230 | ||||
Net debt to EBITDA ratio (a) | 1.90 | 2.06 | ||||||
(a) See the "Non-GAAP Financial Measures" section of this press release.
Contact:
Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
SOURCE: HEICO Corporation
View the original press release on ACCESS Newswire
FAQ
What were HEICO's (HEI) Q3 2025 earnings results?
How did HEICO's Flight Support Group perform in Q3 2025?
What was HEICO's (HEI) operating margin in Q3 2025?
How much cash flow did HEICO generate in Q3 2025?
What was HEICO's Electronic Technologies Group performance in Q3 2025?
