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Philippi Dale reported acquisition or exercise transactions in this Form 4 filing.
Madison Air Solutions Corp reported that Philippi Dale, President & CEO of AprilAire, received a compensation-related grant of 18,293 equity appreciation rights units (EAR Units) tied to Class A common stock. Each EAR Unit represents the right to receive one share upon vesting, subject to continued service. After this award, Dale holds a total of 233,613 EAR Units, reflecting his ongoing equity-based incentive position rather than any open-market share purchase.
Madison Air Solutions Corp Schedule 13G joint filing reports Ernesto Bertarelli and K.C. Armada, LP as significant holders of Class A Common Stock. Mr. Bertarelli is reported with 44,841,071 shares (representing 25.3%) and K.C. Armada with 37,616,998 shares (21.3%) based on 176,888,113 shares outstanding as of April 17, 2026.
The filing states the shares are held in part by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP; Bertarelli may be deemed to beneficially own the holdings of those entities. The submission is a joint filing and includes a power of attorney and joint filing agreement.
Madison Air Solutions reported strong growth for the quarter ended March 31, 2026. Net sales rose to $923.7 million, up 33.8% from 2025, driven by the May 2025 AprilAire acquisition and 11.7% organic revenue growth. Gross profit increased to $343.5 million, with gross margin improving to 37.2%, while Adjusted EBITDA climbed to $233.4 million and margin to 25.3%.
GAAP net income was $43.0 million, slightly below the prior year, and net income attributable to the Company was $33.6 million. Backlog reached $2,520.2 million, up 16.6% from December 31, 2025 and 117.1% year over year, led by Commercial projects. The Residential segment’s growth was largely acquisition-driven, with a small organic decline.
Leverage remained high, with $5,712.5 million of debt outstanding as of March 31, 2026, though the company completed an IPO on April 17, 2026, raising net proceeds of $2,584.2 million and using them, together with cash on hand, to repay $2,661.2 million of term loans. The company reported material weaknesses in internal control over financial reporting and is implementing remediation plans.
Madison Air Solutions Corporation reports strong first quarter 2026 results with net sales of $923.7 million, up 33.8% year over year, and backlog up 115.5% with orders up 29.1% on a combined basis. GAAP net income was $43.0 million, down 6.9%, but adjusted net income rose 32.1% to $92.5 million, and adjusted EBITDA increased 38.7% to $233.4 million with a 25.3% margin. Commercial segment sales grew 23.5% and Residential sales grew 59.8%, largely acquisition-driven, while residential organic sales declined modestly. The company generated free cash flow of $50.4 million with free cash flow conversion of 117.2%. Following quarter-end, Madison Air completed an IPO and concurrent private placement, receiving $2,584.2 million in net proceeds and, together with cash on hand, repaid $2,661.2 million of term loans, reducing pro forma net leverage to 3.0x.
Madison Air Solutions Corp insider filing shows initial indirect holdings. Ernesto Bertarelli reports beneficial ownership of Class A Common Stock held through two investment limited partnerships. The filing lists 7,224,073 shares held by Kedge Capital Principal Opportunities V, LP and 37,616,998 shares held by K.C. Armada, LP. Mr. Bertarelli disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
Madison Air Solutions Corp reported that KC Armada LP is a ten percent owner of its Class A Common Stock. The filing lists indirect holdings of 7,224,073 shares by Kedge Capital Principal Opportunities V, LP and 37,616,998 shares by K.C. Armada, LP, which may be deemed beneficially owned by Ernesto Bertarelli, who disclaims beneficial ownership except for his pecuniary interest.
Madison Air Solutions Corp Schedule 13G: Durable Capital Partners reports beneficial ownership of 9,259,259 shares of Class A common stock, representing 5.2% of the class. The holding is held directly by Durable Capital Master Fund LP; Durable Capital Partners, as investment adviser, has sole voting and dispositive power. The ownership percentage is based on 176,888,113 shares outstanding reported in the issuer's prospectus dated April 17, 2026.
Madison Air Solutions Corporation completed the pricing and launch of its initial public offering of Class A common stock. The company agreed to sell 82,692,308 shares at $27.00 per share, with underwriters exercising a 30-day option for an additional 12,403,846 shares, and the stock listing on the New York Stock Exchange under the symbol MAIR.
Alongside the IPO, Madison Air entered into an underwriting agreement and a suite of governance, tax, separation, transition, registration rights, lock-up and indemnification arrangements with key shareholders and executives. It also adopted new equity incentive and equity appreciation plans and implemented an amended and restated certificate of incorporation and bylaws effective April 15, 2026.
Madison Air Solutions Corporation is offering 82,692,308 shares of Class A common stock at an initial public offering price of $27.00 per share. The offering is expected to raise gross proceeds of $2,232,692,316 and net proceeds to the company of approximately $2,160.1 million before expenses. Madison Air will list on the NYSE under the symbol MAIR and has granted underwriters a 30-day option to purchase an additional 12,403,846 shares.
The company also expects a concurrent private placement in which Madison Industries Holdings LLC ("Holdings"), an entity controlled by founder Larry Gies, will purchase $100.0 million of Class B common stock (3,703,704 shares). Immediately following the offering and concurrent private placement, Holdings will hold all Class B shares and control approximately 95.2% of voting power, making Madison Air a controlled company. The company intends to use principal proceeds to repay borrowings under its initial Term Loan Facility.
Madison Air Solutions Corp director La Force Andrew Hudson III filed an initial ownership report showing holdings linked to the company’s recent public listing. The filing reports 11,002 equity appreciation rights units (EAR Units) tied to the issuer’s Class A common stock.
Each EAR Unit represents the right to receive one share of Class A common stock upon vesting, subject to the director’s continued service through the applicable vesting dates. The reported amount reflects the equity position after the closing of Madison Air Solutions Corp’s initial public offering.