Air T, Inc. (AIRT) Income Statement
AIRT FY2026 at a glance
Fiscal year ended March 31, 2026 · U.S. dollarsAIRT revenue and net income
Where AIRT's revenue goes
FY2026Each bar shows an amount and its share of revenue. AIRT kept 23.8% of revenue as net income.
AIRT profit margins
AIRT growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.1% | +9.8% | +13.3% | +8.2% |
| Gross profit | +2.9% | +8.3% | +14.4% | +9.5% |
| Operating income | −1,090.4% | — | — | — |
| Net income | — | — | — | +31.8% |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AIRT quarterly EPS vs estimates
Next report: November 11, 2026.
AIRT income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $327.1M | $291.9M | $286.8M | $247.3M | $177.1M | $175.1M | $236.8M | $249.8M | $194.5M | $148.5M |
| Cost of revenue | $265.1M | $231.7M | $234.5M | $198.5M | $137.7M | $143.4M | $189.7M | $203.4M | $160.9M | $128.3M |
| Gross profit | $61.9M | $60.2M | $52.4M | $48.8M | $39.4M | $31.7M | $47.1M | $46.5M | $33.6M | $20.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $195,653 | $1.0M |
| Sales, general & admin | $80.8M | $57.8M | $51.1M | $42.8M | $29.8M | $34.3M | $39.8M | $38.4M | $29.2M | $22.2M |
| Total operating expenses | $80.8M | $58.3M | $51.1M | $53.2M | $30.6M | $40.8M | $39.8M | $38.4M | $28.8M | $23.2M |
| Operating income | −$18.9M | $1.9M | $1.3M | −$4.4M | $8.8M | −$9.2M | $7.3M | $8.1M | $4.2M | −$3.1M |
| Interest income | $748,000 | $375,000 | $92,000 | $328,000 | $227,000 | $16,000 | $3,000 | $57,628 | $1.1M | $1.6M |
| Interest expense | $12.8M | $8.9M | $7.0M | $8.3M | $5.2M | $4.6M | $4.7M | $3.5M | $571,651 | $0 |
| Income before taxes | $86.0M | −$5.0M | −$4.0M | −$11.4M | $13.4M | −$11.8M | $2.6M | $4.7M | $2.7M | −$4.2M |
| Income taxes | $1.4M | $423,000 | $729,000 | $432,000 | $1.2M | −$3.4M | −$544,000 | $1.5M | $195,000 | $725,000 |
| Net income | $78.0M | −$6.1M | −$6.8M | −$12.3M | $10.9M | −$7.3M | $7.7M | $1.3M | $2.3M | −$3.2M |
| EBITDA | $110.7M | $8.0M | $5.5M | $741,000 | $20.1M | −$4.3M | $12.8M | $16.7M | $6.8M | $106,542 |
| EPS (diluted) | $28.85 | −$2.25 | −$5.45 | −$4.35 | $3.77 | −$2.52 | −$0.14 | $0.22 | $0.83 | $1.14 |
| Gross margin | 18.9% | 20.6% | 18.3% | 19.7% | 22.2% | 18.1% | 19.9% | 18.6% | 17.3% | 13.6% |
| Operating margin | −5.8% | 0.7% | 0.4% | −1.8% | 4.9% | −5.2% | 3.1% | 3.2% | 2.2% | −2.1% |
| Net margin | 23.8% | −2.1% | −2.4% | −5.0% | 6.2% | −4.2% | 3.2% | 0.5% | 1.2% | −2.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $115.5M | $120.9M | $71.1M | $64.2M | $70.9M | $66.3M | $77.9M | $81.2M | $66.4M | $72.7M | $63.8M | $79.0M |
| Cost of revenue | $98.6M | $103.7M | $58.3M | $47.8M | $55.4M | $56.6M | $60.9M | $63.1M | $52.4M | $56.0M | $51.5M | $65.4M |
| Gross profit | $16.8M | $17.3M | $12.9M | $16.3M | $15.5M | $9.7M | $17.0M | $18.1M | $14.0M | $16.7M | $12.3M | $13.5M |
| Sales, general & admin | $29.6M | $31.1M | $22.6M | $18.1M | $15.0M | $15.2M | $14.2M | $14.2M | $14.6M | $11.4M | $13.3M | $12.8M |
| Total operating expenses | $26.0M | $31.1M | $16.6M | $18.1M | $15.0M | $12.9M | $15.2M | $14.2M | $14.6M | $15.2M | $13.9M | $12.8M |
| Operating income | −$9.2M | −$13.8M | −$3.8M | −$1.8M | $446,000 | −$3.2M | $1.8M | $3.9M | −$577,000 | $1.5M | −$1.6M | $761,000 |
| Interest expense | $5.7M | $5.1M | $2.4M | $2.3M | $2.3M | $1.9M | $2.6M | $2.2M | $1.9M | $1.7M | $1.5M | $1.9M |
| Income before taxes | −$15.0M | $81.5M | −$1.9M | $7.2M | −$807,000 | −$7.5M | −$896,000 | $3.3M | $103,000 | −$1.1M | −$2.0M | −$1.1M |
| Income taxes | $660,000 | −$817,000 | $121,000 | $2.2M | −$136,000 | −$331,000 | $347,000 | $336,000 | $71,000 | −$122,000 | $153,000 | $487,000 |
| Net income | −$15.8M | $77.7M | −$2.5M | $4.4M | −$1.6M | −$7.0M | −$1.3M | $2.5M | −$335,000 | −$1.7M | −$3.0M | −$1.6M |
| EBITDA | $716,000 | $95.5M | $2.1M | $10.3M | $2.8M | −$4.2M | $3.0M | $6.4M | $2.8M | $1.1M | $271,000 | $1.4M |
| EPS (diluted) | −$5.86 | $28.75 | −$0.91 | $1.61 | −$0.61 | −$2.57 | −$0.47 | $0.91 | −$0.12 | −$0.61 | −$1.06 | −$0.57 |
| Gross margin | 14.6% | 14.3% | 18.1% | 25.4% | 21.8% | 14.6% | 21.8% | 22.3% | 21.1% | 22.9% | 19.2% | 17.1% |
| Operating margin | −7.9% | −11.4% | −5.3% | −2.8% | 0.6% | −4.9% | 2.3% | 4.8% | −0.9% | 2.0% | −2.5% | 1.0% |
| Net margin | −13.7% | 64.3% | −3.4% | 6.8% | −2.3% | −10.6% | −1.7% | 3.1% | −0.5% | −2.3% | −4.7% | −2.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AIRT's financial statements (latest annual report filed June 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AIRT financial results
In fiscal year 2026 (ended March 31, 2026), Air T reported revenue of $327.1 million, up 12.1% from the year before. It had net income of $78.0 million, a net profit margin of 23.8%. Diluted earnings per share came to $28.85. Over five years revenue grew at an average rate of 13.3% a year.
See the AIRT stock overview for the latest quote and news, or the AIRT chart for price history and technical indicators.
AIRT income statement FAQ
What is Air T's annual revenue?
Air T reported total revenue of $327.1 million for fiscal year 2026, which ended on March 31, 2026. That was up 12.1% from $291.9 million the previous year.
Is Air T profitable?
Yes. Air T reported net income of $78.0 million in fiscal 2026, a net profit margin of 23.8%; its operating margin was −5.8%.
What is Air T's gross margin?
Air T's gross margin was 18.9% in fiscal 2026: for every $100 of revenue, Air T kept $19 after the direct cost of its products and services.
How fast is Air T growing?
Revenue grew 13.3% a year on average over the last five fiscal years, from $175.1 million to $327.1 million.
What are Air T's earnings per share?
Air T earned $28.85 per diluted share in fiscal 2026, compared with $-2.25 a year earlier.
When will Air T report its next earnings?
Air T is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Air T's fiscal year end?
Air T's fiscal year ends in March. The latest annual report covers the year ended March 31, 2026 and was filed on June 29, 2026.