AIR

AAR CORP

Ticker: AIRIndustrialsTransportation Equipment
HQ WOOD DALE, ILCIK 1750FY end 05-31Book / share $44.37Shares 38M
Revenue (FY)
$3.31B+18.97%
Op. margin
0.00%
Net income
$187.70M+1401.60%
Operating cash
$98.70M+173.41%
Free cash flow
$62.10M+4335.71%
Return on equity
11.02%+9.98%
Debt / equity
0.52-0.27%
Shares outstanding
38.4M+7.26%

The business

AAR Corp. (NYSE: AIR) is a leading independent provider of solutions to the global aviation aftermarket, operating through four primary business segments that collectively serve commercial and government aerospace customers across more than 20 countries. The company maintains its website at www.aarcorp.com.

The Parts Supply segment, representing approximately 45 percent of consolidated sales, distributes new original equipment manufacturer parts and used serviceable material including aircraft, engine, and airframe components. This segment operates as an authorized distributor for more than 30 product lines sourced from over 20 leading OEMs and maintains an extensive network for sourcing and managing used aircraft and engine inventory.

The Repair, Engineering, and Software segment accounts for roughly 35 percent of sales and provides maintenance, repair, and overhaul services for airframes and components alongside integrated software solutions. The company operates eight airframe maintenance facilities and five component repair facilities across the United States, Canada, Asia, and Europe. Its software platforms include Trax, a cloud-based aircraft maintenance system; Aerostrat, a long-range maintenance planning platform; Airvoyant, an AI-powered procurement solution; and Airinmar, a warranty claim management system.

The Government Solutions segment comprises approximately 15 percent of sales and delivers fleet management, aircraft operations, supply chain logistics programs supporting the U.S. Department of War and Department of State, and Mobility Systems products including pallets, shelters, and containers for military and humanitarian deployment.

The Legacy Commercial Programs segment represents about 5 percent of sales and consists of flight hour-based component pool programs and consumables distribution, which the company announced plans to exit during fiscal 2026.

As of May 31, 2026, AAR employed approximately 7,100 employees worldwide, with 5,400 in the United States and 1,700 internationally, supplemented by roughly 700 contract workers. The company generated consolidated sales of approximately $3.3 billion in fiscal 2026, with commercial customers accounting for 72.1 percent and government and defense customers representing 27.9 percent of revenues. During fiscal 2026, AAR completed four acquisitions including American Distributors Holding Co., HAECO Americas, Aircraft Reconfig Technologies, and Aerostrat Corp., significantly expanding its capabilities and market position across the aviation aftermarket.

Sector
Industrials
Industry
Transportation Equipment
HQ
WOOD DALE, IL
FY end
05-31
CIK
1750
SIC
3720
Financial performance · annual
20122026
$-330.80M$661.60M$1.65B$2.65B$3.64B201220132014201520162017201820192020202120222023202420252026

Ownership

Who holds AAR CORP — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

340
funds hold it
1 of 35
superinvestors hold it
$3.01B
fund-held value
57.1%
of shares held by funds
1
bond issues held by funds

Top fund holders

Fund% of fundValue
iShares Core S&P Small-Cap ETF
IJR · iShares Trust
0.30%$337.78M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$171.23M
State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF
XAR · SPDR SERIES TRUST
2.64%$170.61M
SMALLCAP World Fund Inc
SMCWX
0.17%$161.42M
iShares Russell 2000 ETF
IWM · iShares Trust
0.18%$146.74M

Superinvestors in AAR CORP

Polen CapitalINCREASED +45.4%
Polen Capital Management
<0.1%

Share of each manager's reported 13F portfolio.

Bonds held by funds

Funds report holding 1 issues of AAR CORP's debt, $46.32M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 6.75%, maturing 20292029.

IssueCouponMaturesFundsFund-held
AIR 6.75 03/15/29 144A6.750%2029-03-1540$46.32M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

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15 years of AAR CORP's financials

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