Cash conversion remains highly erratic, evidenced by a $18.5 million operating cash outflow in 2026Q3 that highlights the company's struggle to generate sustainable internal liquidity.
Air T, Inc. (AIRT) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | -26.78M | -25.04M | 23.5M | 17.18M | 16.91M | -33.08M | -1.82M | -25.07M | 20.94M | -277.84K | -7.55M | 3.21M | 7.97M | -554.61K | 4.36M | 752.27K | -4.52M | 5.51M | 6.85M | 277.12K | 2.46M | 530.44K | 3.27M | 2.21M | 2.32M | 2.89M | -1.13M | 262.66K | -1.53M | -758.75K | 1.26M |
| Operating CF Margin % | - | -7.66% | 8.05% | 5.99% | 6.84% | -18.68% | -1.04% | -10.59% | 8.38% | -0.14% | -5.09% | 2.17% | 7.11% | -0.55% | 4.23% | 0.84% | -5.42% | 6.79% | 7.56% | 0.35% | 3.66% | 0.67% | 4.68% | 3.94% | 5.4% | 4.07% | -1.61% | 0.45% | -2.93% | -1.49% | 3.6% |
| Operating CF Growth % | -757.3% | -206.59% | 36.78% | 1.59% | 151.11% | -1718.8% | 92.75% | -219.76% | 7635.48% | 96.32% | -335% | -59.68% | 1537.34% | -112.71% | 479.83% | 116.66% | -181.99% | -19.61% | 2372.58% | -88.75% | 364.28% | -83.79% | 48.42% | -4.82% | -19.84% | 355.99% | -529.88% | 117.19% | -101.37% | -160.11% | -28.99% |
| Net Income | 63.81M | 84.65M | -5.41M | -4.68M | -11.79M | 12.23M | -8.39M | 3.17M | 3.2M | 2.46M | -4.94M | 3.76M | 2.48M | 1.47M | 1.67M | 1.35M | 2.14M | 3.76M | 4.38M | 3.4M | 2.49M | 2.05M | 2.11M | 1.74M | -1.22M | 1.28M | 1.29M | 361.86K | 522.7K | 1.71M | 1.32M |
| Depreciation & Amortization | 20.94M | 12.34M | 4.36M | 2.8M | 4.16M | 1.86M | 3.11M | 5.71M | 7.26M | 2.43M | 2.07M | 1.26B | 856.91K | 752.41K | 532.77K | 278.36K | 365.91K | 415.1K | 437.74K | 472.45K | 665.82K | 683.1K | 633.82K | 557.55K | 748.91K | 666.39K | 826.02K | 921.79K | 648.93K | 569.33K | 371.62K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 400K | 0 | 0 | 0 | 0 | 0 | 29.33K | 8.96K | 23.2K | 13K | 1.47K | 4.8K | 134.13M | 339.32M | 333.19M | 305.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -400K | 0 | 0 | -1.16B | -10.57M | -659M | 90.48M | -372M | 911M | 25M | 405K | 5K | 461K | -105K | 10.28K | -123.25K | 187K | 585.15K | 590.09K | -838.03K | -283.81K | -252.4K | -101.05K | -233.63K | -80K | 122.86K |
| Other Non-Cash Items | -113.77M | -111.67M | 2.13M | 800K | 7.15M | -6.69M | 5.96M | -5.21M | 1.16B | 8.58M | 664.53M | -1.35B | 370.82M | -910.73M | -24.93M | 611.14K | 125.87K | -133.89M | -339.02M | -333.04M | -304.65M | -2.08M | 92.58K | -298.29K | 1.66M | -415.29K | -383.08K | 255.59K | 287.96K | 445.77K | -109.76K |
| Working Capital Changes | -2.89M | -10.36M | 22.42M | 18.26M | 17.38M | -40.48M | -2.49M | -28.74M | 10.62M | -3.18M | -10.21M | -1.34M | 5.8M | -3.06M | 2.08M | -1.89M | -7.16M | 645.01K | 1.84M | -3.77M | -1.35M | -692.96K | -93.98K | -897.46K | 1.97M | 775.02K | -2.85M | -1.18M | -2.98M | -3.4M | -279.02K |
| Change in Receivables | 4.09M | -3.35M | -1.81M | 4.99M | 1.91M | -12.65M | 6.07M | -2.24M | -1.96M | 2.73M | -5.52M | -1.53M | 640.94K | 1.36M | -2.69M | 2.67M | -6.04M | 674.79K | 6.18M | -4.48M | 1.17M | -1.41M | -2.07M | 1.13M | -356.94K | 4.92M | -3.13M | -1.2M | -335.89K | -3.36M | -177.14K |
| Change in Inventory | -35.55M | -24.09M | 20.63M | 9.1M | 10.16M | -17.6M | -129K | -29.61M | 9.53M | -6.76M | -7.85M | -877.99K | 4.89M | -4.02M | 4.59M | -3.17M | -4.7M | 2.97M | -1.54M | 331.94K | -2.22M | 88.86K | 131.7K | -784.77K | 1.2M | 291.32K | -1.67M | -2.82M | -1.6M | -2.73M | -343.7K |
| Change in Payables | 19.21M | 16.34M | 2.71M | 4.62M | 992K | 1.05M | -2.52M | 1.51M | 1.09M | -1.69M | 4.15M | 605.94K | -1.71M | 684.68K | -258.23K | -100.41K | 3.48M | -397.48K | -2.59M | 304.71K | -50.69K | -737.47K | 2.75M | -1.15M | 892.72K | -5.34M | 1.36M | 3.25M | 292.26K | 3.16M | 14.97K |
| Cash from Investing | -63.1M | -21.8M | -20.19M | -2.5M | -6.17M | -33.39M | 2.52M | 8.61M | -23M | -26.42M | -3.7M | -5.27M | -2.59M | -2.7M | -367.05K | -905.5K | 2.07M | -1.38M | 804.42K | -1.64M | -197.93K | -355.45K | -375.03K | 651.68K | 274K | -656.93K | -227.35K | -177.48K | -935.89K | -2.09M | -396.91K |
| Capital Expenditures | -444K | -16.48M | -15.68M | -1.08M | -1.18M | -1.56M | -6M | -38.69M | -20.47M | -20.22M | -2.35M | -1.05M | -1.93M | -1.28M | -375.05K | -1M | -255.52K | -127.9K | -215.25K | -477.81K | -197.93K | -362.57K | -395.69K | -1.26M | -686.01K | -720.43K | -720.54K | -652.63K | -1.25M | -1.05M | -472.02K |
| CapEx % of Revenue | 0.12% | 5.04% | 5.37% | 0.38% | 0.48% | 0.88% | 3.43% | 16.34% | 8.19% | 10.39% | 1.58% | 0.71% | 1.72% | 1.27% | 0.36% | 1.12% | 0.31% | 0.16% | 0.24% | 0.61% | 0.29% | 0.46% | 0.57% | 2.25% | 1.6% | 1.02% | 1.03% | 1.11% | 2.4% | 2.06% | 1.34% |
| Acquisitions | -6.86M | -21.96M | -7.03M | -4.63M | -5.56M | -19.6M | -536K | -3.31M | -3.64M | -4.7M | -4.57M | 78K | 1.93B | 1.28B | 0 | 0 | 255.26M | 127.9M | 215.25M | 1.02M | 0 | 0 | 0 | 0 | 0 | 770.43K | 0 | 0 | 1.25M | -715.98K | 887.02K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -51.08M | 16.64M | 2.52M | 3.21M | 572K | -6.25M | 7.26M | 51M | 2.33M | 624.57K | -63.44K | -44.3K | -1.93B | -1.28B | 8K | 45.25K | -255.14M | -127.9M | -215.25M | -1.02M | 0 | 7.12K | 20.66K | 1.55M | 960.02K | -706.93K | 30.58K | 0 | -1.25M | -1.05M | -472.02K |
| Cash from Financing | 95.12M | 65.4M | -4.8M | -13.91M | -12.38M | 59.25M | 71K | 19.24M | 9.55M | 28.74M | 8.69M | -5.99M | 5.02M | -2.18M | -611.57K | -547.65K | -815.1K | -1.2M | -855.67K | -1.48M | -2.07M | -970.23K | 139.97K | -2.48M | -1.99M | -2.3M | 1.31M | -204.03K | 2.53M | 667.93K | -701.4K |
| Debt Issued (Net) | 85.58M | 66.72M | -5.02M | -21.2M | -10.85M | 45.23M | 1.05M | 15.28M | 9.57M | 29.98M | 16.61M | -5.99M | 5M | 0 | 0 | -8.27K | -12.37K | -460.68K | -134.88K | -154.73K | -76.99K | -202.68K | 1.02M | -2.2M | -1.67M | -450K | 1.78M | 94.69K | 3M | 916.08K | 0 |
| Equity Issued (Net) | 3.83M | 3.07M | -1.45M | -876K | 0 | 11.28M | 1.34M | 0 | -744.17K | 0 | -7.92M | 0 | 0 | -1.08M | 0 | 0 | -391 | -1.7K | -122 | -712.89K | -1.29M | 0 | -143.09K | -179.43K | 5.5K | 35.05K | -186.78K | -78.44K | -100K | 17K | -400K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -733.88K | -611.57K | -611.57K | -802.34K | -800.08K | -727.05K | -610.85K | -667.82K | -667.63K | -535.66K | 0 | -325.85K | -405.52K | -274.86K | -220.28K | -377.69K | -265.14K | -218.44K |
| Share Repurchases | -28K | -28K | -1.45M | -876K | 0 | 0 | 0 | 0 | -744.17K | 0 | -7.92M | 0 | 0 | -1.08M | 0 | 0 | -391 | -1.7K | -122 | -712.89K | -1.29M | 0 | -356.8K | -179.43K | 0 | -42.78K | -186.78K | -78.44K | -149.5K | -67.25K | -500K |
| Other Financing | 5.71M | -4.4M | 1.67M | 8.16M | -1.53M | 2.75M | -2.32M | 3.96M | 719.17K | -1.24M | 0 | 0 | 20.41K | -369.12K | 0 | 72.19K | 0 | 58.03K | 6.38K | 0 | -39.88K | -99.92K | -200K | -100K | 0 | -1.48M | -4.23K | -5.29K | 33.24K | 0 | -101.4K |
| Net Change in Cash | 6.68M | 18.51M | -1.09M | 753K | -1.28M | -7.56M | 356K | 3.03M | 7.57M | 2.04M | -2.58M | -8.04M | 10.41M | -5.44M | 3.38M | -700.88K | -3.26M | 2.92M | 6.8M | -2.84M | 193.07K | -795.24K | 3.04M | 379.73K | 47.95K | -66.03K | -46.71K | -118.85K | 69.44K | -2.18M | 164.06K |
| Free Cash Flow | -49.77M | -41.53M | 7.82M | 16.1M | 15.73M | -34.64M | -7.82M | -63.77M | 467.13K | -20.49M | -9.9M | 2.17M | 6.04M | -1.84M | 3.99M | -249.52K | -4.77M | 5.38M | 6.64M | -200.68K | 2.26M | 167.87K | 2.88M | 944.54K | 1.63M | 2.17M | -1.85M | -389.97K | -2.78M | -1.81M | 790.35K |
| FCF Margin % | -13.39% | -12.7% | 2.68% | 5.61% | 6.36% | -19.56% | -4.47% | -26.93% | 0.19% | -10.54% | -6.67% | 1.46% | 5.38% | -1.82% | 3.87% | -0.28% | -5.72% | 6.64% | 7.32% | -0.26% | 3.37% | 0.21% | 4.11% | 1.69% | 3.8% | 3.06% | -2.63% | -0.66% | -5.33% | -3.55% | 2.25% |
| FCF Growth % | -841% | -631.24% | -51.45% | 2.36% | 145.41% | -342.77% | 87.73% | -13750.68% | 102.28% | -106.99% | -556.44% | -64.09% | 428.65% | -146.1% | 1697.84% | 94.77% | -188.69% | -18.93% | 3407.12% | -108.86% | 1249.14% | -94.17% | 204.65% | -42.09% | -24.84% | 217.32% | -374.32% | 85.97% | -53.59% | -328.93% | -49.77% |
| FCF per Share | -18.46 | -15.36 | 2.84 | 5.72 | 5.53 | -12.00 | -2.71 | -22.79 | 0.15 | -6.67 | -3.11 | 0.60 | 1.69 | -0.50 | 1.08 | -0.07 | -1.29 | 1.47 | 1.83 | -0.05 | 0.57 | 0.04 | 0.71 | 0.23 | 0.40 | 0.52 | -0.44 | -0.09 | -0.66 | -0.43 | 0.19 |
| FCF Conversion (FCF/Net Income) | -0.78x | -0.32x | -3.83x | -2.52x | -1.38x | -3.03x | 0.25x | -3.28x | 15.62x | -0.12x | 2.35x | 0.65x | 3.21x | -0.38x | 2.61x | 0.56x | -2.11x | 1.47x | 1.56x | 0.08x | 0.99x | 0.26x | 1.55x | 1.27x | -1.89x | 2.26x | -0.88x | 0.73x | -2.92x | -0.44x | 0.95x |
| Interest Paid | 0 | 0 | 8.44M | 3.89M | 5.87M | 1.52M | 2.73M | 3.31M | 2.88M | 1.07M | 298.15K | 47.05K | 19K | 6K | 22K | 1.8K | 3K | 16.1K | 100.55K | 195.51K | 206.61K | 215.46K | 112.52K | 109.05K | 368.67K | 609.91K | 722.88K | 608.94K | 300K | 20.11K | 572 |
| Taxes Paid | 0 | 850K | 983K | 917K | 1.03M | 429K | 477K | 1.49M | 527K | 1.66M | 1.09M | 2.83M | 737K | 755K | 675K | 1.09M | 887K | 1.69M | 2.89M | 2.15M | 1.22M | 473.14K | 1.41M | 515.42K | 274.59K | 1.04M | 1.09M | 596.99K | 1.5M | 800K | 600K |
Quick answers to the most common questions about buying AIRT stock.
Air T, Inc. (AIRT) generated $-25.0M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Air T, Inc. (AIRT) reported negative free cash flow of $41.5M in 2026, indicating capital requirements exceeded cash from operations.
Air T, Inc. (AIRT) spent $16.5M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Air T, Inc. (AIRT) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
FedEx feeder contract dependency
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
As reported in recent financial filings, the persistent disconnect between net income and operating cash flow, highlighted by a 2026Q3 operating cash outflow of $18.5 million against a $2.5 million net loss, suggests that reported earnings fail to capture the underlying cash-burning nature of current operations.
The extreme volatility in the OCF/NI ratio indicates that accruals and working capital swings are masking the true economic performance of the business. Investors should monitor whether this divergence is a structural feature of the company's inventory-heavy aviation parts model or a temporary symptom of operational inefficiency.
Free Cash Flow Volatility Persists
Based on historical data, AIRT's free cash flow trajectory remains highly erratic, swinging from a positive $16.0 million in 2025Q3 to a negative $19.3 million in 2026Q3, which underscores the difficulty in generating sustainable cash returns from the company's current mix of aviation and logistics assets.
The lack of a consistent positive FCF margin suggests that the company's capital-intensive segments are not yet self-funding. This instability forces a reliance on external financing or asset liquidation to maintain operations, which may limit management's strategic flexibility during industry downturns.
Working Capital Swings Drive Liquidity
According to quarterly cash flow statements, working capital fluctuations are the primary determinant of short-term liquidity, with a massive $16.8 million outflow in 2026Q3 following a $15.9 million inflow in 2025Q3, indicating that inventory and receivables management remains a significant source of operational instability.
The sensitivity of cash flow to these working capital changes suggests that the company's inventory-heavy business model is highly susceptible to supply chain disruptions and demand shifts. This volatility complicates cash forecasting and may necessitate higher levels of revolving credit to bridge periodic liquidity gaps.
Capital Allocation Remains Opportunistic Yet
As evidenced by recent SEC filings, the company's capital deployment is heavily skewed toward net acquisitions, such as the $25.1 million outflow in 2026Q3, which appears to prioritize asset expansion over the stabilization of core operating cash flows or the reduction of existing debt obligations.
This aggressive acquisition strategy, while potentially expanding the company's footprint in aviation parts, appears to be occurring at the expense of liquidity. Investors should question whether these investments are generating sufficient returns to justify the ongoing cash burn and the associated risks to the balance sheet.