Revenue growth has turned negative with an 8.7% year-over-year decline in 2026Q3, while structural margin compression remains evident as operating margins fell to -5.3% during the same period.
| Metric | TTM | 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 | Mar'96 |
|---|
| Sales/Revenue | 272.47M | 291.85M | 286.83M | 247.32M | 177.08M | 175.12M | 236.78M | 249.83M | 194.52M | 148.47M | 148.21M | 112.18M | 100.77M | 103.06M | 89.38M | 83.36M | 81.08M | 90.67M | 78.4M | 67.3M | 79.53M | 70M | 56M | 42.87M | 70.96M | 70.25M | 58.85M | 52.12M | 51.03M | 35.1M | 36.1M |
| Revenue Growth % | -8.63% | 1.75% | 15.98% | 39.67% | 1.12% | -26.04% | -5.22% | 28.44% | 31.01% | 0.18% | 32.12% | 11.32% | -2.22% | 15.31% | 7.22% | 2.82% | -10.58% | 15.65% | 16.49% | -15.37% | 13.61% | 25.01% | 30.61% | -39.58% | 1.01% | 19.37% | 12.91% | 2.14% | 45.36% | -2.76% | 9.4% |
| Cost of Goods Sold | 218.1M | 231.66M | 234.46M | 198.5M | 137.69M | 143.45M | 189.73M | 203.37M | 160.91M | 128.32M | 123.27M | 95.41M | 85.32M | 87.87M | 75.72M | 69.07M | 64.58M | 72.32M | 62.7M | 53.23M | 66.1M | 57.52M | 44.13M | 34.94M | 58.78M | 58.16M | 49.43M | 43.31M | 41.23M | 28.51M | 29.54M |
| COGS % of Revenue | - | 79.38% | 81.74% | 80.26% | 77.76% | 81.91% | 80.13% | 81.4% | 82.72% | 86.43% | 83.17% | 85.05% | 84.67% | 85.26% | 84.71% | 82.86% | 79.66% | 79.77% | 79.98% | 79.09% | 83.11% | 82.18% | 78.82% | 81.49% | 82.83% | 82.8% | 84% | 83.1% | 80.8% | 81.21% | 81.83% |
| Gross Profit | 54.37M | 60.19M | 52.38M | 48.83M | 39.38M | 31.67M | 47.05M | 46.46M | 33.61M | 20.15M | 24.94M | 16.77M | 15.45M | 15.19M | 13.66M | 14.29M | 16.49M | 18.35M | 15.7M | 14.07M | 13.43M | 12.48M | 11.86M | 7.94M | 12.18M | 12.08M | 9.42M | 8.81M | 9.8M | 6.59M | 6.56M |
| Gross Margin % | 19.95% | 20.62% | 18.26% | 19.74% | 22.24% | 18.09% | 19.87% | 18.6% | 17.28% | 13.57% | 16.83% | 14.95% | 15.33% | 14.74% | 15.29% | 17.14% | 20.34% | 20.23% | 20.02% | 20.91% | 16.89% | 17.82% | 21.18% | 18.51% | 17.17% | 17.2% | 16% | 16.9% | 19.2% | 18.79% | 18.17% |
| Gross Profit Growth % | - | 14.92% | 7.28% | 23.98% | 24.35% | -32.69% | 1.27% | 38.24% | 66.82% | -19.23% | 48.73% | 8.53% | 1.73% | 11.16% | -4.38% | -13.35% | -10.1% | 16.87% | 11.53% | 4.78% | 7.67% | 5.17% | 49.5% | -34.86% | 0.83% | 28.28% | 6.92% | -10.11% | 48.59% | 0.56% | -0.63% |
| Operating Expenses | 62.72M | 58.28M | 51.11M | 53.23M | 30.63M | 40.85M | 39.76M | 38.38M | 28.8M | 23.22M | 18.92M | 14.22M | 12.84M | 12.46M | 11.59M | 10.85M | 11.06M | 11.68M | 73.35M | 63.48M | 76.37M | 66.53M | 52.59M | 42.41M | 68.58M | 67.73M | 57.87M | 51.17M | 47.77M | 33.11M | 33.84M |
| OpEx % of Revenue | - | 19.97% | 17.82% | 21.52% | 17.3% | 23.32% | 16.79% | 15.36% | 14.81% | 15.64% | 12.76% | 12.68% | 12.75% | 12.09% | 12.97% | 13.02% | 13.64% | 12.88% | 93.55% | 94.31% | 96.03% | 95.04% | 93.92% | 98.92% | 96.65% | 96.42% | 98.34% | 98.18% | 93.61% | 94.33% | 93.75% |
| Selling, General & Admin | 65.01M | 57.85M | 51.11M | 42.84M | 29.82M | 34.26M | 39.78M | 38.38M | 29.17M | 22.18M | 18.14M | 14.22M | 12.84M | 12.46M | 11.34M | 10.59M | 10.64M | 11.24M | 10.17M | 9.58M | 9.59M | 8.37M | 7.9M | 6.89M | 9.14M | 8.74M | 7.52M | 7.21M | 5.97M | 4.23M | 3.82M |
| SG&A % of Revenue | - | 19.82% | 17.82% | 17.32% | 16.84% | 19.57% | 16.8% | 15.36% | 15% | 14.94% | 12.24% | 12.68% | 12.75% | 12.09% | 12.68% | 12.7% | 13.13% | 12.4% | 12.97% | 14.24% | 12.06% | 11.96% | 14.11% | 16.08% | 12.88% | 12.44% | 12.78% | 13.84% | 11.7% | 12.06% | 10.57% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195.65K | 1.04M | 777.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.1% | 0.7% | 0.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 435K | 0 | 10.39M | 810K | 6.58M | -19K | 0 | -562.5K | 15.17K | -140.77K | 0 | 0 | 0 | 255.99K | 262.5K | 415.1K | 437.74K | 63.17M | 53.89M | 66.78M | 58.16M | 44.69M | 35.51M | 59.44M | 58.99M | 50.35M | 43.96M | 41.8M | 28.88M | 30.03M |
| Operating Income | -8.35M | 1.91M | 1.26M | -4.41M | 8.76M | -9.18M | 7.29M | 8.06M | 4.25M | -3.1M | 6.03M | 3.42M | 2.63M | 2.73M | 2.07M | 3.44M | 5.43M | 6.67M | 5.05M | 3.83M | 3.16M | 3.47M | 3.4M | 464.52K | 2.38M | 2.52M | 974.36K | 946.57K | 3.07M | 1.64M | 2.26M |
| Operating Margin % | -3.07% | 0.65% | 0.44% | -1.78% | 4.94% | -5.24% | 3.08% | 3.23% | 2.18% | -2.09% | 4.07% | 3.05% | 2.61% | 2.65% | 2.32% | 4.12% | 6.7% | 7.35% | 6.45% | 5.69% | 3.97% | 4.96% | 6.08% | 1.08% | 3.35% | 3.58% | 1.66% | 1.82% | 6.02% | 4.67% | 6.25% |
| Operating Income Growth % | - | 50.95% | 128.68% | -150.34% | 195.42% | -225.84% | -9.59% | 89.96% | 236.92% | -151.41% | 76.53% | 29.79% | -3.5% | 31.56% | -39.7% | -36.72% | -18.49% | 31.91% | 32.07% | 21.18% | -8.96% | 1.96% | 632.38% | -80.45% | -5.62% | 158.33% | 2.94% | -69.18% | 87.13% | -27.31% | 123.52% |
| EBITDA | -3.34M | 6.26M | 4.06M | -245K | 10.62M | -6.07M | 13M | 15.3M | 6.92M | -1.03M | 7.14M | 4.27M | 3.38M | 3.26M | 2.35M | 3.8M | 5.85M | 7.1M | 5.53M | 4.49M | 3.84M | 4.1M | 3.96M | 1.21M | 3.04M | 3.34M | 1.9M | 1.6M | 3.64M | 2.01M | 2.74M |
| EBITDA Margin % | -1.23% | 2.15% | 1.42% | -0.1% | 5.99% | -3.46% | 5.49% | 6.13% | 3.56% | -0.69% | 4.82% | 3.81% | 3.36% | 3.16% | 2.63% | 4.56% | 7.21% | 7.84% | 7.05% | 6.68% | 4.83% | 5.86% | 7.07% | 2.83% | 4.29% | 4.76% | 3.22% | 3.06% | 7.13% | 5.73% | 7.6% |
| EBITDA Growth % | -132.3% | 54.21% | 1757.96% | -102.31% | 274.93% | -146.67% | -15.03% | 121.01% | 772.97% | -114.41% | 67.05% | 26.25% | 3.81% | 38.65% | -38.18% | -34.96% | -17.67% | 28.55% | 23.01% | 16.97% | -6.38% | 3.61% | 226.31% | -60.11% | -9% | 76.31% | 18.84% | -56.17% | 80.87% | -26.6% | 127.15% |
| D&A (Non-Cash Add-back) | 5.01M | 4.36M | 2.8M | 4.16M | 1.86M | 3.11M | 5.71M | 7.24M | 2.68M | 2.07M | 1.11M | 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 | 484.71K |
| EBIT | 5.94M | 3.62M | 2.73M | -3.42M | 18.2M | -7.43M | 7.08M | 9.45M | 4.38M | -3.65M | 6.23M | 3.41M | 2.61M | 2.73M | 2.11M | 3.57M | 5.57M | 7.1M | 5.35M | 4.11M | 3.16M | 3.47M | 3.4M | -34.31M | -44.61M | -47.32M | -37.1M | -24.8M | -38.25M | -11M | -10.7M |
| Net Interest Income | -8.83M | -8.55M | -6.92M | -7.93M | -4.95M | -4.62M | -4.69M | -3.43M | 1.67M | -571.65K | -80.74K | 0 | 0 | 0 | 22.68K | 130.45K | 116.49K | -104.73K | -171.03K | -210.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 375K | 92K | 328K | 227K | 16K | 3K | 58K | 1.67M | 0 | 0 | 0 | 0 | 0 | 34.33K | 131.85K | 132.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.83M | 8.93M | 7.01M | 8.26M | 5.17M | 4.64M | 4.7M | 3.48M | 0 | 571.65K | 80.74K | 0 | 0 | 0 | 11.65K | 1.4K | 16.1K | 104.73K | 171.03K | 210.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.41M | -6.9M | -5.22M | -6.95M | 4.64M | -2.61M | -4.67M | -3.38M | -1.59M | -2.5M | -132.29K | -1.78K | 26.1K | -2.53K | 45.05K | 130.45K | 121.95K | 325.26K | 122.75K | 75.74K | -76.72K | -22.3K | 124.11K | 15.1K | 18.66K | -443.15K | -606.64K | -46.57K | -154.24K | 458.92K | 242.48K |
| Pretax Income | -2.95M | -4.99M | -3.96M | -11.35M | 13.4M | -11.78M | 2.62M | 4.7M | 2.65M | -4.22M | 6.15M | 3.41M | 2.66M | 2.73M | 2.1M | 3.57M | 5.56M | 6.99M | 5.18M | 3.9M | 3.08M | 3.45M | 3.53M | 643.62K | 2.11M | 1.94M | 627.58K | 906.47K | 2.89M | 2.16M | 2.52M |
| Pretax Margin % | -1.08% | -1.71% | -1.38% | -4.59% | 7.57% | -6.73% | 1.11% | 1.88% | 1.36% | -2.84% | 4.15% | 3.04% | 2.64% | 2.65% | 2.35% | 4.28% | 6.85% | 7.71% | 6.6% | 5.8% | 3.87% | 4.92% | 6.3% | 1.5% | 2.97% | 2.77% | 1.07% | 1.74% | 5.67% | 6.15% | 6.98% |
| Income Tax | 1.85M | 423K | 729K | 432K | 1.17M | -3.39M | -544K | 1.5M | 195K | 725K | 2.4M | 931K | 1.19M | 1.06M | 746K | 1.43M | 1.8M | 2.61M | 1.77M | 1.42M | 1.03M | 1.34M | 1.36M | 277.25K | 830.5K | 655.95K | 265.72K | 383.77K | 1.19M | 836K | 908K |
| Effective Tax Rate % | -62.97% | -8.48% | -18.43% | -3.81% | 8.73% | 28.75% | -20.73% | 31.95% | 7.35% | -17.18% | 38.93% | 27.26% | 44.84% | 38.83% | 35.59% | 40.1% | 32.38% | 37.37% | 34.27% | 36.29% | 33.3% | 38.91% | 38.63% | 43.08% | 39.38% | 33.73% | 42.34% | 42.34% | 41% | 38.72% | 36.03% |
| Net Income | -6.76M | -6.14M | -6.82M | -12.29M | 10.93M | -7.28M | 7.66M | 1.34M | 2.28M | -3.21M | 4.94M | 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 | 1.61M |
| Net Margin % | -2.48% | -2.1% | -2.38% | -4.97% | 6.17% | -4.16% | 3.23% | 0.54% | 1.17% | -2.16% | 3.34% | 2.21% | 1.46% | 1.62% | 1.51% | 2.56% | 4.63% | 4.83% | 4.34% | 3.69% | 2.58% | 3.01% | 3.1% | -2.86% | 1.8% | 1.83% | 0.61% | 1% | 3.34% | 3.77% | 4.47% |
| Net Income Growth % | -732.51% | 9.96% | 44.54% | -212.51% | 250.17% | -195.05% | 471.35% | -41.15% | 170.86% | -165.01% | 99% | 69.36% | -12.17% | 23.67% | -36.84% | -43.1% | -14.2% | 28.69% | 36.86% | 20.98% | -2.41% | 21.16% | 241.96% | -195.75% | -0.81% | 256.2% | -30.77% | -69.36% | 28.93% | -17.92% | 0.75% |
| Net Income (Continuing) | -4.8M | -5.41M | -4.68M | -11.79M | 12.23M | -8.39M | 3.17M | 4.21M | 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 | 2.16M | 366.37K | 2.02M | 1.42M | 102K | 500K | 1.7M | 1.3M | 1.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 4K | 8.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.07M | 8.75M | 14.03M | 13.79M | 11.87M | 7.59M | 7.08M | 4.48M | 1.12M | 640.76K | 497.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.50 | -2.23 | -2.42 | -4.32 | 3.78 | -2.53 | 1.13 | 0.44 | 0.74 | -1.01 | 1.37 | 0.70 | 0.40 | 0.45 | 0.37 | 0.58 | 1.02 | 1.20 | 0.93 | 0.63 | 0.51 | 0.52 | 0.42 | -0.30 | 0.31 | 0.31 | 0.09 | 0.12 | 0.41 | 0.32 | 0.36 |
| EPS Growth % | -765.52% | 7.85% | 43.98% | -214.29% | 249.41% | -323.89% | 156.82% | -40.54% | 173.27% | -173.72% | 95.71% | 75% | -11.11% | 21.62% | -36.21% | -43.14% | -15% | 29.03% | 47.62% | 23.53% | -1.92% | 23.81% | 240% | -196.77% | 0% | 257.97% | -27.83% | -70.73% | 28.13% | -11.11% | 12.5% |
| EPS (Basic) | - | -2.23 | -2.42 | -4.32 | 3.79 | -2.53 | 1.14 | 0.44 | 0.74 | -1.01 | 1.39 | 0.70 | 0.41 | 0.46 | 0.37 | 0.59 | 1.03 | 1.20 | 0.93 | 0.63 | 0.51 | 0.52 | 0.43 | -0.30 | 0.31 | 0.31 | 0.09 | 0.13 | 0.43 | 0.34 | 0.39 |
| Diluted Shares Outstanding | 2.7M | 2.75M | 2.82M | 2.85M | 2.89M | 2.88M | 2.8M | 3.06M | 3.07M | 3.19M | 3.6M | 3.57M | 3.65M | 3.68M | 3.68M | 3.7M | 3.67M | 3.64M | 3.65M | 3.98M | 4.01M | 4.04M | 4.09M | 4.09M | 4.18M | 4.17M | 4.18M | 4.19M | 4.18M | 4.19M | 4.53M |
| Basic Shares Outstanding | 2.7M | 2.75M | 2.82M | 2.85M | 2.88M | 2.88M | 2.79M | 3.05M | 3.06M | 3.19M | 3.56M | 3.54M | 3.62M | 3.67M | 3.67M | 3.65M | 3.64M | 3.64M | 3.65M | 3.98M | 4.01M | 4.02M | 4.07M | 4.09M | 4.08M | 4.1M | 4.18M | 4.05M | 3.99M | 3.93M | 4.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 50.04% | 36.62% | 45.29% | 37.53% | 21.3% | 16.6% | 17.95% | 26.86% | 32.49% | 25.44% | - | - | 31.72% | 21.32% | 60.87% | 76.53% | 15.54% | 15.11% | 12.41% |
Customer concentration and margin volatility
As indicated by recent quarterly filings, AIRT's revenue growth has turned negative, with a 8.7% year-over-year decline in 2026Q3, reflecting the inherent instability of its project-based GSE and aviation parts segments compared to the more predictable, albeit low-margin, overnight air cargo service contracts.
The company's top-line performance appears highly sensitive to the cyclicality of its non-cargo segments, which lack the recurring revenue profile of the FedEx-integrated feeder business. This suggests that the firm's growth trajectory is currently hostage to external capital expenditure cycles in the aviation and municipal equipment markets rather than internal operational scaling.
Based on reported financial data, AIRT's gross margin fluctuated significantly between 14.6% and 25.4% over the last ten quarters, highlighting a lack of pricing power and vulnerability to inflationary pressures within its specialized manufacturing and aviation parts trading operations.
The inability to maintain consistent gross margins suggests that the company struggles to pass through rising material and labor costs to its customers. This margin volatility, combined with a razor-thin operating margin, implies that the business model lacks the necessary scale to absorb even minor operational disruptions without impacting the bottom line.
According to the income statement history, SG&A expenses have remained stubbornly high relative to gross profit, frequently eroding operating income and resulting in negative operating margins in several recent periods, including a -5.3% operating margin reported in 2026Q3.
The company appears to suffer from a high fixed-cost structure that prevents meaningful operating leverage, even during periods of higher revenue. Investors should monitor whether the current administrative overhead is sustainable given the company's inability to consistently generate positive operating income from its core logistics and manufacturing activities.
As reported in financial statements, the company's net income is frequently distorted by non-operating items and lumpy asset sales, leading to a volatile EPS profile that obscures the underlying economic reality of its disparate aviation and ground equipment business units.
Short-sellers would likely focus on the persistent negative net margins and the reliance on debt to fund inventory, which may indicate that the company is struggling to achieve a return on invested capital. The lack of consistent profitability warrants further investigation into whether the current holding company structure is creating value or merely masking the underperformance of its individual subsidiaries.
Quick answers to the most common questions about buying AIRT stock.
For fiscal year 2025, Air T, Inc. (AIRT) reported total revenue of $291.9M. This represents a 708.4% increase compared to $36.1M in 1996.
Air T, Inc. (AIRT) reported a net loss of $6.1M for the fiscal year ending 2025.
Air T, Inc. (AIRT) reported an operating income of $1.9M, resulting in an operating profit margin of 0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Air T, Inc. (AIRT) generated $60.2M in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.