Revenue growth has accelerated to 12.0% in 2026Q1, while gross margins have recovered to 32.6% from the 21.0% trough observed in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 886.81M | 862.13M | 795.43M | 689.21M | 534.89M | 444.91M | 502.59M | 772.7M | 803.26M | 624.46M | 633.12M | 692.28M | 661.04M | 339.94M | 266.45M | 228.16M | 51.82M | 191.2M | 173.72M | 158.24M | 110.77M | 75.35M | 34.7M | 33.18M | 42.94M | 85.38M | 71.97M | 50.6M | 46.1M | 41M | 38.4M |
| Revenue Growth % | 8.64% | 8.39% | 15.41% | 28.85% | 20.23% | -11.48% | -34.96% | -3.8% | 28.63% | -1.37% | -8.55% | 4.73% | 94.46% | 27.58% | 16.78% | 340.27% | -72.9% | 10.06% | 9.78% | 42.86% | 47% | 117.18% | 4.56% | -22.72% | -49.71% | 18.63% | 42.23% | 9.76% | 12.44% | 6.77% | 34.74% |
| Cost of Goods Sold | 614.37M | 603.97M | 627.08M | 568.41M | 463.35M | 379.55M | 405.74M | 616.56M | 622.56M | 487.35M | 473.66M | 504.34M | 494M | 252.08M | 197M | 167.67M | 39.38M | 153.93M | 143.25M | 117.37M | 87.52M | 59.85M | 30.09M | 26.44M | 30.69M | 64.03M | 48.52M | 32.4M | 28.1M | 24.7M | 24.7M |
| COGS % of Revenue | - | 70.06% | 78.84% | 82.47% | 86.63% | 85.31% | 80.73% | 79.79% | 77.5% | 78.04% | 74.81% | 72.85% | 74.73% | 74.15% | 73.94% | 73.49% | 75.99% | 80.51% | 82.46% | 74.17% | 79.01% | 79.43% | 86.72% | 79.68% | 71.47% | 75% | 67.42% | 64.03% | 60.95% | 60.24% | 64.32% |
| Gross Profit | 272.44M | 258.16M | 168.34M | 120.8M | 71.54M | 65.36M | 96.84M | 156.14M | 180.7M | 137.11M | 159.47M | 187.94M | 167.04M | 87.86M | 69.44M | 60.5M | 12.44M | 37.27M | 30.47M | 40.87M | 23.25M | 15.5M | 4.61M | 6.74M | 12.25M | 21.34M | 23.45M | 18.2M | 18M | 16.3M | 13.7M |
| Gross Margin % | 30.72% | 29.94% | 21.16% | 17.53% | 13.37% | 14.69% | 19.27% | 20.21% | 22.5% | 21.96% | 25.19% | 27.15% | 25.27% | 25.85% | 26.06% | 26.51% | 24.01% | 19.49% | 17.54% | 25.83% | 20.99% | 20.57% | 13.28% | 20.32% | 28.53% | 25% | 32.58% | 35.97% | 39.05% | 39.76% | 35.68% |
| Gross Profit Growth % | - | 53.35% | 39.36% | 68.85% | 9.45% | -32.51% | -37.98% | -13.59% | 31.79% | -14.02% | -15.15% | 12.51% | 90.13% | 26.52% | 14.79% | 386.19% | -66.62% | 22.31% | -25.44% | 75.8% | 49.99% | 236.3% | -31.65% | -44.95% | -42.61% | -8.96% | 28.82% | 1.11% | 10.43% | 18.98% | 23.42% |
| Operating Expenses | 179.48M | 181.75M | 141.88M | 127.47M | 101.58M | 94.04M | 197.54M | 154.44M | 117.03M | 90.52M | 86.33M | 89.14M | 79.68M | 45.55M | 36.82M | 27.18M | 6.03M | 24.11M | 17.42M | 16.41M | 13.58M | 10.25M | 5.48M | 5.49M | 5.61M | 10.87M | 13.84M | 11.1M | 10.9M | 10.3M | 10.6M |
| OpEx % of Revenue | - | 21.08% | 17.84% | 18.49% | 18.99% | 21.14% | 39.31% | 19.99% | 14.57% | 14.49% | 13.64% | 12.88% | 12.05% | 13.4% | 13.82% | 11.91% | 11.63% | 12.61% | 10.03% | 10.37% | 12.26% | 13.6% | 15.79% | 16.56% | 13.07% | 12.74% | 19.23% | 21.94% | 23.64% | 25.12% | 27.6% |
| Selling, General & Admin | 134.98M | 121.25M | 141.88M | 127.47M | 101.58M | 99.05M | 110.53M | 143.36M | 117.03M | 90.52M | 86.33M | 89.14M | 79.68M | 45.55M | 36.82M | 27.18M | 6.03M | 24.11M | 17.42M | 16.41M | 13.58M | 10.25M | 5.48M | 5.49M | 5.61M | 10.87M | 9.59M | 7.4M | 7.8M | 7.5M | 8M |
| SG&A % of Revenue | - | 14.06% | 17.84% | 18.49% | 18.99% | 22.26% | 21.99% | 18.55% | 14.57% | 14.49% | 13.64% | 12.88% | 12.05% | 13.4% | 13.82% | 11.91% | 11.63% | 12.61% | 10.03% | 10.37% | 12.26% | 13.6% | 15.79% | 16.56% | 13.07% | 12.74% | 13.33% | 14.62% | 16.92% | 18.29% | 20.83% |
| Research & Development | 44.5M | 43.48M | 0 | 0 | 0 | 0 | 0 | 0 | 114.3M | 95M | 90.2M | 90.3M | 76.7M | 52.8M | 44.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.04% | - | - | - | - | - | - | 14.23% | 15.21% | 14.25% | 13.04% | 11.6% | 15.53% | 16.85% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 17.02M | 0 | 0 | 0 | -5.01M | 87.02M | 11.08M | -1.67M | -2.88M | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.25M | 3.7M | 3.1M | 2.8M | 2.6M |
| Operating Income | 92.97M | 76.41M | 26.47M | -6.67M | -30.04M | -28.67M | -100.7M | 1.7M | 63.66M | 30.36M | 73.14M | 98.8M | 87.36M | 42.3M | 32.63M | 30.82M | 6.42M | -6.22M | 13.05M | 24.46M | 9.67M | 5.25M | -868K | 1.25M | 6.64M | 10.47M | 9.61M | 7.1M | 7.1M | 6M | 3.1M |
| Operating Margin % | 10.48% | 8.86% | 3.33% | -0.97% | -5.62% | -6.44% | -20.04% | 0.22% | 7.93% | 4.86% | 11.55% | 14.27% | 13.22% | 12.45% | 12.24% | 13.51% | 12.38% | -3.25% | 7.51% | 15.46% | 8.73% | 6.97% | -2.5% | 3.76% | 15.46% | 12.26% | 13.35% | 14.03% | 15.4% | 14.63% | 8.07% |
| Operating Income Growth % | - | 188.72% | 496.73% | 77.8% | -4.78% | 71.53% | -6020.11% | -97.33% | 109.69% | -58.49% | -25.97% | 13.09% | 106.51% | 29.67% | 5.85% | 380.45% | 203.1% | -147.66% | -46.64% | 153.07% | 83.97% | 705.3% | -169.5% | -81.18% | -36.61% | 8.98% | 35.32% | 0% | 18.33% | 93.55% | -8.82% |
| EBITDA | 115.11M | 98.25M | 50.93M | 19.43M | -2.27M | 331K | -68.85M | 34.75M | 98.69M | 56.76M | 98.93M | 124.11M | 114.62M | 53.36M | 39.53M | 35.76M | 11.3M | 1.12M | 17.2M | 27.9M | 12.6M | 7.63M | 405K | 2.46M | 7.91M | 14.92M | 13.86M | 10.8M | 10.2M | 8.8M | 5.7M |
| EBITDA Margin % | 12.98% | 11.4% | 6.4% | 2.82% | -0.42% | 0.07% | -13.7% | 4.5% | 12.29% | 9.09% | 15.63% | 17.93% | 17.34% | 15.7% | 14.84% | 15.67% | 21.8% | 0.59% | 9.9% | 17.63% | 11.37% | 10.12% | 1.17% | 7.42% | 18.41% | 17.47% | 19.25% | 21.34% | 22.13% | 21.46% | 14.84% |
| EBITDA Growth % | 86.68% | 92.9% | 162.09% | 957.21% | -784.89% | 100.48% | -298.12% | -64.79% | 73.88% | -42.63% | -20.29% | 8.28% | 114.78% | 35% | 10.53% | 216.61% | 908.57% | -93.49% | -38.37% | 121.53% | 65.14% | 1783.21% | -83.54% | -68.88% | -46.99% | 7.65% | 28.3% | 5.88% | 15.91% | 54.39% | -5% |
| D&A (Non-Cash Add-back) | 22.14M | 21.84M | 24.47M | 26.1M | 27.78M | 29M | 31.85M | 33.05M | 35.03M | 26.4M | 25.79M | 25.31M | 27.25M | 11.06M | 6.91M | 4.94M | 4.88M | 7.34M | 4.14M | 3.44M | 2.93M | 2.37M | 1.27M | 1.21M | 1.27M | 4.45M | 4.25M | 3.7M | 3.1M | 2.8M | 2.6M |
| EBIT | 58.3M | 44.51M | -7.87M | -26.31M | -29.79M | -33.69M | -13.69M | 12.78M | 63.66M | 30.36M | 74.88M | 97.05M | 87.36M | 42.3M | 32.49M | 33.32M | 24.38M | -5.19M | 13M | 24.42M | 9.67M | 4.62M | -868K | 1.25M | 6.64M | 9.33M | 6.23M | 7.1M | 7.1M | 6M | 3.1M |
| Net Interest Income | -11.75M | -12.56M | -22M | 0 | 0 | 0 | -6.74M | -6.14M | -9.71M | -5.37M | -4.35M | -4.75M | -8.26M | -4.09M | -1.04M | -1.81M | -2.55M | -2.53M | -694K | -1.37M | -896K | -735K | -282K | -200K | -223K | -520K | -678K | 0 | -400K | 0 | -800K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 32K | 22K | 12K | 50K | 15K | 29K | 127K | 190K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.75M | 12.56M | 22M | 0 | 0 | 0 | 6.74M | 6.14M | 9.71M | 5.37M | 4.35M | 4.75M | 8.26M | 4.09M | 1.04M | 1.91M | 2.58M | 2.56M | 706K | 1.42M | 911K | 764K | 409K | 390K | 223K | 520K | 678K | 0 | 400K | 0 | 800K |
| Other Income/Expense | -46.41M | -44.47M | -34.33M | -19.64M | 251K | 1.71M | -11.71M | 66.6M | -11.38M | -7.11M | -4.35M | -4.75M | -8.26M | -4.09M | -1.04M | -1.81M | -2.55M | -1.52M | -764K | -1.46M | -907K | 2.14M | -314K | -200K | -223K | -569K | -936K | -200K | -400K | -400K | 1M |
| Pretax Income | 46.56M | 31.95M | -7.87M | -26.31M | -29.79M | -26.96M | -112.41M | 68.3M | 52.28M | 24.99M | 68.78M | 94.05M | 79.11M | 38.21M | 31.58M | 29.02M | 5.85M | -7.75M | 12.29M | 23M | 8.76M | 4.8M | -1.18M | 1.05M | 6.42M | 9.95M | 8.93M | 6.9M | 6.7M | 5.6M | 4.1M |
| Pretax Margin % | 5.25% | 3.71% | -0.99% | -3.82% | -5.57% | -6.06% | -22.37% | 8.84% | 6.51% | 4% | 10.86% | 13.59% | 11.97% | 11.24% | 11.85% | 12.72% | 11.29% | -4.05% | 7.07% | 14.53% | 7.91% | 6.37% | -3.41% | 3.16% | 14.94% | 11.66% | 12.41% | 13.64% | 14.53% | 13.66% | 10.68% |
| Income Tax | 1.19M | 2.59M | 8.35M | 110K | 5.95M | -1.38M | 3.37M | 16.29M | 5.48M | 5.31M | 20.36M | 27.08M | 22.94M | 10.95M | 9.71M | 7.42M | 1.38M | -3.94M | 3.93M | 7.61M | 3.02M | 2.14M | -448K | 267K | 2.37M | 3.45M | 2.83M | 2.1M | 2.4M | 2M | 1.4M |
| Effective Tax Rate % | 2.55% | 8.1% | -106.11% | -0.42% | -19.98% | 5.13% | -3% | 23.84% | 10.48% | 21.26% | 29.6% | 28.79% | 28.99% | 28.64% | 30.74% | 25.59% | 23.57% | 50.92% | 31.97% | 33.08% | 34.51% | 44.69% | 37.9% | 25.45% | 36.91% | 34.7% | 31.75% | 30.43% | 35.82% | 35.71% | 34.15% |
| Net Income | 45.37M | 29.36M | -16.21M | -26.42M | -35.75M | -25.58M | -115.78M | 52.02M | 46.8M | 19.68M | 48.42M | 66.97M | 56.17M | 27.27M | 21.87M | 21.59M | 4.47M | -3.8M | 8.36M | 15.39M | 5.74M | 2.65M | -734K | 1.11M | 4.55M | 6.5M | 6.09M | 4.8M | 4.3M | 3.6M | 2.7M |
| Net Margin % | 5.12% | 3.41% | -2.04% | -3.83% | -6.68% | -5.75% | -23.04% | 6.73% | 5.83% | 3.15% | 7.65% | 9.67% | 8.5% | 8.02% | 8.21% | 9.46% | 8.63% | -1.99% | 4.81% | 9.73% | 5.18% | 3.52% | -2.12% | 3.35% | 10.6% | 7.61% | 8.47% | 9.49% | 9.33% | 8.78% | 7.03% |
| Net Income Growth % | 1392.99% | 281.06% | 38.63% | 26.09% | -39.76% | 77.91% | -322.58% | 11.14% | 137.83% | -59.36% | -27.7% | 19.23% | 106.01% | 24.65% | 1.31% | 382.91% | 217.6% | -145.47% | -45.68% | 168.32% | 116.21% | 461.44% | -165.95% | -75.55% | -29.93% | 6.61% | 26.98% | 11.63% | 19.44% | 33.33% | 50% |
| Net Income (Continuing) | 45.37M | 29.36M | -16.21M | -26.42M | -35.75M | -25.58M | -115.78M | 52.02M | 46.8M | 19.68M | 48.42M | 66.97M | 56.17M | 27.27M | 21.87M | 21.59M | 14.95M | -3.8M | 8.36M | 15.39M | 5.74M | 2.65M | -734K | 782K | 4.05M | 5.82M | 3.5M | 4.8M | 4.3M | 3.6M | 2.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.19 | 0.81 | -0.46 | -0.80 | -1.11 | -0.82 | -3.76 | 1.60 | 1.41 | 0.58 | 1.40 | 1.93 | 1.63 | 0.68 | 0.55 | 0.66 | 0.58 | -0.15 | 0.34 | 0.62 | 0.30 | 0.12 | -0.04 | 0.04 | 0.24 | 0.30 | 0.32 | 0.32 | 0.29 | 0.24 | 0.15 |
| EPS Growth % | 1083.33% | 276.09% | 42.5% | 27.93% | -35.37% | 78.19% | -335% | 13.48% | 143.1% | -58.57% | -27.46% | 18.4% | 139.71% | 23.64% | -16.67% | 13.79% | 486.67% | -144.12% | -45.16% | 106.67% | 150% | 407.69% | -190.07% | -81.96% | -20% | -6.25% | 0% | 10.34% | 20.83% | 60% | 25% |
| EPS (Basic) | - | 0.82 | -0.46 | -0.80 | -1.11 | -0.82 | -3.76 | 1.62 | 1.45 | 0.60 | 1.44 | 1.99 | 1.70 | 0.71 | 0.58 | 0.71 | 0.60 | -0.15 | 0.36 | 0.66 | 0.31 | 0.12 | -0.04 | 0.06 | 0.25 | 0.35 | 0.34 | 0.34 | 0.31 | 0.26 | 0.15 |
| Diluted Shares Outstanding | 38.22M | 38.48M | 35.25M | 33.1M | 32.2M | 31.19M | 30.8M | 32.46M | 33.14M | 33.72M | 34.54M | 34.71M | 34.48M | 40.21M | 39.78M | 32.53M | 26.06M | 24.79M | 24.6M | 24.74M | 19.2M | 18.45M | 18.84M | 18.21M | 19.12M | 21.44M | 18.99M | 15.05M | 15.05M | 15.12M | 14.06M |
| Basic Shares Outstanding | 38.22M | 38.48M | 35.25M | 33.03M | 32.2M | 31.19M | 30.79M | 32.11M | 32.35M | 32.87M | 33.54M | 33.63M | 33M | 38.29M | 37.56M | 30.58M | 25.04M | 24.79M | 23.64M | 23.34M | 18.4M | 18.45M | 17.55M | 18.21M | 18.45M | 18.71M | 18.09M | 14.18M | 13.99M | 14.09M | 12.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin volatility from input costs
According to recent financial disclosures, Astronics achieved a 12.0% year-over-year revenue increase in 2026Q1, signaling a sustained recovery in OEM production rates and airline cabin retrofit activity that appears to be outpacing the more volatile performance observed in the prior fiscal year's mid-period results.
The recent revenue expansion suggests that the company is successfully navigating the ramp-up of narrowbody aircraft production. Investors should monitor whether this growth trajectory remains durable as the company balances its project-based Test Systems segment against the more predictable Aerospace electronics business.
As reported in quarterly filings, gross margins reached 32.6% in 2026Q1, representing a notable improvement from the 21.0% trough seen in 2024Q3, though the company continues to face pressure from inflationary inputs that may limit further expansion in the near term.
The fluctuation in gross margins suggests that Astronics remains highly sensitive to semiconductor and aerospace-grade connector pricing. The inability to consistently maintain margins above the 30% threshold warrants further investigation into the company's pricing power within its long-term OEM contracts.
Based on the latest income statement data, operating income scaled to $27.2 million in 2026Q1, demonstrating improved operating leverage as the company manages its SG&A expenses more effectively relative to the significant revenue growth achieved over the trailing twelve-month period.
The recent improvement in operating margins to 11.8% suggests that management is beginning to realize efficiencies from higher production volumes. However, the historical volatility in operating income implies that this leverage may be fragile and highly dependent on the successful execution of defense-related test contracts.
Analysis of recent earnings reports indicates that net income has experienced significant swings, including a $11.1 million loss in 2025Q3, which highlights the impact of non-operating items and project-based accounting on the company's bottom-line stability compared to its reported revenue growth.
The divergence between revenue growth and net income suggests that investors should be cautious regarding the sustainability of current EPS figures. The presence of stock-based compensation and periodic losses warrants further investigation into the underlying cash-generating capability of the core business segments.
Quick answers to the most common questions about buying ATRO stock.
For fiscal year 2025, Astronics Corporation (ATRO) reported total revenue of $862.1M. This represents a 2145.1% increase compared to $38.4M in 1996.
Astronics Corporation (ATRO) is profitable, generating $29.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Astronics Corporation (ATRO) reported an operating income of $76.4M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Astronics Corporation (ATRO) generated $258.2M in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.