Air T (AIRT) Financial Statements & Analysis

Air T (AIRT) Income Statement

Air T reported revenue of $327.09M in fiscal 2026 (fiscal year ended Mar 31, 2026), up 12.1% from $291.85M a year earlier. Net income was $77.98M, a net margin of 23.8%. Gross margin was 18.9% and operating margin -5.8%. In the most recent quarter, Q1 fiscal 2027 (ended Jun 30, 2026), revenue was $115.46M, up 62.9% from the same quarter a year earlier.

Air T Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Air T, Inc. income statement - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Revenue & Gross Profit
Revenue	327.09	291.85	286.83	247.32	177.08	175.12	236.79	249.83	194.52	148.47
Cost of Revenue	265.15	227.30	230.46	198.50	137.70	140.34	189.73	203.37	160.91	128.32
Gross Profit	61.94	64.55	55.18	48.83	39.38	34.78	47.05	46.46	33.61	20.15
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.20	1.04
Selling, General & Administrative	80.84	57.85	51.11	42.84	29.82	34.26	39.78	38.38	29.17	22.18
Operating Expenses	80.84	62.64	53.91	45.38	29.82	43.95	39.76	38.38	28.80	23.22
Operating Income	-18.90	1.91	1.26	3.44	9.57	-9.18	7.29	8.06	4.25	-3.10
Other Income/Expense
Interest Income	0.75	1.70	1.69	0.33	0.23	-0.72	0.00	0.06	1.67	0.00
Interest Expense	12.79	-8.93	-7.01	7.93	4.81	-4.64	4.70	3.49	0.00	0.57
Other Income/Expense	104.92	-6.90	-5.22	-6.86	8.78	-2.61	-4.67	-3.38	-1.59	-2.50
Income
Income Before Tax	86.02	-4.99	-3.96	-11.35	13.40	-11.78	2.62	4.70	2.65	-4.22
Income Tax Expense	1.37	0.42	0.73	0.43	1.17	-3.39	-0.54	1.50	0.20	0.73
Net Income	77.98	-6.14	-6.82	-12.30	10.93	-7.28	7.66	1.34	2.28	-3.21
Net Income - Continuous Operations	77.98	-5.41	-6.82	-11.79	12.23	-7.28	7.66	1.34	2.28	-3.21
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-	-
EBITDA	110.66	6.70	4.06	0.74	20.06	-6.07	12.79	16.69	7.06	-0.47
EBIT	98.32	2.34	1.26	-3.42	18.20	-9.18	-	-	-	-
Depreciation & Amortization	12.34	4.36	2.80	4.16	1.86	3.11	5.71	7.24	2.68	2.07
Earnings Per Share
Basic EPS	29.00	-2.00	-2.00	-4.00	4.00	-3.00	1.00	-	1.00	-1.00
Diluted EPS	29.00	-2.00	-2.00	-4.00	4.00	-3.00	1.00	-	1.00	-1.00
Basic Shares Outstanding	2.70	2.75	2.82	2.85	2.88	2.88	2.79	3.05	3.06	3.19
Diluted Shares Outstanding	2.70	2.75	2.82	2.85	2.89	2.88	2.80	3.06	3.07	3.19

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Air T Financial Statements

What was Air T's revenue in fiscal 2026?

Air T reported revenue of $327.09M in fiscal 2026 (fiscal year ended Mar 31, 2026). That was up 12.1% from $291.85M a year earlier.

Is Air T profitable?

Yes. Air T earned net income of $77.98M in fiscal 2026, a net margin of 23.8%. In fiscal 2025 it lost $6.14M.

What is Air T's operating margin?

Air T's operating income was −$18.90M on revenue of $327.09M in fiscal 2026, an operating margin of -5.8%, compared with 0.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition