What is AAR Corp's net debt?

AAR Corp (AIR) reported net debt of $901.2M in Q4 2025.

How has AAR Corp's net debt changed year-over-year?

AAR Corp's net debt decreased by 10.4% year-over-year, from $1.01B to $901.2M.

What is the long-term trend for AAR Corp's net debt?

Over 4 years (2021 to 2025), AAR Corp's net debt has grown at a 58.3% compound annual growth rate (CAGR), from $153.3M to $963.4M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

AAR Corp AIR Net debt

Discontinued — last reported Q3 '26

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Other financials

Income statement

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Revenue$845.1M+24.6%

Gross profit$154.7M+17.5%

Net income$68.0M+864%

EPS (diluted)$1.71+784%

Balance sheet

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Cash & equivalents$78.5M-7.0%

Total debt$979.7M-10.1%

Total equity$1.6B+39.0%

Total assets$3.3B+16.6%

Cash flow

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Operating cash flow$74.7M+499%

CapEx$8.5M0.0%

Free cash flow$66.2M+343%

Valuation

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Market cap$5.36B+98.6%

Profitability

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Gross margin19%+0.2pp

Net margin5.5%+5.1pp

FCF margin-0.9%—

Returns & leverage

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Return on equity12.1%—

Debt / equity0.6×-0.3×

Current ratio2.7×-0.1×

Where this comes from

Calculated from AAR Corp’s reported figures.

$979.7Mtotal debt−$78.5Mcash and equivalents=$901.2M

The official record: AAR Corp’s 10-Q, filed March 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AAR Corp's net debt?: AAR Corp (AIR) reported net debt of $901.2M in Q4 2025.
How has AAR Corp's net debt changed year-over-year?: AAR Corp's net debt decreased by 10.4% year-over-year, from $1.01B to $901.2M.
What is the long-term trend for AAR Corp's net debt?: Over 4 years (2021 to 2025), AAR Corp's net debt has grown at a 58.3% compound annual growth rate (CAGR), from $153.3M to $963.4M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.