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Stocks · Industrials · Air Courier Services

AIR T INC

AIRT Clue Score45
United States Fiscal year ends March CIK 0000353184
$30.64 +0.29% Close, 12 Oct 2026
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Price $30.64 +8.96% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue148.5Operating income−3.1Net income−3.2EPS, diluted−1.51Fiscal year 2018Revenue194.5 +31.0%Operating income4.2Net income2.3EPS, diluted1.11Fiscal year 2019Revenue215.5 +10.8%Operating income9.3Net income1.3 −41.2%EPS, diluted0.44 −60.4%Fiscal year 2020Revenue236.8 +9.9%Operating income7.3Net income7.7 +471.3%EPS, diluted2.73 +520.5%Fiscal year 2021Revenue175.1 −26.0%Operating income−9.2Net income−7.3 −195.0%EPS, diluted−2.53 −192.7%Fiscal year 2022Revenue177.1 +1.1%Operating income8.8Net income10.9EPS, diluted3.78Fiscal year 2023Revenue247.3 +39.7%Operating income−4.4Net income−12.3 −212.5%EPS, diluted−4.32 −214.3%Fiscal year 2024Revenue286.8 +16.0%Operating income1.3Net income−6.8EPS, diluted−2.42Fiscal year 2025Revenue291.9 +1.7%Operating income1.9Net income−6.1EPS, diluted−2.23Fiscal year 2026Revenue327.1 +12.1%Operating income−11.2Net income78.0EPS, diluted28.85
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 148.5 194.5 215.5 236.8 175.1 177.1 247.3 286.8 291.9 327.1
Growth +31.0% +10.8% +9.9% −26.0% +1.1% +39.7% +16.0% +1.7% +12.1%
Operating income −3.1 4.2 9.3 7.3 −9.2 8.8 −4.4 1.3 1.9 −11.2
Net income −3.2 2.3 1.3 7.7 −7.3 10.9 −12.3 −6.8 −6.1 78.0
Growth −41.2% +471.3% −195.0% −212.5%
EPS, diluted −1.51 1.11 0.44 2.73 −2.53 3.78 −4.32 −2.42 −2.23 28.85
Growth −60.4% +520.5% −192.7% −214.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin−2.1%Net margin−2.2%Free cash flow margin−6.7%Fiscal year 2018Operating margin2.2%Net margin1.2%Free cash flow margin−1.2%Fiscal year 2019Operating margin4.3%Net margin0.6%Free cash flow margin9.2%Fiscal year 2020Operating margin3.1%Net margin3.2%Free cash flow margin−11.6%Fiscal year 2021Operating margin−5.2%Net margin−4.2%Free cash flow margin−3.3%Fiscal year 2022Operating margin4.9%Net margin6.2%Free cash flow margin−19.5%Fiscal year 2023Operating margin−1.8%Net margin−5.0%Free cash flow margin6.4%Fiscal year 2024Operating margin0.4%Net margin−2.4%Free cash flow margin5.6%Fiscal year 2025Operating margin0.7%Net margin−2.1%Free cash flow margin7.7%Fiscal year 2026Operating margin−3.4%Net margin23.8%Free cash flow margin−12.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating margin −2.1% 2.2% 4.3% 3.1% −5.2% 4.9% −1.8% 0.4% 0.7% −3.4%
Net margin −2.2% 1.2% 0.6% 3.2% −4.2% 6.2% −5.0% −2.4% −2.1% 23.8%
Free cash flow margin −6.7% −1.2% 9.2% −11.6% −3.3% −19.5% 6.4% 5.6% 7.7% −12.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−7.6Capital expenditure−2.3Free cash flow−9.9Buybacks−7.9Fiscal year 2018Operating cash flow−0.3Capital expenditure−2.1Free cash flow−2.4Fiscal year 2019Operating cash flow20.9Capital expenditure−1.2Free cash flow19.8Buybacks−0.7Fiscal year 2020Operating cash flow−25.1Capital expenditure−2.4Free cash flow−27.5 −239.2%Fiscal year 2021Operating cash flow−1.8Capital expenditure−3.9Free cash flow−5.7Fiscal year 2022Operating cash flow−33.1Capital expenditure−1.5Free cash flow−34.6Fiscal year 2023Operating cash flow16.9Capital expenditure−1.2Free cash flow15.7Fiscal year 2024Operating cash flow17.2Capital expenditure−1.1Free cash flow16.1 +2.4%Buybacks−0.9Fiscal year 2025Operating cash flow23.5Capital expenditure−1.1Free cash flow22.4 +39.2%Buybacks−1.4Fiscal year 2026Operating cash flow−25.0Capital expenditure−16.5Free cash flow−41.5 −285.3%Buybacks−0.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −7.6 −0.3 20.9 −25.1 −1.8 −33.1 16.9 17.2 23.5 −25.0
Capital expenditure −2.3 −2.1 −1.2 −2.4 −3.9 −1.5 −1.2 −1.1 −1.1 −16.5
Free cash flow −9.9 −2.4 19.8 −27.5 −5.7 −34.6 15.7 16.1 22.4 −41.5
Growth −239.2% +2.4% +39.2% −285.3%
Buybacks −7.9 n/a −0.7 n/a n/a n/a n/a −0.9 −1.4 −0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash2.8Shareholders’ equity23.0Fiscal year 2018Cash4.8Total debt48.1Net cash (debt)−43.3Shareholders’ equity25.1Debt to equity1.91Fiscal year 2019Cash12.4Total debt57.7Net cash (debt)−45.2Shareholders’ equity24.4Debt to equity2.37Fiscal year 2020Cash6.0Total debt85.8Net cash (debt)−79.9Shareholders’ equity24.0Debt to equity3.57Fiscal year 2021Cash11.0Total debt87.5Net cash (debt)−76.5Shareholders’ equity13.7Debt to equity6.37Fiscal year 2022Cash5.6Total debt135.8Net cash (debt)−130.2Shareholders’ equity24.6Debt to equity5.52Fiscal year 2023Cash5.8Total debt125.1Net cash (debt)−119.3Shareholders’ equity11.9Debt to equity10.51Fiscal year 2024Cash7.1Total debt112.9Net cash (debt)−105.8Shareholders’ equity4.8Debt to equity23.67Fiscal year 2025Cash5.9Total debt110.3Net cash (debt)−104.4Shareholders’ equity−3.2Fiscal year 2026Cash20.3Total debt208.2Net cash (debt)−187.9Shareholders’ equity79.8Debt to equity2.61
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 2.8 4.8 12.4 6.0 11.0 5.6 5.8 7.1 5.9 20.3
Total debt n/a 48.1 57.7 85.8 87.5 135.8 125.1 112.9 110.3 208.2
Net cash (debt) n/a −43.3 −45.2 −79.9 −76.5 −130.2 −119.3 −105.8 −104.4 −187.9
Shareholders’ equity 23.0 25.1 24.4 24.0 13.7 24.6 11.9 4.8 −3.2 79.8
Debt to equity n/a 1.91 2.37 3.57 6.37 5.52 10.51 23.67 n/a 2.61

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Revenue and profit
148.5 194.5 215.5 236.8 175.1 177.1 247.3 286.8 291.9 327.1
Growth +31.0% +10.8% +9.9% −26.0% +1.1% +39.7% +16.0% +1.7% +12.1%
1.0 0.2 n/a n/a n/a n/a n/a n/a n/a n/a
22.2 29.1 33.6 39.8 34.3 29.8 42.8 51.1 57.8 80.8
−3.1 4.2 9.3 7.3 −9.2 8.8 −4.4 1.3 1.9 −11.2
Growth +119.8% −21.9% −225.8% −150.3% +50.9% −686.8%
−4.2 2.7 6.0 2.6 −11.8 13.4 −11.4 −4.0 −5.0 86.0
0.7 0.2 1.8 −0.5 −3.4 1.2 0.4 0.7 0.4 1.4
−3.2 2.3 1.3 7.7 −7.3 10.9 −12.3 −6.8 −6.1 78.0
Growth −41.2% +471.3% −195.0% −212.5%
Per share
−1.51 1.11 0.44 2.74 −2.53 3.79 −4.32 −2.42 −2.23 28.85
−1.51 1.11 0.44 2.73 −2.53 3.78 −4.32 −2.42 −2.23 28.85
Growth −60.4% +520.5% −192.7% −214.3%
2.1 2.0 3.1 2.8 2.9 2.9 2.8 2.8 2.8 2.7
2.1 2.0 3.1 2.8 2.9 2.9 2.8 2.8 2.8 2.7
Growth −3.6% +49.4% −8.6% +3.0% +0.2% −1.4% −1.1% −2.3% −1.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.3% a year over five years.
  • The diluted share count fell 6.2% in five years, so buybacks did some of the work per share.
  • Operating margin is up 1.8 points on five years ago, at -3.4%.
  • A net loss in 5 of 10 years on file.