AAR Corp (AIR) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended August 31, 2026 and AAR Corp published the results on September 28, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. AAR Corp reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• In the fourth quarter of fiscal 2026 AAR split its former Integrated Solutions segment: government programs and Mobility Systems became Government Solutions, the software platform moved to Repair, Engineering, and Software, and Legacy Commercial Programs is now reported on its own. Year-ago segment figures are on the new basis.
• On September 28, 2026 AAR agreed to acquire a 65% interest in MRO Holdings for about $3.0 billion, including repayment of $1.3 billion of MRO Holdings' borrowings. The deal is expected to close in Q3 fiscal 2027 and is not in AAR's guidance.

Source: AAR Q1 fiscal 2027 results, September 28, 2026. Also in the Form 10-Q for the quarter ended August 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How AAR Corp splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• AAR Corp's Parts Supply revenue was $415 million in Q1 fiscal 2027, up 31% from $318 million in Q1 fiscal 2026, 45% of total revenue.
• AAR Corp's Repair, Engineering, and Software revenue was $298 million in Q1 fiscal 2027, up 31% from $226 million in Q1 fiscal 2026, 32% of total revenue.
• AAR Corp's Government Solutions revenue was $139 million in Q1 fiscal 2027, up 4% from $134 million in Q1 fiscal 2026, 15% of total revenue.
• AAR Corp's Legacy Commercial Programs revenue was $66.9 million in Q1 fiscal 2027, up 9% from $61.5 million in Q1 fiscal 2026, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

AAR gives its outlook as a table in the release. For Q2 fiscal 2027: sales growth excluding the Legacy Commercial Programs segment of 14% to 16%, and adjusted EBITDA margin excluding that segment of 13.0% to 13.4%. For full year fiscal 2027: sales growth excluding Legacy Commercial Programs in the low teens, raised from low double-digits to low teens as of July 28, 2026.

In its Q1 fiscal 2027 release, AAR Corp said:

“The Company is providing the following guidance for the second quarter and full year fiscal 2027. This guidance does not include any impact of the MRO Holdings acquisition”

Source: AAR Q1 FY27 release, Sep 28, 2026.

This is the company's own guidance as of Sep 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AIR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP sales and diluted EPS, each as first reported in that quarter's release. AAR's fiscal year ends May 31.

AAR Corp's next report is expected around January 5, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Sep 28, 2026

AAR's sales rose 24% to $918.0 million in Q1 fiscal 2027, from $739.6 million. Parts Supply was the largest segment at $414.8 million, followed by Repair, Engineering, and Software at $297.5 million, Government Solutions at $138.8 million and Legacy Commercial Programs at $66.9 million. Organic sales growth was 10.8%; acquisitions made within the last twelve months added 13.3 points. (AAR Q1 FY27 release, Sep 28, 2026)

Parts Supply sales rose 30.5%. AAR attributes $42.6 million of the increase to new parts Distribution, from higher demand and new and expanded distribution agreements, and $43.7 million to the ADI acquisition, a distributor of electronic components bought in September 2025 for $137.1 million. Repair, Engineering, and Software grew 31.4%, mainly from Airframe MRO; the HAECO Americas acquisition contributed $46.6 million and the ART acquisition $7.8 million. (AAR Form 10-Q, Q1 FY27, Sep 29, 2026; AAR Form 10-K, fiscal 2026, Jul 22, 2026)

Sales to commercial customers rose 28%, or $147.5 million, and were 73% of consolidated sales against 71% a year earlier. Sales to government customers rose 14%. Government Solutions, which combines AAR's government programs with its Mobility Systems business, grew 3.7% on higher volumes in the Mobility Systems pallet product line. (AAR Q1 FY27 release, Sep 28, 2026; AAR Form 10-Q, Q1 FY27, Sep 29, 2026)

By region, U.S./Canada sales were $613.3 million and Europe/Africa $189.6 million, up from $99.7 million a year earlier. Asia/South Pacific was $102.8 million. Legacy Commercial Programs is being wound down; its sales rose 8.8% as it sold off rotable parts, $24.3 million of them in the quarter against $6.5 million a year earlier. (AAR Form 10-Q, Q1 FY27, Sep 29, 2026)

AAR's GAAP diluted EPS was $1.00 and its adjusted diluted EPS was $1.49 in Q1 fiscal 2027. Most of the gap is acquisition, integration, and amortization expenses, which were $24.9 million, or $0.62 per share before a $0.13 tax effect. A year earlier those expenses were $6.4 million. (AAR Q1 FY27 release, Sep 28, 2026)

Net income rose to $40.1 million from $34.4 million, but EPS grew more slowly because the diluted share count rose from 35.9 million to 39.9 million. AAR sold 3,450,000 shares at $83.00 each in an underwritten offering in Q2 fiscal 2026, for $273.9 million of net proceeds. (AAR Q1 FY27 release, Sep 28, 2026; AAR Form 10-K, fiscal 2026, Jul 22, 2026)

The effective tax rate was 27.6%, against 26.8% a year earlier, which AAR attributes to higher non-deductible expenses. Net interest expense fell to $16.2 million from $18.5 million on lower rates and lower average borrowings. (AAR Form 10-Q, Q1 FY27, Sep 29, 2026; AAR Q1 FY27 release, Sep 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

AAR guided Q2 fiscal 2027 sales growth of 14% to 16% and an adjusted EBITDA margin of 13.0% to 13.4%, both excluding the Legacy Commercial Programs segment. For full year fiscal 2027 it now expects sales growth excluding that segment in the low teens, up from low double-digits to low teens before. The guidance excludes the pending MRO Holdings acquisition. (AAR Q1 FY27 release, Sep 28, 2026)

AAR plans to fund the MRO Holdings deal with about $2.1 billion of new debt, about $780 million of AAR equity issued to MRO Holdings shareholders and about $230 million from a private placement, and has an option to buy the remaining 35%. (AAR Form 10-Q, Q1 FY27, Sep 29, 2026)

A consensus figure is the average of the models published by the analysts who cover AAR Corp, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones AAR Corp's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AIR is on is AIR a buy or a sell?, what analysts expect next is on the AIR forecast, and what the company does is on the AAR Corp (AIR) stock page.

Every number on this page can be traced to a document AAR Corp published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.