Air T Inc
AIRT Nasdaq Air Courier Services Financials FY2017–FY2026
Last close · Oct 23, 2026
$25.91
0.9%
Revenue
Total sales reported in the income statement.
$327M
12.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−3.4%
4.1 pts
Net income
Profit after all expenses, interest and tax.
$78.0M
Free cash flow
Cash from operations minus capital spending.
−$41.5M
285.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−4.1%
5.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$69.9M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
1.1x
On $23.60 EPS (TTM)
What Air T Inc does
No business description yet.
- Legal name
- AIR T INC
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · Jun 29, 2026
- Accession · CIK
- 0000353184-26-000054
0000353184
Revenue and margins
Air T Inc had $327M of revenue in fiscal 2026, up 12.1% on the year before.
FY17
Revenue $148M
FY18
Revenue $195M
FY19
Revenue $216M
FY20
Revenue $237M
FY21
Revenue $175M
FY22
Revenue $177M
FY23
Revenue $247M
FY24
Revenue $287M
FY25
Revenue $292M
FY26
Revenue $327M
Q2 '24
Revenue $79.0M
Q3 '24
Revenue $63.8M
Q4 '24
Revenue $72.7M
Q1 '25
Revenue $66.4M
Q2 '25
Revenue $81.2M
Q3 '25
Revenue $77.9M
Q4 '25
Revenue $66.3M
Q1 '26
Revenue $70.9M
Q2 '26
Revenue $64.2M
Q3 '26
Revenue $71.1M
Q4 '26
Revenue $121M
Q1 '27
Revenue $115M
FY17
Gross —
Operating −2.1%
Net −2.2%
FCF −6.7%
FY18
Gross —
Operating 2.2%
Net 1.2%
FCF −1.2%
FY19
Gross —
Operating 4.3%
Net 0.6%
FCF 9.2%
FY20
Gross —
Operating 3.1%
Net 3.2%
FCF −11.6%
FY21
Gross —
Operating −5.2%
Net −4.2%
FCF −3.3%
FY22
Gross —
Operating 4.9%
Net 6.2%
FCF −19.5%
FY23
Gross —
Operating −1.8%
Net −5.0%
FCF 6.4%
FY24
Gross —
Operating 0.4%
Net −2.4%
FCF 5.6%
FY25
Gross —
Operating 0.7%
Net −2.1%
FCF 7.7%
FY26
Gross —
Operating −3.4%
Net 23.8%
FCF −12.7%
Gross
Operating
Net
FCF
Q2 '24
Gross —
Operating 1.0%
Net −2.0%
FCF 15.5%
Q3 '24
Gross —
Operating −2.5%
Net −4.7%
FCF 11.2%
Q4 '24
Gross —
Operating 2.0%
Net −2.3%
FCF −8.8%
Q1 '25
Gross —
Operating −0.9%
Net −0.5%
FCF −0.3%
Q2 '25
Gross —
Operating 4.5%
Net 3.1%
FCF 3.3%
Q3 '25
Gross —
Operating 1.8%
Net −1.7%
FCF 20.5%
Q4 '25
Gross —
Operating −3.9%
Net −10.6%
FCF 6.0%
Q1 '26
Gross —
Operating 1.2%
Net −2.3%
FCF −1.9%
Q2 '26
Gross —
Operating 8.6%
Net 6.8%
FCF −8.8%
Q3 '26
Gross —
Operating −5.3%
Net −3.4%
FCF −27.1%
Q4 '26
Gross —
Operating −11.4%
Net 64.3%
FCF −12.7%
Q1 '27
Gross —
Operating −11.1%
Net −13.7%
FCF −20.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$3.2M
FY18
Net income $2.3M
FY19
Net income $1.3M
FY20
Net income $7.7M
FY21
Net income −$7.3M
FY22
Net income $10.9M
FY23
Net income −$12.3M
FY24
Net income −$6.8M
FY25
Net income −$6.1M
FY26
Net income $78.0M
Q2 '24
Net income −$1.6M
Q3 '24
Net income −$3.0M
Q4 '24
Net income −$1.7M
Q1 '25
Net income −$0.3M
Q2 '25
Net income $2.5M
Q3 '25
Net income −$1.3M
Q4 '25
Net income −$7.0M
Q1 '26
Net income −$1.6M
Q2 '26
Net income $4.4M
Q3 '26
Net income −$2.5M
Q4 '26
Net income $77.7M
Q1 '27
Net income −$15.8M
FY17
Diluted EPS −$1.51
FY18
Diluted EPS $0.74
FY19
Diluted EPS $0.44
FY20
Diluted EPS $2.73
FY21
Diluted EPS −$2.53
FY22
Diluted EPS $3.78
FY23
Diluted EPS −$4.32
FY24
Diluted EPS −$2.42
FY25
Diluted EPS −$2.23
FY26
Diluted EPS $28.85
Q2 '24
Diluted EPS −$0.57
Q3 '24
Diluted EPS −$1.06
Q4 '24
Diluted EPS −$0.60
Q1 '25
Diluted EPS −$0.12
Q2 '25
Diluted EPS $0.91
Q3 '25
Diluted EPS −$0.47
Q4 '25
Diluted EPS −$2.55
Q1 '26
Diluted EPS −$0.61
Q2 '26
Diluted EPS $1.61
Q3 '26
Diluted EPS −$0.91
Q4 '26
Diluted EPS $28.76
Q1 '27
Diluted EPS −$5.86
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital −13.5%
Return on equity −14.0%
Return on assets −4.9%
FY18
Return on capital 5.1%
Return on equity 9.5%
Return on assets 2.8%
FY19
Return on capital 9.7%
Return on equity 5.4%
Return on assets 1.3%
FY20
Return on capital 7.1%
Return on equity 31.7%
Return on assets 5.7%
FY21
Return on capital −8.2%
Return on equity −38.6%
Return on assets −5.0%
FY22
Return on capital 5.2%
Return on equity 57.0%
Return on assets 6.3%
FY23
Return on capital −2.7%
Return on equity −67.3%
Return on assets −6.2%
FY24
Return on capital 0.9%
Return on equity −81.8%
Return on assets −3.7%
FY25
Return on capital 1.5%
Return on equity −790.2%
Return on assets −3.5%
FY26
Return on capital −4.1%
Return on equity 203.6%
Return on assets 26.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$41.5M in fiscal 2026, −12.7% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$9.9M
FY18
Free cash flow −$2.4M
FY19
Free cash flow $19.8M
FY20
Free cash flow −$27.5M
FY21
Free cash flow −$5.7M
FY22
Free cash flow −$34.6M
FY23
Free cash flow $15.7M
FY24
Free cash flow $16.1M
FY25
Free cash flow $22.4M
FY26
Free cash flow −$41.5M
Q2 '24
Free cash flow $12.3M
Q3 '24
Free cash flow $7.1M
Q4 '24
Free cash flow −$6.4M
Q1 '25
Free cash flow −$0.2M
Q2 '25
Free cash flow $2.7M
Q3 '25
Free cash flow $16.0M
Q4 '25
Free cash flow $4.0M
Q1 '26
Free cash flow −$1.3M
Q2 '26
Free cash flow −$5.6M
Q3 '26
Free cash flow −$19.3M
Q4 '26
Free cash flow −$15.3M
Q1 '27
Free cash flow −$24.2M
FY17
Cash from operations −$7.6M
Capital spending $2.3M
FY18
Cash from operations −$0.3M
Capital spending $2.1M
FY19
Cash from operations $20.9M
Capital spending $1.2M
FY20
Cash from operations −$25.1M
Capital spending $2.4M
FY21
Cash from operations −$1.8M
Capital spending $3.9M
FY22
Cash from operations −$33.1M
Capital spending $1.5M
FY23
Cash from operations $16.9M
Capital spending $1.2M
FY24
Cash from operations $17.2M
Capital spending $1.1M
FY25
Cash from operations $23.5M
Capital spending $1.1M
FY26
Cash from operations −$25.0M
Capital spending $16.5M
Cash from operations
Capital spending
Q2 '24
Cash from operations $12.4M
Capital spending $0.2M
Q3 '24
Cash from operations $7.2M
Capital spending $0.1M
Q4 '24
Cash from operations −$6.0M
Capital spending $0.4M
Q1 '25
Cash from operations $0.1M
Capital spending $0.3M
Q2 '25
Cash from operations $2.9M
Capital spending $0.2M
Q3 '25
Cash from operations $16.3M
Capital spending $0.4M
Q4 '25
Cash from operations $4.1M
Capital spending $0.1M
Q1 '26
Cash from operations −$1.1M
Capital spending $0.2M
Q2 '26
Cash from operations −$5.4M
Capital spending $0.2M
Q3 '26
Cash from operations −$18.5M
Capital spending $0.8M
Q4 '26
Cash from operations −$0.0M
Capital spending $15.3M
Q1 '27
Cash from operations −$2.8M
Capital spending $21.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Air T Inc returned $0.0M to shareholders in fiscal 2026. The diluted share count fell 1.7%.
FY17
Dividends —
Buybacks $7.9M
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $0.7M
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $0.9M
FY25
Dividends —
Buybacks $1.4M
FY26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
FY26
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Air T Inc can carry it.
FY17
Cash $4.9M
Debt $0.0M
FY18
Cash $5.1M
Debt $57.3M
FY19
Cash $14.2M
Debt $57.7M
FY20
Cash $7.6M
Debt $85.8M
FY21
Cash $12.4M
Debt $87.5M
FY22
Cash $6.5M
Debt $136M
FY23
Cash $5.8M
Debt $125M
FY24
Cash $7.6M
Debt $113M
FY25
Cash $6.4M
Debt $110M
FY26
Cash $21.4M
Debt $208M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.5M | $5.8M | $7.6M | $6.4M | $21.4M |
| Debt incl. finance leases | $136M | $125M | $113M | $110M | $208M |
| Net debt / EBITDA | 12.2x | — | 25.9x | 16.6x | 163.5x |
| Debt / equity | 5.5x | 10.5x | 23.7x | — | 2.6x |
| Interest coverage | 1.8x | −0.6x | 0.2x | 0.2x | −0.9x |
| Current ratio | 4.1x | 1.8x | 2.2x | 1.6x | 1.7x |
| Quick ratio | 1.7x | 0.7x | 0.9x | 0.8x | 0.9x |
| Total assets | $208M | $190M | $177M | $174M | $409M |
| Total liabilities | $171M | $164M | $158M | $168M | $318M |
| Shareholders' equity | $24.6M | $11.9M | $4.8M | −$3.2M | $79.8M |
| Net debt (− = net cash) | $129M | $119M | $105M | $104M | $187M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 2 / 8 | 5 / 8 | 4 / 8 | 2 / 8 | 3 / 8 | 4 / 8 | 7 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | 6.6% | 3.1% | −18.5% | 24.6% | −3.7% | 25.3% | −14.7% | −13.1% | −16.9% | 35.3% |
| Altman Z'' | 4.05 | 3.42 | 2.50 | 2.38 | 3.68 | 3.93 | 1.96 | 2.31 | 1.26 | 1.75 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $148M | $195M | $216M | $237M | $175M | $177M | $247M | $287M | $292M | $327M |
| Research and development | $1.0M | $0.2M | — | — | — | — | — | — | — | — |
| Operating income | −$3.1M | $4.2M | $9.3M | $7.3M | −$9.2M | $8.8M | −$4.4M | $1.3M | $1.9M | −$11.2M |
| Interest expense | — | $1.7M | $3.4M | $4.7M | $4.6M | $4.9M | $7.9M | $6.9M | $8.4M | $12.0M |
| Pretax income | −$4.2M | $2.7M | $6.0M | $2.6M | −$11.8M | $13.4M | −$11.4M | −$4.0M | −$5.0M | $86.0M |
| Income tax | $0.7M | $0.2M | $1.8M | −$0.5M | −$3.4M | $1.2M | $0.4M | $0.7M | $0.4M | $1.4M |
| Net income | −$3.2M | $2.3M | $1.3M | $7.7M | −$7.3M | $10.9M | −$12.3M | −$6.8M | −$6.1M | $78.0M |
| Diluted EPS | −$1.51 | $0.74 | $0.44 | $2.73 | −$2.53 | $3.78 | −$4.32 | −$2.42 | −$2.23 | $28.85 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | −$7.6M | −$0.3M | $20.9M | −$25.1M | −$1.8M | −$33.1M | $16.9M | $17.2M | $23.5M | −$25.0M |
| Capital expenditure | $2.3M | $2.1M | $1.2M | $2.4M | $3.9M | $1.5M | $1.2M | $1.1M | $1.1M | $16.5M |
| Free cash flow | −$9.9M | −$2.4M | $19.8M | −$27.5M | −$5.7M | −$34.6M | $15.7M | $16.1M | $22.4M | −$41.5M |
| Depreciation and amortization | $3.2M | $2.4M | $7.3M | $5.7M | $3.1M | $1.9M | $4.2M | $2.8M | $4.4M | $12.3M |
| Acquisitions | $4.6M | $2.4M | $3.4M | $0.5M | $0.5M | $12.8M | $2.5M | $0.0M | $0.0M | $6.7M |
| Share buybacks | $7.9M | — | $0.7M | — | — | — | — | $0.9M | $1.4M | $0.0M |
| Dividends and buybacks | $7.9M | — | $0.7M | — | — | — | — | $0.9M | $1.4M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.9M | $5.1M | $14.2M | $7.6M | $12.4M | $6.5M | $5.8M | $7.6M | $6.4M | $21.4M |
| Total debt | $0.0M | $57.3M | $57.7M | $85.8M | $87.5M | $136M | $125M | $113M | $110M | $208M |
| Deposits | — | — | — | $1.7M | $1.3M | $2.9M | $2.6M | $1.4M | $0.5M | $0.8M |
| Current assets | $48.9M | $61.7M | $71.3M | $98.5M | $106M | $128M | $117M | $103M | $78.5M | $160M |
| Current liabilities | $20.3M | $31.2M | $52.8M | $67.7M | $28.2M | $30.9M | $64.3M | $46.8M | $47.7M | $95.5M |
| Inventory | $19.8M | $34.2M | $27.5M | $60.6M | $72.0M | $75.2M | $71.1M | $60.7M | $38.5M | $77.1M |
| Property and equipment, net | $5.3M | $4.6M | $4.3M | $5.3M | $8.5M | $21.2M | $21.4M | $20.9M | $20.3M | $162M |
| Goodwill | $4.4M | $4.4M | $4.2M | $4.2M | $4.2M | $10.1M | $10.6M | $10.5M | $10.5M | $11.8M |
| Intangible assets | $1.4M | $1.3M | $1.0M | $0.7M | $1.6M | $13.3M | $12.1M | $11.0M | $10.0M | $13.0M |
| Total assets | $65.3M | $97.1M | $115M | $151M | $141M | $208M | $190M | $177M | $174M | $409M |
| Total liabilities | $41.7M | $70.9M | $86.3M | $120M | $119M | $171M | $164M | $158M | $168M | $318M |
| Preferred stock | $0.0M | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $23.0M | $25.1M | $24.4M | $24.0M | $13.7M | $24.6M | $11.9M | $4.8M | −$3.2M | $79.8M |
| Margins | ||||||||||
| Operating margin | −2.1% | 2.2% | 4.3% | 3.1% | −5.2% | 4.9% | −1.8% | 0.4% | 0.7% | −3.4% |
| EBITDA margin | 0.1% | 3.4% | 7.7% | 5.5% | −3.5% | 6.0% | −0.1% | 1.4% | 2.1% | 0.3% |
| Net margin | −2.2% | 1.2% | 0.6% | 3.2% | −4.2% | 6.2% | −5.0% | −2.4% | −2.1% | 23.8% |
| FCF margin | −6.7% | −1.2% | 9.2% | −11.6% | −3.3% | −19.5% | 6.4% | 5.6% | 7.7% | −12.7% |
| Returns | ||||||||||
| Return on capital | −13.5% | 5.1% | 9.7% | 7.1% | −8.2% | 5.2% | −2.7% | 0.9% | 1.5% | −4.1% |
| Return on capital employed | −6.9% | 6.4% | 15.0% | 8.7% | −8.2% | 5.0% | −3.5% | 1.0% | 1.5% | −3.6% |
| Return on equity | −14.0% | 9.5% | 5.4% | 31.7% | −38.6% | 57.0% | −67.3% | −81.8% | −790.2% | 203.6% |
| Return on assets | −4.9% | 2.8% | 1.3% | 5.7% | −5.0% | 6.3% | −6.2% | −3.7% | −3.5% | 26.8% |
| Return on tangible equity | −18.7% | 11.7% | 7.0% | 40.2% | −92.1% | 890.6% | — | — | — | 141.9% |
| Growth | ||||||||||
| Revenue growth | — | 31.0% | 10.8% | 9.9% | −26.0% | 1.1% | 39.7% | 16.0% | 1.7% | 12.1% |
| Net income growth | — | — | −41.2% | 471.3% | −195.0% | — | −212.5% | — | — | — |
| EPS growth | — | — | −40.5% | 520.5% | −192.7% | — | −214.3% | — | — | — |
| FCF growth | — | — | — | −239.2% | — | — | — | 2.4% | 39.2% | −285.3% |
| Share count change | — | 44.5% | −0.4% | −8.6% | 3.0% | 0.2% | −1.4% | −1.1% | −2.3% | −1.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | −60.1x | 7.8x | 2.6x | 6.0x | — | 12.2x | — | 25.9x | 16.6x | 163.5x |
| Debt / equity | 0.0x | 2.3x | 2.4x | 3.6x | 6.4x | 5.5x | 10.5x | 23.7x | — | 2.6x |
| Interest coverage | — | 2.5x | 2.7x | 1.6x | −2.0x | 1.8x | −0.6x | 0.2x | 0.2x | −0.9x |
| Current ratio | 2.4x | 2.0x | 1.4x | 1.5x | 3.8x | 4.1x | 1.8x | 2.2x | 1.6x | 1.7x |
| Quick ratio | 1.4x | 0.9x | 0.8x | 0.6x | 1.2x | 1.7x | 0.7x | 0.9x | 0.8x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.6% | 1.1% | 0.5% | 1.0% | 2.2% | 0.9% | 0.5% | 0.4% | 0.4% | 5.0% |
| Payouts / FCF | — | — | 3.8% | — | — | — | — | 5.4% | 6.4% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 5.0 | 4.0 | 2.0 | 3.0 | 4.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | 4.1 | 3.4 | 2.5 | 2.4 | 3.7 | 3.9 | 2.0 | 2.3 | 1.3 | 1.8 |
| Accruals ratio | 6.6% | 3.1% | −18.5% | 24.6% | −3.7% | 25.3% | −14.7% | −13.1% | −16.9% | 35.3% |
Source: SEC EDGAR XBRL filings (CIK 0000353184). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.