AAR CORP.

AAR CORP.

AAR is one of the largest independent aviation aftermarket companies in the United States, founded in 1955 and listed on the New York Stock Exchange as AIR. It sits on the services side of aerospace rather than the manufacturing side: keeping existing fleets flying through parts distribution, maintenance and overhaul, software, and logistics support for both commercial airlines and government customers.

Segments

Beginning in the fourth quarter of fiscal 2026, AAR reorganised into four reporting segments:

• Parts Supply - new parts distribution and used serviceable material
• Repair, Engineering and Software - airframe and component MRO, plus the Trax, Aerostrat and Airvoyant software platforms
• Government Solutions - support to defense and government customers
• Legacy Commercial Programs - a business the company has announced it is winding down

Financial Position

AAR reported fiscal 2026 sales of $3.3 billion for the year ended 31 May 2026, up 19 percent on fiscal 2025. Adjusted EBITDA rose 24 percent and adjusted EBITDA margin improved from 11.8 percent to 12.1 percent. Government Solutions accounted for roughly 15 percent of sales, with sales to government customers up 23 percent year over year, driven mainly by higher order volume in new parts distribution. The Repair, Engineering and Software segment grew sales 35 percent in the fourth quarter on higher component and airframe MRO volumes and recurring software revenue at Trax.

Why It Matters

AAR is not a drone company, but it is a useful read on the aftermarket infrastructure that uncrewed platforms will eventually need. Sustainment, parts availability and MRO capacity are the unglamorous constraints that decide whether a fleet stays operational, and AAR’s growing government business puts it close to the logistics side of defense aviation.