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AVAV

AeroVironment, Inc.

AVAV

AeroVironment, Inc. • NASDAQ
$279.46 ▲ 0.10% (+0.27)
Market Cap $13.95 B
52w High $417.86
52w Low $102.25
Dividend Yield 0%
P/E -436.66
Volume 270.95K
Outstanding Shares 49.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $454.676M ▲ $164.39M ▲ $-67.37M ▼ -14.817% ▼ $-1.44 ▼ $20.951M ▼
Q4-2025 $275.05M ▲ $90.815M ▲ $16.664M ▲ 6.059% ▲ $0.59 ▲ $50.349M ▲
Q3-2025 $167.636M ▼ $66.286M ▼ $-1.754M ▼ -1.046% ▼ $-0.06 ▼ $6.175M ▼
Q2-2025 $188.458M ▼ $66.632M ▲ $7.543M ▼ 4.002% ▼ $0.27 ▼ $15.979M ▼
Q1-2025 $189.483M $58.408M $21.166M 11.17% $0.76 $31.883M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $685.803M ▲ $5.624B ▲ $1.197B ▲ $4.427B ▲
Q4-2025 $40.862M ▼ $1.121B ▲ $234.06M ▲ $886.507M ▲
Q3-2025 $47M ▼ $1.048B ▲ $187.088M ▲ $861.055M ▲
Q2-2025 $68.96M ▼ $1.019B ▲ $160.688M ▲ $858.397M ▲
Q1-2025 $81.162M $999.169M $153.631M $845.538M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-67.37M ▼ $-123.726M ▼ $-876.648M ▼ $1.645B ▲ $644.941M ▲ $-146.454M ▼
Q4-2025 $16.664M ▲ $-264K ▲ $-11.889M ▼ $5.532M ▼ $-6.138M ▲ $-8.788M ▲
Q3-2025 $-1.754M ▼ $-25.763M ▼ $-4.971M ▲ $9.083M ▲ $-21.96M ▼ $-29.608M ▼
Q2-2025 $7.543M ▼ $-3.642M ▼ $-5.017M ▲ $-3.517M ▲ $-12.202M ▼ $1.788M ▼
Q1-2025 $21.166M $28.351M $-6.613M $-13.954M $7.861M $22.921M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract services
Contract services
 $30.00M ▲$30.00M ▲$40.00M ▲$30.00M ▼
Product sales
Product sales
 $160.00M ▲$160.00M ▲$150.00M ▼$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that demand for AeroVironment’s systems is moving in the right direction. Profitability, however, has been bumpy. The company swung from a sizable loss a couple of years ago back to solid profits more recently, but the latest year shows a slight step down from the prior year’s peak. Overall, margins have improved versus the past, yet they still reflect the typical lumpiness of defense programs, with results heavily influenced by contract timing, mix of higher‑margin versus lower‑margin work, and integration costs around acquisitions.

Balance Sheet

Balance Sheet The balance sheet looks generally sound, with total assets and shareholders’ equity climbing over time, signaling ongoing investment and a thicker capital base. Debt has come down from earlier levels and now sits at a manageable level relative to the size of the business. The main watch-point is cash, which has trended lower compared with earlier years, suggesting that growth, acquisitions, and capital spending are consuming liquidity. The company appears far from over‑levered, but it is clearly leaning into expansion rather than hoarding cash.

Cash Flow

Cash Flow Cash generation has been uneven. Operating cash flow has hovered around break-even to modestly positive in recent years, rather than consistently strong. Free cash flow has dipped slightly negative lately, largely because the company continues to invest in equipment, facilities, and technology. This pattern is typical of a business in growth and integration mode, but it does mean that the company is relying more on its balance sheet and external capital than on internally generated cash to fund its expansion. Sustained improvement in cash flow will be an important sign that recent growth is translating into durable financial strength.

Competitive Edge

Competitive Edge Historically, AeroVironment was a focused specialist in small unmanned aircraft and loitering munitions, with a solid niche position and long relationships with the U.S. military and allies. Those relationships, plus battle‑proven systems like Switchblade and Puma, create meaningful switching costs for customers and raise the bar for new entrants. With the BlueHalo acquisition, the company is trying to climb the value chain and act more like a multi‑domain defense prime, spanning air, land, space, and cyber. This should deepen its role with key customers and diversify its revenue base. At the same time, it faces strong competition from larger defense contractors and agile newer players, and its recent loss of a U.S. Army drone competition shows that contract outcomes can still be volatile.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of AeroVironment’s strategy. On its legacy side, the company continues to upgrade its small drones and loitering munitions with better autonomy, targeting, and resilience to electronic warfare. The BlueHalo deal adds entirely new layers: directed‑energy weapons, space‑based communications, counter‑drone systems, and advanced cyber and AI capabilities. The real upside lies in knitting these together—using a unified software and data architecture so systems can work across domains and share intelligence in real time. If management can integrate teams, cultures, and technologies effectively, the combined R&D engine could be a key long‑term advantage. If integration stumbles, however, complexity and duplication could dilute that benefit.

Summary

AeroVironment is evolving from a niche drone and loitering‑munition specialist into a broader defense technology platform, helped by the acquisition of BlueHalo. Financially, revenue is on a clear upward path, but profits and cash flow have been choppy, reflecting heavy investment, integration activity, and the contract‑driven nature of defense work. The balance sheet still looks supportive of growth, though cash has tightened as the company spends on expansion. Strategically, the company now spans unmanned systems, counter‑drone, space, and directed energy, with deep defense relationships and battle‑tested products forming a meaningful, and likely growing, competitive moat. The key issues to watch are execution on integration, improvement in cash generation, and the company’s ability to win and sustain larger, multi‑domain programs in a competitive and politically sensitive defense market.

NEWS

November 25, 2025 · 9:10 AM UTC

AeroVironment, Inc. to Announce Second Quarter of Fiscal Year 2026 Earnings and Host Conference Call

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November 19, 2025 · 9:10 AM UTC

AeroVironment, Inc. to Present at Goldman Sachs' Industrials and Materials Conference

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October 31, 2025 · 7:40 AM UTC

AV and OpenJAUS Announce Collaboration for Autonomous Uncrewed System (UxS) Interoperability

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October 24, 2025 · 8:30 AM UTC

Defiance Launches AVXX: The First 2X Long ETF for AeroVironment Inc.

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October 22, 2025 · 9:10 AM UTC

AV Selected for U.S. Army Next-Generation C-UAS Missile Program, Awarded $95.9M Contract to Deliver FE-1 for U.S. Army's Long-Range Kinetic Interceptor (LRKI) Program

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