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Side-by-side financial comparison of AAR CORP (AIR) and Academy Sports & Outdoors, Inc. (ASO). Click either name above to swap in a different company.
Academy Sports & Outdoors, Inc. is the larger business by last-quarter revenue ($1.4B vs $795.3M, roughly 1.7× AAR CORP). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 4.4%, a 0.8% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs 3.0%). AAR CORP produced more free cash flow last quarter ($6.2M vs $-13.6M).
AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide. The company is headquartered in Wood Dale, Illinois, a Chicago suburb. The company employs about 6,000 people, operating in about 30 different countries. John Holmes is the current CEO.
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
AIR vs ASO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $1.4B |
| Net Profit | $34.6M | $71.6M |
| Gross Margin | 19.7% | 35.7% |
| Operating Margin | 6.0% | 7.3% |
| Net Margin | 4.4% | 5.2% |
| Revenue YoY | 15.9% | 3.0% |
| Net Profit YoY | 213.1% | 8.8% |
| EPS (diluted) | $0.90 | $1.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $795.3M | $1.4B | ||
| Q3 25 | $739.6M | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | $34.6M | $71.6M | ||
| Q3 25 | $34.4M | $125.4M | ||
| Q2 25 | — | $46.1M | ||
| Q1 25 | — | $133.6M | ||
| Q4 24 | — | $65.8M | ||
| Q3 24 | — | $142.6M | ||
| Q2 24 | — | $76.5M | ||
| Q1 24 | — | $168.2M |
| Q4 25 | 19.7% | 35.7% | ||
| Q3 25 | 18.1% | 36.0% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 32.2% | ||
| Q4 24 | — | 34.0% | ||
| Q3 24 | — | 36.1% | ||
| Q2 24 | — | 33.4% | ||
| Q1 24 | — | 33.3% |
| Q4 25 | 6.0% | 7.3% | ||
| Q3 25 | 6.4% | 10.8% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 12.3% | ||
| Q2 24 | — | 7.5% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | 4.4% | 5.2% | ||
| Q3 25 | 4.7% | 7.8% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | — | 9.2% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | $0.90 | $1.05 | ||
| Q3 25 | $0.95 | $1.85 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $1.85 | ||
| Q4 24 | — | $0.92 | ||
| Q3 24 | — | $1.95 | ||
| Q2 24 | — | $1.01 | ||
| Q1 24 | — | $2.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.6M | $289.5M |
| Total DebtLower is stronger | $952.7M | — |
| Stockholders' EquityBook value | $1.6B | $2.1B |
| Total Assets | $3.2B | $5.4B |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $289.5M | ||
| Q3 25 | $80.0M | $300.9M | ||
| Q2 25 | — | $285.1M | ||
| Q1 25 | — | $288.9M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $324.6M | ||
| Q2 24 | — | $378.1M | ||
| Q1 24 | — | $347.9M |
| Q4 25 | $952.7M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $3.2B | $5.4B | ||
| Q3 25 | $2.9B | $5.3B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.7B |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.6M | $49.0M |
| Free Cash FlowOCF − Capex | $6.2M | $-13.6M |
| FCF MarginFCF / Revenue | 0.8% | -1.0% |
| Capex IntensityCapex / Revenue | 0.9% | 4.5% |
| Cash ConversionOCF / Net Profit | 0.39× | 0.68× |
| TTM Free Cash FlowTrailing 4 quarters | — | $191.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $49.0M | ||
| Q3 25 | $-44.9M | $78.6M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $140.2M | ||
| Q4 24 | — | $96.9M | ||
| Q3 24 | — | $91.3M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $234.7M |
| Q4 25 | $6.2M | $-13.6M | ||
| Q3 25 | $-53.6M | $21.8M | ||
| Q2 25 | — | $106.6M | ||
| Q1 25 | — | $76.4M | ||
| Q4 24 | — | $34.4M | ||
| Q3 24 | — | $50.1M | ||
| Q2 24 | — | $167.4M | ||
| Q1 24 | — | $178.9M |
| Q4 25 | 0.8% | -1.0% | ||
| Q3 25 | -7.2% | 1.4% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 10.0% |
| Q4 25 | 0.9% | 4.5% | ||
| Q3 25 | 1.2% | 3.5% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.1% |
| Q4 25 | 0.39× | 0.68× | ||
| Q3 25 | -1.31× | 0.63× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 2.61× | ||
| Q1 24 | — | 1.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIR
| Commercial Customer | $268.1M | 34% |
| Repair And Engineering | $244.5M | 31% |
| Integrated Solutions | $175.8M | 22% |
| Government And Defense Customer | $85.5M | 11% |
| Expeditionary Services | $21.4M | 3% |
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
