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Side-by-side financial comparison of AAR CORP (AIR) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $795.3M, roughly 1.3× AAR CORP). AAR CORP runs the higher net margin — 4.4% vs -3.6%, a 7.9% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $6.2M).
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.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
AIR vs CLMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $1.0B |
| Net Profit | $34.6M | $-37.3M |
| Gross Margin | 19.7% | -0.3% |
| Operating Margin | 6.0% | -6.2% |
| Net Margin | 4.4% | -3.6% |
| Revenue YoY | 15.9% | — |
| Net Profit YoY | 213.1% | — |
| EPS (diluted) | $0.90 | $-0.43 |
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 | $1.0B | ||
| Q3 25 | $739.6M | $1.1B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $993.9M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q4 25 | $34.6M | $-37.3M | ||
| Q3 25 | $34.4M | $313.4M | ||
| Q2 25 | — | $-147.9M | ||
| Q1 25 | — | $-162.0M | ||
| Q3 24 | — | $-100.6M | ||
| Q2 24 | — | $-39.1M |
| Q4 25 | 19.7% | -0.3% | ||
| Q3 25 | 18.1% | 34.7% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -8.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 5.6% |
| Q4 25 | 6.0% | -6.2% | ||
| Q3 25 | 6.4% | 30.0% | ||
| Q2 25 | — | -9.8% | ||
| Q1 25 | — | -4.9% | ||
| Q3 24 | — | -5.2% | ||
| Q2 24 | — | 0.5% |
| Q4 25 | 4.4% | -3.6% | ||
| Q3 25 | 4.7% | 29.1% | ||
| Q2 25 | — | -14.4% | ||
| Q1 25 | — | -16.3% | ||
| Q3 24 | — | -9.1% | ||
| Q2 24 | — | -3.4% |
| Q4 25 | $0.90 | $-0.43 | ||
| Q3 25 | $0.95 | $3.61 | ||
| Q2 25 | — | $-1.70 | ||
| Q1 25 | — | $-1.87 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $-0.48 |
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 | $125.1M |
| Total DebtLower is stronger | $952.7M | $2.1B |
| Stockholders' EquityBook value | $1.6B | $-732.7M |
| Total Assets | $3.2B | $2.7B |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $125.1M | ||
| Q3 25 | $80.0M | $94.6M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $123.4M | ||
| Q3 24 | — | $34.6M | ||
| Q2 24 | — | $7.0M |
| Q4 25 | $952.7M | $2.1B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — |
| Q4 25 | $1.6B | $-732.7M | ||
| Q3 25 | $1.2B | $-695.3M | ||
| Q2 25 | — | $-1.0B | ||
| Q1 25 | — | $-862.3M | ||
| Q3 24 | — | $-672.2M | ||
| Q2 24 | — | $-566.4M |
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $100 |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $116.5M |
| Free Cash FlowOCF − Capex | $6.2M | $103.8M |
| FCF MarginFCF / Revenue | 0.8% | 10.0% |
| Capex IntensityCapex / Revenue | 0.9% | 1.2% |
| Cash ConversionOCF / Net Profit | 0.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $116.5M | ||
| Q3 25 | $-44.9M | $23.5M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | — | $-29.3M | ||
| Q3 24 | — | $-15.5M | ||
| Q2 24 | — | — |
| Q4 25 | $6.2M | $103.8M | ||
| Q3 25 | $-53.6M | $15.1M | ||
| Q2 25 | — | $-15.4M | ||
| Q1 25 | — | $-46.9M | ||
| Q3 24 | — | $-32.2M | ||
| Q2 24 | — | — |
| Q4 25 | 0.8% | 10.0% | ||
| Q3 25 | -7.2% | 1.4% | ||
| Q2 25 | — | -1.5% | ||
| Q1 25 | — | -4.7% | ||
| Q3 24 | — | -2.9% | ||
| Q2 24 | — | — |
| Q4 25 | 0.9% | 1.2% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.8% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.2% |
| Q4 25 | 0.39× | — | ||
| Q3 25 | -1.31× | 0.07× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
