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Side-by-side financial comparison of AAR CORP (AIR) and FIRST HORIZON CORP (FHN). Click either name above to swap in a different company.
FIRST HORIZON CORP is the larger business by last-quarter revenue ($888.0M vs $795.3M, roughly 1.1× AAR CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 4.4%, a 25.0% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 15.9%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M 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.
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
AIR vs FHN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $888.0M |
| Net Profit | $34.6M | $261.0M |
| Gross Margin | 19.7% | — |
| Operating Margin | 6.0% | 38.5% |
| Net Margin | 4.4% | 29.4% |
| Revenue YoY | 15.9% | 21.8% |
| Net Profit YoY | 213.1% | 57.2% |
| EPS (diluted) | $0.90 | $0.51 |
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 | $888.0M | ||
| Q3 25 | $739.6M | $889.0M | ||
| Q2 25 | — | $830.0M | ||
| Q1 25 | — | $812.0M | ||
| Q4 24 | — | $729.0M | ||
| Q3 24 | — | $827.0M | ||
| Q1 24 | — | $819.0M | ||
| Q4 23 | — | $617.0M |
| Q4 25 | $34.6M | $261.0M | ||
| Q3 25 | $34.4M | $262.0M | ||
| Q2 25 | — | $241.0M | ||
| Q1 25 | — | $218.0M | ||
| Q4 24 | — | $166.0M | ||
| Q3 24 | — | $218.0M | ||
| Q1 24 | — | $192.0M | ||
| Q4 23 | — | $184.0M |
| Q4 25 | 19.7% | — | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 6.0% | 38.5% | ||
| Q3 25 | 6.4% | 38.7% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.1% | ||
| Q4 24 | — | 28.8% | ||
| Q3 24 | — | 34.0% | ||
| Q1 24 | — | 31.0% | ||
| Q4 23 | — | 28.8% |
| Q4 25 | 4.4% | 29.4% | ||
| Q3 25 | 4.7% | 29.5% | ||
| Q2 25 | — | 29.0% | ||
| Q1 25 | — | 26.8% | ||
| Q4 24 | — | 22.8% | ||
| Q3 24 | — | 26.4% | ||
| Q1 24 | — | 23.4% | ||
| Q4 23 | — | 29.8% |
| Q4 25 | $0.90 | $0.51 | ||
| Q3 25 | $0.95 | $0.50 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.41 | ||
| Q4 24 | — | $0.29 | ||
| Q3 24 | — | $0.40 | ||
| Q1 24 | — | $0.33 | ||
| Q4 23 | — | $0.32 |
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 | — |
| Total DebtLower is stronger | $952.7M | — |
| Stockholders' EquityBook value | $1.6B | $8.8B |
| Total Assets | $3.2B | $83.9B |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | — | ||
| Q3 25 | $80.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $952.7M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $1.6B | $8.8B | ||
| Q3 25 | $1.2B | $8.9B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $8.8B | ||
| Q3 24 | — | $9.0B | ||
| Q1 24 | — | $8.9B | ||
| Q4 23 | — | $9.0B |
| Q4 25 | $3.2B | $83.9B | ||
| Q3 25 | $2.9B | $83.2B | ||
| Q2 25 | — | $82.1B | ||
| Q1 25 | — | $81.5B | ||
| Q4 24 | — | $82.2B | ||
| Q3 24 | — | $82.6B | ||
| Q1 24 | — | $81.8B | ||
| Q4 23 | — | $81.7B |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $396.0M |
| Free Cash FlowOCF − Capex | $6.2M | $389.0M |
| FCF MarginFCF / Revenue | 0.8% | 43.8% |
| Capex IntensityCapex / Revenue | 0.9% | 0.8% |
| Cash ConversionOCF / Net Profit | 0.39× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $595.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $396.0M | ||
| Q3 25 | $-44.9M | $-200.0M | ||
| Q2 25 | — | $83.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $191.0M | ||
| Q3 24 | — | $389.0M | ||
| Q1 24 | — | $838.0M | ||
| Q4 23 | — | $365.0M |
| Q4 25 | $6.2M | $389.0M | ||
| Q3 25 | $-53.6M | $-208.0M | ||
| Q2 25 | — | $74.0M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | — | $383.0M | ||
| Q1 24 | — | $828.0M | ||
| Q4 23 | — | — |
| Q4 25 | 0.8% | 43.8% | ||
| Q3 25 | -7.2% | -23.4% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | — | 46.3% | ||
| Q1 24 | — | 101.1% | ||
| Q4 23 | — | — |
| Q4 25 | 0.9% | 0.8% | ||
| Q3 25 | 1.2% | 0.9% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 0.7% | ||
| Q1 24 | — | 1.2% | ||
| Q4 23 | — | — |
| Q4 25 | 0.39× | 1.52× | ||
| Q3 25 | -1.31× | -0.76× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.78× | ||
| Q1 24 | — | 4.36× | ||
| Q4 23 | — | 1.98× |
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% |
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
