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Side-by-side financial comparison of AAR CORP (AIR) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $624.4M, roughly 1.3× Howard Hughes Holdings Inc.). AAR CORP runs the higher net margin — 4.4% vs 1.0%, a 3.4% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M 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.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
AIR vs HHH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $624.4M |
| Net Profit | $34.6M | $6.0M |
| Gross Margin | 19.7% | — |
| Operating Margin | 6.0% | 4.2% |
| Net Margin | 4.4% | 1.0% |
| Revenue YoY | 15.9% | -33.2% |
| Net Profit YoY | 213.1% | -96.2% |
| EPS (diluted) | $0.90 | $0.20 |
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 | $624.4M | ||
| Q3 25 | $739.6M | $390.2M | ||
| Q2 25 | — | $260.9M | ||
| Q1 25 | — | $199.3M | ||
| Q4 24 | — | $935.0M | ||
| Q3 24 | — | $327.1M | ||
| Q2 24 | — | $317.4M | ||
| Q1 24 | — | $171.1M |
| Q4 25 | $34.6M | $6.0M | ||
| Q3 25 | $34.4M | $119.5M | ||
| Q2 25 | — | $-12.1M | ||
| Q1 25 | — | $10.5M | ||
| Q4 24 | — | $156.3M | ||
| Q3 24 | — | $72.8M | ||
| Q2 24 | — | $21.1M | ||
| Q1 24 | — | $-52.5M |
| Q4 25 | 19.7% | — | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 6.0% | 4.2% | ||
| Q3 25 | 6.4% | 48.6% | ||
| Q2 25 | — | 26.0% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 33.5% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 20.4% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | 4.4% | 1.0% | ||
| Q3 25 | 4.7% | 30.6% | ||
| Q2 25 | — | -4.7% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 16.7% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | -30.7% |
| Q4 25 | $0.90 | $0.20 | ||
| Q3 25 | $0.95 | $2.02 | ||
| Q2 25 | — | $-0.22 | ||
| Q1 25 | — | $0.21 | ||
| Q4 24 | — | $3.14 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $-1.06 |
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 | $1.5B |
| Total DebtLower is stronger | $952.7M | $5.1B |
| Stockholders' EquityBook value | $1.6B | $3.8B |
| Total Assets | $3.2B | $10.6B |
| Debt / EquityLower = less leverage | 0.61× | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $1.5B | ||
| Q3 25 | $80.0M | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $493.7M | ||
| Q4 24 | — | $596.1M | ||
| Q3 24 | — | $400.7M | ||
| Q2 24 | — | $436.8M | ||
| Q1 24 | — | $462.7M |
| Q4 25 | $952.7M | $5.1B | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.6B | $3.8B | ||
| Q3 25 | $1.2B | $3.8B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
| Q4 25 | $3.2B | $10.6B | ||
| Q3 25 | $2.9B | $10.7B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $9.3B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | — | $9.4B | ||
| Q2 24 | — | $9.9B | ||
| Q1 24 | — | $9.6B |
| Q4 25 | 0.61× | 1.35× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| 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 | $360.3M |
| Free Cash FlowOCF − Capex | $6.2M | $348.6M |
| FCF MarginFCF / Revenue | 0.8% | 55.8% |
| Capex IntensityCapex / Revenue | 0.9% | 1.9% |
| Cash ConversionOCF / Net Profit | 0.39× | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $360.3M | ||
| Q3 25 | $-44.9M | $149.8M | ||
| Q2 25 | — | $177.3M | ||
| Q1 25 | — | $-224.9M | ||
| Q4 24 | — | $337.1M | ||
| Q3 24 | — | $248.3M | ||
| Q2 24 | — | $-17.5M | ||
| Q1 24 | — | $-171.2M |
| Q4 25 | $6.2M | $348.6M | ||
| Q3 25 | $-53.6M | $137.7M | ||
| Q2 25 | — | $169.7M | ||
| Q1 25 | — | $-238.4M | ||
| Q4 24 | — | $317.1M | ||
| Q3 24 | — | $238.7M | ||
| Q2 24 | — | $-25.1M | ||
| Q1 24 | — | $-182.0M |
| Q4 25 | 0.8% | 55.8% | ||
| Q3 25 | -7.2% | 35.3% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | -119.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 73.0% | ||
| Q2 24 | — | -7.9% | ||
| Q1 24 | — | -106.4% |
| Q4 25 | 0.9% | 1.9% | ||
| Q3 25 | 1.2% | 3.1% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | 0.39× | 60.04× | ||
| Q3 25 | -1.31× | 1.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 3.41× | ||
| Q2 24 | — | -0.83× | ||
| Q1 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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
