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Side-by-side financial comparison of AAR CORP (AIR) and Magnera Corp (MAGN). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $792.0M, roughly 1.0× Magnera Corp). AAR CORP runs the higher net margin — 4.4% vs -4.3%, a 8.6% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs 12.8%). AAR CORP produced more free cash flow last quarter ($6.2M vs $-13.0M).
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.
AIR vs MAGN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $792.0M |
| Net Profit | $34.6M | $-34.0M |
| Gross Margin | 19.7% | 12.2% |
| Operating Margin | 6.0% | 1.8% |
| Net Margin | 4.4% | -4.3% |
| Revenue YoY | 15.9% | 12.8% |
| Net Profit YoY | 213.1% | 43.3% |
| EPS (diluted) | $0.90 | $-0.95 |
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 | $792.0M | ||
| Q3 25 | $739.6M | — | ||
| Q2 25 | — | $839.0M | ||
| Q1 25 | — | $824.0M | ||
| Q4 24 | — | $702.0M | ||
| Q3 24 | — | $332.1M | ||
| Q2 24 | — | $556.0M | ||
| Q1 24 | — | $558.0M |
| Q4 25 | $34.6M | $-34.0M | ||
| Q3 25 | $34.4M | — | ||
| Q2 25 | — | $-18.0M | ||
| Q1 25 | — | $-41.0M | ||
| Q4 24 | — | $-60.0M | ||
| Q3 24 | — | $-15.2M | ||
| Q2 24 | — | $19.0M | ||
| Q1 24 | — | $14.0M |
| Q4 25 | 19.7% | 12.2% | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | 6.0% | 1.8% | ||
| Q3 25 | 6.4% | — | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | -3.1% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | 4.4% | -4.3% | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | — | -2.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -8.5% | ||
| Q3 24 | — | -4.6% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | $0.90 | $-0.95 | ||
| Q3 25 | $0.95 | — | ||
| Q2 25 | — | $-0.51 | ||
| Q1 25 | — | $-1.15 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-0.33 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | $952.7M | $1.9B |
| Stockholders' EquityBook value | $1.6B | $1.0B |
| Total Assets | $3.2B | $3.9B |
| Debt / EquityLower = less leverage | 0.61× | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $264.0M | ||
| Q3 25 | $80.0M | — | ||
| Q2 25 | — | $276.0M | ||
| Q1 25 | — | $282.0M | ||
| Q4 24 | — | $215.0M | ||
| Q3 24 | — | $230.0M | ||
| Q2 24 | — | $33.9M | ||
| Q1 24 | — | $30.2M |
| Q4 25 | $952.7M | $1.9B | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | — | $884.7M |
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $3.2B | $3.9B | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | 0.61× | 1.86× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $6.2M | $-13.0M |
| FCF MarginFCF / Revenue | 0.8% | -1.6% |
| Capex IntensityCapex / Revenue | 0.9% | 1.9% |
| Cash ConversionOCF / Net Profit | 0.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $2.0M | ||
| Q3 25 | $-44.9M | — | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $65.0M | ||
| Q4 24 | — | $-58.0M | ||
| Q3 24 | — | $12.2M | ||
| Q2 24 | — | $38.0M | ||
| Q1 24 | — | $20.0M |
| Q4 25 | $6.2M | $-13.0M | ||
| Q3 25 | $-53.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $42.0M | ||
| Q4 24 | — | $-74.0M | ||
| Q3 24 | — | $3.6M | ||
| Q2 24 | — | $23.0M | ||
| Q1 24 | — | $12.5M |
| Q4 25 | 0.8% | -1.6% | ||
| Q3 25 | -7.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | -10.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.2% |
| Q4 25 | 0.9% | 1.9% | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | 0.39× | — | ||
| Q3 25 | -1.31× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.00× | ||
| Q1 24 | — | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
