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Earnings analysis · 10-Q

ATRO earnings analysis

Filed August 12, 2026 · Our reading of the company's report

The latest report

Astronics reported a strong Q2, with revenue of $259.957 million, gross margin of 33.4%, operating margin of 15.6%, and diluted EPS of $0.70. Revenue and EPS exceeded consensus, while profitability improved…

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Astronics reported a strong Q2, with revenue of $259.957 million, gross margin of 33.4%, operating margin of 15.6%, and diluted EPS of $0.70. Revenue and EPS exceeded consensus, while profitability improved substantially year over year and full-year 2026 revenue guidance was raised to $1.02 billion-$1.04 billion. The principal disclosed negative is probable losses in certain patent-infringement proceedings as of July 4, 2026; balance-sheet and cash-flow detail was not included in the provided filing extract.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

33% Gross margin Operating margin Aug 2023 Aug 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $66 Operating expenses $18 Left as operating profit $16

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Mar 2023 Aug 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.7

What stood out

  • Revenue materially exceeded expectations

    Q2 revenue was $259.957 million, up approximately 26.8% from $205 million in Q2 2025 and 12.5% from $231 million in Q1 2026. Revenue exceeded the $245.242 million consensus estimate by approximately 6.0%.

  • Margins expanded sharply

    Gross margin expanded to 33.4% from 25.8% in Q2 2025, a 760-basis-point improvement, while operating margin increased to 15.6% from 2.3%, a 1,330-basis-point improvement.

  • EPS beat consensus

    Diluted EPS was $0.70 versus $0.03 in Q2 2025 and $0.56 in Q1 2026, and exceeded the $0.60 consensus estimate by $0.10.

  • Full-year revenue outlook raised

    Management raised full-year 2026 revenue guidance to $1.02 billion-$1.04 billion from $970 million-$1.00 billion. The outlook implies Q3 revenue of $265 million-$275 million.

  • Investment remains elevated

    The company expects 2026 capital expenditures of $40 million-$45 million, indicating continued investment despite the stronger revenue outlook.

What to watch

  • Probable patent-litigation losses

    The company stated that it is involved in patent-infringement proceedings and concluded that losses related to certain proceedings are probable as of July 4, 2026. The filing does not quantify the expected loss.

  • Repurchase activity remained inactive

    The company authorized common-stock repurchases of up to $50 million, but made no repurchases during each of the three reported periods ending May 2, May 30, and July 4, 2026; $41,483,815 remained available under the program at July 4, 2026.

Management's outlook

Management raised 2026 revenue guidance to $1.02 billion-$1.04 billion from $970 million-$1.00 billion. Q3 revenue is expected at $265 million-$275 million; 2026 capital expenditures are expected at $40 million-$45 million. No quantitative EPS guidance was provided.

Earlier filings 4

10-Q · May 13, 2026

Astronics Corporation's Q1 2026 performance showed solid revenue growth and improved margins, leading to an EPS of $0.67 compared to $0.26 in the prior year. Revenue reached $230.6 million, outperforming estimates,…

10-K · February 26, 2026

Astronics reports recovering aerospace demand with backlog up to $674.5M and FY2025 revenue of approximately $862.0M (sum of quarters), driven by Aerospace strength and margin expansion. Management completed refinancing…

10-Q · August 7, 2025

Astronics reported Q2 sales of $204,678,000, up from $198,114,000 a year ago, driven by Aerospace (+$16.7M). Gross margin compressed to 25.8% from 28.0% and consolidated operating margin was modest at 2.3%, producing…

10-K · March 5, 2024

Astronics completed a $205.0 million refinancing on January 19, 2023 (a $90.0 million term loan and $115.0 million ABL) and finished 2023 with backlog of $592.3 million (up from $571.4 million). Management increased R&D…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.