10-K · June 29, 2026
AeroVironment, Inc. reported substantial growth driven primarily by strategic acquisitions and demand in defense technologies, culminating in Q4 fiscal 2026 revenues of $641.6 million and EPS of $1.84, exceeding…
Earnings analysis · 10-Q
AVAV earnings analysis
Filed September 9, 2026 · Our reading of the company's report
The latest report
AeroVironment delivered $480.5 million of revenue, beating consensus by $22.0 million, while gross margin improved to 26% and bookings and funded backlog reached approximately $0.7 billion and $1.5 billion,…
Read full summary
AeroVironment delivered $480.5 million of revenue, beating consensus by $22.0 million, while gross margin improved to 26% and bookings and funded backlog reached approximately $0.7 billion and $1.5 billion, respectively. However, GAAP EPS was negative $0.10, and the filing identifies unresolved material weaknesses in BlueHalo IT controls and goodwill impairment controls. Fiscal 2027 revenue and EPS outlooks were maintained at $2.125 billion-$2.225 billion and $0.21-$0.53, respectively, leaving the overall report mixed.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
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
- $-0.1
- Gross margin
- 26%
What stood out
-
Revenue exceeded consensus
Revenue was $480.5 million, $22.0 million above the $458.5 million consensus estimate and up from $408 million in the prior quarterly history period.
-
Gross margin expanded 500 bps
Gross margin was 26%, an improvement of 500 basis points from the prior reported quarter, indicating sequential margin recovery despite remaining below the 31.6% quarterly-history peak.
-
Bookings and backlog strengthened
Bookings were approximately $0.7 billion and funded backlog increased 37% to $1.5 billion, supporting forward revenue visibility.
-
Revolver remained undrawn
The company repaid borrowings using proceeds from its July 2025 Notes Offering and Common Stock Offering; the Revolving Facility had no current outstanding balance.
What to watch
-
GAAP earnings missed expectations
GAAP EPS was negative $0.10, below the $0.24 consensus estimate, despite the $480.5 million revenue beat. Acquisition accounting remained material to reported earnings.
-
Material weaknesses remain unresolved
Management concluded disclosure controls were not effective as of August 1, 2026 because of material weaknesses related to BlueHalo IT general controls and the goodwill impairment review process. The company stated remediation efforts were ongoing and could not assure that the weaknesses had been remediated.
-
Multiple securities lawsuits filed
Two securities class actions were filed on May 26, 2026 and July 17, 2026, and two derivative actions were filed on July 27, 2026 and July 30, 2026, all relating substantially to allegations concerning the SCAR program. The complaints seek unspecified damages and other relief.
Management's outlook
Fiscal 2027 outlook was maintained at revenue of $2.125 billion-$2.225 billion, GAAP EPS of $0.21-$0.53, and non-GAAP EPS of $3.02-$3.34. The 10-Q does not provide a new quantitative outlook beyond the previously disclosed guidance.
Earlier filings 2
10-Q · June 22, 2026
AeroVironment's Q4 results reflect a significant revenue increase to $408M, a 143% increase from the previous year, but substantial goodwill impairment charges of approximately $241M led to a net loss of $243M.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.