AVAV

MKT CAP:$10B

AeroVironment, Inc.

Market Cap

$10B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$195.52-$60.67 (-23.68%)

Apr 24, 2026

Company Details

AeroVironment, Inc. designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. It operates through four segments: ...

CEO

Wahid Nawabi

IPO Date

Jan 23, 2007

Website

www.avinc.com

Key Metrics TTM

Revenue

$1.6B

+116.9% YoY

Net Income

-$224M

EPS (Diluted)

-$5.29

Free Cash Flow

-$195M

Revenue / Share

$33.02

Gross Margin

21.8%

Operating Margin

-6.1%

Net Margin

-13.9%

FCF Margin

-12.1%

P/S

6.1x

P/E

—

Earnings Reports

Q3 2026

Mar 10, 2026

$408M+143.4%EPS -$3.15

Q2 2026

Dec 9, 2025

$473M+150.7%EPS -$0.34

Q1 2026

Sep 9, 2025

$455M+140.0%EPS -$2.39

FY 2025

Jun 24, 2025

$821M+14.5%EPS $1.55

Q4 2025

Jun 24, 2025

$275M+39.6%EPS $0.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$136M	$60M	$18M
Q1 22	$101M	$29M	-$12M
Q1 23	$109M	$34M	-$3M
Q3 23	$134M	$46M	$5M
Q4 23	$186M	$80M	-$166M
Q1 24	$152M	$66M	$26M
Q2 24	$181M	$75M	$25M
Q3 24	$187M	$67M	$14M
Q4 24	$197M	$76M	$6M
Q1 25	$189M	$81M	$23M
Q2 25	$188M	$74M	$7M
Q3 25	$168M	$63M	-$3M
Q4 25	$275M	$105M	$14M
Q1 26	$455M	$95M	-$69M
Q2 26	$473M	$82M	-$22M
Q3 26	$408M	$70M	-$21M

Valuation

Quarter	P/S	P/E
Q4 21	6.8x	59.0x
Q1 22	6.1x	171.9x
Q1 23	5.0x	—
Q3 23	4.7x	—
Q4 23	5.0x	—
Q1 24	4.4x	—
Q2 24	4.8x	—
Q3 24	4.9x	—
Q4 24	6.2x	74.5x
Q1 25	6.5x	83.2x
Q2 25	8.1x	127.3x
Q3 25	6.7x	150.2x
Q4 25	5.1x	96.3x
Q1 26	12.3x	—
Q2 26	13.4x	—
Q3 26	8.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$8M	$5M
Q1 22	-$15M	-$21M
Q1 23	$16M	$10M
Q3 23	-$23M	-$26M
Q4 23	$3M	-$2M
Q1 24	-$17M	-$21M
Q2 24	-$9M	-$17M
Q3 24	$53M	$49M
Q4 24	-$12M	-$21M
Q1 25	$28M	$23M
Q2 25	-$4M	$2M
Q3 25	-$26M	-$30M
Q4 25	-$264.0K	-$9M
Q1 26	-$124M	-$146M
Q2 26	-$45M	-$22M
Q3 26	-$5M	-$18M

Capital Expenditures

Quarter	CapEx
Q4 21	$3M
Q1 22	$5M
Q1 23	$5M
Q3 23	$3M
Q4 23	$5M
Q1 24	$4M
Q2 24	$8M
Q3 24	$4M
Q4 24	$9M
Q1 25	$5M
Q2 25	$5M
Q3 25	$4M
Q4 25	$9M
Q1 26	$23M
Q2 26	$23M
Q3 26	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+155.8%	+116.6%
Q1 22	+16.2%	+66.3%
Q1 23	+30.3%	+48.6%
Q3 23	+53.7%	+72.7%
Q4 23	+36.8%	+197.4%
Q1 24	+50.8%	+11.4%
Q2 24	+66.6%	+39.2%
Q3 24	+38.8%	+32.7%
Q4 24	+5.9%	-45.7%
Q1 25	+24.4%	+32.1%
Q2 25	+4.2%	+16.6%
Q3 25	-10.2%	-0.9%
Q4 25	+39.6%	+36.7%
Q1 26	+140.0%	+214.8%
Q2 26	+150.7%	+172.5%
Q3 26	+143.4%	+151.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	1.6%
Q1 22	$2M	1.9%
Q1 23	$2M	2.0%
Q3 23	$3M	2.0%
Q4 23	$4M	2.0%
Q1 24	$3M	2.1%
Q2 24	$5M	2.8%
Q3 24	$4M	2.2%
Q4 24	$5M	2.4%
Q1 25	$5M	2.4%
Q2 25	$6M	3.0%
Q3 25	$5M	3.2%
Q4 25	$0	0.0%
Q1 26	$11M	2.5%
Q2 26	$9M	1.8%
Q3 26	$8M	2.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$68M	$21M	$675.0K	—
Q1 22	$14M	—	—	$24M
Q1 23	$15M	—	—	$22M
Q3 23	$16M	—	—	$25M
Q4 23	$87M	$26M	$494.0K	—
Q1 24	$15M	—	—	$24M
Q2 24	$22M	—	—	$28M
Q3 24	$25M	—	—	$28M
Q4 24	$97M	$32M	$457.0K	—
Q1 25	$25M	—	—	$34M
Q2 25	$29M	—	—	$38M
Q3 25	$22M	—	—	$44M
Q4 25	$83M	$43M	$416.0K	—
Q1 26	$33M	—	—	$131M
Q2 26	$36M	—	—	$98M
Q3 26	$27M	—	—	$99M

Revenue Segments

Quarter	Muas	Other	Small Uas	Tms	Haps	Muas.	Other.	Small UAS	Contract services	Product sales
Q1 22	$22M	$20M	$40M	$19M	—	—	—	—	—	—
Q1 23	—	—	—	$23M	$10M	$19M	$13M	$43M	—	—
Q1 24	—	—	—	—	—	—	—	—	$33M	$119M
Q2 24	—	—	—	—	—	—	—	—	$35M	$146M
Q3 24	—	—	—	—	—	—	—	—	$31M	$156M
Q4 24	—	—	—	—	—	—	—	—	$32M	$165M
Q1 25	—	—	—	—	—	—	—	—	$30M	$160M
Q2 25	—	—	—	—	—	—	—	—	$37M	$151M
Q3 25	—	—	—	—	—	—	—	—	$28M	$140M
Q4 25	—	—	—	—	—	—	—	—	$33M	$242M
Q1 26	—	—	—	—	—	—	—	—	$455M	—
Q2 26	—	—	—	—	—	—	—	—	$473M	—

Revenue by Geography

Quarter	Domestic	International
Q1 23	$50M	$58M
Q3 23	$56M	$78M
Q4 23	$78M	$108M
Q1 24	$58M	$94M
Q2 24	$70M	$111M
Q3 24	$63M	$124M
Q4 24	$81M	$116M
Q1 25	$67M	$122M
Q2 25	$87M	$102M
Q3 25	$104M	$64M
Q4 25	$133M	$142M
Q1 26	$347M	$108M
Q2 26	$361M	$112M
Q3 26	$226M	$182M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$77M	$25M	$102M
Q1 23	$93M	$13M	$106M
Q2 23	$101M	$0	$101M
Q3 23	$78M	$0	$78M
Q4 23	$133M	$0	$133M
Q1 24	$106M	$0	$106M
Q2 24	$101M	$0	$101M
Q3 24	$108M	$0	$108M
Q4 24	$73M	$0	$73M
Q1 25	$81M	$0	$81M
Q2 25	$69M	$0	$69M
Q3 25	$47M	$0	$47M
Q4 25	$41M	$0	$41M
Q1 26	$686M	$0	$686M
Q2 26	$359M	$229M	$588M
Q3 26	$290M	$297M	$587M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	25M	+2.5%	+7.4%
Q1 22	25M	-0.6%	+2.3%
Q1 23	25M	+0.7%	+3.1%
Q3 23	25M	+0.8%	+3.4%
Q4 23	25M	+1.8%	+2.7%
Q1 24	26M	+2.9%	+6.3%
Q2 24	27M	+3.0%	+8.7%
Q3 24	28M	+4.0%	+12.1%
Q4 24	28M	+0.2%	+10.4%
Q1 25	28M	+0.7%	+8.0%
Q2 25	28M	-0.5%	+4.4%
Q3 25	28M	-0.4%	-0.0%
Q4 25	28M	+0.8%	+0.6%
Q1 26	47M	+65.9%	+65.8%
Q2 26	50M	+6.1%	+76.7%
Q3 26	49M	-1.9%	+73.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$116.8K	1K
Q1 22	$86.7K	1K
Q1 23	$89.4K	1K
Q3 23	$110.7K	1K
Q4 23	$147.8K	1K
Q1 24	$121.0K	1K
Q2 24	$143.6K	1K
Q3 24	$148.2K	1K
Q4 24	$140.4K	1K
Q1 25	$135.1K	1K
Q2 25	$134.3K	1K
Q3 25	$119.5K	1K
Q4 25	$188.9K	1K
Q1 26	$312.3K	1K
Q2 26	$324.5K	1K
Q3 26	$280.3K	1K

Revenue / Employee