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    MAIR

    Madison Air Solutions Corp

    Company overview

    Market capitalization
    $12.53B
    Employees
    8,650
    Latest publication
    2026-09-29
    About Madison Air Solutions Corp

    Madison Air Solutions Corporation manufactures and sells indoor air quality products and solutions in the United States and internationally. It offers heating, air filtration and purification, air movement, and air conditioning solutions under the Reznor, AprilAire, Big Ass Fans, Nortek Air Solutions and, Roberts-Gordon. The company also provides related services, such as custom design, installation, repair, and maintenance. The company distributes through various customer bases and sales channels, including direct sales to national, regional and local companies; manufacturers' sales representatives; distributors; and retail partners. It serves healthcare and life sciences, advanced manufacturing, data centers, logistics, and education industries, as well as residential markets. Madison Air Solutions Corporation was founded in 2017 and is based in Chicago, Illinois. Madison Air Solutions Corporation is a subsidiary of Madison Industries Holdings LLC.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ1 20252025-03-31 · USD
    Total Revenue991,300,000USD923,700,000USD690,400,000USD
    Cost Of Revenue604,900,000USD570,700,000USD436,000,000USD
    Gross Profit386,400,000USD353,000,000USD254,400,000USD
    Selling General Administrative149,300,000USD154,300,000USD105,600,000USD
    Other Operating Expenses500,000USD——
    Total Operating Expenses191,100,000USD770,000,000USD567,600,000USD
    Operating Income195,300,000USD153,700,000USD122,800,000USD
    Total Other Income Expense Net-84,200,000USD-2,700,000USD2,900,000USD
    Interest Expense84,800,000USD90,700,000USD65,800,000USD
    Income Before Tax111,100,000USD60,300,000USD59,900,000USD
    Income Tax Expense40,600,000USD——
    Discontinued Operations0USD——
    Net Income70,500,000USD33,600,000USD37,700,000USD
    Minority Interest1,300,000USD-9,400,000USD-8,500,000USD
    Net Income Applicable To Common Shares69,200,000USD——
    Unclassified Operating Expenses—615,700,000USD462,000,000USD
    Net Interest Income—-90,700,000USD-65,800,000USD
    Tax Provision—17,300,000USD14,700,000USD
    Net Income From Continuing Ops—43,000,000USD45,200,000USD
    Reconciled Depreciation—53,900,000USD35,300,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Revenue3,518,900,000USD2,624,700,000USD2,556,200,000USD
    Cost Of Revenue2,154,600,000USD1,617,800,000USD1,618,400,000USD
    Gross Profit1,364,300,000USD1,006,900,000USD937,800,000USD
    Selling General Administrative514,800,000USD388,600,000USD390,700,000USD
    Unclassified Operating Expenses2,502,500,000USD1,749,600,000USD1,746,700,000USD
    Total Operating Expenses3,017,300,000USD2,138,200,000USD2,137,400,000USD
    Operating Income501,600,000USD486,500,000USD418,800,000USD
    Interest Expense398,000,000USD295,200,000USD314,500,000USD
    Net Interest Income-398,000,000USD-295,200,000USD-314,500,000USD
    Income Before Tax109,300,000USD189,200,000USD88,200,000USD
    Tax Provision49,800,000USD35,600,000USD38,100,000USD
    Net Income30,800,000USD175,200,000USD58,200,000USD
    Net Income From Continuing Ops59,500,000USD153,600,000USD50,100,000USD
    Reconciled Depreciation190,000,000USD140,800,000USD148,200,000USD
    Total Other Income Expense Net5,700,000USD-2,100,000USD-16,100,000USD
    Minority Interest-27,300,000USD-61,000,000USD-18,300,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USD
    Total Assets8,346,200,000USD8,309,200,000USD
    Cash And Equivalents261,800,000USD—
    Total Current Assets1,369,900,000USD1,283,100,000USD
    Other Current Assets46,500,000USD49,300,000USD
    Other Non Current Assets154,000,000USD—
    Total Liabilities4,695,600,000USD—
    Total Current Liabilities752,000,000USD724,900,000USD
    Other Current Liabilities274,400,000USD—
    Other Non Current Liabilities189,700,000USD—
    Total Stockholder Equity3,649,700,000USD11,100,000USD
    Total Equity Including Noncontrolling Interest3,650,600,000USD—
    Long Term Debt3,051,500,000USD5,621,000,000USD
    Deferred Revenue139,500,000USD—
    Deferred Revenue Non Current12,400,000USD—
    Net Receivables601,500,000USD582,600,000USD
    Inventory460,100,000USD422,600,000USD
    Property Plant Equipment Net490,600,000USD367,900,000USD
    Goodwill3,314,800,000USD—
    Intangible Assets3,146,000,000USD3,189,500,000USD
    Accounts Payable335,900,000USD306,800,000USD
    Short Term Debt23,400,000USD—
    Retained Earnings96,500,000USD27,300,000USD
    Accumulated Other Comprehensive Income-33,900,000USD—
    Total Liab—7,277,200,000USD
    Other Current Liab—14,600,000USD
    Capital Stock—0USD
    Good Will—3,316,600,000USD
    Cash—228,600,000USD
    Net Debt—5,420,100,000USD
    Short Long Term Debt—27,700,000USD
    Property Plant Equipment Gross—568,900,000USD
    Common Stock Shares Outstanding—488,864,126shares
    Non Current Assets Total—7,026,100,000USD
    Non Current Liabilities Total—6,552,300,000USD
    Non Current Liabilities Other—283,200,000USD
    Non Currrent Assets Other—152,100,000USD
    Net Working Capital—558,200,000USD
    Unclassified Current Liabilities—375,800,000USD
    Unclassified Non Current Liabilities—648,100,000USD
    Unclassified Equity—-16,200,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Assets8,177,100,000USD5,453,000,000USD6,384,400,000USD
    Intangible Assets3,231,800,000USD1,732,800,000USD1,848,100,000USD
    Other Current Assets41,200,000USD35,100,000USD32,300,000USD
    Total Liab8,095,000,000USD5,545,500,000USD5,238,000,000USD
    Total Stockholder Equity-37,000,000USD-58,100,000USD1,010,600,000USD
    Capital Stock0USD0USD0USD
    Retained Earnings-37,000,000USD-17,400,000USD69,700,000USD
    Good Will3,318,500,000USD2,226,100,000USD2,236,000,000USD
    Cash208,400,000USD339,900,000USD287,100,000USD
    Total Current Assets1,136,000,000USD1,152,100,000USD1,083,600,000USD
    Total Current Liabilities681,400,000USD521,900,000USD541,500,000USD
    Net Debt5,442,000,000USD3,792,200,000USD3,854,200,000USD
    Short Long Term Debt27,800,000USD28,700,000USD27,200,000USD
    Long Term Debt5,622,600,000USD4,103,400,000USD4,114,100,000USD
    Short Term Investments0USD79,300,000USD14,800,000USD
    Net Receivables475,400,000USD386,900,000USD337,900,000USD
    Inventory408,400,000USD293,300,000USD282,000,000USD
    Accounts Payable260,100,000USD212,800,000USD169,400,000USD
    Property Plant Equipment Net371,700,000USD229,700,000USD250,700,000USD
    Property Plant Equipment Gross561,300,000USD375,200,000USD367,400,000USD
    Common Stock Shares Outstanding488,926,325shares488,926,325shares488,926,325shares
    Non Current Assets Total7,041,100,000USD4,300,900,000USD5,300,800,000USD
    Non Current Liabilities Total7,413,600,000USD5,023,600,000USD4,696,500,000USD
    Non Current Liabilities Other1,139,900,000USD635,600,000USD206,800,000USD
    Non Currrent Assets Other119,100,000USD112,300,000USD966,000,000USD
    Net Working Capital454,600,000USD630,200,000USD542,100,000USD
    Unclassified Current Liabilities393,500,000USD267,500,000USD294,300,000USD
    Unclassified Non Current Liabilities651,100,000USD284,600,000USD375,600,000USD
    Other Current Liab—12,900,000USD50,600,000USD
    Unclassified Current Assets—17,600,000USD129,500,000USD
    Unclassified Equity—-40,700,000USD940,900,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Depreciation107,700,000USD
    Stock Based Compensation25,400,000USD
    Deferred Income Tax9,600,000USD
    Other Non Cash Items-28,400,000USD
    Change To Account Receivables-128,600,000USD
    Change To Inventory-53,200,000USD
    Change To Liabilities35,300,000USD
    Change In Working Capital-146,500,000USD
    Operating Cash Flow156,400,000USD
    Capital Expenditures-16,500,000USD
    Net Investments0USD
    Other Investing Activities0USD
    Unclassified Investing Cash Flow-500,000USD
    Investing Cash Flow-17,000,000USD
    Net Debt Issuance-2,633,900,000USD
    Net Common Stock Issuance-53,700,000USD
    Other Financing Activities0USD
    Unclassified Financing Cash Flow2,601,300,000USD
    Financing Cash Flow-86,300,000USD
    Effect Of Forex Changes On Cash300,000USD
    Change In Cash53,400,000USD
    End Cash Flow261,800,000USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ1 20252025-03-31 · USD
    Net Income33,600,000USD37,700,000USD
    Depreciation53,900,000USD35,300,000USD
    Other Non Cash Items14,700,000USD3,800,000USD
    Change To Account Receivables-108,300,000USD-27,800,000USD
    Change To Inventory-14,700,000USD-8,300,000USD
    Change In Working Capital-50,300,000USD-23,700,000USD
    Total Cash From Operating Activities57,800,000USD54,600,000USD
    Capital Expenditures-8,100,000USD-4,500,000USD
    Free Cash Flow49,700,000USD50,100,000USD
    Investments0USD20,700,000USD
    Net Borrowings-7,600,000USD-600,000USD
    Total Cash From Financing Activities-29,900,000USD9,200,000USD
    Change In Cash20,200,000USD75,400,000USD
    Begin Period Cash Flow208,400,000USD339,900,000USD
    Unclassified Operating Cash Flow5,900,000USD1,500,000USD
    Unclassified Financing Cash Flow-22,300,000USD9,800,000USD
    End Period Cash Flow—208,400,000USD
    SourceLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Net Income30,800,000USD175,200,000USD58,200,000USD
    Depreciation190,000,000USD140,800,000USD148,200,000USD
    Other Non Cash Items141,000,000USD7,300,000USD23,100,000USD
    Change To Account Receivables-23,000,000USD-55,800,000USD-23,800,000USD
    Change To Inventory-36,200,000USD-16,200,000USD67,800,000USD
    Change In Working Capital27,300,000USD-18,700,000USD65,400,000USD
    Total Cash From Operating Activities480,400,000USD17,900,000USD288,100,000USD
    Capital Expenditures-40,600,000USD-28,200,000USD-26,100,000USD
    Free Cash Flow439,800,000USD-10,300,000USD262,000,000USD
    Investments80,500,000USD-60,700,000USD-14,800,000USD
    Net Borrowings1,600,800,000USD-27,800,000USD-28,600,000USD
    Total Cash From Financing Activities1,736,600,000USD-1,044,400,000USD-40,000,000USD
    Issuance Of Capital Stock157,500,000USD0USD0USD
    Change In Cash-131,500,000USD32,500,000USD213,500,000USD
    Begin Period Cash Flow339,900,000USD307,400,000USD93,900,000USD
    End Period Cash Flow208,400,000USD339,900,000USD287,100,000USD
    Unclassified Operating Cash Flow91,300,000USD-286,700,000USD-6,800,000USD
    Unclassified Financing Cash Flow-21,700,000USD-1,016,600,000USD-11,400,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    PeriodDimensionBusiness / regionRevenueCurrencySource
    Q2 2026Quarterly · 2026-06-30GeographyAmericas Excluding United States44,300,000USDDisclosure
    Q2 2026Quarterly · 2026-06-30GeographyAsia Pacific14,800,000USDDisclosure
    Q2 2026Quarterly · 2026-06-30GeographyEurope16,800,000USDDisclosure
    Q2 2026Quarterly · 2026-06-30GeographyUnited States915,400,000USDDisclosure
    Q2 2026Quarterly · 2026-06-30SegmentCommercial658,900,000USDDisclosure
    Q2 2026Quarterly · 2026-06-30SegmentResidential332,400,000USDDisclosure
    Q1 2026Quarterly · 2026-03-31GeographyAmericas Excluding United States70,800,000USD0001628280-26-033863
    Q1 2026Quarterly · 2026-03-31GeographyAsia Pacific13,700,000USD0001628280-26-033863
    Q1 2026Quarterly · 2026-03-31GeographyEurope19,500,000USD0001628280-26-033863
    Q1 2026Quarterly · 2026-03-31GeographyUnited States819,700,000USD0001628280-26-033863
    Q1 2026Quarterly · 2026-03-31SegmentCommercial609,700,000USD0001628280-26-033863
    Q1 2026Quarterly · 2026-03-31SegmentResidential314,000,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31GeographyAmericas Excluding United States78,800,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31GeographyAsia Pacific14,800,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31GeographyEurope18,100,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31GeographyUnited States578,700,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31SegmentCommercial493,600,000USD0001628280-26-033863
    Q1 2025Quarterly · 2025-03-31SegmentResidential196,800,000USD0001628280-26-033863

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.