AEROVIRONMENT, INC.
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.98B | $820.6M | $716.7M | $540.5M | $445.7M | $394.9M | $367.3M | $314.3M |
| Cost of Revenue | $1.48B | $502.0M | $432.8M | $367.0M | $304.5M | $230.4M | $214.2M | $185.9M |
| Gross Profit | $500.6M | $318.6M | $283.9M | $173.5M | $141.2M | $164.6M | $153.1M | $128.4M |
| Gross Margin | 25.3% | 38.8% | 39.6% | 32.1% | 31.7% | 41.7% | 41.7% | 40.9% |
| Operating Expenses | ||||||||
| Research & Development | $127.7M | $100.7M | $97.7M | $64.3M | $54.7M | $53.8M | $46.5M | $34.2M |
| SG&A Expense | $443.3M | $158.8M | $114.4M | $131.9M | $96.4M | $67.5M | $59.5M | $60.3M |
| Operating Income | $-311.0M | $40.8M | $71.8M | $-178.7M | $-9.9M | $43.3M | $47.1M | $33.8M |
| Operating Margin | -15.7% | 5.0% | 10.0% | -33.1% | -2.2% | 11.0% | 12.8% | 10.8% |
| Interest Expense | $24.2M | — | — | — | — | — | — | — |
| Pretax Income | $-288.2M | $44.5M | $61.6M | $-190.8M | $-13.3M | $23.9M | $47.2M | $46.5M |
| Income Tax Expense | $-23.1M | $882.0K | $1.9M | $-14.7M | $-10.4M | $539.0K | $5.8M | $4.6M |
| Net Income | $-265.1M | $43.6M | $59.7M | $-176.2M | $-4.2M | $23.3M | $41.1M | $47.4M |
| Net Margin | -13.4% | 5.3% | 8.3% | -32.6% | -0.9% | 5.9% | 11.2% | 15.1% |
| EPS (Basic) | $-5.40 | $1.56 | $2.19 | $-7.04 | $-0.17 | $0.97 | $1.73 | $2.00 |
| EPS (Diluted) | $-5.40 | $1.55 | $2.18 | $-7.04 | $-0.17 | $0.96 | $1.71 | $1.97 |
| Shares Outstanding (Basic) | 49.1M | 28.0M | 27.2M | 25.0M | 24.7M | 24.0M | 23.8M | 23.7M |
| Shares Outstanding (Diluted) | 49.1M | 28.2M | 27.3M | 25.0M | 24.7M | 24.4M | 24.1M | 24.1M |
| Dividends Per Share | — | — | — | — | — | — | — | — |
This is one of the keys to successful investing: focus on the companies, not on the stocks.