AV
AVAV
AVAV AeroVironment (AVAV) Q4 FY26 earnings call
A transformational year closes with record scale as the BlueHalo combination and 30%-plus organic loitering-munition and counter-UAS demand offset a soft SCDE segment hit by the SCAR termination and government-shutdown drag. Management is deliberately trading near-term EPS and cash flow for aggressive capacity buildout, betting that a delayed but unprecedented FY27 defense-funding wave converts a deep backlog into multi-year growth.
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AVAV operating KPIs by quarter
| KPI | Jan 2026 Q3 FY26 | This call Apr 2026 Q4 FY26 | Jul 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog Funded | $1.1BWe ended the quarter with $1.1 billion of funded backlog and approximately $3 billion of unfunded backlog.Source: earnings call transcript | $1.2BFunded backlog closed at $1.2 billion, unfunded backlog at $1.5 billion, which now excludes SCAR contract values following the contract termination for convenience announced in March.Source: earnings call transcript | $1.5BFunding backlog totaled $1.5 billion at quarter end, which is 37% higher than the first quarter of fiscal year '26.Source: earnings call transcript | +25% |
| Backlog Unfunded | ~$3BWe ended the quarter with $1.1 billion of funded backlog and approximately $3 billion of unfunded backlog.Source: earnings call transcript | $1.5BFunded backlog closed at $1.2 billion, unfunded backlog at $1.5 billion, which now excludes SCAR contract values following the contract termination for convenience announced in March.Source: earnings call transcript | $1.4BUnfunded backlog at the end of the first quarter was $1.4 billion, was $1.2 billion or 89% attributable to the SCDE segment and $157 million or 11% to the AFS segment.Source: earnings call transcript | -6.7% |
| Funded backlog Autonomous Systems | — | $869MFunded backlog totaled $1.2 billion at quarter end with $869 million or 73% attributable to the AxS segment and $314 million or 27% to the SCDE segment.Source: earnings call transcript | $1.1BFunding backlog composition by segment is $1.1 billion or 75% attributable to the AXS segment and $358 million or 25% to the [ FEEE ] segment.Source: earnings call transcript | +26.6% |
| Unfunded backlog Space, Cyber and Directed Energy | — | $1.25BUnfunded backlog finished the year at $1.5 billion, which now excludes $1.5 billion related to the SCAR program with $1.25 billion or 86% attributable to SCDE and $209 million or 14% to AxS.Source: earnings call transcript | $1.2BUnfunded backlog at the end of the first quarter was $1.4 billion, was $1.2 billion or 89% attributable to the SCDE segment and $157 million or 11% to the AFS segment.Source: earnings call transcript | -4% |
| Unfunded backlog Autonomous Systems | — | $209MUnfunded backlog finished the year at $1.5 billion, which now excludes $1.5 billion related to the SCAR program with $1.25 billion or 86% attributable to SCDE and $209 million or 14% to AxS.Source: earnings call transcript | $157MUnfunded backlog at the end of the first quarter was $1.4 billion, was $1.2 billion or 89% attributable to the SCDE segment and $157 million or 11% to the AFS segment.Source: earnings call transcript | -24.9% |
| Backlog | — | $2.7BAs we enter fiscal '27, we believe we have strong momentum across our product lines and a robust $2.7 billion of total backlog.Source: earnings call transcript | $2.8B+Total funded and unfunded backlog at the end of the first quarter was just over $2.8 billion.Source: earnings call transcript | — |
| Orders | — | $572MWe secured bookings totaling $572 million in new authorized contract value.Source: earnings call transcript | $683MWe secured bookings totaling $683 million in new authorized contract value.Source: earnings call transcript | +19.4% |
| Book-to-bill ratio | — | 0.9 ratioOur book-to-bill ratio for the quarter 4 was 0.9x, reflecting the exceptional quarter 4 revenue performance, partially offset by some timing delays of anticipated large program awards, while our trailing 12-month book-to-bill ratio stands at 1.4x.Source: earnings call transcript | 1.4 ratioOur book-to-bill ratio for quarter 1 was 1.4x and reflecting strong demand from large program awards.Source: earnings call transcript | +55.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.