Jul 2026 (Q1 FY27) — Sep 9, 2026
AeroVironment Q1 FY27 — Record Backlog and Strong Bookings Drive Growth
Read the full callAeroVironment (AVAV) earnings
- Aug 2026
- Jul 2026 (Q1 FY27)
- Apr 2026
AeroVironment earnings: last reported Wed, 9 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 480 | +5.7% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | -2.3 | +13.0 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Aug 2026 | Not in the filed figures for the quarter to aug 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 32 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| LOCUST transition to full rate production | Transition to full rate production | Apr 2026 | AV was awarded a landmark contract valued at nearly $465 million for the U.S. Army's enduring high-energy laser or E-HEL program in late August. This award represents the first ever production contract for direct energy systems and U.S. military history. | Achieved |
| Adjusted EBITDA | $305 million to $325 million | Apr 2026 | we are reaffirming our fiscal year 2027 revenue guidance of between $2.125 billion and $2.225 billion. And adjusted EBITDA guidance for fiscal year 2027 of between $305 million and $325 million. | On Track |
| Ukraine revenue as a percentage of total revenue | 5% to 8% | Jul 2025 | Ghosted |
2 of AeroVironment Inc's 48 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 45 more targets are in the full ledger.
Claimed
- Funded backlog grew to a record $1.5 billion, up 37% year-over-year.
- Achieved record first quarter revenue of $480 million.
- Secured bookings totaling $683 million, resulting in a 1.4x book-to-bill ratio for the quarter.
- Adjusted EBITDA reached $53 million (11% of revenue), exceeding expectations.
- Adjusted EPS increased 84% year-over-year to $0.59.
Qualified
- Space, Cyber and Directed Energy (SCDE) segment adjusted EBITDA was negative $9 million, impacted by lower revenue and under-absorption of fixed costs.
- Adjusted SG&A increased to $85 million (18% of revenue) from $65 million (14% of revenue) in the prior year, partly due to increased legal expenses and a $4.2 million nonrecurring bad debt reserve.
- Free cash flow was negative $36 million in Q1, reflecting higher capital investments for production facility expansion.
- Adjusted service gross margin declined to 8% from 13% in the prior year, primarily due to discontinued programs and award delays in the Cyber Mission Solutions business.
Price
$117.9 −3.19% · −$3.89
Performance −66.4% 1Y
1Y: $350.59 on 17 Oct 2025 → $117.9. High $392.86 (16 Jan 2026), low $117.9 (19 Oct 2026).
- Previous close
- $121.79
- 52-week range
- $117.9 – $392.86
- One year
- −67.61%
Overview
- Symbol
- AVAV
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 32 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| LOCUST transition to full rate production | Transition to full rate production | Apr 2026 | AV was awarded a landmark contract valued at nearly $465 million for the U.S. Army's enduring high-energy laser or E-HEL program in late August. This award represents the first ever production contract for direct energy systems and U.S. military history. | Achieved |
| Adjusted EBITDA | $305 million to $325 million | Apr 2026 | we are reaffirming our fiscal year 2027 revenue guidance of between $2.125 billion and $2.225 billion. And adjusted EBITDA guidance for fiscal year 2027 of between $305 million and $325 million. | On Track |
| Ukraine revenue as a percentage of total revenue | 5% to 8% | Jul 2025 | Ghosted |
Claimed
- Funded backlog grew to a record $1.5 billion, up 37% year-over-year.
- Achieved record first quarter revenue of $480 million.
- Secured bookings totaling $683 million, resulting in a 1.4x book-to-bill ratio for the quarter.
- Adjusted EBITDA reached $53 million (11% of revenue), exceeding expectations.
- Adjusted EPS increased 84% year-over-year to $0.59.
Qualified
- Space, Cyber and Directed Energy (SCDE) segment adjusted EBITDA was negative $9 million, impacted by lower revenue and under-absorption of fixed costs.
- Adjusted SG&A increased to $85 million (18% of revenue) from $65 million (14% of revenue) in the prior year, partly due to increased legal expenses and a $4.2 million nonrecurring bad debt reserve.
- Free cash flow was negative $36 million in Q1, reflecting higher capital investments for production facility expansion.
- Adjusted service gross margin declined to 8% from 13% in the prior year, primarily due to discontinued programs and award delays in the Cyber Mission Solutions business.
The full ledger
Open AeroVironment Inc’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q4 FY26) — Jun 29, 2026
AeroVironment Q4 FY26 — Record quarter as BlueHalo integration and organic strength drive scale
Read the full callJan 2026 (Q3 FY26) — Mar 10, 2026
AeroVironment Q3 FY26 — Strong Demand and Record Backlog Offset SCAR Termination and Q3 Miss
Read the full callEvery analysed call
AeroVironment earnings calls (AVAV)
Financials
What the filings say
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Aug 2025 | Nov 2025 | Jan 2026 | Apr 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 188 | 168 | 275 | 455 | 473 | 408 | 642 | 480 |
| Operating profit | 7 | -3 | 14 | -69 | -30 | -268 | 57 | -11 |
| Operating margin | 3.7% | −1.8% | 5.0% | −15.2% | −6.4% | −65.8% | 8.9% | −2.3% |
| Profit before tax | 6 | -2 | 13 | -84 | -21 | -265 | 64 | -7 |
| Tax rate | −3.5% | 25.6% | 1.7% | 18.0% | 11.2% | 8.2% | 24.9% | 5.4% |
| EPS ($ per share) | 0.27 | -0.06 | — | -1.44 | -0.34 | -4.90 | — | -0.10 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 286 | 328 | 351 | 347 | 171 | 231 | 274 | 9 |
| Total liabilities | 46 | 75 | 316 | 306 | 274 | 193 | 234 | 1,316 |
| Fixed assets | 17 | 22 | 59 | 62 | 40 | 47 | 51 | 167 |
| Investments | 150 | 48 | 32 | 25 | — | — | — | 255 |
| Total assets | 509 | 585 | 929 | 914 | 825 | 1,016 | 1,121 | 5,717 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 27 | 25 | 87 | -10 | 11 | 15 | -1 | -78 |
| Cash from investing | — | 59 | -379 | -52 | -7 | -52 | -28 | -1,233 |
| Cash from financing | -1 | -2 | 194 | -17 | 51 | -23 | -3 | 1,647 |
| Net cash flow | 29 | 82 | -98 | -80 | 56 | -60 | -32 | 336 |
| Capital expenditure | -9 | -11 | -11 | -22 | -15 | -23 | -20 | -63 |
| Free cash flow | 18 | 14 | 75 | -32 | -3 | -8 | -21 | -141 |
AVAV revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Autonomous Systems | — | — | — | 63% | 64% | 68% | 77% | 72% | +21.3% |
| Space Cyber and Directed Energy | — | — | — | 37% | 36% | 32% | 23% | 28% | -20.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AVAV operating KPIs by quarter
| KPI | Jan 2026 Q3 FY26 | 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.
Revenue by region
Q1 FY2027 · share of revenue
- Geographic Distribution Domestic 78% ↑ 32 pt
- Geographic Distribution International 22% ↓ 32 pt
As AVAV cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
68 filings between Oct 22, 2025 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.14M
21 sales by 3 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 27
- Award — granted as compensation
- 5
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| McDonnell Kevin Patrick | — | $988.8K | Mar 10, 2026 |
| PAGE STEPHEN F | — | $957.0K | Sep 15, 2026 |
| Shackley Brian Charles | — | $192.2K | Sep 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | PAGE STEPHEN F Director | Sale 10b5-1 plan | 250 | $38.1K |
| Sep 15, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Sale 10b5-1 plan | 100 | $15.2K |
| Sep 14, 2026 | Ruppert Michael Director | Award | 957 | $0 |
| Aug 17, 2026 | PAGE STEPHEN F Director | Sale 10b5-1 plan | 250 | $48.0K |
| Aug 14, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Sale 10b5-1 plan | 205 | $41.4K |
| Jul 15, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Sale 10b5-1 plan | 300 | $42.9K |
| Jul 15, 2026 | PAGE STEPHEN F Director | Sale 10b5-1 plan | 248 | $35.5K |
| Jul 13, 2026 | MULLER EDWARD R Director | Other | 996 | $0 |
| Jul 13, 2026 | MULLER EDWARD R Director | Other | 996 | $0 |
| Jul 10, 2026 | Woodward Sean Thomas CFO | Tax withheld | 236 | $34.1K |
| Jul 10, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Tax withheld | 243 | $35.1K |
| Jul 10, 2026 | Nawabi Wahid Chair, President and CEO | Tax withheld | 5,246 | $758.5K |
| Jul 10, 2026 | Brown Melissa Ann EVP, Chief Legal Officer | Tax withheld | 813 | $117.5K |
| Jul 10, 2026 | McDaniel Clum Mary Elizabeth President, Space, Cyber & DE | Tax withheld | 58 | $8.4K |
| Jul 10, 2026 | Stevenson Trace E President, Autonomous Systems | Tax withheld | 545 | $78.8K |
| Jul 2, 2026 | MULLER EDWARD R Director | Award | 1,047 | $0 |
| Jul 2, 2026 | MULLER EDWARD R Director | Award | 392 | $0 |
| Jul 2, 2026 | Long Mary Beth Director | Award | 130 | $0 |
| Jul 2, 2026 | Long Mary Beth Director | Award | 1,047 | $0 |
| Jul 2, 2026 | Davidson Phillip S Director | Award | 130 | $0 |
| Jul 2, 2026 | Lewis Cindy Kay Director | Award | 261 | $0 |
| Jul 2, 2026 | Lynn William III Director | Award | 892 | $0 |
| Jul 2, 2026 | Lewis Cindy Kay Director | Award | 1,047 | $0 |
| Jul 2, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Award | 698 | $0 |
| Jul 2, 2026 | Brown Melissa Ann EVP, Chief Legal Officer | Award | 1,744 | $0 |
| Jul 2, 2026 | Davidson Phillip S Director | Award | 1,047 | $0 |
| Jul 2, 2026 | Burbage Charles Thomas Director | Award | 130 | $0 |
| Jul 2, 2026 | Smith Robert Fendlay Chief Operating Officer | Award | 2,016 | $0 |
| Jul 2, 2026 | Burbage Charles Thomas Director | Award | 1,047 | $0 |
| Jul 2, 2026 | Stevenson Trace E President, Autonomous Systems | Award | 2,406 | $0 |
| Jul 2, 2026 | Woodward Sean Thomas CFO | Award | 2,077 | $0 |
| Jul 2, 2026 | Nawabi Wahid Chair, President and CEO | Award | 15,709 | $0 |
| Jul 2, 2026 | McDaniel Clum Mary Elizabeth President, Space, Cyber & DE | Award | 1,210 | $0 |
| Jul 2, 2026 | Votel Joseph L. Director | Award | 1,047 | $0 |
| Jul 2, 2026 | Votel Joseph L. Director | Award | 261 | $0 |
| Jul 2, 2026 | PAGE STEPHEN F Director | Award | 130 | $0 |
| Jul 2, 2026 | PAGE STEPHEN F Director | Award | 1,047 | $0 |
| Jun 30, 2026 | Woodward Sean Thomas CFO | Award | 97 | $13.6K |
| Jun 30, 2026 | Nawabi Wahid Chair, President and CEO | Award | 97 | $13.6K |
| Jun 29, 2026 | Stevenson Trace E President, Autonomous Systems | Tax withheld | 1,710 | $237.7K |
| Jun 29, 2026 | Woodward Sean Thomas CFO | Option exercise | 2,382 | $0 |
| Jun 29, 2026 | Brown Melissa Ann EVP, Chief Legal Officer | Tax withheld | 3,590 | $499.0K |
| Jun 29, 2026 | Stevenson Trace E President, Autonomous Systems | Option exercise | 4,765 | $0 |
| Jun 29, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Tax withheld | 855 | $118.8K |
| Jun 29, 2026 | Shackley Brian Charles SVP, Chief Accounting Officer | Option exercise | 2,382 | $0 |
| Jun 29, 2026 | Woodward Sean Thomas CFO | Tax withheld | 855 | $118.8K |
| Jun 29, 2026 | Nawabi Wahid Chair, President and CEO | Tax withheld | 28,265 | $3.93M |
| Jun 29, 2026 | Brown Melissa Ann EVP, Chief Legal Officer | Option exercise | 9,175 | $0 |
| Jun 29, 2026 | Nawabi Wahid Chair, President and CEO | Option exercise | 57,672 | $0 |
| Jun 15, 2026 | PAGE STEPHEN F Director | Sale 10b5-1 plan | 250 | $43.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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