NYSE: SARO
StandardAero, Inc.CIK 0002025410 · SIC 3724 · Aircraft Engines & Parts
We believe that we are the world’s largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. We provide a comprehensive suite of critical, value-added aftermarket… About this business →
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StandardAero Q2 2026: Net income +43.7% to $97.3M on 4.6% revenue growth; material weaknesses persist
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StandardAero CEO Russell Ford retiring Oct 2026, board appoints Paul McElhinney as successor
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revenue $1.63B, net income $79.9M. StandardAero reports 13% revenue growth but discloses new internal control weaknesses
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StandardAero reports Q1 2026 financial results
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Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share figures)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 1,599,693 | 1,528,943 | 3,226,550 | 2,964,531 |
| Cost of revenue | 1,330,915 | 1,292,768 | 2,718,400 | 2,510,626 |
| Selling, general and administrative expense | 75,597 | 76,002 | 147,539 | 140,477 |
| Amortization of intangible assets | 24,698 | 24,603 | 49,030 | 48,935 |
| Operating income | 168,483 | 135,570 | 311,581 | 264,493 |
| Interest expense | 41,279 | 43,835 | 79,430 | 87,626 |
| Income before income taxes | 127,204 | 91,735 | 232,151 | 176,867 |
| Income tax expense | 29,926 | 24,022 | 54,943 | 46,211 |
| Net income | 97,278 | 67,713 | 177,208 | 130,656 |
| Earnings per share: | ||||
| Basic | 0.30 | 0.21 | 0.54 | 0.40 |
| Diluted | 0.29 | 0.20 | 0.53 | 0.39 |
| Weighted-average shares of common stock outstanding | ||||
| Basic | 326,261 | 328,445 | 326,756 | 328,442 |
| Diluted | 332,310 | 334,300 | 332,858 | 334,227 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share figures)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | 179,063 | 289,717 |
| Accounts receivable (less allowance for expected credit losses of $9,911 and $13,484, respectively) | 815,633 | 654,390 |
| Contract assets, net | 1,202,456 | 1,071,703 |
| Inventories | 772,104 | 827,691 |
| Prepaid expenses and other current assets | 34,833 | 42,776 |
| Income tax receivable | 25,173 | 10,182 |
| Total current assets | 3,029,262 | 2,896,459 |
| Property, plant and equipment, net | 589,485 | 579,971 |
| Operating lease right of use asset, net | 224,421 | 222,151 |
| Customer relationships, net | 884,236 | 920,432 |
| Other intangible assets, net | 403,141 | 244,877 |
| Goodwill | 1,710,805 | 1,684,255 |
| Other assets | 5,932 | 6,434 |
| Deferred income tax assets | 2,832 | 2,832 |
| Total assets | 6,850,114 | 6,557,411 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 711,647 | 679,772 |
| Accrued expenses and other current liabilities | 263,191 | 91,499 |
| Accrued employee costs | 81,488 | 74,008 |
| Operating lease liabilities, current | 25,834 | 22,308 |
| Due to related parties | — | 438 |
| Contract liabilities | 312,270 | 411,321 |
| Income taxes payable, current | 1,317 | 13,547 |
| Long-term debt, current portion | 23,322 | 23,444 |
| Total current liabilities | 1,419,069 | 1,316,337 |
| Long-term debt | 2,301,848 | 2,191,161 |
| Operating lease liabilities, non-current | 212,041 | 212,365 |
| Deferred income tax liabilities | 152,437 | 157,206 |
| Income taxes payable, non-current | 6,533 | 5,770 |
| Other non-current liabilities | 4,693 | 7,261 |
| Total liabilities | 4,096,621 | 3,890,100 |
| Commitments and contingencies (Note 11) | ||
| Stockholders’ equity | ||
| Common stock ($0.01 par value, 3,500,000,000 shares authorized; 334,653,783 issued and 330,910,687 outstanding as of June 30, 2026 and 334,461,630 issued and 334,294,245 outstanding as of December 31, 2025) | 3,309 | 3,345 |
| Preferred stock ($0.01 par value, 100,000,000 shares authorized; no shares were issued) | — | — |
| Additional paid-in capital | 3,967,764 | 3,958,039 |
| Accumulated deficit | (1,108,696) | (1,285,904) |
| Accumulated other comprehensive loss | (7,884) | (8,169) |
| Treasury stock (at cost, 3,743,096 and 176,019 shares as of June 30, 2026 and December 31, 2025) | (101,000) | — |
| Total stockholders’ equity | 2,753,493 | 2,667,311 |
| Total liabilities and stockholders’ equity | 6,850,114 | 6,557,411 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 177,208 | 130,656 |
| Adjustments to reconcile net income from operations to net cash used in operating activities: | ||
| Depreciation and amortization | 93,504 | 97,223 |
| Amortization of deferred finance charges and discounts | 3,246 | 3,288 |
| Amortization of interest cap premiums | 3,379 | 5,467 |
| Payment of interest rate cap premiums | (3,473) | (5,524) |
| Stock compensation expense | 9,725 | 5,875 |
| Loss (gain) from disposals, net | (622) | 3,449 |
| Non-cash lease expense | 902 | 866 |
| Deferred income taxes | (4,731) | (11,560) |
| Foreign exchange gain (loss), net | 679 | 431 |
| Changes in operating assets and liabilities, net of effect of acquisitions: | ||
| Accounts receivable, net | (160,101) | (96,589) |
| Contract assets, net | (130,753) | (155,634) |
| Inventories, net | 55,770 | (4,579) |
| Prepaid expenses and other current assets | 6,237 | (24,422) |
| Accounts payable, accrued expenses and other current liabilities | 27,750 | 25,885 |
| Contract liabilities | (99,051) | 20,204 |
| Due to/from related parties | (438) | (649) |
| Income taxes payable and receivable | (26,458) | (15,490) |
| Net cash used in operating activities | (47,227) | (21,103) |
| Investing activities | ||
| Acquisitions, net of cash and other | (33,263) | 1,254 |
| Purchase of property, plant and equipment | (36,641) | (47,262) |
| Payments for purchase of intangible assets | (476) | (30,000) |
| Proceeds from disposal of property, plant and equipment | 828 | 3,637 |
| Net cash used in investing activities | (69,552) | (72,371) |
| Financing activities | ||
| Proceeds from long-term debt | 235,000 | 345,000 |
| Repayment of long-term debt | (126,774) | (261,785) |
| Repurchase of common stock | (100,085) | — |
| Repayments of long-term agreements | (911) | (1,501) |
| Net cash provided by financing activities | 7,230 | 81,714 |
| Effect of exchange rate changes on cash | (1,105) | 692 |
| Net decrease in cash | (110,654) | (11,068) |
| Cash at beginning of the period | 289,717 | 102,581 |
| Cash at end of the period | 179,063 | 91,513 |
| Supplemental cash flow information: | ||
| Supplemental disclosure of non-cash investing activities: | ||
| Acquisition of property, plant and equipment, liability incurred, but not paid | 2,782 | 839 |
| Acquisition of intangible assets, liability incurred, but not paid | 180,777 | — |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share figures); (In thousands, except share figures); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About StandardAero, Inc.
Source: Item 1 (Business) from the 10-K filed February 26, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
The Company
We believe that we are the world’s largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. We provide a comprehensive suite of critical, value-added aftermarket solutions, including scheduled and unscheduled engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. We serve a crucial role in the engine aftermarket value chain, connecting engine original equipment manufacturers ("OEMs") with aircraft operators through our aftermarket services, maintaining longstanding relationships with both. We command a leading reputation that is based upon our strong track record of safety, reliability and operational performance built over our more than 100 years of successful operations in the aerospace aftermarket.
We are also one of the largest independent engine component repair platforms globally, providing services to commercial aerospace, military, land and marine and oil and gas end markets. We have made substantial investments in our Component Repair Services business, which provides attractive margins, significant growth opportunities and synergies with our Engine Services business.
OEM Authorizations and Licenses
OEMs grant certain participants in the engine and airframe services market authorizations or licenses to perform repair and overhaul services on the products they manufacture. OEMs maintain close commercial control of their authorized maintenance networks and in certain cases grant a limited number of authorizations or licenses. We hold exclusive or semi-exclusive licenses directly with the OEM as the only independent service provider in North America officially authorized to service a number of our platforms, including the Rolls-Royce RB211-535, AE 1107, AE 2100 and AE 3007, the Honeywell HTF7000, and the Safran Arriel, and were the first independent CFM International LEAP-1A and LEAP-1B Premier MRO service provider in the Americas.
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These contracts typically require us to pay an authorization fee to the relevant OEM and, in some cases, also require us to pay annual authorization fees and royalties or to fulfill other conditions set by the OEM. In the past, our OEM authorizations or licenses have been renewed or extended at their expiration.
Customers
For the year ended December 31, 2025, approximately 80% of our revenue was derived from customers with whom we have long-term agreements. Of our remaining transactional business, a significant portion stems from repeat customers.
We service approximately 5,000 customers globally, though we have historically derived, and may continue to derive, a significant portion of our revenue from a small number of customers. When all subsidiaries and divisions of a single parent are regarded as a single customer, for the years ended December 31, 2025, 2024 and 2023, our top four OEM customers accounted for approximately 36%, 41% and 43% of our revenue, respectively. See “Part I.