AAR CORP 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended November 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File Number:1-6263 AAR CORP. (Exact name of registrant as specified in its charter) 36-2334820 Delaware (630) 227-2000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of November 30, 2025 there were 39,572,508 shares of the registrant’s Common Stock, $1.00 par value per share, outstanding. AAR CORP. and SubsidiariesQuarterly Report on Form 10-QFor the Quarter Ended November 30, 2025Table of Contents PartI — FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations5Condensed Consolidated Statements of Comprehensive Income (Loss)6Condensed Consolidated Statements of Cash Flows7Condensed Consolidated Statements of Changes in Equity8Notes to Condensed Consolidated Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3.Quantitative and Qualitative Disclosures About Market Risk42Item 4. Controls and Procedures42 PartII — OTHER INFORMATIONItem 1.Legal ProceedingsItem1A.Risk FactorsItem 5. Other InformationItem 6. Exhibits ExhibitIndexSignatures PART I – FINANCIAL INFORMATION Item 1 – Financial Statements AAR CORP. and SubsidiariesCondensed Consolidated Balance SheetsAs of November 30, 2025 and May 31, 2025(In millions, except share data) ASSETS The accompanying Notes to Condensed Consolidated FinancialStatements are an integral part of these statements. AAR CORP. and SubsidiariesCondensed Consolidated Balance SheetsAs of November 30, 2025 and May 31, 2025(In millions, except share data) LIABILITIES AND EQUITY November30,May31,20252025(Unaudited)Current liabilities:Accounts payable$341.8$303.1Accrued liabilities252.4251.6Total current liabilities594.2554.7Long-term debt952.7968.0Lease liabilities91.679.6Deferred tax liabilities21.218.4Other liabilities21.612.31,087.11,078.3 AAR CORP. and SubsidiariesCondensed Consolidated Statements of OperationsFor the Three and Six Months EndedNovember30, 2025 and 2024(Unaudited)(In millions, except share data) AAR CORP. and SubsidiariesCondensed Consolidated Statements of Comprehensive Income (Loss)For the Three and Six Months EndedNovember30, 2025 and 2024(Unaudited)(In millions) AAR CORP. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the Six Months EndedNovember30, 2025 and 2024(Unaudited)(In millions) AAR CORP. and SubsidiariesCondensed Consolidated Statements of Changes in EquityFor the Three and Six Months EndedNovember30, 2025 and 2024(Unaudited)(In millions) AAR CORP. and SubsidiariesNotes to Condensed Consolidated Financial StatementsNovember 30, 2025(Unaudited)(Dollars in millions, except per share amounts) 1. Basis of Presentation AAR CORP. and its subsidiaries are referred to herein collectively as “AAR,” “Company,” “we,” “us,” or“our,” unless the context indicates otherwise. The accompanying Condensed Consolidated Financial Statementsinclude the accounts of AAR and its subsidiaries after elimination of intercompany accounts and transactions. We have prepared these statements without audit, pursuant to the rulesand regulations of the U.S. Securitiesand Exchange Commi