AAR Corp. (AIR): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del mantenimiento y el soporte de la aviación, AAR Corp. (AIR) emerge como una potencia, cayendo sin problemas la brecha entre la tecnología aeroespacial de vanguardia y las necesidades operativas críticas de la misión. Con un modelo de negocio estratégico que abarca las aerolíneas comerciales, la defensa militar y los sectores de aviación global, AAR Corp. ofrece servicios integrales de mantenimiento, reparación y revisión que mantienen el avión del mundo volando de manera segura y eficiente. Su enfoque innovador combina experiencia técnica avanzada, extensas redes globales y un compromiso con soluciones rápidas y rentables que los distinguen en la industria aeroespacial altamente competitiva.

AAR Corp. (AIR) - Modelo de negocio: asociaciones clave

Asociaciones de Boeing y Airbus

AAR Corp. mantiene asociaciones estratégicas con Boeing y Airbus, proporcionando servicios críticos de mantenimiento, reparación y revisión (MRO).

Pareja	Valor de contrato	Tipo de servicio
Boeing	$ 287 millones	Reparación de componentes de aeronaves comerciales
Aerobús	$ 213 millones	Logística de piezas de aeronaves

Contratos del Departamento de Defensa de los Estados Unidos

AAR Corp. ofrece amplios servicios de apoyo de aviación a ramas militares.

• Valor total del contrato de defensa: $ 642 millones en 2023
• Servicios primarios: mantenimiento de aeronaves, suministro de piezas, soporte logístico
• Ramas militares servidas: Fuerza Aérea de los Estados Unidos, Armada, Ejército

Global Airlines MRO Partnerships

AAR Corp. colabora con aerolíneas internacionales para soluciones integrales de mantenimiento.

Región de la aerolínea	Número de asociaciones	Ingresos de servicio anuales
América del norte	27 aerolíneas	$ 412 millones
Europa	15 aerolíneas	$ 276 millones
Asia-Pacífico	12 aerolíneas	$ 198 millones

Fabricantes y proveedores de piezas de aviación

AAR Corp. mantiene relaciones estratégicas con fabricantes de piezas clave.

• Red total de proveedores: 87 proveedores globales
• Gasto anual de adquisiciones: $ 523 millones
• Categorías de componentes clave: aviónica, piezas del motor, componentes estructurales

AAR Corp. (AIR) - Modelo de negocio: actividades clave

Servicios de mantenimiento y reparación de aeronaves

AAR Corp. opera 4 instalaciones principales de mantenimiento, reparación y revisión (MRO) en todo Estados Unidos. La compañía ofrece servicios de mantenimiento para plataformas de aviones Boeing y Airbus.

Ubicación de la instalación	Tamaño (pies cuadrados)	Tipos de aeronaves principales atendidos
Miami, FL	300,000	Boeing 737, Airbus A320
Oklahoma City, OK	250,000	Avión de transporte militar
Rockford, IL	200,000	Jets comerciales y regionales
Windsor, CT	150,000	Servicios de reparación de componentes

Apoyo de la aviación militar y comercial

AAR ofrece servicios integrales de apoyo de aviación con $ 1.2 mil millones en contratos militares y gubernamentales anuales.

• Valor del Contrato del Departamento de Defensa de los Estados Unidos: $ 850 millones
• Contratos de apoyo militar internacional: $ 350 millones
• Programas de apoyo militar activo: 12 plataformas diferentes

Gestión de la cadena de suministro para componentes de aviación

AAR administra una red global de la cadena de suministro con más de 25,000 piezas de aviación únicas en el inventario.

Métrica de la cadena de suministro	Valor
Valor de inventario total	$ 475 millones
Centros de distribución globales	7
Transacciones de piezas anuales	185,000

Gestión de la flota y soluciones técnicas

AAR ofrece soluciones técnicas para operadores de aviación comerciales y militares con servicios de ingeniería especializados.

• Personal de ingeniería técnica: 350 profesionales
• Ingresos anuales de consultoría técnica: $ 175 millones
• Contratos de gestión de flotas activas: 42 aerolíneas

Distribución de piezas de la aeronave del mercado de accesorios

AAR opera una red integral de distribución de piezas del mercado de accesorios que atiende a los mercados globales de aviación.

Canal de distribución	Ingresos anuales
Partes de aviación comercial	$ 625 millones
Partes de aviación militar	$ 275 millones
Partes de aviación regionales/de cercanías	$ 100 millones

AAR Corp. (AIR) - Modelo de negocio: recursos clave

Extensa red de instalaciones de mantenimiento

AAR Corp. opera 70 instalaciones globales en América del Norte, que incluyen:

Tipo de ubicación	Número de instalaciones
Centros de revisión de reparación de mantenimiento (MRO)	20
Centros de distribución	50

Fuerza laboral aeroespacial hábil

Fuerza laboral total a partir de 2023: 6.200 empleados

• Técnicos aeroespaciales: 3.800
• Profesionales de ingeniería: 1.200
• Personal de gestión y apoyo: 1.200

Tecnologías avanzadas de diagnóstico y reparación

Inversión tecnológica en 2023: $ 42.3 millones

Categoría de tecnología	Monto de la inversión
Equipo de diagnóstico	$ 18.7 millones
Tecnologías de reparación	$ 23.6 millones

Inventario integral de piezas

Valor de inventario total a partir del cuarto trimestre 2023: $ 678.5 millones

• Inventario de componentes de la aeronave: $ 512.3 millones
• Inventario de piezas rotables: $ 166.2 millones

Relaciones de la industria

Asociaciones estratégicas y contratos a partir de 2023:

Tipo de socio	Número de asociaciones
Aerolíneas comerciales	37
Contratos militares	12
Clientes aeroespaciales internacionales	24

AAR Corp. (AIR) - Modelo de negocio: propuestas de valor

Soluciones integrales de mantenimiento de la aviación

AAR Corp. ofrece servicios de mantenimiento, reparación y revisión (MRO) de extremo a extremo para aviones comerciales y militares. A partir del año fiscal 2023, la compañía generó $ 2.17 mil millones en ingresos totales, con servicios de aviación que representan una parte significativa de su modelo de negocio.

Categoría de servicio	Contribución anual de ingresos
Servicios comerciales de MRO	$ 1.32 mil millones
Servicios de MRO gubernamentales/militares	$ 850 millones

Tiempos de respuesta rápidos para reparaciones de aviones

AAR Corp. mantiene un tiempo de mantenimiento de la aeronave líder en la industria del tiempo de respuesta de 5-7 días Para la mayoría de las plataformas de aviones comerciales.

• El tiempo de inactividad de mantenimiento promedio reducido en un 40% en comparación con el estándar de la industria
• Capacidades de soporte técnico 24/7
• Red de mantenimiento global con más de 70 instalaciones

Servicios MRO rentables

La compañía ofrece estrategias de precios competitivas con una reducción de costos promedio de 15-20% en comparación con los proveedores de servicios MRO tradicionales.

Métrica de eficiencia del servicio	Actuación
Ahorro de costos por ciclo de mantenimiento de la aeronave	$125,000 - $250,000
Mejora de la eficiencia operativa	Reducción del 22% en los gastos de mantenimiento

Soporte técnico confiable y de alta calidad

Aar Corp. mantiene un 99.7% de calificación de confiabilidad técnica en su cartera de servicios de mantenimiento.

• Sistema de gestión de calidad certificado ISO 9001: 2015
• Estaciones de mantenimiento aprobadas por la FAA y EASA
• Más de 2.500 profesionales técnicos

Estrategias de gestión de flotas personalizadas

AAR Corp. ofrece soluciones a medida de gestión de flotas para diversos sectores de aviación, que respalda a aproximadamente 250 clientes comerciales y militares a nivel mundial.

Segmento de clientes	Número de clientes
Aerolíneas comerciales	180
Agencias militares/gubernamentales	70

AAR Corp. (AIR) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo con aerolíneas

AAR Corp. mantiene más de 130 acuerdos de servicio activos a largo plazo con clientes de aviación comercial y militar a partir de 2023. La duración promedio del contrato es de 5 a 7 años con un valor total del contrato que varía entre $ 50 millones y $ 250 millones por acuerdo.

Tipo de contrato	Número de contratos	Duración promedio
Aerolíneas comerciales	87	6 años
Aviación militar	43	7 años

Equipos de soporte técnico dedicados

Aar Corp. emplea 325 profesionales especializados de soporte técnico En múltiples ubicaciones globales, proporcionando asistencia del cliente las 24 horas, los 7 días de la semana.

• Tiempo de respuesta promedio: 45 minutos
• Calificación de satisfacción del cliente: 92%
• Centros de soporte técnico: 5 ubicaciones internacionales

Consulta personalizada del cliente

AAR Corp. ofrece servicios de consulta personalizados con gerentes de cuentas dedicados para cada cliente principal, que admite aproximadamente 45 clientes clave de aviación.

Tipo de consulta	Frecuencia	Horas promedio por consulta
Planificación estratégica	Trimestral	4-6 horas
Revisión técnica	Mensual	2-3 horas

Acuerdos de mantenimiento basados ​​en el rendimiento

AAR Corp. ofrece contratos de mantenimiento basados ​​en el rendimiento con garantías financieras, que cubren 72 plataformas de aeronaves en sectores comerciales y militares.

• Disponibilidad garantizada de la aeronave: 98.5%
• Ahorro de costos para los clientes: hasta el 15% en comparación con los modelos de mantenimiento tradicionales
• Valor total de contratos basados ​​en el desempeño: $ 425 millones en 2023

Plataforma digital para seguimiento de servicios y comunicación

La plataforma digital patentada de AAR admite el seguimiento y la comunicación de mantenimiento en tiempo real para 215 relaciones activas de los clientes.

Característica de la plataforma	Capacidad	Tasa de adopción de usuarios
Seguimiento de mantenimiento en tiempo real	Actualizaciones instantáneas	87%
Alertas de mantenimiento predictivo	Predicciones con IA	73%

AAR Corp. (AIR) - Modelo de negocio: canales

Equipo de ventas directas

AAR Corp. mantiene una fuerza de ventas directa de 387 profesionales de ventas a partir del año fiscal 2023. La compensación total del equipo de ventas fue de $ 42.3 millones en 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	387
Compensación total del equipo de ventas	$ 42.3 millones
Productividad promedio de las ventas representativas	$ 3.2 millones por representante

Portal de servicio en línea

AAR Corp. opera una plataforma digital con 97.6% de tiempo de actividad y atiende a aproximadamente 1,245 clientes corporativos activos a través de su portal de servicio en línea.

• Transacciones de plataforma digital: 68,500 por mes
• Portal de servicios en línea Ingresos anuales: $ 124.7 millones
• Tasa de participación del cliente: 73.2%

Ferias y conferencias comerciales de la industria

AAR Corp. participó en 22 ferias comerciales de la industria en 2023, con gastos de exhibición totales de $ 3.6 millones.

Métrica de la feria comercial	2023 datos
Total de ferias comerciales a la que asistieron	22
Gastos de exhibición	$ 3.6 millones
Nuevos clientes potenciales generados	412

Redes de asociación estratégica

AAR Corp. mantiene 87 asociaciones estratégicas en los sectores aeroespaciales y de defensa, generando $ 276.5 millones en ingresos colaborativos en 2023.

• Socios estratégicos totales: 87
• Ingresos de la asociación: $ 276.5 millones
• Valor de asociación promedio: $ 3.18 millones

Representantes de servicios técnicos

AAR Corp. emplea a 215 representantes de servicios técnicos con un presupuesto total del equipo de servicio de $ 31.2 millones en 2023.

Métrico de servicio técnico	2023 datos
Representantes técnicos totales	215
Presupuesto del equipo de servicio técnico	$ 31.2 millones
Tiempo de respuesta al servicio promedio	2.7 horas

AAR Corp. (AIR) - Modelo de negocio: segmentos de clientes

Aerolíneas comerciales

AAR Corp. atiende a las principales aerolíneas comerciales con métricas de base de clientes específicas:

Tipo de cliente de la aerolínea	Número de clientes	Contribución anual de ingresos
Las principales aerolíneas de EE. UU.	12 portadores	$ 687.4 millones (2023)
Aerolíneas regionales	18 portadores	$ 213.6 millones (2023)

Organizaciones de defensa militar

AAR Corp. brinda apoyo crítico a los segmentos militares:

• Valor del contrato primario del Departamento de Defensa de EE. UU.: $ 342.5 millones (2023)
• Contratos de soporte de la Alianza de la OTAN: $ 89.7 millones (2023)

Transportistas regionales e internacionales

Región geográfica	Número de clientes de operadores	Valor anual del contrato
América del norte	22 portadores	$ 456.2 millones
Europa	14 portadores	$ 276.8 millones
Asia-Pacífico	9 portadores	$ 193.5 millones

Empresas de aviación privada

AAR Corp. Segmentos de clientes en aviación privada:

• Contratos de mantenimiento de jet corporativo: 47 clientes
• Ingresos totales de aviación privada: $ 112.3 millones (2023)

Departamentos de aviación del gobierno

Tipo de gobierno	Número de contratos	Valor de contrato
Administración Federal de Aviación	3 contratos principales	$ 76.5 millones
Departamentos de aviación a nivel estatal	12 contratos	$ 45.2 millones

AAR Corp. (AIR) - Modelo de negocio: Estructura de costos

Costos laborales para técnicos calificados

A partir del año fiscal 2023, AAR Corp. reportó gastos laborales totales de $ 626.4 millones. El desglose de los costos laborales incluye:

Categoría de empleado	Costo laboral anual
Técnicos calificados	$ 378.2 millones
Personal de ingeniería	$ 142.5 millones
Personal administrativo	$ 105.7 millones

Mantenimiento y operaciones de las instalaciones

Los gastos relacionados con las instalaciones para AAR Corp. en 2023 totalizaron $ 94.3 millones, que incluyeron:

• Arrendamiento de la instalación y costos de alquiler: $ 42.6 millones
• Servicios públicos y gastos de energía: $ 23.7 millones
• Mantenimiento y reparación: $ 28.0 millones

Inversiones de tecnología y equipos

Aar Corp. invirtió $ 87.6 millones en tecnología y equipo durante el año fiscal 2023, con la siguiente asignación:

Categoría de inversión	Gasto
Equipo de mantenimiento	$ 52.3 millones
Infraestructura de software e TI	$ 35.3 millones

Gestión de la cadena de suministro y el inventario

La cadena de suministro y los costos relacionados con el inventario para AAR Corp. en 2023 ascendieron a $ 215.8 millones, incluido:

• Adquisición de inventario: $ 156.4 millones
• Logística y transporte: $ 59.4 millones

Gastos de investigación y desarrollo

Aar Corp. asignó $ 45.2 millones A las actividades de investigación y desarrollo en el año fiscal 2023, centrado en:

• Tecnología de mantenimiento de la aviación: $ 28.6 millones
• Innovación aeroespacial: $ 16.6 millones

AAR Corp. (AIR) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de mantenimiento de aeronaves

Para el año fiscal 2023, AAR Corp. reportó ingresos por servicios de mantenimiento de $ 1.26 mil millones, lo que representa el 54.3% de los ingresos totales de la compañía.

Categoría de servicio	Ingresos anuales	Porcentaje de total
Mantenimiento comercial	$ 752 millones	32.5%
Mantenimiento militar	$ 508 millones	21.8%

Venta de piezas y componentes

AAR Corp. generó $ 416 millones a partir de ventas de piezas y componentes en el año fiscal 2023.

• Inventario de piezas del mercado de accesorios valorado en $ 285 millones
• Ventas de inventario excedente: $ 131 millones

Contratos de servicio a largo plazo

Los ingresos por contrato de servicio a largo plazo alcanzaron los $ 345 millones en 2023.

Tipo de contrato	Valor anual
Contratos de aerolíneas comerciales	$ 215 millones
Contratos de operadores regionales	$ 130 millones

Contratos de apoyo militar y gubernamental

Los ingresos por contratos militares y gubernamentales totalizaron $ 422 millones en el año fiscal 2023.

• Contratos del Departamento de Defensa de los Estados Unidos: $ 312 millones
• Contratos del gobierno internacional: $ 110 millones

Servicios de consultoría técnica

Los servicios de consultoría técnica generaron $ 87 millones en ingresos para el año fiscal 2023.

Servicio de consultoría	Ingresos anuales
Gestión de la flota de aeronaves	$ 52 millones
Servicios de asesoramiento técnico	$ 35 millones

AAR Corp. (AIR) - Canvas Business Model: Value Propositions

Independent, cost-effective alternative to OEM parts and services

• Parts Supply segment sales grew 14% in fiscal year 2025.
• Repair & Engineering (MRO) business revenue increased 38% in fiscal year 2025.
• Both Parts Supply and MRO segments landed gross margins at 19% for the full year 2025.
• The MRO segment has returned a Compound Annual Growth Rate of 12.5% over the past 20 years.

Comprehensive, end-to-end MRO and supply chain support globally

AAR Corp. has operations in over 20 countries globally. The Parts Supply segment was approximately 40% of consolidated sales in fiscal 2025. The Integrated Solutions segment, which includes supply chain logistics, was approximately 25% of sales in fiscal 2025. Sales to commercial customers represented 71% of total revenue in fiscal year 2025.

Segment	FY 2025 Sales Contribution (Approximate)	FY 2025 Growth Rate
Parts Supply	40%	14%
Repair & Engineering (MRO)	Not explicitly stated as a standalone percentage of sales	38%
Integrated Solutions	25%	8%

Digital transformation of maintenance via Trax software for efficiency

• Trax software revenue doubled to $50 million in fiscal year 2025.
• Trax gross margins exceed 70%.
• The Integrated Solutions segment, which includes Trax, had sales of $181.5 million in fiscal year 2025.
• The acquisition of Aerostrat, which expands Trax capabilities, was for $15 million plus up to $5 million contingent consideration.
• Aerostrat\'s flagship tool, Aerros, supports more than 5,000 aircraft.

Operational readiness and logistics support for military and government missions

Sales to global government and defense customers were $804.3 million, or 28.9% of consolidated sales, in fiscal 2025. AAR Corp. has several large, multi-year indefinite delivery contracts (IDVs) supporting government readiness:

Government Contract	Value	End Date
KC-46 Initial Spare Parts (IDV)	$1.89 billion	2027
F-16 Depot Maintenance Services (IDV)	$1.095 billion	2032
Landing Gear Performance-Based Logistics One	$909 million	Not explicitly stated
KC-46 Support Equipment (IDV)	$485 million	2033
F-16 Depot Repair and SLEP Overhaul	$365 million	2031

A new mobility solutions contract awarded in September 2025 has a total value of up to $85 million.

Fast access to critical parts through a vast distribution network

• Firm backlog as of May 31, 2025, was $537.2 million.
• New parts Distribution activities saw growth of over 20% in the fourth quarter of fiscal 2025.
• The Parts Supply segment grew sales by 14% in fiscal year 2025.

AAR Corp. (AIR) - Canvas Business Model: Customer Relationships

AAR Corp. structures its customer relationships to balance long-term, high-value government commitments with dynamic commercial aftermarket needs. The relationship model is highly segmented based on the customer type and the nature of the service provided.

Long-term, performance-based contracts, especially with government and large airlines form a bedrock of the Integrated Solutions and Expeditionary Services segments. For government customers, sales were substantial in fiscal 2025, reaching $804.3 million, which represented 28.9% of consolidated sales of $2.8 billion that year. Specifically, sales to U.S. government branches, agencies, and their contractors totaled $687.6 million, or 24.7% of consolidated sales in fiscal 2025. These relationships often manifest as multi-year, performance-based agreements, such as the ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS) that started in fiscal 2018. The U.S. Navy awarded AAR Corp. two multi-year contracts in fiscal 2025 to support the P-8A Poseidon aircraft. Furthermore, AAR Corp. secured several large indefinite delivery contracts (IDVs) with the U.S. Air Force, including a $1.095 billion contract for F-16 depot maintenance services extending through 2032. On the commercial side, AAR Corp. extended its exclusive agreement with FTAI Aviation for used serviceable material (USM) on the CFM56 engine platform through 2030.

The customer relationship for complex Maintenance, Repair, and Overhaul (MRO) programs is decidedly high-touch, consultative. The Repair & Engineering segment, which provides airframe MRO and component repair, accounted for 32% of sales in fiscal 2025. To meet growing demand, AAR Corp. expanded its physical footprint; for example, a new 114,000 square foot MRO facility in Miami was slated for October 2025 operation, designed to increase airframe MRO capacity by 33%. The company also invested up to $9.5 million to expand its Wellington facility by 100,000 square feet by April 2025.

For customers requiring integrated solutions, AAR Corp. deploys dedicated account management, often centered around software and logistics offerings. The Trax software solution, part of the Integrated Solutions segment (which was 25% of sales in fiscal 2025), generated revenue exceeding $50 million in fiscal year 2025. The company also acquired Aerostrat for a deal valued at $15 million plus up to $5 million contingent consideration in 2025 to bolster this integrated offering.

The transactional sales model is most evident in the Parts Supply segment, which is the largest contributor to revenue, making up approximately 40% of sales in fiscal 2025. This segment saw its new parts distribution business grow 25% organically in fiscal 2025. The company generally sells products and services under standard 30-day payment terms, though some customers negotiate extended terms of 60-90 days.

Digital self-service is facilitated through the PAARTSsm Store for parts ordering. While specific usage metrics for the PAARTSsm Store are not explicitly detailed, the overall Parts Supply segment demonstrated strong digital adoption, with new parts distribution leading the way with over 20-plus% growth in the fourth quarter of fiscal 2025.

The relationship structure across key customer types and associated financial scale in Fiscal Year 2025 is summarized below:

Customer Relationship Type	Primary Segment Focus	FY 2025 Sales Amount/Percentage	Key Contract/Metric Example
Long-term, Performance-Based Contracts	Integrated Solutions, Expeditionary Services	$804.3 million (Global Gov't & Defense Sales)	Ten-year DoS WASS contract; $1.095 billion F-16 IDIQ through 2032
High-touch, Consultative Approach	Repair & Engineering	32% of Consolidated Sales	33% airframe MRO capacity increase planned with new facility operational in October 2025
Transactional Sales Model	Parts Supply	40% of Consolidated Sales	New parts distribution grew 25% organically; standard payment terms are 30-day
Digital Self-Service	Parts Supply	New parts distribution had 20-plus% growth in Q4 FY2025	PAARTSsm Store supports this channel; Trax software revenue exceeded $50 million
Dedicated Account Management	Integrated Solutions	25% of Consolidated Sales	Acquisition of Aerostrat for $15 million plus up to $5 million contingent

Commercial customer sales, which often involve transactional parts ordering and MRO services, were $1,976.1 million, making up 71.1% of consolidated sales in fiscal 2025. In the first quarter of fiscal 2026 (ended August 31, 2025), commercial sales remained a significant portion at 71% of consolidated sales.

AAR Corp. (AIR) - Canvas Business Model: Channels

You're mapping out how AAR Corp. (AIR) gets its services and products to its customers as of late 2025. The channels are a mix of direct sales, physical infrastructure, and digital reach, which is key to understanding their market penetration.

Direct sales force targeting commercial airlines and defense organizations is a primary route, supported by a global footprint. AAR Corp. operates in over 20 countries and employed approximately 5,600 employees worldwide as of May 31, 2025. The revenue split clearly shows this channel mix:

Metric	FY 2025 Amount/Percentage
Consolidated Sales (FY 2025)	$2.8 billion
Sales to Commercial Customers (FY 2025)	71% of consolidated sales
Sales to Government & Defense Customers (FY 2025)	$804.3 million (28.9% of consolidated sales)
Sales to U.S. Government & Contractors (FY 2025)	$687.6 million (24.7% of consolidated sales)

The Parts Supply segment, which accounted for approximately 40% of sales in fiscal 2025, relies heavily on its distribution network.

Global network of parts distribution centers and warehouses supports the Parts Supply segment. The company has a headquarters and warehouse near Chicago's O'Hare International Airport. This channel is bolstered by strategic agreements, such as the new parts Distribution Supply Chain Alliance charter signed with the U.S. Defense Logistics Agency (DLA). Furthermore, a new multi-year defense distribution agreement makes AAR Corp. the exclusive distributor for AmSafe Bridport products for the KC-46 and C-40 platforms to the global defense and military aftermarket, including the DLA.

Airframe MRO facilities in North America and component repair sites worldwide form the physical backbone for the Repair & Engineering segment, which contributed 32% of sales in fiscal 2025. Significant capacity expansion is underway to serve this channel:

• New 114,000 square foot Airframe MRO facility in Miami, expected operational by October 2025, increasing Miami capacity by 33%.
• New Airframe MRO facility construction started in Oklahoma City, anticipated operational in January 2026, adding over 80,000 square feet.
• AAR Corp. currently has seven MRO facilities worldwide, augmented by the March 2024 acquisition of Triumph Group's Product Support business for component MRO capabilities.

Digital platforms, including the Trax software suite, are delivered through the Integrated Solutions segment, which made up 25% of sales in fiscal 2025. Trax is a cloud-based enterprise resource platform for the MRO industry.

• Integrated Solutions segment sales reached $181.5 million in 2025, a 10% growth.
• Trax achieved a $50M+ revenue milestone in fiscal 2025.
• The software supports approximately 5,000 aircraft across its customer base of airlines, MROs, and government operators.
• The shift to high-margin Software-as-a-Service (SaaS) models for Trax commands gross margins exceeding 70%.

Government contract vehicles for defense and foreign military sales provide structured access to the defense customer base. AAR Government Services Inc. utilizes several Indefinite Delivery/Indefinite Quantity (IDIQ) contracts to channel services and products:

• A $1.095 billion contract with the Air Force Materiel Command for F-16 depot maintenance services through 2032.
• A $1.89 billion contract with the Air Force Lifecycle Management Center for KC-46 initial spare parts through 2027.
• The Worldwide Logistics Support Services - Contractor Logistics Support (WLSS-C) Master IDIQ has a substantial shared ceiling of $25.5 billion.
• AAR was awarded an E-6B Mercury pilot training contract from the U.S. Navy through its joint venture with KIRA Aviation Services.

AAR Corp. (AIR) - Canvas Business Model: Customer Segments

You're looking at the core customer base for AAR Corp. as of late 2025, based on their latest reported figures. Honestly, the split is pretty clear: they are heavily weighted toward the commercial side, but the government work provides a solid, often long-term, foundation.

For the full fiscal year 2025, AAR Corp. reported consolidated sales of $2.8 billion. The split between commercial and government customers is a key indicator of where the day-to-day revenue engine is running.

The customer base is served through four operating segments, which gives us a good proxy for the revenue derived from different types of operators:

Business Segment	FY 2025 Sales Contribution	Primary Customer Focus Implied
Parts Supply	40%	Commercial Airlines, OEMs, Lessors
Repair & Engineering	32%	Commercial Airlines, Government/Defense
Integrated Solutions	25%	Commercial Airlines (Trax software), Government
Expeditionary Services	3%	Global Government and Defense organizations

Commercial Airlines, which include major, regional, and low-cost carriers, represent the largest portion of the business. For the full fiscal year 2025, sales to commercial customers made up 71% of consolidated sales. This segment drives the high volume in the Parts Supply segment, which accounted for 40% of total sales in FY2025.

Global Government and Defense organizations are a critical segment, evidenced by specific contract wins and segment contribution. Sales to government customers increased 15% in the first quarter of fiscal year 2026 over the same period last year. AAR Corp. is the exclusive distributor for KC-46 and C-40 platform parts for the United States Defense Logistics Agency (DLA), U.S. Armed Services, and foreign militaries, including the Japanese defense market, following a new agreement signed in August 2025. Furthermore, AAR remains the prime contractor on a ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS).

Original Equipment Manufacturers (OEMs) and other MRO providers interact with AAR Corp. primarily through the Parts Supply segment, where AAR has established formal distribution relationships with OEM suppliers. The Repair & Engineering segment also supports MRO activities for other providers. The Integrated Solutions segment, which includes the Trax software, is used by MROs; for example, Trax implementation was announced across the Delta TechOps line maintenance network.

The customer base also includes operators of fixed-wing and rotary aircraft globally. The Repair & Engineering segment supports airframe maintenance for Airbus, Boeing, and Embraer regional aircraft. The Expeditionary Services segment, which was 3% of FY2025 sales, supports the movement of equipment for military and humanitarian missions globally.

Aircraft Lessors and asset trading companies are served through the Parts Supply segment, which focuses on sales and leasing of used serviceable material (USM). The Integrated Solutions segment also supports fleet management for operators.

Here's a quick look at the government-facing activity:

• Ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS).
• Exclusive distribution for KC-46 and C-40 platform parts to the U.S. DLA and militaries.
• Repair & Engineering segment supports U.S. government defense agencies.

Finance: draft 13-week cash view by Friday.

AAR Corp. (AIR) - Canvas Business Model: Cost Structure

You're looking at the major outflows for AAR Corp. as of late 2025. The cost structure is heavily influenced by the integration of recent acquisitions and significant capital deployment into expanding MRO capacity. It's a mix of direct operational costs and fixed overheads that support their vertically integrated model.

Cost of Revenue (CoR) for parts procurement and MRO labor/materials

The Cost of Revenue directly reflects the expense of goods sold in the Parts Supply segment and the labor and materials consumed in the Repair & Engineering (MRO) segment. For the full fiscal year 2025, AAR Corp.'s revenue grew to $2.78 billion. Consequently, the Cost of Revenue also increased by 20% year-over-year, leading to gross profits of $527.7 million and landing gross margins at 19% for the year. This 19% gross margin is consistent across both the Parts Supply business and the MRO business as of the end of fiscal year 2025, though the Parts Supply segment has historically shown high topline growth rates.

Here's a look at the scale of the full fiscal year 2025 performance:

Metric	FY 2025 Amount	FY 2024 Comparison
Consolidated Sales	$2.8 billion	Increased 20% over FY2024
Cost of Revenue Change	Increased 20%	N/A
Gross Profit	$527.7 million	Grew 19%
Gross Margin	19%	N/A

Significant investment in new MRO facility expansions (Miami, Oklahoma City)

AAR Corp. has been actively investing capital to increase MRO capacity, which is necessary because most existing hangars were at near capacity. Management estimated these two new facilities would increase capacity by 15% once fully operational.

The Miami Airframe MRO facility, a 114,000-square-foot expansion, was scheduled to be operational in October 2025 and is expected to increase Miami capacity by 33%. Miami-Dade County committed to reimbursing the anticipated $50 million needed for construction. The Oklahoma City expansion, which broke ground earlier, is designed to add 80,000+ square feet of hangar and warehouse space and was expected to be operational in January 2026. Funding for the Oklahoma City project involved a grant and rent concessions from the airport.

These investments represent significant near-term capital costs, though the Miami reimbursement offsets a portion of the construction expense.

Selling, General, and Administrative (SG&A) expenses, including software development

SG&A expenses are the overhead costs not directly tied to producing a part or performing a specific maintenance task. For the first quarter of fiscal year 2026 (the quarter ended August 31, 2025), SG&A was $71.2 million. This was an improvement from the $75.9 million reported in the first quarter of fiscal year 2025.

The Trax software solution is a component of the Integrated Solutions segment, and while it contributes to revenue, specific software development costs within SG&A aren't itemized separately in the readily available reports. However, the company noted meaningful contributions from Trax in Q1 FY2025.

• Q1 FY2026 SG&A: $71.2 million
• Q4 FY2025 SG&A: $77.4 million
• Q1 FY2025 SG&A: $75.9 million
• Acquisition, amortization, and integration expenses were $4.4 million in Q1 FY2026, down from $7.1 million in Q1 FY2025.

Interest expense on debt, which increased due to the Product Support acquisition

The debt load increased significantly to fund the Product Support acquisition, which is clearly reflected in the higher interest expense compared to the prior year. Net interest expense hovered around $18 million per quarter in the first half of fiscal year 2025, for example, $18.3 million in Q1 FY2025 and $18.8 million in Q2 FY2025. By the end of the fiscal year, AAR Corp. had reduced its net debt from 3.58x leverage post-acquisition down to 2.72x as of May 31, 2025. As of August 31, 2025, net debt stood at $950.0 million, with net leverage at 2.82x.

It's clear they are prioritizing debt repayment, but the cost of servicing that debt remains a substantial fixed expense.

Logistics and transportation costs for a global supply chain

While a specific line item for logistics and transportation costs isn't explicitly detailed, the scale of the Parts Supply segment indicates massive associated costs for inventory management, warehousing, and global movement of materials. The Parts Supply business saw 14% growth in fiscal year 2025 sales. More recently, in the first quarter of fiscal year 2026, the Parts Supply segment saw organic growth of 27%, driving the need for continued investment in inventory to support that demand. The company also secured a new parts Distribution Supply Chain Alliance charter with the U.S. Defense Logistics Agency (DLA) in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

AAR Corp. (AIR) - Canvas Business Model: Revenue Streams

You're looking at the core ways AAR Corp. brings in cash as of late 2025, and it's a mix of physical goods, hands-on work, and digital services. The total consolidated sales for Fiscal Year 2025 hit a record $2.8 billion.

The bulk of this revenue comes from three main buckets, based on the structure we're using for this canvas view. Sales of aircraft parts and components, which maps to the Parts Supply segment, accounted for approximately 40% of that total. Then, you have the service fees generated from Maintenance, Repair, and Overhaul (MRO) activities, falling under Repair & Engineering, which brought in 32% of the year's sales.

Contract revenue tied to integrated logistics and fleet management, which aligns with the Integrated Solutions segment, represented 25% of the total revenue for the fiscal year. Honestly, this diversification is what helps AAR manage the cyclical nature of the commercial market. Here's the quick math on those primary streams:

Revenue Stream Category	FY2025 Sales Percentage	Calculated FY2025 Sales Amount
Sales of aircraft parts and components (Parts Supply)	40%	$1.12 billion
Service fees from MRO (Repair & Engineering)	32%	$896 million
Contract revenue (Integrated Solutions)	25%	$700 million

The shift toward higher-margin digital offerings is a key strategic move, and that shows up clearly in the software revenue line. This stream is becoming increasingly important for AAR Corp. as they pivot toward more recurring revenue models.

• Software licensing and subscription fees for Trax MRO solutions generated $50 million in revenue in Fiscal Year 2025, which was double the prior year's amount.
• This software revenue is part of the Integrated Solutions segment, which saw its total sales grow to $181.5 million in 2025.
• The company is aiming for gross margins exceeding 70% on these software-as-a-service (SaaS) models.

To be fair, the $2.8 billion total sales figure for Fiscal Year 2025 includes all recognized revenue, and the specific segment reporting might allocate the Trax software revenue differently than this canvas breakdown suggests, but the $50 million for Trax is a concrete number for that specific stream. Finance: draft 13-week cash view by Friday.