AAR Corp. (AIR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la maintenance et du soutien de l'aviation, Aar Corp. (AIR) émerge comme une centrale électrique, comblant parfaitement l'écart entre la technologie aérospatiale de pointe et les besoins opérationnels critiques. Avec un modèle commercial stratégique qui s'étend sur les compagnies aériennes commerciales, la défense militaire et les secteurs mondiaux de l'aviation, AAR Corp. fournit des services de maintenance, de réparation et de révision complets qui maintiennent les avions du monde en toute sécurité et efficacement. Leur approche innovante combine une expertise technique avancée, de vastes réseaux mondiaux et un engagement envers des solutions rapides et rentables qui les distinguent dans l'industrie aérospatiale hautement compétitive.

AAR Corp. (AIR) - Modèle commercial: partenariats clés

Partenariats Boeing et Airbus

AAR Corp. maintient des partenariats stratégiques avec Boeing et Airbus, fournissant des services de maintenance, de réparation et de refonte critiques (MRO).

Partenaire	Valeur du contrat	Type de service
Boeing	287 millions de dollars	Réparation de composants d'aéronefs commerciaux
Airbus	213 millions de dollars	Logistique des pièces de l'avion

Contrats du ministère américain de la Défense

AAR Corp. fournit de vastes services de soutien aérien aux succursales militaires.

• Valeur du contrat de défense total: 642 millions de dollars en 2023
• Services primaires: Maintenance des avions, fourniture de pièces, support logistique
• Branches militaires servies: U.S.Air Force, Marine, Armée

Partenariats Global Airlines MRO

AAR Corp. collabore avec International Airlines pour des solutions de maintenance complètes.

Région des compagnies aériennes	Nombre de partenariats	Revenus de services annuels
Amérique du Nord	27 compagnies aériennes	412 millions de dollars
Europe	15 compagnies aériennes	276 millions de dollars
Asie-Pacifique	12 compagnies aériennes	198 millions de dollars

Fabricants et fournisseurs de pièces d'aviation

AAR Corp. entretient des relations stratégiques avec les fabricants de pièces clés.

• Réseau total des fournisseurs: 87 fournisseurs mondiaux
• Dépenses d'achat annuelles: 523 millions de dollars
• Catégories de composants clés: avionique, pièces du moteur, composants structurels

AAR Corp. (AIR) - Modèle d'entreprise: activités clés

Services de maintenance et de réparation des avions

AAR Corp. exploite 4 installations de maintenance, de réparation et de révision (MRO) à travers les États-Unis. La société fournit des services de maintenance aux plates-formes d'avions Boeing et Airbus.

Emplacement de l'installation	Taille (sq. Ft.)	Types d'avions principaux desservis
Miami, FL	300,000	Boeing 737, Airbus A320
Oklahoma City, ok	250,000	Avions de transport militaire
Rockford, IL	200,000	Jets commerciaux et régionaux
Windsor, CT	150,000	Services de réparation des composants

Soutien de l'aviation militaire et commercial

L'AAR fournit des services complets de soutien à l'aviation avec 1,2 milliard de dollars de contrats militaires et gouvernementaux annuels.

• Valeur du contrat du ministère américain de la Défense: 850 millions de dollars
• Contrats de soutien militaire international: 350 millions de dollars
• Programmes de soutien militaire actifs: 12 plateformes différentes

Gestion de la chaîne d'approvisionnement pour les composants de l'aviation

L'AAR gère un réseau mondial de chaîne d'approvisionnement avec plus de 25 000 pièces d'aviation uniques dans l'inventaire.

Métrique de la chaîne d'approvisionnement	Valeur
Valeur d'inventaire total	475 millions de dollars
Centres de distribution mondiaux	7
Transactions de pièces annuelles	185,000

Gestion de la flotte et solutions techniques

L'AAR fournit des solutions techniques pour les opérateurs d'aviation commerciale et militaire avec des services d'ingénierie spécialisés.

• Personnel d'ingénierie technique: 350 professionnels
• Revenus de conseil technique annuel: 175 millions de dollars
• Contrats de gestion active de la flotte: 42 compagnies aériennes

Distribution des pièces des avions de rechange

L'AAR exploite un réseau de distribution de pièces de rechange complet desservant les marchés de l'aviation mondiale.

Canal de distribution	Revenus annuels
Parties d'aviation commerciale	625 millions de dollars
Parties d'aviation militaire	275 millions de dollars
Parties d'aviation régionales / de banlieue	100 millions de dollars

AAR Corp. (AIR) - Modèle d'entreprise: Ressources clés

Réseau étendu des installations de maintenance

AAR Corp. exploite 70 installations mondiales à travers l'Amérique du Nord, notamment:

Type d'emplacement	Nombre d'installations
Centres de révision de la réparation d'entretien (MRO)	20
Centres de distribution	50

Main-d'œuvre aérospatiale qualifiée

Total de la main-d'œuvre en 2023: 6 200 employés

• Techniciens aérospatiaux: 3 800
• Professionnels d'ingénierie: 1 200
• Personnel de gestion et de soutien: 1 200

Technologies de diagnostic et de réparation avancées

Investissement technologique en 2023: 42,3 millions de dollars

Catégorie de technologie	Montant d'investissement
Équipement de diagnostic	18,7 millions de dollars
Technologies de réparation	23,6 millions de dollars

Inventaire complet des pièces

Valeur d'inventaire totale au T2 2023: 678,5 millions de dollars

• Inventaire des composants d'avion: 512,3 millions de dollars
• Inventaire des pièces rotables: 166,2 millions de dollars

Relations de l'industrie

Partenariats stratégiques et contrats à partir de 2023:

Type de partenaire	Nombre de partenariats
Compagnies aériennes commerciales	37
Contrats militaires	12
Clients aérospatiaux internationaux	24

AAR Corp. (AIR) - Modèle d'entreprise: propositions de valeur

Solutions complètes de maintenance de l'aviation

AAR Corp. fournit des services de maintenance, de réparation et de révision de bout en bout (MRO) pour les avions commerciaux et militaires. Depuis l'exercice 2023, la société a généré 2,17 milliards de dollars de revenus totaux, les services d'aviation représentant une partie importante de leur modèle d'entreprise.

Catégorie de service	Contribution annuelle des revenus
Services MRO commerciaux	1,32 milliard de dollars
Services MRO gouvernementaux / militaires	850 millions de dollars

Temps de revirement rapides pour les réparations des avions

AAR Corp. maintient un délai d'exécution de maintenance des avions de pointe de l'industrie 5-7 jours pour la plupart des plates-formes d'avions commerciaux.

• Les temps d'arrêt de maintenance moyens réduits de 40% par rapport à la norme de l'industrie
• Capacités de support technique 24/7
• Réseau de maintenance mondiale avec plus de 70 installations

Services MRO rentables

L'entreprise propose des stratégies de tarification compétitives avec une réduction moyenne des coûts de 15-20% par rapport aux fournisseurs de services MRO traditionnels.

Métrique d'efficacité du service	Performance
Économies de coûts par cycle de maintenance des avions	$125,000 - $250,000
Amélioration de l'efficacité opérationnelle	Réduction de 22% des frais de maintenance

Support technique de haute qualité et fiable

Aar Corp. maintient un Évaluation de fiabilité technique de 99,7% à travers son portefeuille de services de maintenance.

• ISO 9001: Système de gestion de la qualité certifiée 2015
• Stations de maintenance approuvées par la FAA et l'EASA
• Plus de 2 500 professionnels techniques

Stratégies de gestion de la flotte personnalisées

AAR Corp. fournit des solutions de gestion de flotte sur mesure pour divers secteurs de l'aviation, soutenant environ 250 clients commerciaux et militaires dans le monde.

Segment de clientèle	Nombre de clients
Compagnies aériennes commerciales	180
Agences militaires / gouvernementales	70

AAR Corp. (AIR) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec les compagnies aériennes

AAR Corp. maintient plus de 130 accords de services à long terme actifs avec des clients de l'aviation commerciale et militaire en 2023. La durée moyenne du contrat est de 5 à 7 ans, la valeur totale du contrat variant entre 50 et 250 millions de dollars par accord.

Type de contrat	Nombre de contrats	Durée moyenne
Compagnies aériennes commerciales	87	6 ans
Aviation militaire	43	7 ans

Équipes de support technique dédiées

AAR Corp. emploie 325 professionnels du support technique spécialisés Sur plusieurs emplacements mondiaux, fournissant une assistance client 24/7.

• Temps de réponse moyen: 45 minutes
• Évaluation de satisfaction du client: 92%
• Centres de soutien technique: 5 emplacements internationaux

Consultation client personnalisée

AAR Corp. fournit des services de consultation personnalisés avec des gestionnaires de comptes dédiés pour chaque client majeur, soutenant environ 45 clients clés de l'aviation.

Type de consultation	Fréquence	Heures moyennes par consultation
Planification stratégique	Trimestriel	4-6 heures
Revue technique	Mensuel	2-3 heures

Accords de maintenance basés sur les performances

AAR Corp. propose des contrats de maintenance basés sur les performances avec des garanties financières, couvrant 72 plateformes d'avion dans les secteurs commerciaux et militaires.

• Disponibilité garantie des avions: 98,5%
• Économies de coûts pour les clients: jusqu'à 15% par rapport aux modèles de maintenance traditionnels
• Valeur totale des contrats basés sur la performance: 425 millions de dollars en 2023

Plateforme numérique pour le suivi des services et la communication

La plate-forme numérique propriétaire d'AAR prend en charge le suivi et la communication de maintenance en temps réel pour 215 relations clients actives.

Fonctionnalité de plate-forme	Capacité	Taux d'adoption des utilisateurs
Suivi de maintenance en temps réel	Mises à jour instantanées	87%
Alertes de maintenance prédictive	Prédictions alimentées par l'IA	73%

AAR Corp. (AIR) - Modèle d'entreprise: canaux

Équipe de vente directe

AAR Corp. maintient une force de vente directe de 387 professionnels de la vente à partir de 2023 exercices. La rémunération totale de l'équipe de vente était de 42,3 millions de dollars en 2023.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	387
Compensation totale de l'équipe de vente	42,3 millions de dollars
Productivité du représentant des ventes moyennes	3,2 millions de dollars par représentant

Portail de service en ligne

AAR Corp. exploite une plate-forme numérique avec 97,6% de disponibilité et dessert environ 1 245 clients d'entreprise actifs via son portail de service en ligne.

• Transactions de plate-forme numérique: 68 500 par mois
• Revenus annuels du portail de service en ligne: 124,7 millions de dollars
• Taux d'engagement client: 73,2%

Salons et conférences de l'industrie

AAR Corp. a participé à 22 salons de l'industrie en 2023, avec des frais d'exposition totaux de 3,6 millions de dollars.

Métrique du salon	2023 données
Les salons commerciaux totaux sont présents	22
Frais d'exposition	3,6 millions de dollars
Les nouveaux renomches commerciales générées	412

Réseaux de partenariat stratégiques

AAR Corp. maintient 87 partenariats stratégiques dans les secteurs de l'aérospatiale et de la défense, générant 276,5 millions de dollars de revenus collaboratifs en 2023.

• Partenaires stratégiques totaux: 87
• Revenus de partenariat: 276,5 millions de dollars
• Valeur du partenariat moyen: 3,18 millions de dollars

Représentants des services techniques

AAR Corp. emploie 215 représentants de services techniques avec un budget total d'équipe de service de 31,2 millions de dollars en 2023.

Métrique de service technique	2023 données
Représentants techniques totaux	215
Budget de l'équipe de services techniques	31,2 millions de dollars
Temps de réponse moyen du service	2,7 heures

AAR Corp. (AIR) - Modèle d'entreprise: segments de clientèle

Compagnies aériennes commerciales

AAR Corp. dessert les grandes compagnies aériennes commerciales avec des mesures de clientèle spécifiques:

Type de client aérien	Nombre de clients	Contribution annuelle des revenus
Principales compagnies aériennes américaines	12 transporteurs	687,4 millions de dollars (2023)
Compagnies aériennes régionales	18 transporteurs	213,6 millions de dollars (2023)

Organisations de défense militaire

AAR Corp. fournit un soutien critique aux segments militaires:

• Valeur du contrat primaire du ministère américain de la Défense: 342,5 millions de dollars (2023)
• Contrats de soutien à l'alliance de l'OTAN: 89,7 millions de dollars (2023)

Transporteurs régionaux et internationaux

Région géographique	Nombre de clients opérateurs	Valeur du contrat annuel
Amérique du Nord	22 transporteurs	456,2 millions de dollars
Europe	14 transporteurs	276,8 millions de dollars
Asie-Pacifique	9 transporteurs	193,5 millions de dollars

Sociétés d'aviation privée

Segments de clients AAR Corp. dans l'aviation privée:

• Contrats d'entretien de jet d'entreprise: 47 clients
• Revenu total de l'aviation privée: 112,3 millions de dollars (2023)

Services aéronautiques du gouvernement

Type de gouvernement	Nombre de contrats	Valeur du contrat
Administration fédérale de l'aviation	3 contrats primaires	76,5 millions de dollars
Services aéronautiques au niveau de l'État	12 contrats	45,2 millions de dollars

AAR Corp. (AIR) - Modèle d'entreprise: Structure des coûts

Coûts de main-d'œuvre pour les techniciens qualifiés

Depuis l'exercice 2023, AAR Corp. a déclaré des frais de main-d'œuvre totaux de 626,4 millions de dollars. La rupture des coûts de main-d'œuvre comprend:

Catégorie des employés	Coût annuel de la main-d'œuvre
Techniciens qualifiés	378,2 millions de dollars
Personnel d'ingénierie	142,5 millions de dollars
Personnel administratif	105,7 millions de dollars

Entretien et opérations des installations

Les dépenses liées aux installations pour AAR Corp. en 2023 ont totalisé 94,3 millions de dollars, notamment:

• Coûts de location et de location de l'installation: 42,6 millions de dollars
• Services publics et dépenses énergétiques: 23,7 millions de dollars
• Entretien et réparation: 28,0 millions de dollars

Investissements technologiques et équipements

AAR Corp. a investi 87,6 millions de dollars dans la technologie et l'équipement au cours de l'exercice 2023, avec l'allocation suivante:

Catégorie d'investissement	Dépense
Équipement d'entretien	52,3 millions de dollars
Logiciel et infrastructure informatique	35,3 millions de dollars

Chaîne d'approvisionnement et gestion des stocks

La chaîne d'approvisionnement et les coûts liés aux stocks pour Aar Corp. en 2023 se sont élevés à 215,8 millions de dollars, y compris:

• Inventaire des stocks: 156,4 millions de dollars
• Logistique et transport: 59,4 millions de dollars

Frais de recherche et de développement

AAR Corp. alloué 45,2 millions de dollars aux activités de recherche et développement au cours de l'exercice 2023, axée sur:

• Technologie de maintenance de l'aviation: 28,6 millions de dollars
• Innovation aérospatiale: 16,6 millions de dollars

AAR Corp. (AIR) - Modèle d'entreprise: Strots de revenus

Frais de service de maintenance des avions

Pour l'exercice 2023, AAR Corp. a déclaré des revenus des services de maintenance de 1,26 milliard de dollars, ce qui représente 54,3% du total des revenus de l'entreprise.

Catégorie de service	Revenus annuels	Pourcentage du total
Entretien commercial	752 millions de dollars	32.5%
Entretien militaire	508 millions de dollars	21.8%

Ventes de pièces et de composants

AAR Corp. a généré 416 millions de dollars à partir des ventes de pièces et de composants au cours de l'exercice 2023.

• Inventaire des pièces de rechange d'une valeur de 285 millions de dollars
• Ventes d'inventaire excédentaire: 131 millions de dollars

Contrats de service à long terme

Les revenus du contrat de service à long terme ont atteint 345 millions de dollars en 2023.

Type de contrat	Valeur annuelle
Contrats de compagnies aériennes commerciales	215 millions de dollars
Contrats de transport régional	130 millions de dollars

Contrats de soutien militaire et gouvernemental

Les revenus des contrats militaires et gouvernementaux ont totalisé 422 millions de dollars au cours de l'exercice 2023.

• Contrats du ministère américain de la Défense: 312 millions de dollars
• Contrats du gouvernement international: 110 millions de dollars

Services de conseil technique

Les services de conseil technique ont généré 87 millions de dollars de revenus pour l'exercice 2023.

Service de conseil	Revenus annuels
Gestion de la flotte d'avion	52 millions de dollars
Services de conseil technique	35 millions de dollars

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.