HEICO Corporation

heico.com

What Do They Do?

Sells Federal Aviation Administration-approved jet engine and aircraft component replacement parts and repairs aircraft components for airlines, repair firms and military operators. Makes electronic equipment for aviation, defense and other industries.

How Do They Make Money?

Customers buy aircraft parts, repair services and electronic products; some contracts run over time, and Flight Support contracts may include customer advance deposits.

revenue

Segment	Share	Revenue
Flight Support Group	70% FY2022: 57%
Electronic Technologies Group	32% FY2022: 44%
Corporate Segment	0.0%

Who Are Their Customers?

HEICO's in-house sales staff handle most sales and marketing, with some independent manufacturers’ representatives. It serves airlines and cargo carriers, repair and overhaul firms, and military agencies and defense contractors, among other customers.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 19 cents into free cash flow.

Operating income, FY2025

23% of revenue

▲ +24% vs FY2024 ($824.5M, 21%)

Net income, FY2025

15% of revenue

▲ +34% vs FY2024 ($514.1M, 13%)

Free cash flow, FY2025

19% of revenue

▲ +40% vs FY2024 ($614.1M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jul 31, 2026

Revenue: ▲ +23%; vs $1.1B in Q3 FY2025
Net income: ▲ +33%; vs $177.3M in Q3 FY2025

Flight Support Group share of revenue vs 69.9% in Q3 FY2025

Growing. Revenue grew 2.4x in 4 years, from $1.9B in FY2021 to $4.5B in FY2025, about 25% a year.

Revenue over time

Flight Support Group Electronic Technologies Group Corporate Segment

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with General Electric, Pratt & Whitney, and Rolls Royce

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