Short answer
ASTRONICS CORP (ATRO) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $862M (+8.4% year over year) and net income of $29M.
- Top risk flagged: Legal risk: Patent infringement suit by Lufthansa Technik AG, with probable losses anticipated from rulings to date
FY2025 key financial metrics · XBRL
- Revenue
- $862M
- +8.4% YoY
- Net income
- $29M
- +281.1% YoY
- Operating margin
- 8.9%
- +5.5 pp YoY
- Gross margin
- 29.9%
- +8.8 pp YoY
- EPS (diluted)
- $0.81
- +276.1% YoY
- ROE
- 21.0%
- +27.3 pp YoY
- Operating cash flow
- $75M
- +144.7% YoY
Source: XBRL data from the ASTRONICS CORP (ATRO) FY2025 10-K on SEC EDGAR. USD.
ASTRONICS CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: advanced aerospace and defense electrical power, lighting, avionics, certification, aircraft structures, and automated test systems
- New acquisitions: Envoy Aerospace ($8.3M, FAA ODA services) and Bühler Motor Aviation ($18M, aircraft seat actuation systems) added to Aerospace segment in 2025
- Strategic shift: Replacement of $220M asset-based credit facility with $300M senior secured cash flow-based revolving credit facility in October 2025
- Quantitative metric: consolidated backlog increased 12.5% to $674.5M at Dec 31, 2025 from $599.2M in prior year
- Noteworthy fact: repurchased 80% ($132M) of 5.5% Convertible Senior Notes due 2030 during Q3 2025, retaining $33M outstanding
Management Discussion & Analysis
- Revenue $862.1M in 2025, up 8.4% YoY from $795.4M; Aerospace segment sales $797.3M up 12.8%, Test Systems sales down $23.9M
- Gross margin 29.9% in 2025 vs 27.7% in 2024; Aerospace segment operating margin 14.2% vs 8.8%
- Best segment Aerospace: operating profit $113.2M on $797.3M sales; worst Test Systems segment: sales decline of $23.9M
- Net income $29.4M vs net loss $16.2M in prior year; interest expense down 42.9% to $12.6M; $32.6M debt settlement loss recorded
- Bookings increased 14.4% to $924.4M; backlog $674.5M end 2025; management cites production ramp, supply challenges, and geopolitical risks impacting outlook
Risk Factors
- Legal risk: Patent infringement suit by Lufthansa Technik AG, with probable losses anticipated from rulings to date
- Macroeconomic threat: Boeing sales concentration ~10.4% in 2025, key customer dependency risks revenue volatility
- Supply chain vulnerability: AI-driven demand pressures on critical components risk manufacturing delays and increased costs
- Competitive risk: Competitors' advances in generative AI technology may undermine Astronics’ product competitiveness
- Financial risk: Fixed-price contracts dominate sales, exposing Astronics to cost overruns and potential net earnings losses
Generated from the filing text; verify against the original. How to read a 10-K
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