Short answer
AeroVironment Inc (AVAV) filed its fiscal 2025 10-K annual report with the SEC on Jun 25, 2025. It reported revenue of $821M (+14.5% year over year) and net income of $44M.
- Top risk flagged: Executive order establishing DOGE to cut Pentagon spending may reduce DoD contract funding; DoD accounted for 35% of revenue in FY25
FY2025 key financial metrics · XBRL
- Revenue
- $821M
- +14.5% YoY
- Net income
- $44M
- −26.9% YoY
- Operating margin
- 5.0%
- −5.1 pp YoY
- Gross margin
- 38.8%
- −0.8 pp YoY
- EPS (diluted)
- $1.55
- −28.9% YoY
- ROE
- 4.9%
- −2.3 pp YoY
- Operating cash flow
- −$1M
- −108.6% YoY
Source: XBRL data from the AeroVironment Inc (AVAV) FY2025 10-K on SEC EDGAR. USD.
AeroVironment Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Design and manufacture of unmanned aircraft systems and related technologies
- Acquisition of BlueHalo completed May 1, 2025, expanding capabilities in advanced aerospace and defense technologies
- Strategic shift toward integrated defense solutions through merger, enhancing competitive positioning in government markets
- Employee count and R&D spend not detailed; emphasis on inorganic growth via acquisition
- Noteworthy merger agreement dated November 18, 2024, finalized in FY 2025, marking first major acquisition disclosed
Management Discussion & Analysis
- Revenue not explicitly stated, primary sources: UxS, LMS, HAPS products, mostly U.S. government and allied contracts
- Goodwill impairment charge $18.4M in fiscal 2025 related to UGV segment; previous $156.0M charge in fiscal 2023 for MUAS unit
- Management highlights long-term growth potential in DoD and allied markets; key risk includes program selection delays impacting goodwill valuation
Risk Factors
- Executive order establishing DOGE to cut Pentagon spending may reduce DoD contract funding; DoD accounted for 35% of revenue in FY25
- International sales 52% of revenue in FY25 exposed to export restrictions, currency fluctuations, and political instability impacting demand
- Scarcity of critical components risks manufacturing delays and delivery disruptions of UAS products
- Competition from Lockheed Martin, Boeing, Anduril, and others with greater resources could force lower contract payments and margin pressure
- Borrowings under credit facilities with restrictive covenants may constrain operating flexibility and increase financial risk
Generated from the filing text; verify against the original. How to read a 10-K
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