AIR T INCAIRT
AIR T INC Segments Disclosure
SEGMENT INFORMATION
Air T's portfolio of businesses are managed on a highly decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Air T views the business activities.
In fiscal year 2026, the Company introduced a new reportable segment named regional airline. This new segment includes all reportable activity as it relates to the operating business of Rex after its acquisition on December 18, 2025 as discussed in Note 2.
Air T's five reportable segments are as follows:
Reportable Segment | Principal Business Activities | |||||||
| Overnight Air Cargo | Overnight air cargo primarily operates under its relationship with FedEx spanning over 40 years and represent two of eight companies in the U.S. that have North American feeder airlines under contract with FedEx. MAC and CSA operate and maintain Cessna Caravan, Sky Courier, ATR-42 and ATR-72 aircraft that fly daily small-package cargo routes throughout the eastern U.S. and upper Midwest, and in the Caribbean. | |||||||
| Commercial Aircraft, Engines and Parts | The commercial aircraft, engines and parts segment manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines | |||||||
| Ground Support Equipment | Ground support equipment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers. | |||||||
| Digital Solutions | Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Prior to March 31, 2025, digital solutions operations were reported as part of the central corporate function referred to as Corporate and Other. | |||||||
| Regional Airline | The regional airline segment's primary operations focus on sustaining and growing essential regional passenger and cargo air connectivity. The segment consists of Regional Express Holdings Pty Ltd, which operates a fleet of Saab 340 aircraft that provide vital connections between Australia's regional centers and capital cities for its customers. | |||||||
The information that follows shows data of Air T's reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment eliminations are included to reconcile segment totals to consolidated amounts.
The cost and expense information presented below is based on the information regularly provided to the CODM. Further, asset information is not included in the information regularly provided to the CODM as they are not a key determining factor in the performance of the Company's reportable segments.
The Company also has a "Corporate and Other" category which includes unallocated Air T holding company costs that are not directly attributable to the ongoing operating activities of our reportable segments in addition to revenues and expenses for non-reportable operating segments.
Segment data is summarized in the following tables (in thousands):
| Year ended March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Overnight Air Cargo | Commercial Aircraft, Engines and Parts | Ground Support Equipment | Digital Solutions | Regional Airline | Total | ||||||||||||||||||||||||||||||
| Revenue from external customers | $ | 123,696 | $ | 86,919 | $ | 47,185 | $ | 9,081 | $ | 55,314 | $ | 322,195 | |||||||||||||||||||||||
| Intersegment revenue | 4,991 | 2,990 | — | 16 | — | 7,997 | |||||||||||||||||||||||||||||
| 128,687 | 89,909 | 47,185 | 9,097 | 55,314 | 330,192 | ||||||||||||||||||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||||||||||||||
| Other revenue1 | 5,074 | ||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenue2 | (8,176) | ||||||||||||||||||||||||||||||||||
| Total consolidated revenue | $ | 327,090 | |||||||||||||||||||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||||||||||||||
| Cost of sales from external sources | 104,100 | 61,579 | 36,726 | 3,589 | 44,878 | ||||||||||||||||||||||||||||||
| Intersegment cost of sales | 4,992 | 3,329 | — | 14 | 138 | ||||||||||||||||||||||||||||||
| 109,092 | 64,908 | 36,726 | 3,603 | 45,016 | |||||||||||||||||||||||||||||||
| Less:3 | |||||||||||||||||||||||||||||||||||
| General and administrative | 12,842 | 25,066 | 6,209 | 5,922 | 15,476 | ||||||||||||||||||||||||||||||
| Gain from sale of aircraft | — | (7,034) | — | — | — | ||||||||||||||||||||||||||||||
| Other segment items4 | 564 | 738 | 140 | 851 | 9,058 | ||||||||||||||||||||||||||||||
| Segment profit (loss) | 6,189 | 6,231 | 4,110 | (1,279) | (14,236) | 1,015 | |||||||||||||||||||||||||||||
| Reconciliation of profit (loss) | |||||||||||||||||||||||||||||||||||
Other revenue1 | 5,074 | ||||||||||||||||||||||||||||||||||
Other cost of sales1 | (1,935) | ||||||||||||||||||||||||||||||||||
Other expenses1 | (4,501) | ||||||||||||||||||||||||||||||||||
| Interest expense | (12,040) | ||||||||||||||||||||||||||||||||||
| Income from equity method investments | (1,740) | ||||||||||||||||||||||||||||||||||
| Gain on bargain purchase | 111,190 | ||||||||||||||||||||||||||||||||||
| Other non-operating expense5 | (193) | ||||||||||||||||||||||||||||||||||
| Other corporate expenses | (12,077) | ||||||||||||||||||||||||||||||||||
| Elimination of intersegment profits | 1,227 | ||||||||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 86,020 | |||||||||||||||||||||||||||||||||
| Year ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
| Overnight Air Cargo | Commercial Aircraft, Engines and Parts | Ground Support Equipment | Digital Solutions | Regional Airline | Total | ||||||||||||||||||||||||||||||
| Revenue from external customers | $ | 124,031 | $ | 118,215 | $ | 38,940 | $ | 7,268 | $ | — | $ | 288,454 | |||||||||||||||||||||||
| Intersegment revenue | 880 | 1,197 | — | — | — | 2,077 | |||||||||||||||||||||||||||||
| 124,911 | 119,412 | 38,940 | 7,268 | — | 290,531 | ||||||||||||||||||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||||||||||||||
| Other revenue1 | 3,570 | ||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenue2 | (2,251) | ||||||||||||||||||||||||||||||||||
| Total consolidated revenue | $ | 291,850 | |||||||||||||||||||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||||||||||||||
| Cost of sales from external sources | 104,760 | 84,896 | 33,994 | 2,462 | — | ||||||||||||||||||||||||||||||
| Intersegment cost of sales | 911 | 1,323 | — | — | — | ||||||||||||||||||||||||||||||
| 105,671 | 86,219 | 33,994 | 2,462 | — | |||||||||||||||||||||||||||||||
| Less:3 | |||||||||||||||||||||||||||||||||||
| General and administrative | 12,531 | 24,113 | 5,888 | 5,078 | — | ||||||||||||||||||||||||||||||
| Other segment items4 | 489 | 2,583 | 268 | 792 | — | ||||||||||||||||||||||||||||||
| Segment profit (loss) | 6,220 | 6,497 | (1,210) | (1,064) | — | 10,443 | |||||||||||||||||||||||||||||
| Reconciliation of profit (loss) | |||||||||||||||||||||||||||||||||||
Other revenue1 | 3,570 | ||||||||||||||||||||||||||||||||||
Other cost of sales1 | (1,191) | ||||||||||||||||||||||||||||||||||
Other expenses1 | (3,930) | ||||||||||||||||||||||||||||||||||
| Interest expense | (8,387) | ||||||||||||||||||||||||||||||||||
| Income from equity method investments | 1,700 | ||||||||||||||||||||||||||||||||||
| Other non-operating expense | (209) | ||||||||||||||||||||||||||||||||||
| Other corporate expenses5 | (7,878) | ||||||||||||||||||||||||||||||||||
| Elimination of intersegment profits | 894 | ||||||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (4,988) | |||||||||||||||||||||||||||||||||
| Year ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Overnight Air Cargo | Commercial Aircraft, Engines and Parts | Ground Support Equipment | Digital Solutions | Regional Airline | Total Reportable Segments | Corporate and other | Total | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 564 | $ | 1,404 | $ | 140 | $ | 851 | $ | 8,808 | $ | 11,767 | $ | 573 | $ | 12,340 | |||||||||||||||||||||||||||||||
| Capital Expenditures | 460 | 580 | 91 | — | 14,972 | 16,103 | 380 | 16,483 | |||||||||||||||||||||||||||||||||||||||
| Year ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Overnight Air Cargo | Commercial Aircraft, Engines and Parts | Ground Support Equipment | Digital Solutions | Regional Airline | Total Reportable Segments | Corporate and other | Total | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 489 | $ | 2,148 | $ | 268 | $ | 792 | $ | — | $ | 3,697 | $ | 659 | $ | 4,356 | |||||||||||||||||||||||||||||||
| Capital Expenditures | 418 | 14,911 | 217 | 36 | — | 15,582 | 97 | 15,679 | |||||||||||||||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 29, 2026 | Showing above |
| 2025 | Jun 27, 2025 | |
| 2024 | Jun 26, 2024 | |
| 2023 | Jun 27, 2023 | |
| 2022 | Jun 28, 2022 | |
| 2021 | Jun 25, 2021 | |
| 2020 | Jun 26, 2020 | |
| 2019 | Jun 28, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.