AeroVironment Inc Leases Disclosure
12. Leases
The components of lease costs recorded in cost of sales and SG&A expense were as follows (in thousands):
Year Ended | Year Ended | |||||
April 30, | April 30, | |||||
| 2026 | 2025 | ||||
Operating lease cost | $ | 25,426 | $ | 10,163 | ||
Short term lease cost | 1,442 | 822 | ||||
Variable lease cost | 3,880 | 1,627 | ||||
Sublease income | — | — | ||||
Total lease costs, net | $ | 30,748 | $ | 12,612 | ||
Supplemental lease information was as follows:
Year Ended | Year Ended | |||||
April 30, | April 30, | |||||
| 2026 | 2025 | ||||
(In thousands) | (In thousands) | |||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 23,708 | $ | 10,229 | ||
Right-of-use assets obtained in exchange for new lease liabilities | $ | 6,699 | $ | 10,099 | ||
Weighted average remaining lease term | 71 months | 48 months | ||||
Weighted average discount rate | 6.7% | 5.4% | ||||
Maturities of operating lease liabilities as of April 30, 2026 were as follows (in thousands):
Fiscal Year | |||
2027 | $ | 23,263 | |
2028 |
| 25,143 | |
2029 |
| 22,449 | |
2030 |
| 17,597 | |
2031 |
| 11,803 | |
Thereafter | 34,089 | ||
Total lease payments | $ | 134,344 | |
Less: imputed interest | (28,522) | ||
Total present value of operating lease liabilities | $ | 105,822 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 29, 2026 | Showing above |
| 2025 | Jun 25, 2025 | |
| 2024 | Jun 27, 2024 | |
| 2023 | Jun 28, 2023 | |
| 2022 | Jun 29, 2022 | |
| 2021 | Jun 29, 2021 | |
| 2020 | Jun 24, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.