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HEICO (HEI) investor relations material
HEICO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Aug, 2025
Executive summary
Achieved record-setting Q3 and nine-month results, with net income up 30% to $177.3M for Q3 and 34% to $502.1M for the first nine months, and net sales up 16% to $1.15B for Q3 and 15% to $3.28B for the nine months, driven by strong organic growth and disciplined acquisitions.
Both Flight Support Group (FSG) and Electronic Technologies Group (ETG) delivered double-digit organic growth, supported by recent acquisitions.
Strong cash generation and liquidity, with a focus on organic growth and accretive acquisitions, positioning for continued market share gains.
Financial highlights
Q3 operating income rose 22% to $265.0M, with consolidated operating income for the nine months up 22% to $740.0M; Q3 EBITDA up 21% to $316.4M, and nine-month EBITDA up 20% to $888.1M.
Q3 diluted EPS was $1.26, up from $0.97; nine-month EPS was $3.57.
Gross profit margin improved to 39.7% for the nine months; Q3 operating margin improved to 23.1%.
Cash flow from operations rose 8% to $231.2M in Q3 and 37% to $638.9M for the nine months.
Net debt to EBITDA ratio improved to 1.9x; total debt to net income ratio improved to 3.81x.
Outlook and guidance
Management expects continued net sales growth in both segments, driven by organic demand and recent acquisitions, with strong cash flow and disciplined capital allocation.
Capital expenditures for fiscal 2025 projected at $65–$70M; effective annual tax rate projected at 19%-20%.
Sufficient liquidity is anticipated to fund operations and growth initiatives for at least the next twelve months.
What impacted ETG's Q3 operating margin?
What drove the improvement in HEICO's debt ratios?
What was the acquisition spending trend?
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Q4 202515 Dec, 2025
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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Frequently asked questions
A global defense giant
HEICO designs, manufactures, and sells aerospace, defense, and electronic-related products and services on a global scale. The company serves niche markets with highly engineered and reliable products. This being the catalyst, HEICO has been able to run its business with strong cash flow generation for a long time.
50,000 different parts in their portfolio
Their product portfolio is highly diversified, and the CEO, Laurans Mendelson stated in their recent Q4’22 Earnings Call that they manufacture over 50,000 different parts, and don’t want any particular product to stand out. He further said that if any one product would fail, nobody would even notice it.
The company operates mainly in two different business segments:
Flight Support Group: which consists of products that are found in the most demanding applications, such as aircraft, spacecraft and defense equipment. And the other one
Electronic Technologies Group: with niche electronic, electrooptical, microwave, and other components found in complex equipment within the aviation-, broadcasting-, defense-, and space industries. While little more than half of their revenue stems from the former segment, the latter is more profitable and accounts for most of the EBIT.
Some of the company’s peers include TransDigm Group, Moog Inc., Spirit AeroSystems Holdings Inc.
70 years of industry experience
HEICO has almost 70 years of industry experience, and its current management has been involved since 1990. The company has acquired more than 100 companies over the years without having any busts. They have only sold two businesses since inception – a showcase of their owning forever framework.
Another interesting fact from their recent call came from the Co-President - Eric Mendelson. He explained how some of HEICO’s subsidiaries were buying equipment that wasn’t going to impact any of the coming two years, but was going to impact the two/three years after. This long-term focus is something that HEICO is benefiting from – the result they present today is a result of decisions made 10, 20, and 30 years ago, he said.
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