HEICO (HEI) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $188.3M for Q4 2025, up 35% year-over-year, and $690.4M for FY 2025, up 34% year-over-year.

• Record net sales of $1.21B in Q4 2025, up 19% year-over-year, and $4.49B for FY 2025, up 16% year-over-year.

• Operating income reached $279.0M in Q4 2025, up 28% year-over-year, and $1.02B for FY 2025, up 24% year-over-year.

• Strong organic growth in both Flight Support and Electronic Technologies segments, supplemented by five acquisitions in FY 2025.

• Leadership transition noted with the passing of the long-time Chairman, but optimism and continuity in company culture and strategy emphasized.

Financial highlights

• Diluted EPS was $1.33 for Q4 2025 (up from $0.99) and $4.90 for FY 2025 (up from $3.67).

• EBITDA rose 26% to $331.4M in Q4 2025 and 22% to $1.22B for FY 2025.

• Cash flow from operations increased 44% to $295.3M in Q4 2025 and 39% to $934.3M for FY 2025.

• Net debt-to-EBITDA ratio improved to 1.6 from 2.06 year-over-year.

• 95th consecutive semiannual dividend declared, reflecting ongoing confidence in cash generation.

Outlook and guidance

• Anticipates continued net sales growth in both Flight Support and Electronic Technologies Groups for fiscal 2026, driven by organic demand and acquisitions.

• Maintains aspirational multi-year net income growth target of 15%-20%, supported by a strong acquisition pipeline and disciplined financial management.

• Expects robust acquisition activity to continue, with a healthy pipeline and financial flexibility to pursue strategic deals.

• Plans to pursue selective acquisitions to complement organic expansion.