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HEICO (HEI) investor relations material
HEICO Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Dec, 2025
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.
Why did ETG's Q4 operating margin decline?
What is the primary driver of FSG's sustained sales growth?
How did debt ratios improve in fiscal 2025?
M&A leverage comfort for large deals
FSG margin drivers and future expansion pace
New "white space" adjacencies beyond core aerospace
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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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