# HEICO Corporation (HEI) Q3 2025 Financial Results Summary
**Release Date: August 25, 2025**
HEICO Corporation has reported significant growth in its Q3 2025 financial results, showcasing record levels across various metrics compared to the same quarter a year ago. The highlights of the report are summarized as follows:
## Key Financial Metrics
– **Net Income**:
– Increased 30% to **$177.3 million** from **$136.6 million** in Q3 2024.
– Earnings per diluted share rose to **$1.26** from **$0.97**.
– **Operating Income**:
– Up 22% to **$265.0 million** from **$216.4 million** in Q3 2024.
– Operating margin improved to **23.1%**, compared to **21.8%** in Q3 2024.
– **Net Sales**:
– Increased 16% to record **$1,147.6 million** from **$992.2 million** in Q3 2024.
– For the first nine months of fiscal 2025, net sales were **$3,275.6 million**, rising 15% from **$2,844.0 million** in the prior year.
– **EBITDA**:
– Grew by 21% to **$316.4 million** from **$261.4 million** in Q3 2024.
– For the first nine months, EBITDA increased 20% to **$888.1 million** from **$738.3 million**.
– **Cash Flow**:
– Cash flow from operating activities increased 8% to **$231.2 million** from **$214.0 million** in Q3 2024.
## Segment Performance
### Flight Support Group
– **Net Sales**:
– Increased by 18% to **$802.7 million**, from **$681.6 million** in Q3 2024.
– The first nine months saw a 17% increase to **$2,282.9 million** from **$1,947.6 million**.
– **Operating Income**:
– Up 29% to **$198.3 million** from **$153.6 million** in Q3 2024.
– Operating margin improved to **24.7%** compared to **22.5%**.
### Electronic Technologies Group
– **Net Sales**:
– Increased by 10% to **$355.9 million** from **$322.1 million** in Q3 2024.
– For the first nine months, net sales were up 11% to **$1,028.3 million** from **$927.4 million**.
– **Operating Income**:
– Increased 7% to **$81.0 million** from **$75.8 million** in Q3 2024.
– The first nine months’ operating income rose 14% to **$235.3 million** from **$206.4 million**.
## Financial Position
– **Debt Ratios**:
– **Total debt to net income attributable to HEICO**: 3.81x versus 4.34x as of October 31, 2024.
– **Net debt to EBITDA**: 1.90x compared to 2.06x from the same date.
– **Total Assets**:
– Increased to **$8,531.6 million** from **$7,592.8 million** as of October 31, 2024.
## Shareholder Returns
– HEICO Corporation has declared a cash dividend of **$31.97 million** for the quarter (up from **$29.07 million** in Q3 2024).
## Strategic Outlook
– The company continues to project strong growth across both of its segments, supported by ongoing demand for their products.
– Plans for **strategic acquisitions** remain a key part of HEICO’s strategy to enhance market share while maintaining a solid financial position.
This report reflects HEICO Corporation’s robust performance and strategic initiatives, which underscore its commitment to maximizing shareholder value. The consistently strong operational metrics indicate a favorable outlook for the upcoming quarters.
| Three Months Ended July 31, | 2025 | 2024 |
|---|---|---|
| Net sales | $1,147,591 | $992,246 |
| Cost of sales | 690,434 | 602,976 |
| Selling, general and administrative expenses | 192,138 | 172,824 |
| Operating income | 265,019 | 216,446 |
| Interest expense | -31,701 | -36,788 |
| Other income | 1,662 | 659 |
| Income before income taxes and noncontrolling interests | 234,980 | 180,317 |
| Income tax expense | 44,300 | 32,500 |
| Net income from consolidated operations | 190,680 | 147,817 |
| Less: Net income attributable to noncontrolling interests | 13,339 | 11,240 |
| Net income attributable to HEICO | $177,341 | $136,577 |
| Net income per share attributable to HEICO shareholders: Basic | $1.27 | $.99 |
| Diluted | $1.26 | $.97 |
| Weighted average number of common shares outstanding: Basic | 139,135 | 138,516 |
| Diluted | 140,950 | 140,305 |
| Operating segment information: Net sales: Flight Support Group | $802,661 | $681,626 |
| Electronic Technologies Group | 355,863 | 322,129 |
| Intersegment sales | -10,933 | -11,509 |
| Total | $1,147,591 | $992,246 |
| Operating income: Flight Support Group | $198,326 | $153,594 |
| Electronic Technologies Group | 80,998 | 75,788 |
| Other, primarily corporate | -14,305 | -12,936 |
| Total | $265,019 | $216,446 |
| Depreciation and amortization: Flight Support Group | $28,581 | $25,305 |
| Electronic Technologies Group | 20,297 | 18,300 |
| Other, primarily corporate | 889 | 705 |
| Total | $49,767 | $44,310 |
| July 31, 2025 | October 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $261,888 | $162,103 |
| Accounts receivable, net | 597,622 | 538,487 |
| Contract assets | 132,963 | 112,235 |
| Inventories, net | 1,310,393 | 1,170,949 |
| Prepaid expenses and other current assets | 83,161 | 78,518 |
| Total current assets | 2,386,027 | 2,062,292 |
| Property, plant and equipment, net | 437,635 | 339,034 |
| Goodwill | 3,646,106 | 3,380,295 |
| Intangible assets, net | 1,513,525 | 1,334,774 |
| Other assets | 548,330 | 476,427 |
| Total assets | $8,531,623 | $7,592,822 |
| Current maturities of long-term debt | $3,725 | $4,107 |
| Other current liabilities | 707,591 | 659,744 |
| Total current liabilities | 711,316 | 663,851 |
| Long-term debt, net of current maturities | 2,443,898 | 2,225,267 |
| Deferred income taxes | 127,097 | 114,156 |
| Other long-term liabilities | 599,272 | 525,986 |
| Total liabilities | 3,881,583 | 3,529,260 |
| Redeemable noncontrolling interests | 437,587 | 366,156 |
| Shareholders’ equity | 4,212,453 | 3,697,406 |
| Total liabilities and equity | $8,531,623 | $7,592,822 |
