ASTRONICS (ATRO) Company Report

Astronics Corporation provided preliminary unaudited revenue and bookings for Q4 and full year 2025, along with its 2026 revenue outlook, expecting full year 2025 revenue of $795 million and 2026 revenue between $950 million and $990 million.
Preliminary full year 2025 bookings were $808.1 million, with backlog reaching $924.0 million.
The company completed two acquisitions in 2025: Envoy Aerospace in June and Bühler Motor Aviation in October, aimed at adding capabilities and expanding market share.
Astronics issued a $225 million 0.0% convertible note and secured a $300 million senior secured cash flow revolver, resulting in $169 million in total liquidity as of November 4, 2025.

Jan 14, 2026, 10:08 PM

8-K

Astronics Reports Preliminary 2025 Financials, Strategic Acquisitions, and Debt Refinancing

ATRO

Earnings

M&A

Debt Issuance

Astronics reported preliminary 2025 bookings of $924.0 million and backlog of $669.0 million as of January 8, 2026.
For Q3 2025, the company achieved Adjusted Diluted EPS of $0.49 and Adjusted EBITDA of $32.7 million with a 15.5% margin.
In 2025, Astronics completed two acquisitions: Envoy Aerospace in June for ~$8 million and Bühler Motor Aviation in October for ~$18 million, with the latter expected to contribute $20 million to $25 million in revenue in 2026.
The company issued a $225.0 million, 0% Convertible Note due January 15, 2031, with a capped call at $83.41, and repurchased 80% of its 5.5% 2030 Notes.
As of September 27, 2025, Astronics had $334.0 million in total debt and $169 million in total liquidity.

Jan 14, 2026, 1:00 PM

Presentation

Astronics Provides 2026 Revenue Guidance and Highlights Q4 2025 Performance

ATRO

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Astronics (ATRO) provided preliminary top-line guidance for 2026 of 10%-15% growth, following a preliminary Q4 2025 revenue of $230 million to $239 million, which was an all-time record for the company.
The company's backlog entering 2026 was $669 million, an all-time high on an annual basis, significantly up from pre-pandemic levels.
Key growth drivers include a resurgence in the commercial aerospace market, particularly in-flight entertainment and connectivity, and strong aircraft production rates from OEMs like Boeing and Airbus.
Significant defense programs, such as the FLIR (MV75) program, are expected to contribute approximately $40 million in 2026 and could see production ramp up earlier than planned. The test business also anticipates a $20 million add-on from a significant program in 2026.

Jan 14, 2026, 1:00 PM

Transcript

Astronics Corporation Provides 2026 Revenue Guidance and Highlights Key Growth Drivers

ATRO

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Astronics Corporation (ATRO) announced preliminary top-line guidance for 2026, projecting 10%-15% revenue growth.
The company reported preliminary revenue of approximately $860 million for 2025 and a record preliminary Q4 revenue of $236-$239 million.
Key growth drivers include a significant position on the FLRAA program, with $40 million anticipated in 2026 , and a test business program projected to increase that segment to over $100 million in 2026.
Astronics also highlighted its leadership in in-flight entertainment and connectivity, which accounts for half of its business , and its involvement in the emerging eVTOL and drone markets, expecting $5-$10 million from these in 2026.

Jan 14, 2026, 1:00 PM

Transcript

Astronics Highlights Q3 2025 Performance, Strategic Acquisitions, and Debt Refinancing

ATRO

M&A

Debt Issuance

New Projects/Investments

Astronics reported Adjusted Diluted EPS of $0.49 for Q3 2025 and $1.28 for the nine months ended September 27, 2025, with a preliminary backlog of ~$669 million for Q4 2025.
The company completed two tuck-in acquisitions in 2025: Envoy Aerospace in June for ~$8 million and Buhler Motor Aviation in October for ~$18 million, with Buhler expected to add $20 million to $25 million in revenue in 2026.
Astronics was selected for the U.S. Army Future Long-Range Assault Aircraft (FLRAA) program, a $70 billion program across its lifespan, with an expected ~$1 million shipset content per aircraft.
The company issued $225 million in 0% convertible notes due 2031 and repurchased 80% of its 5.5% 2030 Notes for $286 million, contributing to $169 million in total liquidity as of September 27, 2025.
Astronics expects to be Free Cash Flow positive for the year.

Jan 13, 2026, 1:00 PM

Presentation

Astronics Updates on Financial Performance, 2026 Outlook, and Capital Structure

ATRO

Guidance Update

Debt Issuance

New Projects/Investments

Astronics expects 2026 revenue between $950 million and $990 million, representing a 10%-15% volume increase over 2025.
For Q4 2025, the company anticipates revenues of $236 million-$239 million and bookings of approximately $257 million, with a preliminary year-end backlog of $669 million.
In Q3 2025, adjusted net income rose by $7 million to $19.4 million (or $0.49 per diluted share), and consolidated adjusted EBITDA increased 21% to $32.7 million, representing 15.5% of sales.
The company refinanced a substantial portion of its 5.5% convertible bonds, repurchasing $132 million in principal and eliminating 5.8 million shares of potential dilution by issuing a new 0% convertible bond. Additionally, its revolving credit facility limit was increased to $300 million, providing $169 million in available liquidity as of early November.
Key growth drivers include the FLRAA aircraft program (over $1 million per aircraft) and a $215 million U.S. Army radio test program expected to begin production by the end of Q1 2026, which could add $25-$40 million in profitable business to the test segment.

Jan 13, 2026, 1:00 PM

Transcript

Astronics Provides Business and Financial Update at NEDM Growth Conference

ATRO

Guidance Update

Debt Issuance

New Projects/Investments

Astronics anticipates Q4 revenues between $236 million and $239 million and Q4 bookings of approximately $257 million, with a preliminary year-end backlog of $669 million. The company expects 2026 revenue to be between $950 million and $990 million, representing a 10%-15% increase over 2025.
The company's Aerospace segment (approximately 90% of volume) is benefiting from increasing aircraft production rates, with commercial aerospace representing 70% of total volume. The Test segment (approximately 10% of volume) is expected to see significant growth from a $215 million IDIQ U.S. Army radio test program (TS-4549/T), projected to add $25 million to $40 million in profitable business annually once production starts, anticipated by the end of Q1 2026.
Astronics completed a convertible bond refinancing, issuing $225 million in 0% interest convertible bonds to repurchase $132 million of its 5.5% convertible bonds. This action reduced the cost of debt and eliminated 5.8 million shares of potential dilution, with the effective conversion price for the new bonds set at $83.41 due to a capped call.
The company reported Q3 adjusted net income of $19.4 million or $0.49 per diluted share and consolidated adjusted EBITDA of $32.7 million, or 15.5% of sales. It generated $47 million in cash from operations and $27 million in free cash flow for the first nine months of the year, expecting to be free cash flow positive for 2025 despite $40 million to $50 million in CapEx.

Jan 13, 2026, 1:00 PM

Transcript

Astronics Provides Q4 2025 Expectations and FY 2026 Revenue Outlook at Needham Conference

ATRO

Guidance Update

Revenue Acceleration/Inflection

Debt Issuance

Astronics expects Q4 2025 revenue to be between $236 million and $239 million and Q4 2025 bookings to be approximately $257 million, contributing to a preliminary year-end backlog of $669 million.
The company projects full-year 2026 revenue to be in the range of $950 million to $990 million, representing a 10%-15% increase over 2025, driven by strong commercial aerospace recovery and increasing aircraft production rates.
Key growth initiatives include the FLRAA program, where Astronics provides the entire electrical distribution system with a content value of approximately $1 million per aircraft, and a $215 million IDIQ U.S. Army radio test program expected to add $25 million-$40 million in high production years to the test business.
Astronics recently refinanced a significant portion of its debt by issuing a $225 million 0% interest convertible bond to repurchase $132 million of its 5.5% convertible bond, reducing potential dilution by 5.8 million shares and lowering its cost of debt. The company reported $47 million in cash from operations and $27 million in free cash flow for the first nine months of the year.

Jan 13, 2026, 1:00 PM

Transcript

Astronics Corporation Announces Preliminary Q4 and Full-Year 2025 Revenue and 2026 Guidance

ATRO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Astronics Corporation reported preliminary unaudited fourth quarter 2025 revenue of approximately $236 million to $239 million.
Preliminary unaudited full-year 2025 revenue reached approximately $860 million, marking an 8% increase over 2024.
The company provided initial 2026 revenue guidance in the range of $950 million to $990 million, representing a projected increase of 10% to 15% over 2025.
Preliminary bookings for Q4 2025 were approximately $257 million, contributing to full-year orders of $924 million.

Jan 8, 2026, 2:03 PM

8-K

Astronics Announces Preliminary Q4 2025 Revenue and 2026 Guidance

ATRO

Guidance Update

Revenue Acceleration/Inflection

Earnings

Astronics Corporation reported preliminary unaudited fourth quarter 2025 revenue between $236 million and $239 million.
Preliminary unaudited full-year 2025 revenue was approximately $860 million, an 8% increase over 2024.
The company provided initial 2026 revenue guidance of $950 million to $990 million, which represents a 10% to 15% increase over 2025.
Preliminary bookings for the fourth quarter were approximately $257 million, contributing to full-year bookings of about $924 million.