CAE (CAE) Company Report

Analyst Coverage

Research analysts who have asked questions during CAE earnings calls.

Cameron Doerksen

National Bank Financial

8 questions for CAE

Also covers: DOOO, TFII

Fadi Chamoun

BMO Capital Markets

8 questions for CAE

Also covers: CNI, CP, SAIA +2 more

Benoit Poirier

Desjardins Capital Markets

7 questions for CAE

Also covers: CNI, CP, DOOO +3 more

James McGarragle

RBC Capital Markets

7 questions for CAE

Also covers: ASTL

Konark Gupta

Scotiabank

7 questions for CAE

Also covers: CNI, CP, GFL +4 more

Kevin Chiang

CIBC Capital Markets

4 questions for CAE

Also covers: CNI, CP, GFL +5 more

Krista Friesen

CIBC

4 questions for CAE

Also covers: , RBA, SARO +1 more

Sheila Kahyaoglu

Jefferies

4 questions for CAE

Also covers: , AAL, AIR +36 more

Anthony Valentini

Goldman Sachs

3 questions for CAE

Also covers: AVAV, BETA, CME +4 more

Kristine Liwag

Morgan Stanley

3 questions for CAE

Also covers: , AER, AMTM +27 more

Christine Lang

Morgan Stanley

2 questions for CAE

Conor Walters

Jefferies

2 questions for CAE

Also covers: CACI, MRCY

Matthew Lee

Canaccord Genuity

2 questions for CAE

Also covers: BMO, BNS, CM +1 more

Tim James

TD Securities

2 questions for CAE

Also covers: FSV

Elie Salameh

Scotiabank

1 question for CAE

Greg Konrad

Jefferies Financial Group Inc.

1 question for CAE

Also covers: AVAV, CDRE, KTOS +5 more

Jordan Leonette

Bank of America

1 question for CAE

Jordan Lyonnais

Bank of America

1 question for CAE

Also covers: AIN, AXON, CDRE +10 more

Noah Poponak

Goldman Sachs

1 question for CAE

Also covers: AMTM, BA, CACI +22 more

Latest news

Recent press releases and 8-K filings for CAE.

CAE Reports Q3 2026 Results and Advances Transformation Plan

CAE

Earnings

Guidance Update

M&A

CAE reported Q3 2026 consolidated revenue of CAD 1.25 billion, up 2% year-over-year, and Adjusted EPS of CAD 0.34. The company achieved a net debt to Adjusted EBITDA ratio of 2.3 times, exceeding its fiscal year-end goal, and generated $411.3 million in free cash flow.
The company is advancing a multi-pronged transformation plan focusing on portfolio sharpening, capital discipline, and performance improvement. This includes exploring strategic alternatives for non-core assets representing approximately 8% of revenue across both civil and defense segments.
The Civil segment's Q3 2026 revenue decreased 5% year-over-year to CAD 717.2 million due to softer order activity and lower simulator sales and utilization. In contrast, the Defense segment's revenue increased 14% to CAD 534.9 million, with Adjusted Segment Operating Income up 38% to CAD 54 million, marking a 10.1% margin.
CAE plans to rationalize its civil training network by moving approximately 10% of deployed commercial airline simulators over the next 12 to 24 months. Full-year capital expenditures are now expected to be more than 10% lower than last year, with civil CapEx approximately 30% lower.
The outlook for the Defense segment has been increased, with adjusted segment operating income now expected to grow by more than 20% year-over-year, and an anticipated annual margin of approximately 8.5%.

Feb 13, 2026, 1:00 PM

Transcript

CAE Reports Q3 2026 Results, Initiates Transformation Plan

CAE

Earnings

Guidance Update

New Projects/Investments

CAE reported Q3 2026 consolidated revenue of CAD 1.25 billion, a 2% increase year-over-year, with Adjusted Segment Operating Income of CAD 195.8 million (up 3%) and Adjusted EPS of CAD 0.34.
The Civil segment experienced softer order activity and a 5% decrease in revenue to CAD 717.2 million, with training center utilization at 71%. Conversely, the Defense segment had a stronger quarter, with revenue increasing 14% to CAD 534.9 million and Adjusted Segment Operating Income rising 38% to CAD 54 million, achieving a 10.1% margin.
CAE is implementing a multi-pronged transformation plan, which includes exploring strategic alternatives for non-core assets representing approximately 8% of revenue and rationalizing approximately 10% of deployed commercial airline simulators. This plan is expected to take 12 to 24 months to execute and may result in near-term revenue impact.
The company achieved its full-year deleveraging target ahead of schedule, with a net debt to Adjusted EBITDA ratio of 2.3 times at the end of the quarter. Full-year capital expenditures are now expected to be more than 10% lower than last year.

Feb 13, 2026, 1:00 PM

Transcript

CAE Reports Q3 2026 Results with Strong Defense Performance and Transformation Progress

CAE

Earnings

Guidance Update

Demand Weakening

CAE reported Q3 2026 consolidated revenue of CAD 1.25 billion, a 2% increase year-over-year, and Adjusted EPS of CAD 0.34.
The company generated $411.3 million in free cash flow and achieved a net debt to Adjusted EBITDA ratio of 2.3 times by the end of Q3 2026, surpassing its fiscal year-end target.
The Defense segment's revenue grew 14% year-over-year to CAD 534.9 million, with Adjusted Segment Operating Income increasing 38% to CAD 54 million, resulting in a 10.1% margin. CAE now anticipates defense-adjusted segment operating income to grow by more than 20% year-over-year for the full year, with an annual margin of approximately 8.5%.
The Civil segment's revenue decreased 5% to CAD 717.2 million, and Adjusted operating income fell 6% to CAD 141.8 million, with training center utilization at 71%.
As part of its transformation plan, CAE is exploring strategic alternatives for non-core assets representing approximately 8% of revenue and intends to rationalize its civil training network by moving approximately 10% of deployed commercial airline simulators over 12 to 24 months. Full-year capital expenditures are now expected to be more than 10% lower than last year.

Feb 13, 2026, 1:00 PM

Transcript

CAE Reports Third Quarter Fiscal 2026 Results

CAE

Earnings

Share Buyback

Demand Weakening

CAE reported Q3 Fiscal 2026 revenue of $1,252.1 million, a 2% increase compared to the third quarter last year, with Adjusted EPS rising 17% to $0.34.
Operating income for Q3 Fiscal 2026 was $195.8 million, a 25% decrease year-over-year, primarily due to a $72.6 million gain on fair value remeasurement of SIMCOM in the prior year. However, Adjusted segment operating income increased 3% to $195.8 million.
Adjusted order intake for Q3 Fiscal 2026 significantly decreased by 48% to $1,143.5 million, and the adjusted backlog stood at $19,193.9 million, down 5%.
The company generated $407.6 million in net cash provided by operating activities and $411.3 million in free cash flow for the quarter, achieving a net debt-to-adjusted EBITDA ratio of 2.30 times, which is ahead of its fiscal year-end target.
During the quarter, CAE repurchased and cancelled 44,100 common shares under its normal course issuer bid for a total consideration of $1.6 million.

Feb 12, 2026, 9:39 PM

6-K

CAE Reports Third Quarter Fiscal 2026 Results

CAE

Earnings

Guidance Update

Share Buyback

CAE reported Q3 FY2026 revenue of $1,252.1 million (CAD) and adjusted EPS of $0.34 (CAD), compared to $1,223.4 million (CAD) and $0.29 (CAD) respectively in the prior year.
The company achieved a net debt-to-adjusted EBITDA of 2.30x as of December 31, 2025, exceeding its fiscal year-end target of 2.50x.
CAE is implementing a transformation plan, which includes identifying non-core assets representing approximately 8% of revenue for divestiture and optimizing its Civil training network by reducing approximately 10% of deployed commercial airline simulators.
For fiscal 2026, CAE anticipates a lower Civil outlook largely offset by a stronger Defense outlook, with Defense adjusted segment operating income expected to grow by more than 20%.
During the quarter, CAE repurchased and cancelled 44,100 common shares for a total consideration of $1.6 million (CAD).

Feb 12, 2026, 9:11 PM

Press Release

CAE Awarded Contract for Australian Air Mission Training System

CAE

New Projects/Investments

Product Launch

Hiring

CAE has been awarded a contract by the Commonwealth of Australia to deliver the Future Air Mission Training System (F-AMTS) for the Royal Australian Air Force (RAAF).
The agreement is valued at more than $270M CAD and spans an initial 10-year performance period.
This contract is expected to generate over 40 new skilled jobs within CAE in Victoria, Australia.

Dec 12, 2025, 1:17 AM

Press Release

CAE signs cooperation agreement with Saab for GlobalEye training platforms

CAE

New Projects/Investments

CAE has signed a worldwide cooperation agreement with Saab, positioning CAE as Saab's preferred supplier for select training and simulation requirements related to its GlobalEye Airborne Early Warning and Control (AEW&C) aircraft and other platforms.
This partnership also includes a specific agreement to jointly pursue Canada's AEW&C program.
Under the global agreement, CAE will provide simulation-based training solutions, encompassing flight training devices, integrated mission platforms, and a modern training ecosystem, as well as pilot and maintenance training services.

Nov 20, 2025, 8:25 PM

Press Release

CAE Inc. Reports Second Quarter Fiscal 2026 Results

CAE

Earnings

Guidance Update

New Projects/Investments

CAE Inc. reported revenue of $1,236.6 million for the second quarter of fiscal 2026, marking a 9% increase from $1,136.6 million in the prior year.
Earnings per share (EPS) rose 44% to $0.23, compared to $0.16 in the prior year, while adjusted EPS was $0.23, a 4% decrease from $0.24.
Net cash provided by operating activities increased 32% to $214.0 million, and free cash flow grew 44% to $201.0 million year-over-year.
The company announced organizational updates as part of a transformation plan to sharpen its portfolio, strengthen capital discipline, and elevate performance.
The fiscal 2026 outlook for Civil Aviation adjusted segment operating income (aSOI) was revised to be roughly in line with the prior year, while the Defense segment's outlook for low double-digit annual aSOI growth and an 8% to 8.5% aSOI margin was maintained.

Nov 12, 2025, 1:10 PM

6-K

CAE Reports Q2 2026 Results and Initiates Transformation Plan

CAE

Earnings

Management Change

Guidance Update

CAE reported Q2 2026 consolidated revenue of $1.24 billion, a 9% increase year-over-year, and adjusted segment operating income of $155.3 million, up 4%.
Adjusted EPS for Q2 2026 was $0.23, with net cash from operating activities increasing to $214 million and free cash flow rising 44% to $201 million.
The company is implementing a transformation plan focusing on portfolio sharpening, disciplined capital management, and operational excellence, which includes organizational changes like eliminating the Chief Operating Officer role.
CAE expects to generate strong free cash flow for the year with approximately 150% conversion of adjusted net income and aims to reach 2.5x net debt-to-adjusted EBITDA by fiscal year-end.
Fiscal year 2026 capital expenditures are projected to be 10% lower year-over-year, with civil performance expected to be roughly in line with the prior year, while the defense full-year outlook is maintained.

Nov 12, 2025, 1:00 PM

Transcript

CAE Reports Q2 2026 Results and Outlines Transformation Plan

CAE

Earnings

Management Change

Guidance Update

CAE reported Q2 2026 consolidated revenue of $1.24 billion, a 9% increase year-over-year, and adjusted segment operating income of $155.3 million, up 4%. Adjusted EPS for the quarter was $0.23.
The company generated $201 million in free cash flow, a 44% increase from the prior year, and expects total capital expenditures in fiscal 2026 to be 10% lower year-over-year. CAE aims to reduce its net debt-to-adjusted EBITDA ratio to 2.5 times by the end of the fiscal year.
New CEO Matthew Bromberg is implementing a transformation plan focused on portfolio sharpening, disciplined capital management, and operational excellence, which includes organizational restructuring and the elimination of the Chief Operating Officer role.
The Civil segment's revenue grew 5% to $670 million with an $8.5 billion adjusted backlog, while the Defense segment's revenue increased 14% to $566.6 million, supported by significant new defense spending projected in Canada.