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HeicoHEI

Legal name
Heico Corporation
Sector
Other
Industry
Aircraft Engines & Engine Parts
Exchange
NYSE

Stock Price $HEI

Latest filings

You are here#45 of 92 in Industrials by market cap

Filing record · 2016–202610-K1010-Q338-K83

HEI filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Dec ’18Dec ’18
  2. Leadership change8-K · Mar ’21Mar ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $4.49B
YoY changeLargest recent move+34.4%in FY23Latest +16.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All HEI Financial Metrics59 metrics

Income Statement15

Balance Sheet26

Cash Flow13

Per Share5

02—Overview

Heico Financial Overview 2021–2025

Updated Nov 4, 2026

HEICO's net income more than doubled in four years, rising 127% from $304.2 million in FY2021 to $690.4 milliona in FY2025. That matters because the gain was not just acquisition math. Margins widened while debt came down. The core thesis is that HEICO bought its way into a much larger business, then grew into the leverage. Revenue followed the same arc, climbing from $1,865.7 million in FY2021 to $4,485.0 million in FY2025.

The leverage story is the sharpest part. Total debt jumped from $290.3 million in FY2022 to $2,478.1 millionb in FY2023 after the Wencor and Exxelia deals, and interest expense hit $149.3 million in FY2024. By FY2025, debt had slipped to $2,167.9 million, and debt to total capitalization had fallen to 33% from 44% at the peak. Operating income rose 24% to $1,019.0 million, gross margin improved to 39.8% from 38.9%, and operating cash flow climbed to $934.3 million.

The market priced that execution richly. At the close of FY2025 (October 30, 2025), the shares traded at $317.77c, or 64.9x earnings, for a market cap of $17.5 billion. That multiple leaves little room for a stumble. Goodwill and intangibles still made up 60% of total assets, so the acquisition engine has to keep delivering.

Recent Developments (Q2 and Q3 2026)

HEICO delivered record results in Q2 and Q3 2026. Net sales rose 25% to $1,413.1 milliond in Q3, with 14% organic growth, after $1,375.7 million in Q2. Operating margin reached 25.1% in Q3 versus 23.1% a year earlier, and Q3 net income rose 33% to $235.4 million ($1.67 per diluted share). Acquisitions drove the expansion: Sherwood, Southwest Antennas, Cook Defence and CalRamic added to deals completed in the first half, with $1,051.6 million in total consideration. In July 2026, HEICO issued $1.2 billion of senior notes to repay revolver borrowings, and Q3 debt to net income fell to 3.00x from 3.28x in Q2. Backlog grew to $2,824.8 million.

Bull case: margins, organic growth and cash flow are all rising while leverage eases. Bear case: at 68.8x earnings as of August 26, 2026, not today, the stock at $337.01e leaves little room for slower organic growth or a failed deal integration.

What to watch: integration of the pending armored-vehicle acquisition; conversion of the $783.4 million of backlog due in the rest of fiscal 2026

03—Filings

Recent SEC Filings

  1. 8-KHeico 8-K Report, Financial Results (Aug 25, 2026)HEICO Corporation reported record third-quarter fiscal 2026 results for the three and nine months ended July 31, 2026, as stated in its press release furnished as Exhibit 99.1 to this Form 8-K. Net income attributable to HEICO rose 33% to a record $235.4 million, or $1.67 per diluted share, for the quarter, and increased 31% to a record $659.4 million, or $4.67 per diluted share, for the first nine months. Net sales increased 23% to a record $1,413.1 million in the quarter and 21% to a record $3,967.3 million year to date, while operating income rose 34% to $355.2 million in the quarter and 30% to $965.5 million year to date. Management cited 14% consolidated organic net sales growth in the quarter. Operating margin improved to 25.1% in the quarter from 23.1% a year earlier. Balance sheet and cash flow metrics also improved. Cash flow from operating activities rose 49% to $345.3 million in the quarter. The company completed a public offering of $550 million of 4.950% Senior Notes due 2031 and $650 million of 5.400% Senior Notes due 2036, and used the proceeds to repay revolving credit facility borrowings. Total debt to net income attributable to HEICO improved to 3.00x from 3.14x at October 31, 2025, and net debt to EBITDA improved to 1.57x from 1.60x. Management stated it expects strong operating cash flow for fiscal 2026 and continues to evaluate acquisitions. Both segments grew. The Flight Support Group's quarterly net sales rose 18% to $947.8 million, with 12% organic growth, and its operating income rose 24% to $245.3 million. The Electronic Technologies Group's quarterly net sales rose 36% to $483.5 million, with 18% organic growth, and its operating income rose 55% to $125.6 million. The company will hold a conference call on August 26, 2026 to discuss the quarter.
  2. 8-KHeico 8-K Report, Material Agreement (Jul 16, 2026)HEICO Corporation closed a $1.2 billion senior notes offering on July 16, 2026, consisting of $550 million of 4.950% Senior Notes due August 1, 2031 and $650 million of 5.400% Senior Notes due August 1, 2036. The underwriting agreement was executed on July 13, 2026, and the notes were sold under the company's automatically effective shelf registration statement on Form S-3ASR. Interest is payable semi-annually on February 1 and August 1, beginning February 1, 2027. The notes are direct, unsecured senior obligations ranking equally with all existing and future senior unsecured indebtedness. The company intends to use the net proceeds to pay down borrowings outstanding under its revolving credit agreement, which the press release describes as a $2.2 billion facility. Management stated that this leaves HEICO with substantial ability and flexibility to fund future potential acquisitions. The offering is the company's second issuance of this kind, following its inaugural notes issuance in 2023, and management cited the investment grade ratings on both sets of notes. The indenture includes customary covenants limiting liens to secure indebtedness, sale and leaseback transactions, and certain mergers or asset conveyances, along with a change of control triggering event repurchase provision. Investors should review these terms and the optional redemption provisions described in the indenture, which are incorporated by reference into the filing's exhibits.
  3. 8-KHeico 8-K Report, Material Agreement (Jun 17, 2026)HEICO Corporation entered into a Fourth Amendment to its Revolving Credit Agreement on June 11, 2026, with the Lenders and Truist Bank (as successor by merger to SunTrust Bank), as Administrative Agent. The amendment increases the revolving credit facility's capacity from $2.0 billion to $2.2 billion and extends the maturity date of the Credit Agreement to June 11, 2031. The Lenders also agreed to modify the applicable rate, which will now be calculated based upon the most recently published ratings for the Company's senior unsecured, non-credit enhanced, long-term indebtedness for borrowed money. In addition, each subsidiary that had guaranteed the Obligations prior to June 11, 2026 was released from its guarantee under the Credit Facility. As a result, those subsidiaries were also automatically released from their guarantees of the Company's 5.250% Notes due 2028 and 5.350% Notes due 2031, issued under the Indenture and First Supplemental Indenture dated July 27, 2023. The filing also lists Exhibit 10.1, the Fourth Amendment itself, and Exhibit 104, the Cover Page Interactive Data File. The 8-K was signed by Carlos L. Macau, Jr., Executive Vice President, Chief Financial Officer and Treasurer, on June 17, 2026.
  4. 8-KHeico 8-K Report, Financial Results (May 27, 2026)HEICO Corporation reported record second-quarter fiscal 2026 results for the three months ended April 30, 2026, per a press release furnished as Exhibit 99.1. Net income attributable to HEICO rose 49% to a record $233.8 million, or $1.66 per diluted share, on record net sales of $1,375.7 million (up 25%) and record operating income of $350.4 million (up 41%). The consolidated operating margin improved to 25.5% from 22.6%, and the company stated consolidated organic net sales growth of 18%. For the first six months, net income rose 31% to a record $424.0 million, or $3.01 per diluted share, and net sales rose 20% to $2,554.3 million. Cash flow from operations increased 43% to $292.0 million in the second quarter, and management said it continues to forecast strong operating cash flow for fiscal 2026. Leverage increased over the period as the company completed four acquisitions in the first six months, two by the Flight Support Group and two by the Electronic Technologies Group. The total debt to net income attributable to HEICO ratio was 3.28x and the net debt to EBITDA ratio was 1.74x at April 30, 2026, compared with 3.14x and 1.60x at October 31, 2025. Management expects increased net sales at both segments for the rest of fiscal 2026 and said it will keep evaluating acquisitions. Both segments posted record quarterly results. Flight Support Group net sales rose 21% to $929.4 million with 19% organic growth, and operating margin improved to 26.2%. Electronic Technologies Group net sales rose 34% to $459.5 million with 17% organic growth, and operating margin improved to 26.5%. The company also reported EBITDA of $408.3 million for the quarter, and a conference call is scheduled for May 28, 2026.
  5. 8-KHeico 8-K Report, Shareholder Vote Results (Mar 17, 2026)HEICO Corporation (HEI) held its Annual Meeting of Shareholders on Friday, March 13, 2026, and this Item 5.07 report discloses the results of three shareholder votes. As of the January 16, 2026 record date, 55,142,805 shares of Common Stock (one vote each) and 84,266,714 shares of Class A Common Stock (1/10th vote each) were outstanding. All nine director nominees were elected to serve until the next annual meeting. Shareholders also approved, on a non-binding advisory basis, the executive compensation program and ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending October 31, 2026. The director election results show broad support for most nominees, with each receiving well over 50 million 'For' votes except Mark H. Hildebrandt (39,673,122 For, 14,173,077 Against) and Dr. Alan Schriesheim (39,445,974 For, 14,444,232 Against), who drew substantially higher opposition. The advisory say-on-pay proposal received 48,957,609 'For' votes against 4,907,408 'Against' and 68,560 abstentions. The auditor ratification received 56,478,611 'For', 1,437,105 'Against', and 33,624 abstentions. Each proposal is described in the company's definitive proxy statement filed January 30, 2026. For investors, the filing contains no new financial results, guidance, or transactions; its significance lies in governance outcomes, notably the notable opposition to two director nominees and the relatively higher level of dissent on the executive compensation vote versus the auditor ratification.
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04—See also

Related Companies

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