01—Abstract
Summary
Summary of the 8-K filed December 18, 2025. Cited figures are marked; the original filing is the authoritative source.
HEICO Corporation reported record fourth-quarter and fiscal 2025 results for the period ended October 31, 2025, as announced in a press release furnished as Exhibit 99.1.
Fourth-quarter net income rose 35% to a record $188.3 milliona, or $1.33 per diluted share, on record net sales of $1,209.4 million (up 19%) and record operating income of $279.0 million (up 28%). The operating margin improved to 23.1% from 21.6%. For the full fiscal year, net income increased 34% to a record $690.4 million ($4.90 per diluted share), net sales rose 16% to a record $4,485.0 million, and operating income rose 24% to a record $1,019.0 million, with the operating margin improving to 22.7% from 21.4%.
Management attributed the growth to double-digit organic net sales growth and contributions from fiscal 2025 acquisitions, and cited a 16% quarterly organic net sales increase in the Flight Support Group. Cash flow and balance sheet metrics also strengthened. Operating cash flow rose 39% to $934.3 millionb for the year, and the total debt to net income attributable to HEICO ratio improved to 3.14x from 4.34x, while the net debt to EBITDA ratio improved to 1.60x from 2.06x.
The Board declared a semiannual cash dividend of $.12 per share payable in January 2026, the 95th consecutive semiannual dividend since 1979. Management said it expects net sales growth across both segments in fiscal 2026, driven by organic demand and recent acquisitions, and will continue to pursue selective acquisitions. The filing itself is a Form 8-K under Item 2.02 that furnishes the earnings release; the information is not deemed filed for purposes of Section 18 of the Exchange Act.
A conference call to discuss the fourth-quarter results is scheduled for December 19, 2025 at 9:00 a.m. Eastern Time.
02—Key points
Key Highlights
- Record fourth-quarter net income of $188.3 million, up 35%, or $1.33 per diluted share versus $.99 a year earlier.
- Record fiscal 2025 net sales of $4,485.0 million (up 16%) and operating income of $1,019.0 million (up 24%), with operating margin improving to 22.7% from 21.4%.
- Flight Support Group fourth-quarter net sales rose 21% to a record $834.4 million, with 16% organic growth and 21 consecutive quarters of sequential net sales growth.
- Electronic Technologies Group fourth-quarter net sales rose 14% to a record $384.8 million, with 7% organic growth, while its fourth-quarter operating margin declined to 23.3% from 24.3%.
- Operating cash flow increased 39% to $934.3 million for fiscal 2025, and net debt to EBITDA improved to 1.60x from 2.06x.
- Five acquisitions were completed in fiscal 2025, three by the Electronic Technologies Group and two by the Flight Support Group.
- Board declared a semiannual cash dividend of $.12 per share payable in January 2026, the 95th consecutive semiannual dividend since 1979.
03—Questions
Frequently Asked Questions
How strong were HEICO's fiscal 2025 results overall?
Fiscal 2025 net income increased 34% to a record $690.4 million, or $4.90 per diluted share, compared with $3.67 in fiscal 2024. Net sales rose 16% to a record $4,485.0 million, and operating income rose 24% to a record $1,019.0 million.
What drove the growth in the fourth quarter?
Management attributed the results to robust double-digit organic net sales growth and contributions from fiscal 2025 acquisitions. The Flight Support Group cited increased demand across all its product lines and an improved gross profit margin, while the Electronic Technologies Group cited strong organic growth in most products.
How did HEICO's balance sheet and cash generation change?
Net cash provided by operating activities increased 39% to $934.3 million for fiscal 2025. The total debt to net income attributable to HEICO ratio improved to 3.14x from 4.34x, and the net debt to EBITDA ratio improved to 1.60x from 2.06x. Cash and cash equivalents were $217.8 million at October 31, 2025.
What is HEICO's outlook for fiscal 2026?
Management anticipates net sales growth across both the Flight Support Group and the Electronic Technologies Group, driven by organic demand for most products and by recent acquisitions. It also said it will continue to pursue selective acquisition opportunities.
What dividend did HEICO declare, and when is it payable?
The Board declared a semiannual cash dividend of $.12 per share, payable in January 2026. It is the company's 95th consecutive semiannual cash dividend since 1979.
04—Continue