Q2 26 EPS
$0.44
MISS 44.23%
Est. $0.79
Q2 26 Revenue
$472.5M
BEAT +1.48%
Est. $465.6M
vs S&P Since Q2 26
-56.4%
TRAILING MARKET
AVAV -48.6% vs S&P +7.8%
Market Reaction
Did AVAV Beat Earnings? Q2 2026 Results
AeroVironment delivered a mixed fiscal second quarter for 2026, posting headline revenue growth of 181.9% year-over-year to $472.51 million while falling short on both the top and bottom lines, revenue missed consensus by 2.84% and non-GAAP adjusted … Read more AeroVironment delivered a mixed fiscal second quarter for 2026, posting headline revenue growth of 181.9% year-over-year to $472.51 million while falling short on both the top and bottom lines, revenue missed consensus by 2.84% and non-GAAP adjusted EPS of $0.44 came in 40.34% below the $0.74 estimate. The primary culprit was the May 2025 BlueHalo acquisition, which contributed $245.10 million in revenue but brought with it $48.20 million in intangible amortization and purchase accounting charges that pressured margins sharply, compressing gross margin to 22% from 39% a year earlier. Beneath the earnings miss, however, order momentum was striking, contract awards hit a record ceiling value of $3.50 billion, including an $874 million FMS contract for its UAS and Switchblade systems, driving a 2.9x book-to-bill ratio. A securities fraud investigation following the earnings miss added an unwelcome overhang. Management raised the lower end of full-year revenue guidance to $1.95–$2.00 billion, projecting non-GAAP EPS of $3.40–$3.55 with 93% revenue visibility already in place.
Key Takeaways
- • BlueHalo acquisition closed May 1, 2025 contributing $245.1 million in quarterly revenue
- • Legacy AeroVironment revenue grew 21% year-over-year to $227.4 million
- • Strong product sales increase of $173.8 million and service revenue increase of $110.2 million
- • Record contract awards with ceiling value of $3.5 billion
- • Book-to-bill ratio of 2.9x in Q2 and 1.84x year-to-date
AVAV YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
AVAV Revenue by Segment
With YoY comparisons, source: SEC Filings
“AV is operating from a position of strength as evidenced by our record second quarter results, all-time high bookings and long-term contract wins.”
— Wahid Nawabi, Q2 2026 Earnings Press Release
AVAV Earnings Trends
AVAV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AVAV EPS Trend
Earnings per share: estimate vs actual
AVAV Revenue Trend
Quarterly revenue: estimate vs actual
AVAV Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $1.47 | $1.84 | +25.01% | $641.6M | +14.76% |
| FY Full Year | $2.87 | $3.31 | +15.27% | $1.98B | +4.14% |
| Q3 26 MISS | $0.69 | $0.64 | -7.39% | $408.0M | -14.21% |
| Q2 26 MISS | $0.79 | $0.44 | -44.23% | $472.5M | +1.48% |
| Q1 26 MISS | $0.34 | $0.32 | -6.71% | $454.7M | +4.06% |
| Q4 25 BEAT FY | $1.41 | $1.61 | +13.92% | $275.1M | +13.33% |
| FY Full Year | $3.07 | $3.28 | +6.74% | $820.6M | +4.25% |
| Q3 25 MISS | $0.66 | $0.30 | -54.77% | $167.6M | -18.78% |