Form 8-K

8-K — AAR CORP

Accession: 0001104659-26-056332

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0000001750

SIC: 3720 (AIRCRAFT & PARTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2612934d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2612934d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2612934d1_ex99-2.htm)

EX-99.3 — EXHIBIT 99.3 (tm2612934d1_ex99-3.htm)

GRAPHIC (tm2612934d1_ex99-2img01.jpg)

GRAPHIC (tm2612934d1_ex99-3img001.jpg)

GRAPHIC (tm2612934d1_ex99-3img002.jpg)

GRAPHIC (tm2612934d1_ex99-3img003.jpg)

GRAPHIC (tm2612934d1_ex99-3img004.jpg)

GRAPHIC (tm2612934d1_ex99-3img005.jpg)

GRAPHIC (tm2612934d1_ex99-3img006.jpg)

GRAPHIC (tm2612934d1_ex99-3img007.jpg)

GRAPHIC (tm2612934d1_ex99-3img008.jpg)

GRAPHIC (tm2612934d1_ex99-3img009.jpg)

GRAPHIC (tm2612934d1_ex99-3img010.jpg)

GRAPHIC (tm2612934d1_ex99-3img011.jpg)

GRAPHIC (tm2612934d1_ex99-3img012.jpg)

GRAPHIC (tm2612934d1_ex99-3img013.jpg)

GRAPHIC (tm2612934d1_ex99-3img014.jpg)

GRAPHIC (tm2612934d1_ex99-3img015.jpg)

GRAPHIC (tm2612934d1_ex99-3img016.jpg)

GRAPHIC (tm2612934d1_ex99-3img017.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2612934d1_8k.htm · Sequence: 1

false

0000001750

2026-05-06

0000001750

us-gaap:CommonStockMember

exch:XCHI

2026-05-06

0000001750

us-gaap:CommonStockMember

exch:XNYS

2026-05-06

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

Common Stock, $1.00 par value

AIR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

May 6, 2026

AAR

CORP.

(Exact name of registrant as specified in its

charter)

Delaware

1-6263

36-2334820

(State of Incorporation )

(Commission

File Number)

(IRS Employer Identification No.)

One AAR Place

1100 N. Wood Dale Road

Wood Dale, Illinois 60191

(Address and Zip Code of Principal Executive Offices)

Registrant’s telephone number, including

area code: (630) 227-2000

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common

Stock, $1.00 par value

AIR

New

York Stock Exchange

NYSE Texas

Indicate by check mark whether the

registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or

Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b—2 of this chapter).                                Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

May 6, 2026, AAR CORP. (the “Company”) announced a change to its operating segments and the wind-down of its Commercial

Programs business.

During the fourth quarter of fiscal 2026, our

chief operating decision maker (“CODM”) implemented changes in how he organizes the business, allocates resources, and assesses

performance. Specifically, the business units within our Integrated Solutions segment have been realigned, resulting in the following changes:

· Combine our Government Programs activities and our Mobility business, previously

reported as Expeditionary Services, into a new operating segment named Government Solutions;

· Re-position our software platform, including

Trax and Airinmar, to our Repair & Engineering segment, which is renamed Repair, Engineering, and Software; and

· Legacy Commercial Programs, the remaining business

unit within the Integrated Solutions segment, will be separately reported as its own operating segment.

Beginning with the fourth quarter of fiscal 2026,

we will report under this new structure using the following four operating segments:

· Parts Supply, primarily consisting of distribution

of new parts and sales of used serviceable material, including aircraft, engine and airframe parts and components;

· Repair, Engineering, and Software,

primarily consisting of our maintenance, repair, and overhaul services across airframes, or Airframe MRO, and components, or Component MRO, and our software platform, including Trax and Airinmar;

· Government Solutions, primarily consisting of

our fleet management and operations of customer-owned aircraft, customized performance-based supply chain logistics programs in support

of the U.S. Department of Defense, the U.S. Department of State and foreign governments and activities supporting the movement of equipment

and personnel by the U.S. and foreign governments with sales derived from the engineering, design, integration, manufacture, and repair

of pallets, shelters, and containers; and

· Legacy Commercial Programs, primarily consisting

of power-by-the-hour and repair-by-the-hour component pool and repair support and consumable and expendable inventory programs for commercial

airlines.

These changes will be initially reflected in

our consolidated financial statements in our Annual Report on Form 10-K for the year ending May 31, 2026.

The Company is issuing this Current Report

on Form 8-K to provide investors with segment summary historical financial information that is consistent with its new

operating segment structure. The schedules in Exhibit 99.1 furnished with this Current Report on Form 8-K provide certain

recast historical unaudited summary financial information under our new operating segment structure for fiscal years 2024 and 2025

and for certain previously reported quarters in fiscal years 2025 and 2026. Copies of the Company’s related press release and

supplemental slide presentation are furnished hereto as Exhibit 99.2 and Exhibit 99.3, respectively.

The information included in this Current

Report on Form 8-K in no way amends or restates the Company's previously reported consolidated financial statements for any

period and is presented for information purposes only. It does not change the Company's previously reported total assets,

liabilities or shareholders' equity or its reported net income (loss) or earnings (loss) per share, nor does it reflect any

subsequent information or events, other than as required to reflect the change in operating segments as described above. This

information should be read in conjunction with the Company's previously filed reports.

Exhibit 99.1 includes non-GAAP

historical unaudited summary financial information under our new operating segment structure for certain quarters in fiscal years

2025 and 2026. Adjusted sales, adjusted operating income, adjusted operating margin, adjusted EBITDA, and adjusted EBITDA margin are

“non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

We believe these non-GAAP financial measures are

relevant and useful for investors as they illustrate our core operating performance unaffected by the impact of certain items that management

does not believe are indicative of our ongoing and core operating activities. These non-GAAP financial measures also provide additional

information that is useful to gain an understanding of the factors and trends affecting our business and provide a means by which to compare

our operating performance against that of other companies in the industries we compete. These non-GAAP measures should be considered as

a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

The information in this Item 7.01 and Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall

it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific

reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

AAR CORP. Unaudited Summary Financial Information by Segment

99.2

Press Release issued by

AAR CORP. dated May 6, 2026

99.3

Slide Presentation issued by AAR CORP. dated May 6, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 6, 2026

AAR CORP.

By:

/s/ DYLAN WOLIN

Dylan Wolin

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2612934d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

AAR CORP.

Unaudited Summary GAAP Financial Information

Dollars in millions

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

Third-Party Sales:

Parts Supply

$ 249.7

$ 273.7

$ 270.7

$ 305.5

Repair, Engineering, and Software

229.3

240.3

228.7

232.7

Government Solutions

121.4

110.9

121.6

141.5

Legacy Commercial Programs

61.3

61.2

57.2

74.8

$ 661.7

$ 686.1

$ 678.2

$ 754.5

Three months ended

August 31,

2025

November 30,

2025

February 28,

2026

Third-Party Sales:

Parts Supply

$ 317.8

$ 353.6

$ 392.5

Repair, Engineering, and Software

226.4

257.7

282.3

Government Solutions

133.9

123.5

114.7

Legacy Commercial Programs

61.5

60.5

55.6

$ 739.6

$ 795.3

$ 845.1

Year ended

May 31, 2024

May 31, 2025

Third-Party Sales:

Parts Supply

$ 967.0

$ 1,099.6

Repair, Engineering, and Software

681.3

931.0

Government Solutions

451.7

495.4

Legacy Commercial Programs

218.9

254.5

$ 2,318.9

$ 2,780.5

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

Operating income:

Parts Supply

$ 30.1

$ 31.6

$ 45.4

$ 49.7

Repair, Engineering, and Software

20.3

22.8

19.7

21.2

Government Solutions

3.6

6.7

13.2

11.6

Legacy Commercial Programs

3.2

2.0

2.1

1.3

57.2

63.1

80.4

83.8

Unallocated Corporate expenses

(13.8 )

(65.4 )

(9.3 )

(10.8 )

$ 43.4

$ (2.3 )

$ 71.1

$ 73.0

Three months ended

August 31,

2025

November 30,

2025

February 28,

2026

Operating income:

Parts Supply

$ 40.9

$ 50.7

Repair, Engineering, and Software

20.0

23.3

19.6

Government Solutions

12.7

12.4

12.9

Legacy Commercial Programs

0.4

3.3

(5.2 )

74.0

79.9

78.0

Unallocated Corporate expenses

(9.1 )

(12.9 )

(12.2 )

$ 64.9

$ 67.0

$ 65.8

Year ended

May 31,

2024

May 31,

2025

Operating income:

Parts Supply

$ 109.8

$ 156.8

Repair, Engineering, and Software

47.9

84.0

Government Solutions

24.8

35.1

Legacy Commercial Programs

7.2

8.6

189.7

284.5

Unallocated Corporate expenses

(60.5 )

(99.3 )

$ 129.2

$ 185.2

Third-party sales across the major customer markets for each of our operating segments:

Three months

ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

Parts Supply

Commercial

$ 210.4

$ 220.8

$ 220.9

$ 227.1

Government and defense

39.3

52.9

49.8

78.4

$ 249.7

$ 273.7

$ 270.7

$ 305.5

Repair, Engineering, and Software

Commercial

$ 199.9

$ 217.5

$ 205.8

$ 215.2

Government and defense

29.4

22.8

22.9

17.5

$ 229.3

$ 240.3

$ 228.7

$ 232.7

Government Solutions

Commercial

$ 1.3

$ 0.7

$ 1.6

$ 0.4

Government and defense

120.1

110.2

120.0

141.1

$ 121.4

$ 110.9

$ 121.6

$ 141.5

Legacy Commercial Programs

Commercial

$ 61.3

$ 61.2

$ 57.2

$ 74.8

Government and defense

$ 61.3

$ 61.2

$ 57.2

$ 74.8

Three

months ended

August 31, 2025

November 30, 2025

February 28, 2026

Parts Supply

Commercial

$ 254.5

$ 268.1

$ 300.0

Government and defense

63.3

85.5

92.5

$ 317.8

$ 353.6

$ 392.5

Repair, Engineering, and Software

Commercial

$ 206.6

$ 236.6

$ 258.9

Government and defense

19.8

21.1

23.4

$ 226.4

$ 257.7

$ 282.3

Government Solutions

Commercial

$ 0.7

$ 1.2

$ 1.3

Government and defense

133.2

122.3

113.4

$ 133.9

$ 123.5

$ 114.7

Legacy Commercial Programs

Commercial

$ 61.5

$ 60.5

$ 55.6

Government and defense

$ 61.5

$ 60.5

$ 55.6

Year ended

May 31, 2024

May 31, 2025

Parts Supply

Commercial

$ 800.6

879.2

Government and defense

166.4

220.4

$ 967.0

$ 1,099.6

Repair, Engineering, and Software

Commercial

$ 612.3

838.4

Government and defense

69.0

92.6

$ 681.3

$ 931.0

Government Solutions

Commercial

$ 6.1

4.0

Government and defense

445.6

491.4

$ 451.7

$ 495.4

Legacy Commercial Programs

Commercial

$ 218.9

254.5

Government and defense

$ 218.9

$ 254.5

Unaudited Summary Non-GAAP Financial Information

Parts Supply

Three months ended

Year ended

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

May 31,

2025

August 31,

2025

November 30,

2025

February 28,

2026

Sales

$ 249.7

$ 273.7

$ 270.7

$ 305.5

1,099.6

$ 317.8

$ 353.6

$ 392.5

Operating income

30.1

31.6

45.4

49.7

156.8

40.9

50.7

Operating income margin

12.1 %

11.5 %

16.8 %

16.3 %

14.3 %

12.9 %

11.6 %

12.9 %

Operating income

$ 30.1

$ 31.6

$ 45.4

$ 49.7

$ 156.8

$ 40.9

$ 50.7

Acquisition, integration & amortization expenses

1.9

2.9

Russian bankruptcy court judgment (reversal)

(11.1 )

Adjusted operating income

$ 30.1

$ 31.6

$ 34.3

$ 49.7

$ 145.7

$ 40.9

$ 42.8

$ 53.6

Adjusted operating margin

12.1 %

11.5 %

12.7 %

16.3 %

13.3 %

12.9 %

12.1 %

13.7 %

Operating income

$ 30.1

$ 31.6

$ 45.4

$ 49.7

$ 156.8

$ 40.9

$ 50.7

Depreciation and amortization

2.1

1.8

1.9

7.7

2.2

4.9

7.0

Stock-based compensation

0.5

0.6

0.5

2.1

0.7

Acquisition and integration expenses

0.1

Russian bankruptcy court judgment (reversal)

(11.1 )

Adjusted EBITDA

$ 32.7

$ 33.9

$ 36.8

$ 52.1

$ 155.5

$ 43.8

$ 46.5

$ 58.5

Adjusted EBITDA margin

13.1 %

12.4 %

13.6 %

17.1 %

14.1 %

13.8 %

13.2 %

14.9 %

Repair, Engineering, and Software

Three months ended

Year ended

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

May 31,

2025

August 31,

2025

November 30,

2025

February 28,

2026

Sales

$ 229.3

$ 240.3

$ 228.7

$ 232.7

931.0

$ 226.4

$ 257.7

$ 282.3

Operating income

20.3

22.8

19.7

21.2

84.0

20.0

23.3

19.6

Operating income margin

8.9 %

9.5 %

8.6 %

9.1 %

9.0 %

8.8 %

9.0 %

6.9 %

Operating income

$ 20.3

$ 22.8

$ 19.7

$ 21.2

$ 84.0

$ 20.0

$ 23.3

$ 19.6

Acquisition, integration & amortization expenses

7.4

7.1

7.7

3.1

25.3

5.1

5.9

11.7

Severance charges

0.4

Gain related to sale of joint venture

(1.4 )

(0.7 )

(2.1 )

Adjusted operating income

$ 26.3

$ 29.2

$ 27.4

$ 24.3

$ 107.2

$ 25.5

$ 29.2

$ 31.3

Adjusted operating margin

11.5 %

12.2 %

12.0 %

10.4 %

11.5 %

11.3 %

11.1 %

Operating income

$ 20.3

$ 22.8

$ 19.7

$ 21.2

$ 84.0

$ 20.0

$ 23.3

$ 19.6

Depreciation and amortization

7.6

7.7

8.0

7.5

30.8

7.5

8.0

9.0

Stock-based compensation

0.4

0.3

0.7

0.3

1.7

0.6

0.4

Acquisition and integration expenses

3.4

3.2

3.7

(1.0 )

9.3

1.1

1.8

6.4

Severance charges

0.4

Gain related to sale of joint venture

(1.4 )

(0.7 )

(2.1 )

Adjusted EBITDA

$ 30.3

$ 33.3

$ 32.1

$ 28.0

$ 123.7

$ 29.6

$ 33.5

$ 35.4

Adjusted EBITDA margin

13.2 %

13.9 %

14.0 %

12.0 %

13.3 %

13.1 %

13.0 %

12.5 %

Government Solutions

Three months ended

Year ended

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

May 31,

2025

August 31,

2025

November 30,

2025

February 28,

2026

Sales

$ 121.4

$ 110.9

$ 121.6

$ 141.5

495.4

$ 133.9

$ 123.5

$ 114.7

Operating income

3.6

6.7

13.2

11.6

35.1

12.7

12.4

12.9

Operating income margin

3.0 %

6.0 %

10.9 %

8.2 %

7.1 %

9.5 %

10.0 %

11.2 %

Sales

$ 121.4

$ 110.9

$ 121.6

$ 141.5

$ 495.4

$ 133.9

$ 123.5

$ 114.7

Contract termination benefit

(9.5 )

(4.0 )

(13.5 )

Adjusted sales

$ 111.9

$ 110.9

$ 117.6

$ 141.5

$ 481.9

$ 133.9

$ 123.5

$ 114.7

Operating income

$ 3.6

$ 6.7

$ 13.2

$ 11.6

$ 35.1

$ 12.7

$ 12.4

$ 12.9

Contract termination costs (benefit)

3.2

(3.0 )

0.2

Adjusted operating income

$ 6.8

$ 6.7

$ 10.2

$ 11.6

$ 35.3

$ 12.7

$ 12.4

$ 12.9

Adjusted operating margin

6.1 %

6.0 %

8.7 %

8.2 %

7.3 %

9.5 %

10.0 %

11.2 %

Operating income

$ 3.6

$ 6.7

$ 13.2

$ 11.6

$ 35.1

$ 12.7

$ 12.4

$ 12.9

Depreciation and amortization

1.1

1.6

1.2

1.3

5.2

1.3

1.5

Stock-based compensation

0.2

0.4

0.3

1.2

0.3

Contract termination costs (benefit)

3.2

(3.0 )

0.2

Adjusted EBITDA

$ 8.1

$ 8.7

$ 11.7

$ 13.2

$ 41.7

$ 14.3

$ 14.0

$ 14.7

Adjusted EBITDA margin

7.2 %

7.8 %

9.9 %

9.3 %

8.7 %

10.7 %

11.3 %

12.8 %

Legacy

Commercial Programs

Three months ended

Year ended

Three months ended

August 31,

2024

November 30,

2024

February 28,

2025

May 31,

2025

May 31,

2025

August 31,

2025

November 30,

2025

February 28,

2026

Sales

$ 61.3

$ 61.2

$ 57.2

$ 74.8

254.5

$ 61.5

$ 60.5

$ 55.6

Operating income (loss)

3.2

2.0

2.1

1.3

8.6

0.4

3.3

(5.2 )

Operating income margin

5.2 %

3.3 %

3.7 %

1.7 %

3.4 %

0.7 %

5.5 %

-9.4 %

Sales

$ 61.3

$ 61.2

$ 57.2

$ 74.8

$ 254.5

$ 61.5

$ 60.5

$ 55.6

Contract termination benefit

(18.7 )

Adjusted sales

$ 61.3

$ 61.2

$ 57.2

$ 56.1

$ 235.8

$ 61.5

$ 60.5

$ 55.6

Operating income (loss)

$ 3.2

$ 2.0

$ 2.1

$ 1.3

$ 8.6

$ 0.4

$ 3.3

$ (5.2 )

Severance charges

0.3

Impairment charge related to product line exit

4.9

Adjusted operating income

$ 3.2

$ 2.0

$ 2.1

$ 1.3

$ 8.6

$ 0.7

$ 3.3

$ (0.3 )

Adjusted operating margin

5.2 %

3.3 %

3.7 %

2.3 %

3.6 %

1.1 %

5.5 %

-0.5 %

Operating income (loss)

$ 3.2

$ 2.0

$ 2.1

$ 1.3

$ 8.6

$ 0.4

$ 3.3

$ (5.2 )

Depreciation and amortization

1.6

1.8

1.9

7.2

1.7

1.8

1.7

Stock-based compensation

0.1

0.3

0.1

Severance charges

0.3

Impairment charge related to product line exit

4.9

Adjusted EBITDA

$ 4.9

$ 3.8

$ 4.1

$ 3.3

$ 16.1

$ 2.5

$ 5.1

$ 1.5

Adjusted EBITDA margin

8.0 %

6.2 %

7.2 %

5.9 %

6.8 %

4.1 %

8.4 %

2.7 %

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2612934d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

FOR IMMEDIATE RELEASE

May 6, 2026

Contact:

Chris Tillett – Investor Relations

+1-630-227-5830

investors@aarcorp.com

AAR announces segment realignment and wind-down

of Commercial Programs business

Wood Dale, Illinois — AAR CORP.

(NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today that beginning

with the fourth quarter of fiscal year 2026, the Company will report under a new structure using the following four operating segments:

· Parts Supply remains unchanged from the prior structure, primarily

consisting of new parts Distribution and used serviceable material.

· Repair, Engineering, and Software primarily consists of maintenance,

repair, and overhaul (MRO) services across airframe (Airframe MRO) and components (Component MRO), and AAR’s software platforms,

including Trax, Aerostrat, and Airvoyant.

· Government Solutions primarily consists of AAR’s fleet management

and operations of customer-owned aircraft and performance-based logistics programs (Government Programs), and AAR’s Mobility Systems

activity previously reported as Expeditionary Services.

· Legacy Commercial Programs primarily consists of asset-heavy flight

hour-based component repair programs for commercial airlines, previously reported within Integrated Solutions.

AAR also announced today that it intends to

wind down its Legacy Commercial Programs business. For the last twelve months ended February 28, 2026, the Legacy Commercial Programs

business contributed sales of $252.4 million, a GAAP operating loss of ($0.2) million, and adjusted operating income of $5.0 million.

Net assets of the Legacy Commercial Programs segment as of February 28, 2026 were approximately $160 million.

“Our segment realignment reflects AAR’s continued focus

on growth, margin expansion, and additional cash flow generation,” said John M. Holmes, AAR’s Chairman, President and CEO.

“Legacy Commercial Programs requires significant asset pools and no longer meets our capital return thresholds. We anticipate that

the wind-down of this segment will take approximately three to four years. During that timeframe, we expect the results will include periodic

gains as we divest the assets that support these programs. We also plan to redeploy the talented team supporting these activities to

other AAR growth initiatives. Once complete, we believe the wind-down of Legacy Commercial Programs will result in a more simplified business

model with higher margins and improved returns on capital.”

The Company’s guidance for the fourth quarter and fiscal year

2026, ending May 31, 2026, is unchanged and not affected by the segment realignment or plans to wind down its Legacy Commercial Programs

business.

Concurrently with this press release, the Company has furnished a Current

Report on Form 8-K with a recast of comparable prior year segment financial information for fiscal years 2024 and 2025 and for certain

previously reported quarters in fiscal years 2025 and 2026, along with a summary presentation that is posted on the Investors section

of AAR’s corporate website. The Company’s consolidated balance sheets, income statements, and cash flows are not affected.

About AAR

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago

area, AAR supports commercial and government customers through four operating segments: Parts Supply; Repair, Engineering, and Software;

Government Solutions; and Legacy Commercial Programs. Additional information can be found at aarcorp.com.

This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, reflecting management’s expectations about future conditions, including the wind-down of the Company’s Legacy Commercial Programs business and anticipated benefits. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. These forward-looking statements are based on beliefs of management, as well as assumptions and estimates based on information currently available to management and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For a discussion of these and other risks and uncertainties, refer to “Risk Factors” in AAR CORP.’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond management’s control. Management assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

EX-99.3 — EXHIBIT 99.3

EX-99.3

Filename: tm2612934d1_ex99-3.htm · Sequence: 4

Exhibit 99.3

AAR CORP. Segment Realignment May 6, 2026

Note : All results and expectations in the presentation reflect continuing operations unless otherwise noted . This presentation may contain certain statements relating to future results, which are forward - looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 , reflecting management’s expectations about future conditions, including the wind - down of the Company’s Legacy Commercial Programs business and anticipated benefits . Forward - looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms . These forward - looking statements are based on beliefs of management, as well as assumptions and estimates based on information currently available to management and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated . For a discussion of these and other risks and uncertainties, refer to “Risk Factors” in AAR CORP . ’s most recent Annual Report on Form 10 - K and subsequent Quarterly Reports on Form 10 - Q . Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described . These events and uncertainties are difficult or impossible to predict accurately and many are beyond management’s control . Management assumes no obligation to update any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law . Fourth Quarter Fiscal 2026 Segment Realignment : During the fourth quarter of fiscal 2026 , our chief operating decision maker implemented changes to the organization of the business, allocation of resources, and performance assessment . Specifically, the business units within our Integrated Solutions segment have been realigned, resulting in the following changes : combine our Government Programs activities and our Mobility business, previously reported as Expeditionary Services, into a new operating segment named Government Solutions ; reposition our software platform, including Trax, Aerostrat , Airnmar , and Airvoyant , to our Repair & Engineering segment, which is renamed Repair, Engineering, & Software ; and Legacy Commercial Programs, the remaining business unit within the Integrated Solutions segment, will be separately reported as its own operating segment . These changes will be initially reflected in the Company’s unaudited condensed consolidated financial statements for the quarterly and annual period ending May 31 , 2026 . See the Company’s Current Report on Form 8 - K, furnished on May 6 , 2026 , for certain recast historical summary financial information under the Company’s new operating segment structure for fiscal year 2025 and for the previously reported quarters in fiscal year 2026 . Non - GAAP Financial Measures : This presentation includes certain non - GAAP financial measures . Please refer to the Appendix for additional information on these non - GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures . Unless otherwise noted, the statements made and the information provided in this presentation are as of May 6 , 2026 . Forward - looking Statements © 2026 AAR CORP. All rights reserved worldwide 2

Benefits x Segments aligned to core, focused operations x Better performance measurement and transparency x Wind - down of low - return Commercial Programs x Expect to deliver higher margins and higher ROIC Prior Parts Supply New parts Distribution USM Repair & Engineering Airframe MRO Component MRO Integrated Solutions Government Programs Commercial Programs Software Expeditionary Services Mobility Systems LTM Q3 FY26 Adj. Operating Income margin Parts Supply New parts Distribution USM Repair, Engineering, and Software Airframe MRO Component MRO Software Government Solutions Government Programs Mobility Systems Legacy Commercial Programs Commercial Programs Changes New Simplified segmentation aligned to Parts, Repair, and Software platform approach 2.1% 9.7% 11.0% 13.7% 12.8% 7.4% 10.7% 13.7% 10.1% 10.1% Corporate Corporate Prior New Note: See Appendix for reconciliation of Non - GAAP financial measures.

Prior Parts Supply New parts Distribution USM Repair & Engineering Airframe MRO Component MRO Integrated Solutions Government Programs Commercial Programs Software Expeditionary Services Mobility Systems LTM Q3 FY26 A dj . EBITDA margin Parts Supply New parts Distribution USM Repair, Engineering, and Software Airframe MRO Component MRO Software Government Solutions Government Programs Mobility Systems Legacy Commercial Programs Commercial Programs Changes New Simplified segmentation aligned to Parts, Repair, and Software platform approach 5.3% 10.9% 12.7% 14.7% 14.7% 9.3% 12.2% 14.7% 12.1% 12.1% Corporate Corporate Prior New Note: See Appendix for reconciliation of Non - GAAP financial measures.

$1,369M $1,369M $947M $999M $710M $514M $89M $234M Prior Parts Supply New parts Distribution USM Repair & Engineering Airframe MRO Component MRO Integrated Solutions Government Programs Commercial Programs Software Expeditionary Services Mobility Systems LTM Q3 FY26 A dj . Sales Parts Supply New parts Distribution USM Repair, Engineering, and Software Airframe MRO Component MRO Software Government Solutions Government Programs Mobility Systems Legacy Commercial Programs Commercial Programs Changes New Simplified segmentation aligned to Parts, Repair, and Software platform approach $3.1B $3.1B Prior New Note: See Appendix for reconciliation of Non - GAAP financial measures.

Non - GAAP financial measures – new segmentation Year ended Last twelve months ended August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales 249.7$ 273.7$ 270.7$ 305.5$ 1,099.6 317.8$ 353.6$ 392.5$ 1,369.4$ Operating income 30.1 31.6 45.4 49.7 156.8 40.9 40.9 50.7 182.2 Operating income margin 12.1% 11.5% 16.8% 16.3% 14.3% 12.9% 11.6% 12.9% 13.3% Operating income 30.1$ 31.6$ 45.4$ 49.7$ 156.8$ 40.9$ 40.9$ 50.7$ 182.2$ Acquisition, integration & amortization expenses - - - - - - 1.9 2.9 4.8 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Adjusted operating income 30.1$ 31.6$ 34.3$ 49.7$ 145.7$ 40.9$ 42.8$ 53.6$ 187.0$ Adjusted operating margin 12.1% 11.5% 12.7% 16.3% 13.3% 12.9% 12.1% 13.7% 13.7% Operating income 30.1$ 31.6$ 45.4$ 49.7$ 156.8$ 40.9$ 40.9$ 50.7$ 182.2$ Depreciation and amortization 2.1 1.8 1.9 1.9 7.7 2.2 4.9 7.0 16.0 Stock-based compensation 0.5 0.5 0.6 0.5 2.1 0.7 0.7 0.7 2.6 Acquisition and integration expenses - - - - - - - 0.1 0.1 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Adjusted EBITDA 32.7$ 33.9$ 36.8$ 52.1$ 155.5$ 43.8$ 46.5$ 58.5$ 200.9$ Adjusted EBITDA margin 13.1% 12.4% 13.6% 17.1% 14.1% 13.8% 13.2% 14.9% 14.7% Three months ended Three months ended Parts Supply

Non - GAAP financial measures – new segmentation Year ended Last twelve months ended August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales 229.3$ 240.3$ 228.7$ 232.7$ 931.0 226.4$ 257.7$ 282.3$ 999.1$ Operating income 20.3 22.8 19.7 21.2 84.0 20.0 23.3 19.6 84.1 Operating income margin 8.9% 9.5% 8.6% 9.1% 9.0% 8.8% 9.0% 6.9% 8.4% Operating income 20.3$ 22.8$ 19.7$ 21.2$ 84.0$ 20.0$ 23.3$ 19.6$ 84.1$ Acquisition, integration & amortization expenses 7.4 7.1 7.7 3.1 25.3 5.1 5.9 11.7 25.8 Severance charges - - - - - 0.4 - - 0.4 Gain related to sale of joint venture (1.4) (0.7) - - (2.1) - - - - Adjusted operating income 26.3$ 29.2$ 27.4$ 24.3$ 107.2$ 25.5$ 29.2$ 31.3$ 110.3$ Adjusted operating margin 11.5% 12.2% 12.0% 10.4% 11.5% 11.3% 11.3% 11.1% 11.0% Operating income 20.3$ 22.8$ 19.7$ 21.2$ 84.0$ 20.0$ 23.3$ 19.6$ 84.1$ Depreciation and amortization 7.6 7.7 8.0 7.5 30.8 7.5 8.0 9.0 32.0 Stock-based compensation 0.4 0.3 0.7 0.3 1.7 0.6 0.4 0.4 1.7 Acquisition and integration expenses 3.4 3.2 3.7 (1.0) 9.3 1.1 1.8 6.4 8.3 Severance charges - - - - - 0.4 - - 0.4 Gain related to sale of joint venture (1.4) (0.7) - - (2.1) - - - - Adjusted EBITDA 30.3$ 33.3$ 32.1$ 28.0$ 123.7$ 29.6$ 33.5$ 35.4$ 126.5$ Adjusted EBITDA margin 13.2% 13.9% 14.0% 12.0% 13.3% 13.1% 13.0% 12.5% 12.7% Repair, Engineering, and Software Three months ended Three months ended

Non - GAAP financial measures – new segmentation Year ended Last twelve months ended August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales 121.4$ 110.9$ 121.6$ 141.5$ 495.4 133.9$ 123.5$ 114.7$ 513.6$ Operating income 3.6 6.7 13.2 11.6 35.1 12.7 12.4 12.9 49.6 Operating income margin 3.0% 6.0% 10.9% 8.2% 7.1% 9.5% 10.0% 11.2% 9.7% Sales 121.4$ 110.9$ 121.6$ 141.5$ 495.4$ 133.9$ 123.5$ 114.7$ 513.6$ Contract termination benefit (9.5) - (4.0) - (13.5) - - - - Adjusted sales 111.9$ 110.9$ 117.6$ 141.5$ 481.9$ 133.9$ 123.5$ 114.7$ 513.6$ Operating income 3.6$ 6.7$ 13.2$ 11.6$ 35.1$ 12.7$ 12.4$ 12.9$ 49.6$ Contract termination costs (benefit) 3.2 - (3.0) - 0.2 - - - - Adjusted operating income 6.8$ 6.7$ 10.2$ 11.6$ 35.3$ 12.7$ 12.4$ 12.9$ 49.6$ Adjusted operating margin 6.1% 6.0% 8.7% 8.2% 7.3% 9.5% 10.0% 11.2% 9.7% Operating income 3.6$ 6.7$ 13.2$ 11.6$ 35.1$ 12.7$ 12.4$ 12.9$ 49.6$ Depreciation and amortization 1.1 1.6 1.2 1.3 5.2 1.3 1.3 1.5 5.4 Stock-based compensation 0.2 0.4 0.3 0.3 1.2 0.3 0.3 0.3 1.2 Contract termination costs (benefit) 3.2 - (3.0) - 0.2 - - - - Adjusted EBITDA 8.1$ 8.7$ 11.7$ 13.2$ 41.7$ 14.3$ 14.0$ 14.7$ 56.2$ Adjusted EBITDA margin 7.2% 7.8% 9.9% 9.3% 8.7% 10.7% 11.3% 12.8% 10.9% Three months ended Three months ended Government Solutions

Non - GAAP financial measures – new segmentation Year ended Last twelve months ended August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales 61.3$ 61.2$ 57.2$ 74.8$ 254.5 61.5$ 60.5$ 55.6$ 252.4$ Operating income (loss) 3.2 2.0 2.1 1.3 8.6 0.4 3.3 (5.2) (0.2) Operating income margin 5.2% 3.3% 3.7% 1.7% 3.4% 0.7% 5.5% -9.4% -0.1% Sales 61.3$ 61.2$ 57.2$ 74.8$ 254.5$ 61.5$ 60.5$ 55.6$ 252.4$ Contract termination benefit - - - (18.7) (18.7) - - - (18.7) Adjusted sales 61.3$ 61.2$ 57.2$ 56.1$ 235.8$ 61.5$ 60.5$ 55.6$ 233.7$ Operating income (loss) 3.2$ 2.0$ 2.1$ 1.3$ 8.6$ 0.4$ 3.3$ (5.2)$ (0.2)$ Severance charges - - - - - 0.3 - - 0.3 Impairment charge related to product line exit - - - - - - - 4.9 4.9 Adjusted operating income 3.2$ 2.0$ 2.1$ 1.3$ 8.6$ 0.7$ 3.3$ (0.3)$ 5.0$ Adjusted operating margin 5.2% 3.3% 3.7% 2.3% 3.6% 1.1% 5.5% -0.5% 2.1% Operating income (loss) 3.2$ 2.0$ 2.1$ 1.3$ 8.6$ 0.4$ 3.3$ (5.2)$ (0.2)$ Depreciation and amortization 1.6 1.8 1.9 1.9 7.2 1.7 1.8 1.7 7.1 Stock-based compensation 0.1 - 0.1 0.1 0.3 0.1 - 0.1 0.3 Severance charges - - - - - 0.3 - - 0.3 Impairment charge related to product line exit - - - - - - - 4.9 4.9 Adjusted EBITDA 4.9$ 3.8$ 4.1$ 3.3$ 16.1$ 2.5$ 5.1$ 1.5$ 12.4$ Adjusted EBITDA margin 8.0% 6.2% 7.2% 5.9% 6.8% 4.1% 8.4% 2.7% 5.3% Legacy Commercial Programs Three months ended Three months ended

Non - GAAP financial measures – new segmentation Year ended Year ended Last twelve months ended May 31, 2024 August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Parts Supply Commercial 800.6$ 210.4$ 220.8$ 220.9$ 227.1$ 879.2 254.5$ 268.1$ 300.0$ 1,049.7$ Government and defense 166.4 39.3 52.9 49.8 78.4 220.4 63.3 85.5 92.5 319.7 967.0$ 249.7$ 273.7$ 270.7$ 305.5$ 1,099.6$ 317.8$ 353.6$ 392.5$ 1,369.4$ Repair, Engineering, and Software Commercial 612.3$ 199.9$ 217.5$ 205.8$ 215.2$ 838.4 206.6$ 236.6$ 258.9$ 917.3$ Government and defense 69.0 29.4 22.8 22.9 17.5 92.6 19.8 21.1 23.4 81.8 681.3$ 229.3$ 240.3$ 228.7$ 232.7$ 931.0$ 226.4$ 257.7$ 282.3$ 999.1$ Government Solutions Commercial 6.1$ 1.3$ 0.7$ 1.6$ 0.4$ 4.0 0.7$ 1.2$ 1.3$ 3.6$ Government and defense 445.6 120.1 110.2 120.0 141.1 491.4 133.2 122.3 113.4 510.0 451.7$ 121.4$ 110.9$ 121.6$ 141.5$ 495.4$ 133.9$ 123.5$ 114.7$ 513.6$ Legacy Commercial Programs Commercial 218.9$ 61.3$ 61.2$ 57.2$ 74.8$ 254.5 61.5$ 60.5$ 55.6$ 252.4$ Government and defense - - - - - - - - - - 218.9$ 61.3$ 61.2$ 57.2$ 74.8$ 254.5$ 61.5$ 60.5$ 55.6$ 252.4$ Three months ended Three months ended Sales

Non - GAAP financial measures – prior segmentation Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $249.7 $273.7 $270.7 $305.5 $1,099.6 $317.8 $353.6 $392.5 $1,369.4 Operating income (loss) 30.1 31.6 45.4 49.7 $156.8 40.9 40.9 50.7 $182.2 Operting income margin 12.1% 11.5% 16.8% 16.3% 14.3% 12.9% 11.6% 12.9% Sales $249.7 $273.7 $270.7 $305.5 $1,099.6 $317.8 $353.6 $392.5 $1,369.4 Contract termination benefit - - - - - - - - - Adjusted sales $249.7 $273.7 $270.7 $305.5 $1,099.6 $317.8 $353.6 $392.5 $1,369.4 Operating income (loss) 30.1 31.6 45.4 49.7 $156.8 40.9 40.9 50.7 $182.2 Acquisition, integration & amortization expenses - - - - - - 1.9 2.9 4.8 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Adjusted operating income $30.1 $31.6 $34.3 $49.7 $145.7 $40.9 $42.8 $53.6 $187.0 Adjusted operating margin 12.1% 11.5% 12.7% 16.3% 13.3% 12.9% 12.1% 13.7% 13.7% Operating income (loss) $30.1 $31.6 $45.4 $49.7 $156.8 $40.9 $40.9 $50.7 $182.2 Depreciation and amortization 2.1 1.8 1.9 1.9 7.7 2.2 4.9 7.0 16.0 Stock-based compensation 0.5 0.5 0.6 0.5 2.1 0.7 0.7 0.7 2.6 Acquisition and integration expenses - - - - - - - 0.1 0.1 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Adjusted EBITDA $32.7 $33.9 $36.8 $52.1 $155.5 $43.8 $46.5 $58.5 $200.9 Adjusted EBITDA margin 13.1% 12.4% 13.6% 17.1% 14.1% 13.8% 13.2% 14.9% 14.7% Parts Supply Three months ended Three months ended

Non - GAAP financial measures – prior segmentation Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $217.6 $228.8 $215.9 $222.6 $884.9 $214.6 $244.5 $265.3 $947.0 Operating income (loss) 21.1 22.8 19.0 18.3 $81.2 20.4 22.7 15.1 $76.5 Operting income margin 9.7% 10.0% 8.8% 8.2% 9.2% 9.5% 9.3% 5.7% Sales $217.6 $228.8 $215.9 $222.6 $884.9 $214.6 $244.5 $265.3 $947.0 Contract termination benefit - - - - - - - - - Adjusted sales $217.6 $228.8 $215.9 $222.6 $884.9 $214.6 $244.5 $265.3 $947.0 Operating income (loss) 21.1 22.8 19.0 18.3 $81.2 20.4 22.7 15.1 $76.5 Acquisition, integration & amortization expenses 4.6 5.3 4.9 5.0 19.8 4.1 4.7 10.5 24.3 Severance charges - - - - - 0.4 - - 0.4 Gain related to sale of business/joint venture, net (1.4) (0.7) - - (2.1) - - - - Adjusted operating income $24.3 $27.4 $23.9 $23.3 $98.9 $24.9 $27.4 $25.6 $101.2 Adjusted operating margin 11.2% 12.0% 11.1% 10.5% 11.2% 11.6% 11.2% 9.6% 10.7% Operating income (loss) $21.1 $22.8 $19.0 $18.3 $81.2 $20.4 $22.7 $15.1 $76.5 Depreciation and amortization 6.2 6.3 6.5 6.2 25.2 6.1 6.5 7.6 26.4 Stock-based compensation 0.4 0.1 0.6 0.1 1.2 0.5 0.2 0.2 1.0 Acquisition and integration expenses 1.6 2.4 1.8 2.1 7.9 1.1 1.8 6.4 11.4 Severance charges - - - - - 0.4 - - 0.4 Gain related to sale of joint venture (1.4) (0.7) - - (2.1) - - - - Adjusted EBITDA $27.9 $30.9 $27.9 $26.7 $113.4 $28.5 $31.2 $29.3 $115.7 Adjusted EBITDA margin 12.8% 13.5% 12.9% 12.0% 12.8% 13.3% 12.8% 11.0% 12.2% Repair & Engineering Three months ended Three months ended

Non - GAAP financial measures – prior segmentation Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $168.9 $163.4 $162.9 $200.1 $695.3 $185.0 $175.8 $167.8 $728.7 Operating income (loss) 7.7 6.5 9.6 12.6 $36.4 9.7 13.9 9.4 $45.6 Operting income margin 4.6% 4.0% 5.9% 6.3% 5.2% 5.2% 7.9% 5.6% Sales $168.9 $163.4 $162.9 $200.1 $695.3 $185.0 $175.8 $167.8 $728.7 Contract termination benefit - - - (18.6) (18.6) - - - (18.6) Adjusted sales $168.9 $163.4 $162.9 $181.5 $676.7 $185.0 $175.8 $167.8 $710.1 Operating income (loss) 7.7 6.5 9.6 12.6 $36.4 9.7 13.9 9.4 $45.6 Acquisition, integration & amortization expenses 2.8 1.8 2.8 (1.9) 5.5 1.0 1.2 1.2 1.5 Severance charges - - - - - 0.3 - - 0.3 Impairment charge related to product line exit - - - - - - - 4.9 4.9 Adjusted operating income $10.5 $8.3 $12.4 $10.7 $41.9 $11.0 $15.1 $15.5 $52.3 Adjusted operating margin 6.2% 5.1% 7.6% 5.9% 6.2% 5.9% 8.6% 9.2% 7.4% Operating income (loss) $7.7 $6.5 $9.6 $12.6 $36.4 $9.7 $13.9 $9.4 $45.6 Depreciation and amortization 3.7 4.4 4.2 4.1 16.4 4.0 4.1 4.2 16.4 Stock-based compensation 0.3 0.6 0.5 0.5 1.9 0.5 0.5 0.6 2.1 Acquisition and integration expenses 1.8 0.8 1.9 (3.0) 1.5 - - - (3.0) Impairment charge related to product line exit - - - - - - - 4.9 4.9 Severance charges - - - - - 0.3 - - 0.3 Adjusted EBITDA $13.5 $12.3 $16.2 $14.2 $56.2 $14.5 $18.5 $19.1 $66.3 Adjusted EBITDA margin 8.0% 7.5% 9.9% 7.8% 8.3% 7.8% 10.5% 11.4% 9.3% Integrated Solutions Three months ended Three months ended

Non - GAAP financial measures – prior segmentation Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $25.5 $20.2 $28.7 $26.3 $100.7 $22.2 $21.4 $19.5 $89.4 Operating income (loss) (1.7) 2.2 6.4 3.2 $10.1 3.0 2.4 2.8 $11.4 Operting income margin -6.7% 10.9% 22.3% 12.2% 10.0% 13.5% 11.2% 14.4% Sales $25.5 $20.2 $28.7 $26.3 $100.7 $22.2 $21.4 $19.5 $89.4 Contract termination benefit (9.5) - (4.0) - (13.5) - - - - Adjusted sales $16.0 $20.2 $24.7 $26.3 $87.2 $22.2 $21.4 $19.5 $89.4 Operating income (loss) (1.7) 2.2 6.4 3.2 $10.1 3.0 2.4 2.8 $11.4 Contract termination benefit 3.2 - (3.0) - 0.2 - - - - Adjusted operating income $1.5 $2.2 $3.4 $3.2 $10.3 $3.0 $2.4 $2.8 $11.4 Adjusted operating margin 9.4% 10.9% 13.8% 12.2% 11.8% 13.5% 11.2% 14.4% 12.8% Operating income (loss) ($1.7) $2.2 $6.4 $3.2 $10.1 $3.0 $2.4 $2.8 $11.4 Depreciation and amortization 0.4 0.4 0.4 0.4 1.6 0.4 0.5 0.4 1.7 Contract termination benefit 3.2 - (3.0) - 0.2 - - - - Adjusted EBITDA $1.9 $2.6 $3.8 $3.6 $11.9 $3.4 $2.9 $3.2 $13.1 Adjusted EBITDA margin 11.9% 12.9% 15.4% 13.7% 13.6% 15.3% 13.6% 16.4% 14.7% Expeditionary Services Three months ended Three months ended

Non - GAAP financial measures Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Operating income (loss) (13.8) (65.4) (9.3) (10.8) ($99.3) (9.1) (12.9) (12.2) ($45.0) Operting income margin NA NA NA NA NA NA NA NA NA Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Contract termination benefit - - - - - - - - - Adjusted sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Operating income (loss) (13.8) (65.4) (9.3) (10.8) ($99.3) (9.1) (12.9) (12.2) ($45.0) Acquisition, integration & amortization expenses 1.6 0.1 (0.2) - 1.5 1.3 6.4 0.9 8.6 Severance charges - - - - - 0.3 - - 0.3 FCPA settlement and Investigation costs - 59.2 1.1 - 60.3 - - - - Government COVID-related subsidy liability reversal - - - 0.8 0.8 (0.7) - - 0.1 Investigation costs 5.0 - - - 5.0 - - - - Adjusted operating income ($7.2) ($6.1) ($8.4) ($10.0) ($37.5) ($8.2) ($6.5) ($11.3) ($36.1) Adjusted operating margin NA NA NA NA NA NA NA NA NA Operating income (loss) ($13.8) ($65.4) ($9.3) ($10.8) ($99.3) ($9.1) ($12.9) ($12.2) ($45.0) Depreciation and amortization 1.1 1.1 1.0 1.1 4.3 1.1 1.1 1.0 4.3 Stock-based compensation 3.8 3.8 3.9 3.2 14.7 3.6 2.9 2.2 11.9 Acquisition and integration expenses 1.6 - (0.2) - 1.4 1.3 6.3 1.0 8.6 Severance charges - - - - - 0.3 - - 0.3 Government COVID-related subsidy liability reversal - - - 0.8 0.8 (0.7) - - 0.1 Investigation costs 5.0 - - - 5.0 - - - - FCPA settlement and Investigation costs - 59.2 1.1 - 60.3 - - - - Adjusted EBITDA ($2.3) ($1.3) ($3.5) ($5.7) ($12.8) ($3.5) ($2.6) ($8.0) ($19.8) Adjusted EBITDA margin NA NA NA NA NA NA NA NA NA Corporate & Other Three months ended Three months ended

Non - GAAP financial measures Year ended Last twelve months ended ($ in millions) August 31, 2024 November 30, 2024 February 28, 2025 May 31, 2025 May 31, 2025 August 31, 2025 November 30, 2025 February 28, 2026 February 28, 2026 Sales $661.7 $686.1 $678.2 $754.5 $2,780.5 $739.6 $795.3 $845.1 $3,134.5 Operating income (loss) 43.4 (2.3) 71.1 73.0 $185.2 64.9 67.0 65.8 $270.7 Operting income margin 6.6% -0.3% 10.5% 9.7% 6.7% 8.8% 8.4% 7.8% Sales $661.7 $686.1 $678.2 $754.5 $2,780.5 $739.6 $795.3 $845.1 $3,134.5 Contract termination benefit (9.5) - (4.0) (18.6) (32.1) - - - (18.6) Adjusted sales $652.2 $686.1 $674.2 $735.9 $2,748.4 $739.6 $795.3 $845.1 $3,115.9 Operating income (loss) 43.4 (2.3) 71.1 73.0 $185.2 64.9 67.0 65.8 $270.7 Acquisition, integration & amortization expenses 9.0 7.2 7.5 3.1 26.8 6.4 14.2 15.5 39.2 Severance charges - - - - - 1.0 - - 1.0 Impairment charge related to product line exit - - - - - - - 4.9 4.9 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Contract termination benefit 3.2 - (3.0) - 0.2 - - - - FCPA settlement and Investigation costs - 59.2 1.1 - 60.3 - - - - Gain related to sale of business/joint venture, net (1.4) (0.7) - - (2.1) - - - - Government COVID-related subsidy liability reversal - - - 0.8 0.8 (0.7) - - 0.1 Investigation costs 5.0 - - - 5.0 - - - - Adjusted operating income $59.2 $63.4 $65.6 $76.9 $265.1 $71.6 $81.2 $86.2 $315.9 Adjusted operating margin 9.1% 9.2% 9.7% 10.4% 9.6% 9.7% 10.2% 10.2% 10.1% Operating income (loss) $43.4 ($2.3) $71.1 $73.0 $185.2 $64.9 $67.0 $65.8 $270.7 Depreciation and amortization 13.5 14.0 14.0 13.7 55.2 13.8 17.1 20.2 64.8 Stock-based compensation 5.0 5.0 5.6 4.3 19.9 5.3 4.3 3.7 17.6 Acquisition and integration expenses 5.0 3.2 3.5 (0.9) 10.8 2.4 8.1 7.5 17.1 Impairment charge related to product line exit - - - - - - - 4.9 4.9 Severance charges - - - - - 1.0 - - 1.0 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - Government COVID-related subsidy liability reversal - - - 0.8 0.8 (0.7) - - 0.1 Investigation costs 5.0 - - - 5.0 - - - - Contract termination benefit 3.2 - (3.0) - 0.2 - - - - FCPA settlement and Investigation costs - 59.2 1.1 - 60.3 - - - - Gain related to sale of joint venture (1.4) (0.7) - - (2.1) - - - - Adjusted EBITDA $73.7 $78.4 $81.2 $90.9 $324.2 $86.7 $96.5 $102.1 $376.2 Adjusted EBITDA margin 11.3% 11.4% 12.0% 12.4% 11.8% 11.7% 12.1% 12.1% 12.1% Consolidated Three months ended Three months ended

GRAPHIC

Filename: tm2612934d1_ex99-2img01.jpg · Sequence: 9

Binary file (63735 bytes)

Download tm2612934d1_ex99-2img01.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img001.jpg · Sequence: 10

Binary file (192117 bytes)

Download tm2612934d1_ex99-3img001.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img002.jpg · Sequence: 11

Binary file (263843 bytes)

Download tm2612934d1_ex99-3img002.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img003.jpg · Sequence: 12

Binary file (456591 bytes)

Download tm2612934d1_ex99-3img003.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img004.jpg · Sequence: 13

Binary file (370716 bytes)

Download tm2612934d1_ex99-3img004.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img005.jpg · Sequence: 14

Binary file (359639 bytes)

Download tm2612934d1_ex99-3img005.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img006.jpg · Sequence: 15

Binary file (128232 bytes)

Download tm2612934d1_ex99-3img006.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img007.jpg · Sequence: 16

Binary file (449042 bytes)

Download tm2612934d1_ex99-3img007.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img008.jpg · Sequence: 17

Binary file (465639 bytes)

Download tm2612934d1_ex99-3img008.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img009.jpg · Sequence: 18

Binary file (462247 bytes)

Download tm2612934d1_ex99-3img009.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img010.jpg · Sequence: 19

Binary file (470285 bytes)

Download tm2612934d1_ex99-3img010.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img011.jpg · Sequence: 20

Binary file (490062 bytes)

Download tm2612934d1_ex99-3img011.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img012.jpg · Sequence: 21

Binary file (500041 bytes)

Download tm2612934d1_ex99-3img012.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img013.jpg · Sequence: 22

Binary file (515731 bytes)

Download tm2612934d1_ex99-3img013.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img014.jpg · Sequence: 23

Binary file (506350 bytes)

Download tm2612934d1_ex99-3img014.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img015.jpg · Sequence: 24

Binary file (440790 bytes)

Download tm2612934d1_ex99-3img015.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img016.jpg · Sequence: 25

Binary file (447286 bytes)

Download tm2612934d1_ex99-3img016.jpg

GRAPHIC

Filename: tm2612934d1_ex99-3img017.jpg · Sequence: 26

Binary file (481434 bytes)

Download tm2612934d1_ex99-3img017.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 28

v3.26.1

Cover

May 06, 2026

Entity Listings [Line Items]

Document Type

8-K

Amendment Flag

false

Document Period End Date

May 06, 2026

Entity File Number

1-6263

Entity Registrant Name

AAR

CORP.

Entity Central Index Key

0000001750

Entity Tax Identification Number

36-2334820

Entity Incorporation, State or Country Code

Entity Address, Address Line One

One AAR Place

Entity Address, Address Line Two

1100 N. Wood Dale Road

Entity Address, City or Town

Wood Dale

Entity Address, State or Province

Entity Address, Postal Zip Code

60191

City Area Code

630

Local Phone Number

227-2000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Common Stock [Member] | NYSE CHICAGO, INC. [Member]

Entity Listings [Line Items]

Title of 12(b) Security

Common Stock, $1.00 par value

Trading Symbol

AIR

Security Exchange Name

NYSE

Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]

Entity Listings [Line Items]

Title of 12(b) Security

Common

Stock, $1.00 par value

Trading Symbol

AIR

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityListingsLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

dei_EntityListingsExchangeAxis=exch_XCHI

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

dei_EntityListingsExchangeAxis=exch_XNYS

Namespace Prefix:

Data Type:

Balance Type:

Period Type: