Madison Air Q2 Revenue Jumps 21%, Backlog Doubles to $2.9B; Full-Year Guidance Raised
MAIR is trading near its 52-week low of $30.53 (3.2% above the low) on elevated volume (2.6× avg).
Summary
Madison Air Solutions posted Q2 revenue of $991M (+21% YoY), net income of $70.5M (+129%), and a record backlog of $2.9B. Full-year sales guidance was raised, and net leverage dropped to 2.8x after debt paydown.
Key Events · Earnings and Guidance · MAIR
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Q2 Revenue +21%, Net Income +129%
Net sales reached $991.3 million, up 21% year-over-year, while net income jumped 129% to $70.5 million. Adjusted EBITDA rose 18% to $265.8 million.
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Backlog Doubles to $2.9B
Driven by data center and commercial cooling wins, backlog surged 133% year-over-year to $2,868.4 million, providing strong revenue visibility.
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Full-Year Guidance Raised
Management raised 2026 net sales guidance to $3,825–$3,925 million (from $3,750–$3,850 million) and maintained Adjusted EBITDA guidance of $1,020–$1,065 million.
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Net Leverage Cut to 2.8x
Net leverage fell to 2.8x from 5.9x at year-end 2025, following $2.6 billion in debt repayment using IPO proceeds. Revolving credit facility capacity stands at $1,294.3 million.
Analysis · MAIR · Technology
A standout quarter saw revenue climb 21% to $991 million and net income more than double to $70.5 million. The real headline, however, is the backlog—surging 133% year-over-year to $2.9 billion on the back of data center and commercial cooling demand. That visibility, paired with strong execution, gave management the confidence to raise the full-year sales outlook. The balance sheet also improved markedly: net leverage fell to 2.8x from nearly 6x at year-end, thanks to IPO proceeds used to pay down $2.6 billion in debt. With the stock trading near its 52-week low, these results could force a reassessment of the growth trajectory.
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At the time of this filing, MAIR was trading at $31.50 on NYSE in the Technology sector, with a market capitalization of approximately $15.9B. The 52-week trading range was $30.53 to $44.50. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.