In Q2 FY2026 (ended October 31, 2025), Butler National reported strong results with 9% revenue growth to $23.25M, operating income up 46%, and Aerospace Products driving 20% segment revenue growth to $14.0M. Backlog totaled $46.3M versus $38.1M a year earlier, signaling healthy demand momentum in its core aerospace business.
Cyborg Score Rationale
Butler National demonstrates improving operational execution with strong Q2 FY2026 earnings growth and expanding aerospace backlog, balanced against modest revenue scale and OTC market liquidity constraints. Recent FAA/EASA certifications and Northrop Grumman awards validate product quality.
Top Insights
(October 2025) Q2 FY2026 showed 67% net income growth with Aerospace Products segment revenue up 20%, driven by special mission aircraft modifications
(October 2025) Backlog growth of 21% YoY to $46.3M, indicating strengthening customer demand for aerospace products
(Q2 2025) Received Northrop Grumman Silver Award for outstanding quarterly performance; multiple FAA and EASA Supplemental Type Certificates approved for aircraft modifications
Share repurchase program active (687,852 shares repurchased in Q2 FY2026) demonstrates management confidence in long-term value creation
Named Competitors
Special Mission Modifications — Sensor rail and radome installations for special mission platforms
Aircraft Repair & Overhaul — Competing maintenance, repair and overhaul service providers
Boot Hill Casino and Resort — Regional gaming and hospitality operations
Recent Developments
(October 2025) Q2 FY2026 earnings: revenue $23.25M (+9%), operating income $7.08M (+46%), net income $5.99M (+67%)
(Q2 2025) Northrop Grumman Silver Award for Butler National-Tempe subsidiary performance
(2025) Multiple FAA/EASA Supplemental Type Certificates for Avcon Industries special mission aircraft modifications (Bombardier Challenger, Learjet platforms)
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