AAR Business Summary

AAR CORP (NYSE: AIR) is a preeminent independent provider of aviation services to the global commercial and government aerospace markets, generating revenue through a diversified mix of transactional parts sales, maintenance service fees, and long-term performance-based logistics contracts. The company’s business model is structured across four primary segments: Parts Supply, which focuses on the distribution of new OEM components and the sale or lease of Used Serviceable Material (USM); Repair & Engineering, providing comprehensive airframe maintenance, repair, and overhaul (MRO) services; Integrated Solutions, offering fleet management and supply chain programs; and Expeditionary Services, delivering mobility products for military and humanitarian applications. Within a competitive landscape featuring HEICO Corporation, StandardAero, and the aftermarket divisions of OEMs such as RTX (Raytheon) and Boeing, AAR maintains a dominant position as the largest independent MRO provider in North America, leveraging its "close-to-the-customer" strategy to offer cost-effective alternatives to original equipment manufacturer services. Originally founded in 1951 by Ira A. Eichner as Allen Aircraft Radio, AAR is currently led by Chairman, President, and CEO John M. Holmes, who joined the firm in 2001 and has spearheaded its strategic pivot toward high-margin distribution and digital solutions. The executive leadership team includes Rahul S. Ghai as Senior VP and Chief Digital and Technology Officer, who oversees the company’s proprietary Trax maintenance software suite, and Sarah L. Flanagan, who serves as Interim CFO pending the transition to incoming CFO Dylan Wolin (effective February 23, 2026). The company’s strategic direction is overseen by a high-pedigree Board of Directors that includes former FAA Acting Administrator Billy J. Nolen, former Under Secretary of Defense Ellen M. Lord, and retired USAF General Duncan J. McNabb. Supported by approximately 92% institutional ownership, this leadership core has recently executed aggressive M&A activity, including the acquisitions of ADI and HAECO Americas, to solidify AAR’s role as a critical node in the global aerospace supply chain.