$234.12+7.37 (+3.25%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Heico (HEI-A) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineGrowing fast: revenue compounds ~24.5%/yr (FY21→FY25), net margin 16.6%, and free cash flow (~$861.4M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▲16.3%
4,485.0
FY21→FY25CAGR +24.5%/yr
Net income ($M)▲33.4%
745.6
FY21→FY25CAGR +22.6%/yr
Free cash flow ($M)▲40.3%
861.4
FY21→FY25CAGR +20.5%/yr
Diluted EPS▲33.5%
4.90
FY21→FY25CAGR +22.0%/yr
What the receipts whisper · what a headline number hides
Share count
+2.1%
137.9mn → 140.8mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$72.9M
+25.1% YoY in FY25 · 1.6% of revenue.
Returns vs FCF
11%
$98.6M returned vs $861.4M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
17¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 39.0% → 39.8%. Net margin 16.6% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
USD millions except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 5,176.8 | 4,485.0 | 3,857.7 | 2,968.1 | 2,208.3 | 1,865.7 | ▲16.3% | +24.5% |
Cost of revenue | 3,085.4 | 2,698.6 | 2,355.9 | 1,814.6 | 1,345.6 | 1,138.3 | ▲14.5% | +24.1% |
Gross profit | 2,091.3 | 1,786.5 | 1,501.7 | 1,153.5 | 862.8 | 727.4 | ▲19.0% | +25.2% |
Selling, general & admin | 846.8 | 767.5 | 677.3 | 528.1 | 365.9 | 334.5 | ▲13.3% | +23.1% |
Total operating expenses | 846.8 | 767.5 | 677.3 | 528.1 | 365.9 | 334.5 | ▲13.3% | +23.1% |
Operating incomefeeds ROC rank | 1,244.6 | 1,019.0 | 824.5 | 625.3 | 496.8 | 392.9 | ▲23.6% | +26.9% |
Other income, net | −127.6 | −125.4 | −146.9 | −70.1 | −5.8 | −5.8 | — | — |
Pretax income | 1,117.0 | 893.6 | 677.6 | 555.3 | 491.0 | 387.1 | ▲31.9% | +23.3% |
Income tax | 204.6 | 148.0 | 118.5 | 110.9 | 100.4 | 57.3 | ▲24.9% | +26.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 912.4 | 745.6 | 559.1 | 444.4 | 390.6 | 329.8 | ▲33.4% | +22.6% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 6.00 | 4.90 | 3.67 | 2.91 | 2.55 | 2.21 | ▲33.5% | +22.0% |
Diluted shares (mn) | 141.27 | 140.77 | 140.20 | 138.91 | 138.04 | 137.85 | ▲0.4% | +0.5% |
| Margins | ||||||||
Gross margin61st pct in Industrials | 40.4% | 39.8% | 38.9% | 38.9% | 39.1% | 39.0% | ▲0.9pp | +0.8pp |
Operating margin | 24.0% | 22.7% | 21.4% | 21.1% | 22.5% | 21.1% | ▲1.3pp | +1.7pp |
Net margin83rd pct in Industrials | 17.6% | 16.6% | 14.5% | 15.0% | 17.7% | 17.7% | ▲2.1pp | −1.1pp |
† TTM = trailing four quarters through 2026-07-31.
5 more years of statements and CSV export are on Premium, and 13 more on Ultimate.Premium · $119/yr · 7-day trial · cancel anytimeUnlock with Premium →
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-12-22 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Heico's revenue last fiscal year?
Heico reported revenue of $4,485.0M in fiscal 2025, up 16.3% from fiscal 2024.
What was Heico's net income?
Heico reported net income of $745.6M in fiscal 2025, a net margin of 16.6%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.