Heico Corp New — Financial Results
Record Revenue and Profit Across Both Business Segments
| Metric | Fiscal 2025 | Fiscal 2024 | Change |
|---|---|---|---|
| Net sales | $4,485.0M | $3,857.7M | +16% |
| Operating income | $1,019.0M | $824.5M | +24% |
| Net income attributable to HEICO | $690.4M | $514.1M | +34% |
| Earnings per diluted share | $4.90 | $3.67 | +34% |
Every major financial line hit a record in fiscal 2025. Revenue, operating profit, and net income all grew faster than sales, meaning HEICO is not just getting bigger — it is becoming more profitable as it grows. Both the Flight Support Group (FSG) and Electronic Technologies Group (ETG) contributed record results.
Strong Organic Growth Drove Most of the Revenue Gain
The FSG posted 14% organic growth (growth from existing businesses, not acquisitions), while the ETG added 7% organically. This matters because organic growth tends to be higher quality than acquisition-driven growth — it shows real underlying demand for HEICO's parts and services. The FSG's gains were led by aftermarket replacement parts (+$263.9M), and the ETG's by defense, space, and electronics products.
Profit Margins Expanded at Both Divisions
| Metric | Fiscal 2025 | Fiscal 2024 |
|---|---|---|
| Gross profit margin | 39.8% | 38.9% |
| Operating income margin | 22.7% | 21.4% |
| SG&A as % of sales | 17.1% | 17.6% |
HEICO is keeping more of each dollar of revenue as profit. The gross profit margin (revenue minus direct production costs, divided by revenue) improved by nearly a full percentage point, driven mainly by the FSG's repair and overhaul business and a better product mix. Overhead costs also fell as a share of sales, reflecting the natural leverage of growing revenues across a largely fixed cost base.
Interest Expense Fell as Debt Was Paid Down
Interest expense dropped to $129.9M from $149.3M, thanks to both a lower interest rate on borrowings and a reduction in total debt outstanding. Total debt fell from $2,229M to $2,168M, and the debt-to-total capitalization ratio (the share of the company funded by debt) improved from 38% to 33%. This means more of the profit improvement is flowing through to shareholders rather than being consumed by financing costs.
Acquisitions Accelerated, Funded by Strong Cash Flow
HEICO spent $629.8M on acquisitions in fiscal 2025, up sharply from $219.3M in fiscal 2024. Despite this, operating cash flow surged 39% to $934.3M, comfortably covering the spending. The company still held $1,078M of unused borrowing capacity as of December 2025, giving it significant firepower for further deals. Management has signaled it will continue pursuing acquisitions alongside organic growth in fiscal 2026.