AeroVironment (AVAV) Q2 2026 Earnings: Revenue Soars but EPS Miss, Continued Losses

AeroVironment Inc. (AVAV) — Q2 2026 Results

Key highlights:

Revenue of $472.5 million, up 150.7% year-over-year; slightly below the consensus revenue estimate of $477.8 million (miss by about $5.3 million, or ~1.1%).

Gross profit of $104.1 million, up 41.4% year-over-year, implying a gross margin of roughly 22.0%.

Cost of sales totaled $368.4 million, up 220.9% year-over-year.

Profitability and per-share results:

Operating loss of -$30.2 million (operating margin ≈ -6.4%), a year-over-year swing of -531.4%.

Net loss attributable to common shareholders of -$27.0 million, down 459.5% year-over-year.

Diluted earnings per share of -$0.54, missing the EPS estimate of $0.80 by about $1.34 per share.

Cash flow and balance sheet:

Cash used in operating activities of -$45.1 million, a year-over-year change of +1,137.9%.

Capital expenditures of -$10.8 million.

Cash and cash equivalents of $359.4 million, up 421.2% year-over-year.

Total liabilities of $1.22 billion, up 659.5% year-over-year, signaling a significant increase in leverage.

Takeaways:

AeroVironment (AVAV) delivered strong top-line growth but continued to report operating and net losses, reflecting margin pressure from higher cost of sales and ramp activity.

Revenue narrowly missed consensus while EPS fell well short, highlighting the gap between sales growth and profitability this quarter.

Cash on hand is substantial, but the sharp rise in liabilities merits monitoring; investors should watch upcoming guidance and margin trajectory.

AeroVironment Inc. Insider Trading Activity

AeroVironment Inc. insiders have traded $AVAV stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $AVAV stock by insiders over the last 6 months:

WAHID NAWABI (Chair, President and CEO) sold 17,300 shares for an estimated $4,550,765
TRACE E STEVENSON (President, Autonomous Systems) sold 1,717 shares for an estimated $654,177
KEVIN PATRICK MCDONNELL (CFO) has made 0 purchases and 2 sales selling 1,511 shares for an estimated $568,979.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

AeroVironment Inc. Hedge Fund Activity

We have seen 372 institutional investors add shares of AeroVironment Inc. stock to their portfolio, and 216 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

INVESCO LTD. added 669,420 shares (+109.9%) to their portfolio in Q3 2025, for an estimated $210,793,663
BLACKROCK, INC. added 400,725 shares (+9.1%) to their portfolio in Q3 2025, for an estimated $126,184,295
POINT72 ASSET MANAGEMENT, L.P. removed 383,659 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $109,323,632
CIBC PRIVATE WEALTH GROUP LLC added 314,448 shares (+24798.7%) to their portfolio in Q3 2025, for an estimated $99,016,530
1832 ASSET MANAGEMENT L.P. added 264,600 shares (+inf%) to their portfolio in Q3 2025, for an estimated $83,319,894
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 243,466 shares (-94.0%) from their portfolio in Q3 2025, for an estimated $76,665,008
DIMENSIONAL FUND ADVISORS LP removed 219,653 shares (-54.0%) from their portfolio in Q3 2025, for an estimated $69,166,533

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

AeroVironment Inc. Government Contracts

We have seen $410,795,893 of award payments to $AVAV over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

LOITERED MUNITIONS, SWITCHBLADE 300 AND 600 ALL UP ROUNDS: $288,940,573
DELIVERY ORDER TO PURCHASE 330 SWITCHBLADE 600 ALL-UP ROUNDS WITH SELECTIVE AVAILABILITY ANTI-SPOOFING MODU...: $55,484,704
PUMA AE 3, PUMA LE, PUMA ACCESSORIES, ERA, PUMA SOFTWARE UPDATE KIT, CONTRACTOR LOGISTICS SUPPORTS SERVICES...: $35,552,118
DELIVERY ORDER #2 FOR ORGANIC PRECISION FIRES-LIGHT: $8,956,147
SBIR PHASE III R&D: $5,249,602

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

AeroVironment Inc. Congressional Stock Trading

Members of Congress have traded $AVAV stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $AVAV stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. purchased up to $15,000 on 10/03.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

AeroVironment Inc. Analyst Ratings

Wall Street analysts have issued reports on $AVAV in the last several months. We have seen 12 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

BTIG issued a "Buy" rating on 11/24/2025
Piper Sandler issued a "Overweight" rating on 11/20/2025
Canaccord Genuity issued a "Buy" rating on 10/07/2025
JMP Securities issued a "Market Outperform" rating on 10/03/2025
Goldman Sachs issued a "Buy" rating on 10/02/2025
Stifel issued a "Buy" rating on 10/02/2025
Baird issued a "Outperform" rating on 10/01/2025

To track analyst ratings and price targets for AeroVironment Inc., check out Quiver Quantitative's $AVAV forecast page.

AeroVironment Inc. Price Targets

Multiple analysts have issued price targets for $AVAV recently. We have seen 14 analysts offer price targets for $AVAV in the last 6 months, with a median target of $357.5.

Here are some recent targets:

Kevin Liu from RBC Capital set a target price of $400.0 on 12/08/2025
Andre Madrid from BTIG set a target price of $415.0 on 11/24/2025
Clarke Jeffries from Piper Sandler set a target price of $391.0 on 11/20/2025
Austin Moeller from Canaccord Genuity set a target price of $430.0 on 10/07/2025
Trevor Walsh from JMP Securities set a target price of $400.0 on 10/03/2025
Jonathan Siegmann from Stifel set a target price of $389.0 on 10/02/2025
Anthony Valentini from Goldman Sachs set a target price of $333.0 on 10/02/2025