$MAIR · Madison Air Solutions Corp
Madison Air Solutions reported Q3 2026 results (Item 2.02). Net sales rose 25.4% to $1,126.7M, net income grew 89.1% to $107.4M (9.5% margin), and adjusted EBITDA rose 18.6% to $298.3M (26.5% margin). Adjusted EPS was $0.38 vs $0.28 a year ago. Backlog reached a record $3,187.2M, up 119.3% YoY, with orders up 25.9%. The company raised full-year 2026 guidance to net sales of $4,050–$4,125M and adjusted EBITDA of $1,040–$1,070M.
- Backlog of $3,187.2M, up 119.3% YoY; orders up 25.9%.
- Net sales $1,126.7M, up 25.4%; net income $107.4M, up 89.1%.
- Adjusted EBITDA $298.3M, up 18.6%, at 26.5% margin.
- FY2026 guidance raised to $4,050–$4,125M net sales and $1,040–$1,070M adjusted EBITDA.
- Cash and equivalents $2,645.2M, including $2,217.4M PIPE proceeds earmarked for ebm-papst.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Record backlog and a raised full-year outlook signal accelerating demand, while the pending ebm-papst deal adds scale.
Data center cooling demand drove success-based mix and ramp costs, a secular tailwind shared across HVAC/air-quality peers.
Company cites significant indebtedness and interest expense, plus a failure to remediate material weaknesses in internal control over financial reporting as forward-looking risks.