$MAIR · Madison Air Solutions Corp
Madison Air Solutions filed its Q3 FY2026 10-Q for the quarter ended September 30, 2026. Net sales rose 25.4% YoY to $1.127B, net income reached $107.4M (vs. $56.8M a year ago), and GAAP EPS was $0.20. Operating margin was 19.1%, with adjusted EBITDA of $298.3M (26.5% margin). The company completed its IPO in April 2026 at $27.00 per share, raising $2,584.2M in net proceeds.
- Net sales grew 25.4% YoY to $1.127B in Q3 FY2026.
- Net income rose to $107.4M from $56.8M a year earlier.
- GAAP EPS was $0.20, up from $0.15 in Q3 FY2025.
- Adjusted EBITDA reached $298.3M, a 26.5% margin.
- IPO in April 2026 raised $2,584.2M net proceeds at $27.00 per share.
Extended-hours trading shows MAIR at $25.86, up 9.55% versus the $23.61 regular close, indicating a positive after-hours reaction to the strong results.
A newly public air quality leader delivered 25%+ revenue growth and nearly doubled net income, with shares rallying after hours.
Madison Air's data center cooling and commercial HVAC exposure positions it in high-growth segments, with 25.4% revenue growth outpacing typical HVAC peers.
The company cites material weaknesses in internal control over financial reporting that have not yet been remediated, plus significant indebtedness and interest expense. The pending ebm-pap acquisition carries break-fee and integration risks.