Madison Air Solutions Corp (MAIR) · Nov 5, 2026 · Earnings

Madison Air earnings beat as guidance rises, margins soften

Beat — Adjusted EPS $0.38 vs ~$0.29 consensus; sales $1.127B vs ~$1.06B

Madison Air’s Q3 earnings beat consensus and lifted 2026 guidance, with strong commercial demand offset by softer margins and cash flow.

Madison Air is a newly public air-quality platform expanding its commercial and data-center cooling exposure while integrating AprilAire and preparing a roughly $5.4 billion ebm-papst acquisition. The business is being built around mission-critical cooling, air movement and healthier-air applications, with the pending deal intended to add technology and international reach.

The quarter cleared the market’s bar by a meaningful margin. Adjusted EPS was $0.38 versus a published consensus near $0.29, while sales reached $1.127 billion versus roughly $1.06 billion expected. That is not just acquisition-led growth: third-quarter sales rose 25% year over year, and Commercial sales jumped 39.3%, led by cooling, air movement and heat solutions.

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Net sales (Financial Highlights)	$1,126.7M (+25.4%)	$898.4M	~$1.06B consensus
Adjusted EPS (EPS reconciliation)	$0.38 (+35.7%)	$0.28	~$0.29 consensus
Adjusted EBITDA (Financial Highlights)	$298.3M (+18.6%)	$251.5M	—
Adjusted EBITDA margin (Financial Highlights)	26.5% (-150 bps)	28.0%	—
FY net sales guidance (Guidance table)	$4,050–$4,125M	—	$3,825–$3,925M prior
FY adjusted EBITDA guidance (Guidance table)	$1,040–$1,070M	—	$1,020–$1,065M prior

The outlook was raised, not merely reaffirmed. Management lifted the full-year sales range by about $225 million at the midpoint and nudged up the EBITDA range, supported by stronger orders, a record $3.2 billion backlog and improved visibility. 〔0〕 The sales increase is the more important signal: EBITDA guidance rose only modestly, implying the company is prioritizing growth while absorbing ramp and mix costs.

The main blemish is margin quality, especially in the strategic growth areas. Adjusted EBITDA grew 19%, but margin fell to 26.5% from 28.0% as data-center cooling growth brought a less favorable mix, new-program ramp costs and inflation. Gross margin also declined to 37.5% from 40.6%. That makes the quarter a demand and execution win, but not yet a clean margin-recovery story. 〔1〕

Commercial execution is doing most of the work, while Residential remains more acquisition-dependent. Nine-month Commercial organic sales increased 26.7%, whereas Residential organic sales declined 0.4%; Residential’s reported growth was largely supplied by the AprilAire acquisition. That distinction matters because the current growth engine is strongest in commercial and data-center applications, not uniformly across the portfolio.

Cash generation was less impressive than the earnings result. Nine-month free cash flow declined to $298.0 million from $312.4 million despite substantially higher net income, and FCF conversion fell to 135% from 231%. The balance sheet is far healthier after the equity financing, but the company is still carrying the execution burden of closing and integrating ebm-papst.

The ebm-papst deal remains the next major test rather than a new surprise. Financing is secured and integration planning is underway, but the acquisition has not closed; management still expects completion soon after year-end. 〔2〕

Bottom line: Madison Air delivered a genuine earnings and sales beat and raised its 2026 outlook, strengthening the growth story. The offset is that margins and cash conversion weakened, so the next proof point is whether demand converts into profitable execution while the ebm-papst transaction moves toward closing.

What to watch next

ebm-papst acquisition closing, soon after year-end

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Madison Air earnings beat as guidance rises, margins soften

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