AVAV

Industrial

Adjusted EBITDA for Q1 was $56.6 million, up from $37.2 million last year, representing 12.4% of revenue.
Adjusted gross margins were 29% versus 45% in prior year, expected to improve to mid-30s by Q4.
Bookings for Q1 were nearly $400 million, with funded backlog at $1.1 billion and unfunded backlog at $3.1 billion.
GAAP gross margins declined to 21% from 43% last year due to higher service mix and intangible amortization.
Net loss of $57.4 million due to acquisition-related amortization and integration costs, adjusted EPS was $0.32 versus $0.89 prior year.
Q1 revenue reached nearly $455 million, a 140% increase over prior year as reported and 18% on a pro forma basis.
R&D expenses were $33.1 million or 7.3% of revenue, expected to end year between 6-7%.
SG&A expenses increased to $131.3 million GAAP, adjusted SG&A was $65.2 million, or 14.3% of revenue, down from 17.3% last year.

FUL

Industrial

Adjusted earnings per share rose 12% year on year to $1.26.
Adjusted gross profit margin increased 190 basis points to 32.3%.
EBITDA grew 3% year on year to $171 million, with EBITDA margin expanding 110 basis points to 19.1%.
Net debt to adjusted EBITDA ratio improved from 3.4x to 3.3x sequentially.
Operating cash flow increased 13% year on year, driven by improved profitability.
Organic sales decreased 0.9% in Q3 2025 with positive pricing of 1% offset by a volume decline of 1.9%.
Revenue declined 2.8% year on year, with currency positively impacting by 1% and acquisitions/divestitures negatively impacting by 2.9%.

CTAS

Industrial

Diluted EPS rose 9.1% to $1.20 compared to $1.10 last year.
Fire Protection Services grew 10.3% organically but faced margin pressure due to SAP implementation costs.
First Aid and Safety Services segment grew 14.1% organically, maintaining a strong gross margin of 56.8%.
First quarter total revenue grew 8.7% to $2.72 billion, with organic growth at 7.8%.
Gross margin improved 20 basis points to 50.3% overall, with segment-specific margins showing mixed results.
Operating income increased 10.1% to $617.9 million, with operating margin expanding 30 basis points to 22.7%.
Uniform Direct Sale declined 9.2% organically, representing 2.6% of total revenue.
Uniform Rental and Facility Services segment grew organically by 7.3% with a 40 basis point gross margin increase.

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