Company: HEI-A
Filing Date: 2025-12-22
Form Type: 10-K
Source: 0000046619-25-000082
Chunk: 57

Company: HEICO CORP
Filing Date: 2025-12-22
Form: 10-K
Item: Item 7
Chunk 57
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clean energy" and electrification applications.

Additionally, our results of operations in fiscal 2025 have been affected by recent acquisitions as further detailed in Note 2, Acquisitions, of the Notes to Consolidated Financial Statements.

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Index

Presentation of Results of Operations and Liquidity and Capital Resources

    The following discussion and analysis of our Results of Operations and Liquidity and Capital Resources includes a comparison of fiscal 2025 to fiscal 2024.  A similar discussion and analysis that compares fiscal 2024 to fiscal 2023 may be found in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Form 10-K for the fiscal year ended October 31, 2024.

Results of Operations

    The following table sets forth the results of our operations, net sales and operating income by segment and the percentage of net sales represented by the respective items in our Consolidated Statements of Operations (in thousands):

Year ended October 31,20252024Net sales$4,485,044 $3,857,669 Cost of sales2,698,580 2,355,943 Selling, general and administrative expenses767,466 677,271 Total operating costs and expenses3,466,046 3,033,214 Operating income$1,018,998 $824,455 Net sales by segment and intersegment:Flight Support Group$3,117,277 $2,639,354 Electronic Technologies Group1,413,120 1,263,626 Intersegment sales(45,353)(45,311)$4,485,044 $3,857,669 Operating income by segment and corporate and other:Flight Support Group$750,395 $593,074 Electronic Technologies Group324,952 288,193 Other, primarily corporate(56,349)(56,812)$1,018,998 $824,455 Net sales100.0%100.0%Gross profit39.8%38.9%Selling, general and administrative expenses17.1%17.6%Operating income22.7%21.4%Interest expense(2.9%)(3.9%)Other income .1%.1%Income tax expense3.3%3.1%Net income attributable to noncontrolling interests1.2%1.2%Net income attributable to HEICO15.4%13.3%

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