Segments

12 Months Ended

Apr. 30, 2026

21. Segments

The Company identifies two reportable segments, AxS and SCDE.

The accounting policies of the segments are the same as those described in Note 1—Organization and Significant Accounting Policies. The operating segments sales to each other are eliminated. Effective May 1, 2025, segment adjusted EBITDA is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Segment adjusted EBITDA is defined as segment income (loss) from operations before depreciation and amortization and adjusted for the impact of certain other non-cash items, including goodwill impairment, amortization of implementation of cloud computing arrangements, stock-based compensation, other purchase accounting adjustments, and cash items including acquisition related expenses and certain one-time non-operating expense or income such as legal expense.


		Year Ended April 30, 2026
		AxS			SCDE			Total
Revenue:
Product sales		$	1,142,762		$	272,587		$	1,415,349
Contract services			215,315			346,181			561,496
			1,358,077			618,768			1,976,845
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			837,367			546,127			1,383,494
Intangible amortization included in cost of sales			48,901			43,808			92,709
SG&A less intangible amortization			208,673			104,147			312,820
Intangible amortization included in SG&A			41,688			88,743			130,431
Research and development			113,063			14,615			127,678
Impairment of goodwill			—			240,708			240,708
Other expense (income)			(7,547)			(3,439)			(10,986)
Add:
Depreciation			28,848			13,049			41,897
Amortization			90,589			132,551			223,140
Impairment of goodwill			—			240,708			240,708
Acquisition-related expenses			29,782			18,388			48,170
Amortization of cloud computing arrangement implementation			5,522			14			5,536
Equity securities investments activity, net			(9,941)			(1,779)			(11,720)
Stock-based compensation			27,920			10,414			38,334
Segment adjusted EBITDA		$	288,652		$	(2,596)		$	286,056


		Year Ended April 30, 2025
		AxS			SCDE			Total
Revenue:
Product sales		$	692,722		$	—		$	692,722
Contract services			127,905			—			127,905
			820,627			—			820,627
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			482,586			—			482,586
Intangible amortization included in cost of sales			19,405			—			19,405
SG&A less intangible amortization			154,752			—			154,752
Intangible amortization included in SG&A			4,001			—			4,001
Research and development			100,729			—			100,729
Impairment of goodwill			18,359			—			18,359
Other expense (income)			(1,057)			—			(1,057)
Add:
Depreciation			17,592			—			17,592
Amortization			23,406			—			23,406
Impairment of goodwill			18,359			—			18,359
Acquisition-related expenses			19,290			—			19,290
Amortization of cloud computing arrangement implementation			2,541			—			2,541
Equity securities investments activity, net			(177)			—			(177)
Legal expense			2,100			—			2,100
Stock-based compensation			21,461			—			21,461
Segment adjusted EBITDA		$	146,424		$	—		$	146,424


		Year Ended April 30, 2024
		AxS			SCDE			Total
Revenue:
Product sales		$	585,771		$	—		$	585,771
Contract services			130,949			—			130,949
			716,720			—			716,720
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			419,241			—			419,241
Intangible amortization included in cost of sales			13,548			—			13,548
SG&A less intangible amortization			109,410			—			109,410
Intangible amortization included in SG&A			5,010			—			5,010
Research and development			97,687			—			97,687
Other expense (income)			4,373			—			4,373
Add:
Depreciation			17,191			—			17,191
Amortization			18,558			—			18,558
Acquisition-related expenses			2,095			—			2,095
Amortization of cloud computing arrangement implementation			1,444			—			1,444
Equity securities investments activity, net			3,945			—			3,945
Stock-based compensation			17,069			—			17,069
Segment adjusted EBITDA		$	127,753		$	—		$	127,753

The following table (in thousands) provides a reconciliation from segment adjusted EBITDA to income before income taxes:


	Year Ended
	April 30,			April 30,		April 30,
	2026			2025		2024
Segment adjusted EBITDA	$	286,056		$	146,424	$	127,753
Depreciation and amortization		(265,037)			(40,998)		(35,749)
Impairment of goodwill		(240,708)			(18,359)		—
Acquisition-related expenses		(48,170)			(19,290)		(2,095)
Amortization of cloud computing arrangement implementation		(5,536)			(2,541)		(1,444)
Legal expense		—			(2,100)		—
Stock-based compensation		(38,334)			(21,461)		(17,069)
Equity securities investments activity, net		11,720			177		(3,945)
Interest expense, net		(5,613)			(2,188)		(4,220)
(Loss) income before income taxes	$	(305,622)		$	39,664	$	63,231

Segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.


		AxS			SCDE			Corporate		Total
As of April 30, 2026		$	2,604,511		$	2,032,663		$	1,079,568	$	5,716,742
As of April 30, 2025		$	872,530		$	—		$	248,037	$	1,120,567

Capital expenditures are summarized in the table below (in thousands):


		AxS			SCDE			Corporate		Total
Year Ended April 30, 2026		$	50,780		$	29,380		$	6,058	$	86,218
Year Ended April 30, 2025		$	21,212		$	—		$	1,604	$	22,816
Year Ended April 30, 2024		$	19,229		$	—		$	3,754	$	22,983

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

AeroVironment Inc 10-K