Financial Analysis

"ACQUISITIONS Wencor Acquisition On August 4, 2023, the Company acquired Wencor Group (""Wencor"") from affiliates of Warburg Pincus LLC and Wencors management (the Wencor Acquisition). The Wencor Acquisition was completed pursuant to an Agreement and Plan of Merger (the Merger Agreement), by and among the Company, its newly formed wholly owned subsidiary Magnolia MergeCo Inc. (Merger Sub), Jazz Parent, Inc., the owner of Wencor (Target), and Jazz Topco GP LLC, solely in its capacity as representative for purposes of certain provisions of the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub merged with and into the Target, and the Target continued as the surviving entity and a wholly owned subsidiary of the Company. Subsequent to the acquisition date, the Company integrated Wencor into the FSG. Wencor is a large commercial and military aircraft aftermarket company offering factory-new FAA-approved aircraft replacement parts, value-added distribution of high-use commercial and military aftermarket parts, and aircraft and engine accessory component repair and overhaul services. Wencor expands the Companys aftermarket product offerings, enabling the combined company to offer even greater savings and capabilities to its customers, while expanding its new products and services development capacity. The aggregate purchase price consisted of $1.9 billion in cash, subject to certain working capital, debt and other customary adjustments, and 1,137,628 shares of HEICO Cla …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Guarantees As of October 31, 2025, the Company had outstanding standby letters of credit and guarantees with financial institutions aggregating $15.1 million. These guarantees and standby letters of credit pertain to performance guarantees issued in connection with customer contracts entered into by certain of the Company's subsidiaries, and a payment guarantee related to potential workers' compensation claims. Product Warranty Changes in the Companys product warranty liability in fiscal 2025 and 2024 are as follows (in thousands): Year ended October 31, 2025 2024 Balance as of beginning of year $4,036 $3,847 Accruals for warranties 3,532 2,711 Acquired warranty liabilities 1,233 244 Warranty claims settled (3,033) (2,766) Balance as of end of year $5,768 $4,036 Litigation The Company is involved in various legal actions arising in the normal course of business. Based upon the Companys and its legal counsels evaluations of any claims or assessments, management is of the opinion that the outcome of these matters will not have a material adverse effect on the Companys results of operations, financial position or cash flows. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"LONG-TERM DEBT Long-term debt consists of the following (in thousands): As of October 31, 2025 2024 Borrowings under revolving credit facility $960,000 $1,015,000 2028 senior unsecured notes 600,000 600,000 2033 senior unsecured notes 600,000 600,000 Finance leases and notes payable (1) 17,890 26,133 Less: Debt discount and debt issuance costs (9,945) (11,759) 2,167,945 2,229,374 Less: Current maturities of long-term debt (3,358) (4,107) $2,164,587 $2,225,267 (1) See Note 9, Leases, for additional information regarding the Company's finance leases. Revolving Credit Facility The Company's borrowings under its revolving credit facility (""Credit Facility"") mature in fiscal 2028. As of October 31, 2025 and 2024, the weighted average interest rate on borrowings under the Company's Credit Facility was 5.3% and 6.3%, respectively. The Credit Facility contains both financial and non-financial covenants. As of October 31, 2025, the Company was in compliance with all such covenants. In November 2017, the Company entered into a $1.3 billion Credit Facility with a bank syndicate. The Credit Facility may be used to finance acquisitions and for working capital and other general corporate purposes, including capital expenditures. In December 2020, the Company entered into an amendment to increase the capacity by $200 million to $1.5 billion. In April 2022, the Company entered into an amendment to extend the maturity date of its Credit Facility by one year to November 2024 and to replace …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"SHARE-BASED COMPENSATION The Company currently has one stock option plan, the HEICO Corporation 2018 Incentive Compensation Plan (""2018 Plan""), which enables the Company to grant various forms of share-based compensation awards including stock options, restricted stock, restricted stock awards and stock appreciation rights. The 2018 Plan became effective in fiscal 2018 and replaced the Company's 2012 Incentive Compensation Plan (2012 Plan). Options outstanding under the Company's 2012 Plan and Non-Qualified Stock Option Plan may be exercised pursuant to their terms. The total number of shares approved by the shareholders of the Company for the 2018 Plan is 5.0 million plus any options outstanding under the 2012 Plan as of the 2018 Plan's effective date that are subsequently forfeited or expire. A total of 5.2 million shares of the Company's common stock is reserved for issuance to employees, directors, officers and consultants as of October 31, 2025, including 3.6 million shares currently under option and 1.6 million shares available for future grants. Stock options granted pursuant to the 2018 Plan may be designated as Common Stock and/or Class A Common Stock in such proportions as shall be determined by the Board of Directors or the Stock Option Plan Committee at its sole discretion. The exercise price per share of a stock option granted under the 2018 Plan may not be less than the fair market value of the designated class of Company common stock as of the date of grant …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The Company's assets and liabilities that were measured at fair value on a recurring basis are set forth by level within the fair value hierarchy in the following tables (in thousands): As of October 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Deferred compensation plan: Corporate-owned life insurance $ $378,930 $ $378,930 Money market fund 11,940 11,940 Total assets $11,940 $378,930 $ $390,870 Liabilities: Contingent consideration $ $ $46,198 $46,198 As of October 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Deferred compensation plan: Corporate-owned life insurance $ $313,794 $ $313,794 Money market fund 3,365 3,365 Total assets $3,365 $313,794 $ $317,159 Liabilities: Contingent consideration $ $ $30,207 $30,207 The Company maintains the LCP, which is a non-qualified deferred compensation plan. The assets of the LCP principally represent cash surrender values of life insurance policies, which derive their fair values from investments in mutual funds that are managed by an insurance company, and are classified within Level 2 and valued using a market approach. Certain other assets of the LCP represent an investment in a money market fund that is classified within Level 1. The assets of the LCP are …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill by operating segment during fiscal 2025 and 2024 are as follows (in thousands): Segment Consolidated FSG ETG Totals Balances as of October 31, 2023 $1,824,305 $1,450,022 $3,274,327 Goodwill acquired 57,978 41,259 99,237 Foreign currency translation adjustments 696 5,643 6,339 Adjustments to goodwill (421) 813 392 Balances as of October 31, 2024 1,882,558 1,497,737 3,380,295 Goodwill acquired 111,764 153,403 265,167 Foreign currency translation adjustments 2,832 13,264 16,096 Adjustments to goodwill 24 42 66 Balances as of October 31, 2025 $1,997,178 $1,664,446 $3,661,624 The goodwill acquired during fiscal 2025 and 2024 pertains to the acquisitions consummated in those respective years as described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests assumed. Foreign currency translation adjustments are included in other comprehensive income in the Company's Consolidated Statements of Comprehensive Income. The adjustments to goodwill in fiscal 2025 and 2024 represent immaterial measurement period adjustments to the allocation of the purchase consideration of the respective prior year acquisitions. The Company estimates that approximately $113 million and $82 million of the goodwill acquired in fiscal 2025 and 2024, respectively, will be dedu …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES The components of income before income taxes and noncontrolling interests are as follows (in thousands): Year ended October 31, 2025 2024 2023 Domestic $814,178 $596,060 $479,990 Foreign 79,376 81,526 75,293 Income before taxes and noncontrolling interests $893,554 $677,586 $555,283 The components of the provision for income taxes on income before income taxes and noncontrolling interests are as follows (in thousands): Year ended October 31, 2025 2024 2023 Current: Federal $148,908 $97,164 $96,492 State 23,114 19,195 18,225 Foreign 24,543 24,143 22,714 196,565 140,502 137,431 Deferred: Federal (38,000) (17,038) (19,049) State (7,615) (2,911) (4,311) Foreign (2,950) (2,053) (3,171) (48,565) (22,002) (26,531) Total income tax expense $148,000 $118,500 $110,900 A reconciliation of the federal statutory income tax rate to the Companys effective tax rate is as follows: Year ended October 31, 2025 2024 2023 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal income tax benefit 2.0 % 2.5 % 2.5 % Tax benefit related to stock option exercises (3.0 %) (2.0 %) (1.1 %) Foreign-derived intangible income deduction (2.5 %) (2.4 %) (1.9 %) Research and development tax credits (1.8 %) (2.1 %) (1.9 %) Tax-exempt gains on corporate-owned life insurance policies (1.2 %) (2.3 %) (.6 %) Nondeductible compensation 1.3 % 2.2 % 1.4 % Other, net .8 % .6 % .6 % Effective tax rate 16.6 % 17.5 % 20.0 % The Company's effective tax rate decreased to 16.6% in fis …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES HEICOs lease ROU assets represent its right to use an underlying asset during the lease term and its lease liabilities represent the Companys obligation to make lease payments arising from the lease. HEICOs operating lease ROU assets are included within other assets and its operating lease liabilities are included within other long-term liabilities and accrued expenses and other current liabilities in the Companys Consolidated Balance Sheets. HEICO's finance lease ROU assets are included within property, plant and equipment, net and its finance lease liabilities are included within long-term debt, net of current maturities and current maturities of long-term debt within the Company's Consolidated Balance Sheets. The following table presents the Companys lease ROU assets and lease liabilities (in thousands): Operating Leases As of October 31, Finance Leases As of October 31, 2025 2024 2025 2024 Right-of-use assets $134,981 $131,836 $16,024 $24,024 Current lease liabilities $25,736 $23,422 $3,297 $4,060 Long-term lease liabilities 114,985 113,458 14,486 21,800 Total lease liabilities $140,721 $136,880 $17,783 $25,860 The Companys operating lease expenses are recorded within cost of sales and/or SG&A expenses in the Companys Consolidated Statements of Operations. The Company's finance lease expenses consist of amortization of ROU assets and interest on lease liabilities, which are included within cost of sales and/or SG&A expenses, and interest expense, respective …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-07, ""Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,"" which expands reportable segment disclosure requirements by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segments profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segments profit or loss in assessing segment performance and allocating resources. Additionally, ASU 2023-07 requires all segment profit or loss and asset disclosures to be provided on both an annual and interim basis. The Company adopted ASU 2023-07 in the fourth quarter of fiscal 2025. The adoption of ASU 2023-07 did not affect the Companys consolidated financial position, results of operations, or cash flows. See Note 15, Operating Segments, for the Company's enhanced segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the annual effective tax rate reconciliation table and further disaggregation for reconciling items that meet a quantitative threshold. The ASU also requires the disaggregatio …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE RETIREMENT PLANS The HEICO Savings and Investment Plan (the 401(k) Plan) is a qualified defined contribution retirement plan under which eligible employees of the Company and its participating subsidiaries may make Elective Deferral Contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. The Company generally makes a 50% Employer Matching Contribution, as determined by the Board of Directors, based on a participants Elective Deferral Contribution up to 6% of the participants Compensation for the Elective Deferral Contribution period. The 401(k) Plan also provides that the Company may make additional Employer Contributions. Employer Contributions may be contributed in the form of the Companys common stock or cash, as determined by the Company. Employer Contributions awarded in the form of Company common stock are valued based on the fair value of the underlying shares as of the effective date of contribution. Employer Contributions may be diversified by a participant into any of the participant-directed investment options of the 401(k) Plan; however, Employee Contributions may not be invested in Company common stock. Unless specified otherwise, all capitalized terms herein are defined in the 401(k) Plan document. Participants receive 100% vesting in Employee Contributions and on cash dividends received on Company common stock. Vesting in Employer Contributions is based on a participants number of Years of Service. Employer Contrib …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE Contract Balances Contract assets (unbilled receivables) represent revenue recognized on contracts using an over time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities and other long-term liabilities in the Companys Consolidated Balance Sheets. The following table presents the Companys contract assets and liabilities (in thousands): As of October 31, 2025 2024 Contract assets, current $119,257 $112,235 Contract liabilities, current (79,529) (83,903) Contract liabilities, long-term (84,714) (61,843) Total contract liabilities (164,243) (145,746) Net contract liabilities ($44,986) ($33,511) The increase in the Company's total contract liabilities during fiscal 2025 principally reflects the receipt of advance deposits on certain customer contracts, mainly at the FSG. The amount of revenue that the Company recognized during fiscal 2025 that was included in contract liabilities as of the beginning of fiscal 2025 was $74.9 million. Remaining Performance Obligations Backlog, which the Company believes to be the equivalent of its remaining performance obligations, represents contractually committed, or firm customer orders. As of October 31, 2025, the Company had $2,107.6 million of remaining performance obligations associated with firm contracts pertaining to many of the products …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"OPERATING SEGMENTS The Company has two operating segments, the FSG and the ETG. The Company's operating segment reporting structure is consistent with how management reviews the business, makes investing and resource decisions and assesses operating performance. Additionally, characteristics such as similarity of products, customers, economic characteristics and various other factors are considered when identifying the Company's operating segments. The FSG designs and manufactures jet engine and aircraft component replacement parts, which are approved by the FAA. In addition, the FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies as well as military and business aircraft operators. The FSG also manufactures and sells specialty parts as a subcontractor for aerospace and industrial original equipment manufacturers and the U.S government. Additionally, the FSG is a leading supplier, distributor, and integrator of military aircraft parts and support services primarily to the U.S. Department of Defense, defense prime contractors, and foreign military organizations allied with the U.S. Further, the FSG is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. The FSG also engineers, designs and manufactures thermal insulation blankets and parts as well as removable/reus …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business HEICO Corporation, through its principal subsidiaries consisting of HEICO Aerospace Holdings Corp. (HEICO Aerospace), HEICO Flight Support Corp. (""HFSC"") and HEICO Electronic Technologies Corp. (HEICO Electronic) and their respective subsidiaries (collectively, the Company), is principally engaged in the design, manufacture and sale of aerospace, defense and electronic-related products and services throughout the United States (""U.S."") and internationally. The Companys customer base is primarily the aviation, defense, space, medical, telecommunications and electronics industries. Basis of Presentation The Company has two operating segments: the Flight Support Group (FSG), consisting of HEICO Aerospace and HFSC and their respective subsidiaries; and the Electronic Technologies Group (ETG), consisting of HEICO Electronic and its subsidiaries. The consolidated financial statements include the financial accounts of HEICO Corporation and its direct subsidiaries, all of which are wholly owned except for HEICO Aerospace, which is 20% owned by Lufthansa Technik AG (""LHT""), the technical services subsidiary of Lufthansa German Airlines. HFSC consolidates seven subsidiaries which are 74%, 82%, 84%, 85.1%, 89%, 95%, and 96% owned, respectively, three subsidiaries that are each 90% owned and four subsidiaries that are each 80.1% owned. In addition, HEICO Aerospace consolidates a joint venture, which is 84% owned. HEICO …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS EQUITY Common Stock and Class A Common Stock The Company has two classes of common stock that are virtually identical in all economic respects except voting rights. Each share of Common Stock is entitled to one vote per share. Each share of Class A Common Stock is entitled to a 1/10 vote per share. Holders of the Companys common stock are entitled to receive dividends and other distributions payable in cash, property, stock or otherwise, when and if declared by the Board of Directors. In the event of liquidation, after payment of debts and other liabilities of the Company, the remaining assets of the Company will be distributable ratably among the holders of both classes of common stock. Share Repurchases In 1990, the Company's Board of Directors authorized a share repurchase program, which allows the Company to repurchase shares of Company common stock in the open market or in privately negotiated transactions at the Company's discretion, subject to certain restrictions included in the Company's revolving credit agreement. As of October 31, 2025, the maximum number of shares that may yet be purchased under this program was 4,886,353 of either or both of the Company's Class A Common Stock and the Company's Common Stock. The repurchase program does not have a fixed termination date. During fiscal 2025, 2024 and 2023, the Company did not repurchase any shares of Company common stock under this program. During fiscal 2025, the Company redeemed an aggregate 53,294 sh …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS In November 2025, the Company announced that its HEICO Electronic subsidiary has entered into an agreement to acquire 100% of the equity of Axillon Aerospace's Fuel Containment Business (Axillon) from affiliates of SK Capital Partners, LP for cash payable at closing. Axillon designs and manufactures advanced fuel containment solutions, primarily for military fixed- and rotary-wing aircraft. Closing is subject to governmental approval and standard closing conditions and is expected to occur in the first quarter of fiscal 2026. The purchase price of this acquisition is expected to be paid in cash, principally using proceeds from the Company's revolving credit facility and is not material or significant to the Company's consolidated financial statements. In November 2025, the Company, through a subsidiary of HFSC, entered into an agreement to acquire 100% of the stock of EthosEnergy Accessories & Components, LLC and EthosEnergy Accessories & Components, Limited (collectively, Ethos). Ethos provides repair solutions for engine components and accessories for various aeroderivative, aerospace, and defense engine platforms. Closing is subject to governmental approval and standard closing conditions and is expected to occur in the first quarter of fiscal 2026. The purchase price of this acquisition is expected to be paid with a combination of cash using proceeds from the Company's revolving credit facility and shares of HEICO Class A Common Stock and is not …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Guarantees As of January 31, 2026, the Company had outstanding standby letters of credit and guarantees with financial institutions aggregating $14.1 million. These guarantees and standby letters of credit pertain to performance guarantees issued in connection with customer contracts entered into by certain of the Company's subsidiaries, and a payment guarantee related to potential workers' compensation claims. Product Warranty Changes in the Companys product warranty liability for the three months ended January 31, 2026 and 2025 are as follows (in thousands): Three months ended January 31, 2026 2025 Balances as of beginning of fiscal year $5,768 $4,036 Acquired warranty liabilities 3,663 100 Accruals for warranties 2,259 592 Warranty claims settled (999) (697) Balances as of January 31 $10,691 $4,031 Litigation The Company is involved in various legal actions arising in the normal course of business. Based upon the Companys and its legal counsels evaluations of any claims or assessments, management is of the opinion that the outcome of these matters will not have a material adverse effect on the Companys results of operations, financial position or cash flows. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS The Company's assets and liabilities that were measured at fair value on a recurring basis are set forth by level within the fair value hierarchy in the following tables (in thousands): As of January 31, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Deferred compensation plan: Corporate-owned life insurance $ $374,368 $ $374,368 Money market fund 14,780 14,780 Total assets $14,780 $374,368 $ $389,148 Liabilities: Contingent consideration $ $ $48,423 $48,423 As of October 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Deferred compensation plan: Corporate-owned life insurance $ $378,930 $ $378,930 Money market fund 11,940 11,940 Total assets $11,940 $378,930 $ $390,870 Liabilities: Contingent consideration $ $ $46,198 $46,198 The Company maintains the HEICO Corporation Leadership Compensation Plan (the ""LCP""), which is a non-qualified deferred compensation plan. The assets of the LCP principally represent cash surrender values of life insurance policies, which derive their fair values from investments in mutual funds that are managed by an insurance company, and are classified within Level 2 and valued using a market approach. Certain other assets of the LCP represent an investment in a money market fund …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill by operating segment for the three months ended January 31, 2026 are as follows (in thousands): Segment Consolidated Totals FSG ETG Balances as of October 31, 2025 $1,997,178 $1,664,446 $3,661,624 Goodwill acquired 247,714 247,714 Foreign currency translation adjustments 1,182 5,788 6,970 Adjustments to goodwill 200 (10,839) (10,639) Balances as of January 31, 2026 $1,998,560 $1,907,109 $3,905,669 The goodwill acquired pertains to the fiscal 2026 acquisition described in Note 2, Acquisition, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities assumed. The Company estimates that $56 million of the goodwill acquired in fiscal 2026 will be deductible for income tax purposes. Foreign currency translation adjustments are included in other comprehensive income (loss) in the Company's Condensed Consolidated Statements of Comprehensive Income. The adjustments to goodwill represent immaterial measurement period adjustments to the allocation of the purchase consideration of certain fiscal 2025 acquisitions. Identifiable intangible assets consist of the following (in thousands): As of January 31, 2026 As of October 31, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing Assets: Customer relationships $1,268, …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company's effective tax rate was 11.5% in the first quarter of fiscal 2026, as compared to 7.0% in the first quarter of fiscal 2025. The increase in the Company's effective tax rate principally reflects a smaller tax benefit from stock option exercises recognized in the first quarter of fiscal 2026. The Company recognized a discrete tax benefit from stock option exercises in both the first quarter of fiscal 2026 and 2025 of $22.3 million and $27.2 million, respectively.

IncomeTaxDisclosureTextBlock

"LONG-TERM DEBT Long-term debt consists of the following (in thousands): As of As of January 31, 2026 October 31, 2025 Borrowings under revolving credit facility $1,300,000 $960,000 2028 senior unsecured notes 600,000 600,000 2033 senior unsecured notes 600,000 600,000 Finance leases and notes payable 17,160 17,890 Less: Debt discount and debt issuance costs (9,479) (9,945) 2,507,681 2,167,945 Less: Current maturities of long-term debt (3,396) (3,358) $2,504,285 $2,164,587 Revolving Credit Facility The Company's borrowings under its revolving credit facility mature in fiscal 2028. As of January 31, 2026 and October 31, 2025, the weighted average interest rate on borrowings under the Company's revolving credit facility (""Credit Facility"") was 5.0% and 5.3%, respectively. The Credit Facility contains both financial and non-financial covenants. As of January 31, 2026, the Company was in compliance with all such covenants. Senior Unsecured Notes The Company's senior unsecured notes consist of $600 million principal amount of 5.25% Senior Notes due August 1, 2028 (the ""2028 Notes"") and $600 million principal amount of 5.35% Senior Notes due August 1, 2033 (the ""2033 Notes"" and, collectively with the 2028 Notes, the ""Notes""). Interest on the Notes is payable semi-annually in arrears on February 1 and August 1 of each year. The 2028 Notes and 2033 Notes each have an effective interest rate of 5.5%. The Notes are fully and unconditionally guaranteed on a senior unsecured basi …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the annual effective tax rate reconciliation table and further disaggregation for reconciling items that meet a quantitative threshold. The ASU also requires the disaggregation of income taxes paid by jurisdiction. ASU 2023-09 may be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2024, or in fiscal 2026 for HEICO. Early adoption is permitted. The adoption of this guidance will not affect the Company's consolidated results of operations, financial position or cash flows and the Company is currently evaluating the effect the guidance will have on its disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement (such as cost of sales and selling, general and administrative ""SG&A"" expenses). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, or in fiscal 2028 for HEICO, and interim …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

REVENUE Contract Balances Contract assets (unbilled receivables) represent revenue recognized on contracts using an over-time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities and other long-term liabilities in the Companys Condensed Consolidated Balance Sheets. The following table presents the Company's contract assets and liabilities (in thousands): As of As of January 31, 2026 October 31, 2025 Contract assets, current $116,900 $119,257 Contract liabilities, current (102,725) (79,529) Contract liabilities, long-term (77,378) (84,714) Total contract liabilities (180,103) (164,243) Net contract liabilities ($63,203) ($44,986) The increase in the Company's total contract liabilities during the first quarter of fiscal 2026 principally reflects the receipt of advance deposits on certain customer contracts, mainly at the FSG. The amount of revenue that the Company recognized during the first quarter of fiscal 2026 that was included in contract liabilities as of the beginning of fiscal 2026 was $29.6 million. Remaining Performance Obligations Backlog, which the Company believes to be the equivalent of its remaining performance obligations, represents contractually committed, or firm customer orders. As of January 31, 2026, the Company had $2,453.0 million of remaining performance oblig …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

OPERATING SEGMENTS The financial results of the Companys operating segments are reported on the same basis used internally by its Chief Operating Decision Maker (CODM). The Companys Co-Chief Executive Officers serve together as the CODM. The primary measure used by the CODM and management to evaluate segment performance and to make decisions regarding resource allocation and business direction is segment operating income. The CODM uses segment operating income to allocate resources, including personnel and financial resources, among the Companys operating segments, primarily in connection with the annual planning process, and to monitor segment performance relative to prior periods, budgeted expectations, and anticipated future results. The Company generally accounts for intersegment net sales as if the sales were to third parties at current market prices, and any such net sales and associated profit are eliminated in consolidation. Information on the Companys two operating segments, the FSG and the ETG, for the three months ended January 31, 2026 and 2025 is as follows (in thousands): Segment Corporate (1) Intersegment (2) Consolidated Totals FSG ETG Three months ended January 31, 2026: Net sales to external customers $819,305 $359,277 $ $ Intersegment net sales 695 11,398 (12,093) Net sales 820,000 370,675 (12,093) $1,178,582 Cost of sales 510,116 224,674 (11,172) Other segment items (3) 109,151 72,755 Operating income 200,733 73,246 (13,159) (921) 259,899 Capital expenditu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of HEICO Corporation and its subsidiaries (collectively, HEICO, or the Company) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q. Therefore, the condensed consolidated financial statements do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended October 31, 2025. The October 31, 2025 Condensed Consolidated Balance Sheet has been derived from the Companys audited consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income, statements of shareholders' equity and statements of cash flows for such interim periods presented. The results of operations for the three months ended January 31, 2026 are not necessarily indicative of the results which may be expected for the entire fiscal year. The Company has two oper …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS In February 2026, the Company, through a subsidiary of HFSC, acquired 100% of the stock of EthosEnergy Accessories & Components, LLC and EthosEnergy Accessories & Components, Limited (collectively, Ethos). Ethos provides repair solutions for engine components and accessories for various aeroderivative, aerospace, and defense engine platforms. The purchase price of this acquisition was paid with a combination of cash using proceeds from the Company's revolving credit facility and through the issuance of 95,483 shares of HEICO Class A Common Stock and is not material or significant to the Company's condensed consolidated financial statements. In February 2026, the Company, through HFSC, entered into an agreement to acquire 80% of the stock of a company that provides a range of services for commercial and defense component platforms. Closing is subject to governmental approval and standard closing conditions and is expected to occur in the second quarter of fiscal 2026. The remaining 20% interest will continue to be owned by certain members of the seller's management team. The purchase price of this acquisition is expected to be paid with a combination of cash using proceeds from the Company's revolving credit facility and shares of HEICO Class A Common Stock and is not material or significant to the Company's condensed consolidated financial statements. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing