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HEICO’s $3 Billion Firepower — Is Another Acquisition Wave Coming?

HEICO Corporation reported record consolidated net income, operating income, and net sales for the third quarter of fiscal 2026, reflecting increases of 33%, 34%, and 23%, respectively, compared to the same period in fiscal 2025. Net income reached $235.4 million or $1.67 per diluted share, up from $177.3 million or $1.26 per diluted share, with operating income of $355.2 million on net sales of $1.41 billion. The company generated $345 million in cash from operations during the quarter, representing nearly 150% of net income and a 49% increase year-over-year. Its debt profile improved with a net debt-to-EBITDA ratio of 1.57x, down from 1.60x, supported by a $1.2 billion senior unsecured notes issuance used to repay revolving credit facility borrowings. Amendments to the credit facility expanded committed capital to $2.2 billion, with a potential increase to $3 billion, enhancing financial flexibility for acquisitions. Both major business segments contributed to the growth.