HEICO Corporation

NYSE-HEI

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Operating Activities	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24
Net Income	202.8	190.7	170.5	181.6	433.6	147.8
Net Income from Consolidated Operations
Depreciation & Amortization	51.2	49.8	48.9	46.2	131.8	44.3
Depreciation and Amortization
Share-Based Compensation Expense	16	7.7	6	4.7	13.9	4.6
Share-Based Compensation Expense
Other Adjustments	-9.6	-3	-4.4	1.7	-15.8	1.6
Employer Contributions to HEICO Savings and Investment Plan
Foreign Currency Transaction Adjustments, Net
Change in Accrued Contingent Consideration, Net
Impairment of Intangible Assets
Amendment and Termination of Contingent Consideration Agreement
Deferred Income Tax Benefit
Tax Benefit from Stock Option Exercises
Excess Tax Benefit from Stock Option Exercises
Other
Changes in Trade Receivables	-25.7	-3.7	-66.8	14.1	-63	-14.8
Change in Accounts Receivable
Change in Contract Assets
Changes in Inventories	15.3	-14	-9.9	-36.2	-83.1	-31.1
Change in Inventories
Changes in Accounts Payable	-28.9	-0.3	18.8	10.4	1.8	12.4
Change in Trade Accounts Payable
Changes in Accrued Expenses	-11.9	51.2	24.6	-63.9	72.5	57
Change in Accrued Expenses and Other Current Liabilities
Changes in Income Taxes Payable	27.7	-38.3	-6.3	16.9	7.9	-2.7
Change in Income Taxes Payable
Changes in Other Operating Activities	58.4	17.5	22.2	27.6	86.1	-5.2
Payment of Contingent Consideration
Change in Prepaid Expenses and Other Current Assets
Net Changes in Other Long-Term Liabilities and Assets Related to HEICO Leadership Compensation Plan
Other Long-Term Assets and Liabilities, Net
Other
Change in Current Liabilities, Net
Cash from Operating Activities	295.3	231.2	204.7	203	560.7	214
Net Cash Provided by Operating Activities

Investing Activities	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24
Capital Expenditure	-26.8	-12.7	-16	-17.3	-44.9	-15.9
Capital Expenditures
Purchases of Investments	-11.3	-4	-3.1	-14.6	-7.2	-2.1
Investments Related to HEICO Leadership Compensation Plan
Payments for Business Acquisitions	0.1	-343.8	-31.4	-254.8	-164.1	-9
Acquisitions, Net of Cash Acquired
Other Investing Activities	4	2.6	-1.3	-1.3	3.1	0.1
Other
Cash from Investing Activities	-34	-357.9	-51.8	-288	-222.1	-26.9
Net Cash Provided by Investing Activities

Financing Activities	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24
Issuance of Short-Term Debt	-495	350	72.5	145	80	40
Borrowings on Revolving Credit Facility
Repayments of Short-Term Debt	220	-207.5	-75	-20	-585	-130
Payments on Revolving Credit Facility
Payments on Short-Term Debt, Net
Payments on Revolving Credit Facility, Net
Net Issuance / (Repayments) of Short-Term Debt	-275	142.5	-2.5	125	-505	-90
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Senior Unsecured Notes
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	1.5	5.9	4.2	1.6	5.7	2.2
Proceeds from Stock Option Exercises
Repurchases of Common Shares	-20.4	-0.6	-1.3	-0.1	-29.3	-2.5
Redemptions of Common Stock Related to Stock Option Exercises
Net Issuance / (Repurchases) of Common Shares	-18.9	5.3	2.9	1.5	-23.6	-0.2
Common Share Dividends Paid	-8.3	-16.7	-7.6	-15.3	-7.6	-15.2
Cash Dividends Paid
Other Financing Activities	-12.8	-12.6	-12.3	-20.5	-58.3	-43.4
Distributions to Noncontrolling Interests
Payment of Contingent Consideration
Acquisitions of Noncontrolling Interests
Debt Issuance Costs
Excess Tax Benefit from Stock Option Exercises
Capital Contributions from Noncontrolling Interests
Other
Cash from Financing Activities	-305.9	146	-81.4	90.7	-372.7	-188.9
Net Cash Provided by Financing Activities

Free Cash Flow	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24
Free Cash Flow	268.5	218.5	188.7	185.7	189.5	198.1
NOPAT	228.7	215.1	196	210.9	179.4	177.4
Levered Free Cash Flow	-1.8	373	236.6	276.6	-46.7	105.4
Unlevered Free Cash Flow	313.7	268.2	278.3	194.5	258	236.3
Net Change in Cash	-44.6	19.3	71.5	5.8	-40.8	-1.8