The strong FY2026 results with 40% backlog growth and expanding margins signal continued momentum into FY2027. Watch for the permanent CEO appointment and progress on the Avcon cargo door STC (planned FY27 Q3) as near-term catalysts. The active buyback provides a floor, but the declining casino revenue segment warrants monitoring.
Price Chart
Executive Summary
Butler National Corp. presented its FY2026 annual results at the shareholder meeting, showing strong revenue growth of 16.7% to $97.97M and net income nearly doubling to $21.93M, driven by the Avcon and Tempe segments. The company also disclosed an active share buyback program with $2.1M remaining under a $5M authorization and a formal CEO search underway.
Key Facts
- FY2026 total revenue $97.97M vs $83.97M in FY2025, a 16.7% increase
- FY2026 net income $21.93M vs $12.55M in FY2025, a 74.7% increase
- FY2026 EPS $0.34
- Backlog on April 30, 2026 was $47.06M vs $33.61M in FY2025, a 40% increase
- Backlog on July 31, 2026 increased to $51.13M
- Total operating income rose to $28.45M from $16.83M, with operating margin expanding to 29% from 20%
- Avcon segment revenue grew to $37.20M from $29.59M, operating income more than doubled to $9.71M from $4.42M
- Tempe (Special Mission Electronics) revenue grew to $19.22M from $12.74M, operating income nearly doubled to $10.05M from $5.13M
- Casino/Professional Services revenue declined slightly to $37.38M from $38.27M, with operating income down to $8.30M from $9.14M
- Gaming long-term debt reduced by $4.8M to $27.2M from $32.0M
- Share buyback: approximately 3.6 million shares repurchased at a cost of $6.5M since April 30, 2025; $2.1M remains available under current $5M authorization
- Outstanding shares as of September 15, 2026: 63,842,119
- Board has formally begun CEO search with an external executive recruiting firm
Financial Impact
Revenue grew 16.7% to $97.97M, net income surged 74.7% to $21.93M, operating margin expanded from 20% to 29%, and backlog increased 40% to $47.06M
Risk Factors
- Casino/Professional Services revenue declined 2.3% YoY, with operating income down 9.2%
- CEO transition creates leadership uncertainty until a permanent replacement is named
- Parts lead times, tariffs, and technical staffing risks cited for aerospace segments
- Stock price currently below NASDAQ minimum $4 standard for potential uplisting
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000015847-26-000047 |
| Document: buks-20260930.htm | 0000015847-26-000047 |
| Document: 0000015847-26-000047-index-headers.html | 0000015847-26-000047 |
| Document: 0000015847-26-000047-index.html | 0000015847-26-000047 |
| Document: 0000015847-26-000047.txt | 0000015847-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $4.40 $4.32 | ▼ −1.82% | ▼ −1.39% | $5.07 (+15.23%) |
Sep 30, 2026 27d ago | 8-K | $4.03 $4.14 | ▲ +2.73% | ▲ +2.55% | $5.07 (+25.81%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.09 $4.11 | ▲ +0.49% | ▲ +1.21% | $5.07 (+23.96%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.09 $4.11 | ▲ +0.49% | ▲ +1.21% | $5.07 (+23.96%) |
Sep 11, 2026 6w ago | 8-K | $4.25 $4.02 | ▼ −5.41% | ▼ −4.97% | $5.07 (+19.29%) |
Aug 20, 2026 9w ago | 8-K | $4.25 $4.11 | ▼ −3.29% | ▼ −3.70% | $5.07 (+19.29%) |
Jul 16, 2026 14w ago | Insider Cluster | $4.86 $4.78 | ▼ −1.65% | ▼ −1.48% | $5.07 (+4.32%) |
Jul 14, 2026 14w ago | Insider Cluster | $4.78 $4.80 | ▲ +0.42% | ▲ +0.96% | $5.07 (+6.07%) |
Jul 14, 2026 14w ago | Insider Cluster | $4.78 $4.80 | ▲ +0.42% | ▲ +0.96% | $5.07 (+6.07%) |
Jul 8, 2026 15w ago | 8-K | $4.25 $4.37 | ▲ +2.82% | ▲ +1.98% | $5.07 (+19.29%) |
US Market Status
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