Madison Air Solutions Corp
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number:001-43236
(Exact name of registrant as specified in its charter)
| Delaware | 41-2529345 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
444 West Lake Street, Suite 4460
Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
(312)262-6374
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A common stock, par value $0.0000001 | MAIR | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☑ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☑
There were 267,671,615 shares of Class A common stock and 324,379,859 shares of Class B common stock outstanding at November 3, 2026.
Table of Contents
Page
| Forward-Looking Statements | 3 |
|---|---|
| About Madison Air | 4 |
| Management's Discussion and Analysis of Financial Condition and Results of Operations | 4 |
| Quantitative and Qualitative Disclosures about Market Risk | 17 |
| Controls and Procedures | 18 |
| Financial Statements (Unaudited) | 20 |
| Condensed Consolidated Balance Sheets (Unaudited) | 20 |
| Condensed Consolidated Statements of Income (Loss) (Unaudited) | 21 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) | 22 |
| Condensed Consolidated Statements of Shareholders' Equity (Deficit) and Noncontrolling Interests (Unaudited) | 23 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | 26 |
| Note 1. Introduction | 27 |
| Note 2. Basis of Presentation and Summary of Significant Accounting Policies | 28 |
| Note 3. Revenue Recognition | 28 |
| Note 4. Fair Value of Financial Instruments | 30 |
| Note 5. Business Acquisitions and Divestitures | 30 |
| Note 6. Goodwill and Other Intangible Assets | 31 |
| Note 7. Inventories | 31 |
| Note 8. Property, Plant and Equipment | 31 |
| Note 9. Income Taxes | 31 |
| Note 10. Accrued Expenses and Other Current Liabilities | 32 |
| Note 11. Debt | 33 |
| Note 12. Derivative Financial Instruments | 34 |
| Note 13. Leases | 35 |
| Note 14. Employee Benefit Plans | 36 |
| Note 15. Equity Appreciation Rights | 37 |
| Note 16. Related Party Transactions | 38 |
| Note 17. Earnings Per Share | 38 |
| Note 18. Product Warranties | 38 |
| Note 19. Accumulated Other Comprehensive Income | 39 |
| Note 20. Segment Information | 39 |
| Note 21. Commitments and Contingencies | 41 |
| Exhibits | 41 |
| Form 10-Q Cross Reference Index | 42 |
| Signatures | 42 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.