TransDigm

TransDigm designs and makes highly engineered parts for aircraft, such as actuators and controls, pumps and valves, ignition systems, power devices, sensors, cockpit displays, seat belts and cargo systems. Its parts are on nearly all commercial and military aircraft in service. Most of its products are proprietary, and it focuses on parts that airlines and armed forces must buy again as spare parts for the life of each aircraft. In fiscal 2026, which ended on September 30, 2026, net sales were $10.56 billion: about 43% defense, 32% commercial aftermarket and 23% commercial OEM.

Its EBITDA As Defined margin was 52.7% in fiscal 2026. TransDigm buys many companies with proprietary aerospace parts and raises their margins, and it funds these purchases with debt. It returns cash with share buybacks and special dividends.

The market prices TransDigm lower because of its high debt and the rising cost of that debt, while acquisitions dilute its margin. Total debt rose to $34.8 billion at September 30, 2026, from $30.0 billion a year earlier, after new loans for acquisitions and buybacks. Net interest expense grew 28% to $2.01 billion in fiscal 2026, faster than the 20% growth in sales. The EBITDA As Defined margin fell to 52.7% in fiscal 2026 from 53.9%, because the newly bought businesses have lower margins, and TransDigm guides a margin of about 52.0% for fiscal 2027.

TransDigm also withdrew from the Stellant purchase in July 2026 because of the long regulatory review. Fiscal 2026 sales and EBITDA As Defined were above the raised outlook, but the fiscal 2027 outlook expects commercial aftermarket growth only in the high single digits. For the gap to close, three things must be true. TransDigm must reach its fiscal 2027 outlook of $11.95 to $12.15 billion of net sales and $6.195 to $6.345 billion of EBITDA As Defined.

Commercial aftermarket sales must grow at least at the high single-digit rate of the outlook. The margins of Jet Parts Engineering, Victor Sierra and Prince & Izant must rise toward the group level, so that debt stays at about the same multiple of EBITDA. The next test is the fiscal Q1 2027 report, expected in February 2027. If these checks pass, the gap can close over the next four to six quarters.

The main risk is that a fall in air travel or higher interest rates hits a company with this much debt.

1. Nov 10, 2026Failed

   Fiscal Q4 2026 results and fiscal 2027 outlookFiscal 2026 results within the raised outlook and a fiscal 2027 outlook with double-digit commercial aftermarket growth pass; a lower outlook or a margin below 52% fails.Outcome: Fiscal 2026 sales and EBITDA As Defined were above the raised outlook and the fiscal 2027 margin guide is about 52.0%, but the fiscal 2027 outlook expects only high single-digit commercial aftermarket growth.
2. Feb 10, 2027 · est.Pending

   Fiscal Q1 2027 results: margins of new businessesA group EBITDA As Defined margin that rises again as the new businesses improve passes; a further fall in margin with higher interest costs fails.
3. Nov 2027 · est.Pending

   Fiscal 2027 results against the outlookNet sales and EBITDA As Defined within or above the fiscal 2027 outlook of $11.95 to $12.15 billion and $6.195 to $6.345 billion pass; results below the outlook fail.

Every passed and failed checkpoint across all picks

• November 10, 2026TransDigm reported fiscal Q4 2026 results. Net sales rose 23% to $2.99 billion, with 14% organic growth. Net income fell 4% to $586 million because of higher interest and tax expense, and adjusted EPS rose 15% to $12.44. The EBITDA As Defined margin was 53.0%, compared with 54.2% a year earlier. Fiscal 2026 net sales rose 20% to $10.56 billion, and adjusted EPS was $41.35. In the quarter, TransDigm bought back 820 thousand shares for $943 million, at an average of $1,150 per share. For fiscal 2027, it guides net sales of $11.95 to $12.15 billion, EBITDA As Defined of $6.195 to $6.345 billion, a margin of about 52.0% and adjusted EPS of $47.09 to $47.94. It expects high single-digit growth in commercial aftermarket and defense revenue.
• November 2, 2026TransDigm said that it will report its fiscal Q4 2026 results before the market opens on November 10, 2026, with a conference call at 10:00 a.m. Eastern Time.
• September 28, 2026TransDigm completed the purchase of Prince & Izant, a maker of brazing alloys and special metal parts for aircraft engines and other uses, for about $1.066 billion in cash from cash on hand.

Last earnings

November 10, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-KAnnual report for the period ended Sep 30, 2026Filed November 10, 2026 · tdg-20260930
• 8-KEarnings releaseFiled November 10, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled September 29, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 28, 2026 · tdg-20260928
• 8-KOther company newsFiled September 21, 2026 · tdg-20260921
• 8-KInvestor disclosureFiled September 14, 2026 · tdg-20260914
• 8-KInvestor disclosureFiled September 14, 2026 · tdg-20260914
• 8-KInvestor disclosureFiled September 14, 2026 · tdg-20260914
• 10-QQuarterly report for the period ended Jun 27, 2026Filed August 4, 2026 · tdg-20260627
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1260221)

• TransDigm has about $34.8 billion of debt, more than six times its yearly EBITDA As Defined. Net interest expense was $2.01 billion in fiscal 2026, and TransDigm expects about $2.26 billion in fiscal 2027. About 75% of the debt has a fixed rate, but new debt costs more than the debt it replaces, and higher rates reduce the cash left for acquisitions and buybacks.
• About one third of sales come from commercial spare parts, which depend on air travel. The conflict in the Middle East softened airline capacity and traffic in 2026. A recession or a long conflict can reduce flights and spare part orders.
• About 43% of sales come from defense. As a government supplier, TransDigm faces government audits and investigations. Changes in the defense budget, in procurement policy or in the timing of orders can reduce sales and prices.
• Growth depends on acquisitions. Antitrust reviews can block or delay deals, as with Stellant in July 2026, and new businesses lower the group margin until TransDigm improves them.
• Stockholders' equity is negative, a deficit of $10.0 billion at September 30, 2026, because of special dividends and buybacks funded with debt. This leaves little room for error if profit falls.

TransDigm funds itself mostly with debt of its subsidiary TransDigm Inc.: secured term loans, secured notes and senior subordinated notes. No tranche of term loans or notes matures before August 2028. Read more

The dividend data after September 2, 2025 is missing.

Latest ex-dividend date

September 2, 2025, $90.00 per share

Dividends per share by year

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.