Astronics Eyes Nearly $1B Revenue, 2026 Growth as FLRAA and Army Test Program Loom

Aerospace supplier outlines portfolio, improving trends, and key catalysts at TD Cowen conference

Published on Feb. 14, 2026

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Astronics (NASDAQ:ATRO) executives outlined the company's aerospace-focused portfolio, improving operating trends, and key growth catalysts during a TD Cowen conference discussion. Chairman, President and CEO Peter Gundermann and CFO Nancy Hedges addressed the company's recent convertible note refinancing and provided updates on the Test segment and a pending U.S. Army program.

Why it matters

Astronics is a major aerospace supplier, with about 90% of its revenue tied to the industry. The company's performance and outlook provide insights into the broader commercial aviation and defense markets, as well as technology trends impacting in-flight entertainment, connectivity, and aircraft electrical systems.

The details

Gundermann described Astronics as an aerospace system supplier, with about 70% of revenue from commercial transport, 10% military, 10% business jet, and 10% test. The company bottomed out at $445 million in revenue in 2021 and expects to average 18% growth through 2025, with a focus on cost structure and margins. Astronics sees opportunities in cabin technologies, electrical power systems, and programs like the U.S. Army's FLRAA helicopter. The company is also anticipating a $215 million Army radio test program.

  • Astronics expects to wrap up $100 million in development work for the FLRAA program toward the end of 2026 and into 2027.
  • The company expects to begin the $215 million Army radio test program in the first half of 2026.

The players

Astronics Corporation

A global leader in the design and manufacture of advanced technologies primarily for the aerospace, defense and semiconductor industries, headquartered in East Aurora, New York.

Peter Gundermann

Chairman, President and CEO of Astronics.

Nancy Hedges

CFO of Astronics.

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What they’re saying

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What’s next

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The takeaway

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