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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM****10-K**\n\n(Mark One)\n\n**☒**\n\n**Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n**For the fiscal year ended****May 31, 2026******or\n\n**☐**\n\n**Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\nFor the transition period from                 to                \n\n**Commission file number****1-6263**\n\n**AAR CORP****.**\n\n(Exact name of registrant as specified in its charter)\n\n**Delaware**\n\n**36-2334820**\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n​\n\n**One AAR Place****,****1100 N. Wood Dale Road****,****Wood Dale****,****Illinois********60191**\n\n(Address of principal executive offices, including zip code)\n\nRegistrant’s telephone number, including area code: **(****630****) ****227-2000**\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n*Title of Each Class*\n\n*  ​ ​ ​*\n\n*Trading Symbol(s)*\n\n*  ​ ​ ​*\n\n*Name of Each Exchange on Which Registered*\n\n**Common Stock, $1.00 par value**\n\n​\n\n**AIR**\n\n​\n\n**New York Stock Exchange**\n\n​\n\n​\n\n​\n\n​\n\n**NYSE****Texas**\n\n​\n\nSecurities registered pursuant to Section 12(g) of the Act: **None**\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\nIndicate 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 shorter 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 ☐\n\nIndicate 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate 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.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☒\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\n​\n\nIf 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. ☐ \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nThe aggregate market value of the registrant’s voting stock held by nonaffiliates was approximately $3,224 million (based upon the closing price of the Common Stock at November 28, 2025 as reported on the New York Stock Exchange).\n\nOn June 30, 2026, there were 39,892,472 shares of Common Stock outstanding.\n\n**Documents Incorporated by Reference**\n\nPortions of the Company’s proxy statement for the Company’s 2026 Annual Meeting of Stockholders, to be held September 23, 2026, are incorporated by reference in Part III of this Annual Report on Form 10-K.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPage\n\n[PART I](#PARTI_842540)\n\n​\n\n​\n\n[Item 1.](#ITEM1BUSINESS_372718)\n\n[Business](#ITEM1BUSINESS_372718)\n\n2\n\n​\n\n​\n\n​\n\n[Item 1A.](#ITEM1ARISKFACTORS_568166)\n\n[Risk Factors](#ITEM1ARISKFACTORS_568166)\n\n12\n\n​\n\n​\n\n​\n\n[Item 1B.](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_286571)\n\n[Unresolved Staff Comments](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_286571)\n\n26\n\n​\n\n​\n\n​\n\n[Item 1C.](#ITEM1CCYBERSECURITY_809978)\n\n[Cybersecurity](#ITEM1CCYBERSECURITY_809978)\n\n26\n\n​\n\n​\n\n​\n\n[Item 2.](#ITEM2PROPERTIES_909003)\n\n[Properties](#ITEM2PROPERTIES_909003)\n\n28\n\n​\n\n​\n\n​\n\n[Item 3.](#ITEM3LEGALPROCEEDINGS_106954)\n\n[Legal Proceedings](#ITEM3LEGALPROCEEDINGS_106954)\n\n28\n\n​\n\n​\n\n​\n\n[Item 4.](#ITEM4MINESAFETYDISCLOSURES_788234)\n\n[Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_788234)\n\n28\n\n​\n\n​\n\n​\n\n[PART II](#PARTII_32568)\n\n​\n\n​\n\n[Item 5.](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL)\n\n29\n\n​\n\n​\n\n[Item 6.](#ITEM6Reserved_778713)\n\n[(Reserved)](#ITEM6Reserved_778713)\n\n30\n\n​\n\n​\n\n​\n\n[Item 7.](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n30\n\n​\n\n​\n\n​\n\n[Item 7A.](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n42\n\n​\n\n​\n\n​\n\n[Item 8.](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY)\n\n[Financial Statements and Supplementary Data](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY)\n\n43\n\n​\n\n​\n\n​\n\n[Item 9.](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n91\n\n​\n\n​\n\n​\n\n[Item 9A.](#ITEM9ACONTROLSANDPROCEDURES_557114)\n\n[Controls and Procedures](#ITEM9ACONTROLSANDPROCEDURES_557114)\n\n91\n\n​\n\n​\n\n​\n\n[Item 9B.](#ITEM9BOTHERINFORMATION_557655)\n\n[Other Information](#ITEM9BOTHERINFORMATION_557655)\n\n94\n\n​\n\n​\n\n​\n\n[Item 9C.](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC)\n\n94\n\n​\n\n​\n\n​\n\n[PART III](#PARTIII_745287)\n\n​\n\n​\n\n[Item 10.](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO)\n\n[Directors, Executive Officers and Corporate Governance](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO)\n\n94\n\n​\n\n​\n\n​\n\n[Item 11.](#ITEM11EXECUTIVECOMPENSATION_753231)\n\n[Executive Compensation](#ITEM11EXECUTIVECOMPENSATION_753231)\n\n94\n\n​\n\n​\n\n​\n\n[Item 12.](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n94\n\n​\n\n​\n\n​\n\n[Item 13.](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n[Certain Relationships and Related Transactions, and Director Independence](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n95\n\n​\n\n​\n\n​\n\n[Item 14.](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n[Principal Accountant Fees and Services](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n95\n\n​\n\n​\n\n​\n\nPART IV\n\n​\n\n​\n\n[Item 15.](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE)\n\n[Exhibits and Financial Statement Schedules](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE)\n\n95\n\n​\n\n​\n\n​\n\n[EXHIBIT INDEX](#Exhibits_65327)\n\n​\n\n​\n\n​\n\n​\n\n[Item 16.](#ITEM16FORM10KSUMMARY_63515)\n\n[Form 10-K Summary](#ITEM16FORM10KSUMMARY_63515)\n\n100\n\n​\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_198023)\n\n​\n\n​\n\n​\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\n**PART I**"}