What were Madison Air's (NYSE:MAIR) total net sales for Q1 2026?

Madison Air generated $923.7 million in net sales for Q1 2026, representing a 33.8% increase compared to the same period in the prior year. This growth highlights the company’s strong performance across its business segments.

How did Madison Air’s Commercial segment perform in Q1 2026?

Madison Air’s Commercial segment grew by 23.5% in Q1 2026. This was a key driver of the company’s overall revenue growth, reflecting strong demand in its commercial offerings.

What was the status of Madison Air's backlog in Q1 2026?

Madison Air saw a remarkable 115.5% year-over-year increase in total backlog for Q1 2026. This surge was driven by record demand for the company’s Nortek Data Center Cooling and custom air quality systems, signaling strong future revenue potential.

How did Madison Air’s net income perform in Q1 2026?

Madison Air’s GAAP net income dipped slightly to $43 million, primarily due to IPO-related transition costs. However, adjusted net income rose by 32.1% to $92.5 million, reflecting operational strength and effective cost management.

What was Madison Air’s adjusted EBITDA and margin for Q1 2026?

Adjusted EBITDA for Madison Air grew by 38.7% to $233.4 million in Q1 2026, yielding a robust 25.3% margin. This indicates strong operational efficiency and the company’s ability to generate substantial earnings from its sales.

Tech

Madison Air revenue skyrockets 34% as IPO proceeds wipe out $2.6B in debt

Written by Liezl GambePublished May. 12 2026Last Updated May. 12 2026

Madison Air (NYSE:MAIR) generated $923.7 million in net sales for the quarter ended March 31, 2026, a 33.8% increase over the prior-year period.

On a pro forma basis, revenue grew 12.5%, anchored by a 23.5% surge in the Commercial segment.

The quarter’s primary highlight was a 115.5% year-over-year jump in total backlog, driven by record-level demand for the company’s Nortek Data Center Cooling and custom air quality systems.

While GAAP net income dipped slightly to $43 million due to IPO-related transition costs, adjusted net income rose 32.1% to $92.5 million.

The company’s operational efficiency was reflected in a 38.7% increase in adjusted EBITDA, which reached $233.4 million, yielding a robust 25.3% margin.

Free cash flow was equally strong at $50.4 million, representing a 117.2% conversion rate.

Following the quarter’s end, Madison Air completed its initial public offering in April 2026, raising $2.58 billion in net proceeds.

These funds, combined with a concurrent private placement from founder Larry Gies, were utilized to repay $2.66 billion in term loans, significantly strengthening the company’s capital structure.

Citing strong visibility from its $1.4 billion order backlog, Madison Air established full-year 2026 financial guidance.

The company expects net sales to come in between $3.75 billion and $3.85 billion.