HEICO Corporation posted a solid QQ2 2025 with revenue of $1,097.82 million, up 14.9% year over year and 6.6% quarter over quarter, underpinned by resilient demand across its Flight Support Group and Electronic Technologies Group portfolios. Gross margin reached 42.5%, and operating margin stood at 22.9%, reflecting favorable mix and ongoing operational efficiency despite a high level of goodwill and intangible assets on the balance sheet. Net income of $156.79 million and basic/diluted EPS of $1.13/$1.12 indicate continued earnings power, supported by strong cash generation (operating cash flow of $204.70 million and free cash flow of $188.73 million).HEICO generated cash while maintaining a conservative liquidity profile (cash and cash equivalents of about $242.31 million) and a manageable but elevated debt burden (total debt ~$2.278 billion; net debt ~$2.036 billion). The company’s current ratio of 3.43 signals solid near-term liquidity, but the leverage profile and substantial goodwill/intangible assets warrant monitoring should demand cycles shift. Management commentary is not captured in the provided transcript data, limiting quotes to support the narrative. Overall, HEICO’s QQ2 performance reinforces its position as a diversified, high-margin supplier to aerospace/defense and electronics markets, with meaningful free cash flow that can underpin debt management or selective acquisitions over time.