> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Madison Air Lifts Sales Outlook To $4,050–$4,125 Million As Cooling Demand Expands - URL: https://www.bullished.co/madison-air-lifts-sales-outlook-to-4-050-4-125-million-as-cooling-demand-expands-d61ca28b/ - Published: 2026-11-06T16:36:07.000Z - Updated: 2026-11-06T16:36:07.000Z - Description: Record orders awaiting delivery support a higher outlook, but data-center growth and production ramp costs squeezed adjusted margins. - Author: Matteo Parrino - Tags: SEC Filings, MAIR, Industry: Industrials [Madison Air Solutions](https://www.bullished.co/tag/mair/), which makes indoor air products and systems for commercial and residential buildings, raised its full-year sales outlook to [$4,050–$4,125 million](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/mair-20261105.htm?ref=bullished.co) Thursday, from $3,825–$3,925 million. Its data-center cooling business is expanding to meet customer demand, though that growth and the costs of ramping production weighed on margins. ## Record Backlog, Thinner Adjusted Margins Confirmed customer orders awaiting shipment or service reached a record [$3,187.2 million](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/a20263q8kearningsrelease.htm?ref=bullished.co), up 119.3% from a year earlier, according to the earnings release accompanying the SEC filing. Orders increased 25.9%, and unaudited third-quarter sales rose 25.4% to $1,126.7 million from $898.4 million. The company also lifted its forecast for adjusted earnings before interest, taxes, depreciation and amortization to $1,040–$1,070 million, against $1,020–$1,065 million previously. That measure reached $298.3 million in the quarter, up 18.6%, but its share of sales slipped to 26.5% from 28.0%. Net income rose 89.1% to $107.4 million from $56.8 million, with a 9.5% margin versus 6.3%. Adjusted net income reached $199.3 million, up 100.4%; the adjustments included an unrealized derivative loss of $52.2 million, amortization and transaction expenses. MAIR shares rose about 3% to $22.10 in Friday trading. ## Commercial Cooling Leads The Growth Commercial sales climbed 39.3% to [$771.9 million](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/a20263q8kearningsrelease.htm?ref=bullished.co), compared with $554.2 million a year earlier. The company credited growth across cooling, air movement, heat and commercial dehumidification; higher volumes and pricing helped earnings, while data-center business mix, production ramp costs and inflation offset part of those gains. Residential sales rose 3.2% to $355.5 million from $344.5 million, helped by pricing and demand for healthy air systems. AprilAire led residential growth, while Big Ass Fans was a particularly strong commercial performer. Services delivered a record quarter. Madison Air's businesses span Nortek Data Center Cooling, semiconductor-facility air purification through Nortek Air Solutions, AprilAire's home Healthy Air System and workplace fans from Big Ass Fans. Replacement and upgrade demand accounted for approximately half of its $3.3 billion in 2025 net sales, with aftermarket parts and services contributing approximately 10%. ## Cash Set Aside For ebm-papst Quarterly cash from continuing operations was $172.0 million, compared with $172.3 million a year earlier. Free cash flow—operating cash after net spending on property and equipment—was $158.0 million versus $160.0 million. For the first nine months, free cash flow fell to $298.0 million from $312.4 million, as net capital spending rose to $30.4 million from $20.3 million. Operating cash from continuing operations totaled $328.4 million versus $332.7 million. Quarter-end cash of $2,645.2 million included $2,217.4 million in net proceeds from a completed private equity placement, intended to fund the planned ebm-papst purchase alongside additional debt financing. Total debt stood at $3,057.0 million, and $1,358.2 million remained available under the revolving credit facility. Net debt was 0.4 times trailing adjusted earnings before interest, taxes, depreciation and amortization. Excluding the placement proceeds from cash, the company's adjusted ratio was 2.6 times. Jill Wyant, Madison Air's president and CEO, said: "We continue to expect to complete our acquisition of ebm-papst [soon after](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/a20263q8kearningsrelease.htm?ref=bullished.co) the end of the year." Learn - [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations) From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples ### Sources - [8-K Filing — Madison Air Solutions Corp (MAIR)](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/mair-20261105.htm?ref=bullished.co) — SEC EDGAR - [Exhibit a20263q8kearningsrelease.htm — Madison Air Solutions Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0002098430/000162828026070539/a20263q8kearningsrelease.htm?ref=bullished.co) — SEC EDGAR ### More on Madison Air Solutions - [Madison Air CEO On Data Center Moratoriums: 'We've Not Pursued Speculative Demand'](https://www.bullished.co/madison-air-ceo-on-data-center-moratoriums-weve-not-pursued-speculative-demand-701852b3/) [All Madison Air Solutions (MAIR) coverage →](https://www.bullished.co/tag/mair/)