Key Highlights

  • Orders grew 26% and net sales rose 25.4% to $1,126.7 million.
  • Net income more than doubled to $107.4 million, with a 9.5% Net Income margin.
  • Adjusted EBITDA reached $298.3 million, a 26.5% margin.
  • The company ended the quarter with a Backlog of $3.2 billion.

Madison Air Solutions Corporation (NYSE:MAIR), a global provider of air quality solutions for commercial and industrial customers, reported third-quarter 2026 results for the period ended September 30, 2026. Orders grew 26%, net sales rose 25.4% to $1,126.7 million, and adjusted EBITDA increased 18.6%. Chief executive Jill Wyant said the results reflected broad-based momentum across the Business and a backlog of $3.2 billion at quarter-end.

Orders, Net Sales and Backlog

Net sales for the quarter totaled $1,126.7 million, an increase of 25.4% from the prior-year period. Orders rose 26%, which is a leading indicator for future Revenue because orders convert into sales as products are built and delivered. A period in which orders grow at a similar pace to sales suggests that Demand and shipments are moving together.

The company ended the quarter with a backlog of $3.2 billion. Backlog represents orders not yet recognized as revenue, so it provides visibility into the company's sales over the coming periods. Wyant described the backlog as a record, a term the release uses to indicate a level above any previous quarter-end figure.

Net Income and Margin

Net income reached $107.4 million, up 89.1% from the prior year, and the net income Margin was 9.5%. Adjusted net income was $199.3 million, up 100.4%. The gap between reported and adjusted net income is large, which indicates that the company's adjustments reduced reported Earnings by a meaningful amount in the quarter.

Because adjusted net income doubled while GAAP net income rose by less than that, the items excluded from the adjusted measure weighed more heavily on the current period than on the prior year's comparison. The reconciliation in the release explains each adjustment for readers who want the detail.

Adjusted EBITDA and Operating Performance

Adjusted EBITDA was $298.3 million, up 18.6%, with an adjusted EBITDA margin of 26.5%. The margin shows the share of net sales remaining after operating costs, before interest, taxes, depreciation, amortization and the company's adjustments. Because adjusted EBITDA grew more slowly than net sales, the company's margin on that measure declined slightly from the prior year.

The difference between net sales growth of 25.4% and adjusted EBITDA growth of 18.6% suggests that the company's cost base expanded alongside its sales. The release describes the quarter's growth as driven by multiple end markets, though the highlights do not separate the contribution of each.

End Markets and Customer Demand

The release says orders and revenue grew across the company's diverse portfolio of end markets. Within the Commercial business, the release points to strength across the portfolio, with Big Ass Fans cited among the products that delivered growth. The company frames its air quality solutions as mission-critical in several applications.

Because the company serves both commercial and industrial customers, its growth depends on Capital spending in those sectors. The release does not quantify the share of orders from each end market, so readers should look to the segment tables for that detail.

Outlook

Madison Air's third-quarter report combines 25% sales growth, a 26% increase in orders, a backlog of $3.2 billion and net income that more than doubled. The coming quarters will show whether the company can convert its backlog into revenue at the same pace while keeping adjusted EBITDA growth in line with sales.