Madison Air Solutions (MAIR) shares tumbled 5.18% in pre-market trading on Thursday, following the release of its second-quarter 2026 financial results. The decline occurred despite the company reporting net sales of $991.3 million, a 21% increase year-over-year, and raising its full-year net sales guidance to a range of $3.825 billion to $3.925 billion.

The company's earnings release highlighted strong operational momentum, including a 129% jump in net income to $70.5 million, a 133% surge in backlog to $2,868.4 million, and a reduction in net leverage to 2.8x. Adjusted EBITDA rose 18% to $265.8 million. However, adjusted earnings per share of $0.31, while up from $0.24 a year earlier, may have fallen short of more bullish investor expectations, and the organic residential sales decline of 4.8% could be weighing on sentiment.

“We delivered double-digit net sales growth, strong orders momentum and record backlog across a diverse set of end markets,” said Jill Wyant, President and CEO, in the press release. The company also raised its full-year adjusted EBITDA outlook to a range of $1.020 billion to $1.065 billion, reflecting confidence in continued demand visibility.