BUKS on OTC

BUTLER NATIONAL CORP

American miscellaneous amusement and recreation services company1

In its 2026 annual report the company says: “We serve a broad, worldwide spectrum of the aviation industry, including owners of aircraft and contractors involved with private, commercial, business, and government aircraft operations. We also serve commercial weapon manufacturers and suppliers to governments and their agencies. In addition, our companies provide management services in the gaming industry, which includes owning the land and building for the Boot Hill Casino and Resort in Dodge City, Kansas.”5 It is headquartered in New Century, Kansas.1 Its shares trade on OTC under the symbol BUKS.1

$4.70 up 0.06 (1.29%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$98.0MRevenue, fiscal 20263
$21.9MNet income, fiscal 20263

Compare with NIP Group Inc., Seaport Entertainment Group Inc. or GRANDSTAND Ltd, or pick any stock.

  • TickerBUKS on OTC1
  • IndustryServices-Miscellaneous Amusement & Recreation1
  • HeadquartersNew Century, Kansas1
  • Incorporated inDE4
  • Business addressOne Aero Plaza, New Century, Ks 660314
  • Filer categoryNon-accelerated filer, Smaller reporting company4

Butler National Corporation (“Butler National”, the “Company”, “we”, “us”, or “our”) was incorporated in 1960. Our companies design, engineer, manufacture, sell, integrate, install, repair, modify, overhaul, service and distribute a broad portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies and systems (“Aerospace Products”). We serve a broad, worldwide spectrum of the aviation industry, including owners of aircraft and contractors involved with private, commercial, business, and government aircraft operations. We also serve commercial weapon manufacturers and suppliers to governments and their agencies.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

29.0%Operating margin3
22.4%Net margin3
16.7%Revenue growth, 20263
26.8%Return on equity3
0.30×Debt to equity3
$19.2MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Aircraft Modification brought in 38% of the revenue BUTLER NATIONAL CORP broke down this way in fiscal 2026.

  1. Aircraft Modification$37.2M338%up 26% from 2025
  2. Casino$26.7M327%down 5% from 2025
  3. Special Mission Electronics$19.2M320%up 51% from 2025
  4. Sportsbook$6.5M37%up 13% from 2025
  5. Casino Non-gaming$4.2M34%down 8% from 2025
  6. Aircraft Avionics$4.2M34%up 24% from 2025
Products and services by year
Products and services20252026
Aircraft Modification$29.6M$37.2M
Casino$27.9M$26.7M
Special Mission Electronics$12.7M$19.2M
Sportsbook$5.8M$6.5M
Casino Non-gaming$4.6M$4.2M
Aircraft Avionics$3.4M$4.2M

Business segments

Aerospace Products brought in 62% of the revenue BUTLER NATIONAL CORP broke down this way in fiscal 2026.

  1. Aerospace Products$60.6M362%up 33% from 2025
  2. Professional Services$37.4M338%down 2% from 2025
Business segments by year
Business segments20252026
Aerospace Products$45.7M$60.6M
Professional Services$38.3M$37.4M

Regions

North America brought in 88% of the revenue BUTLER NATIONAL CORP broke down this way in fiscal 2026.

  1. North America$85.8M388%up 31% from 2025
  2. Europe$8.0M38%down 44% from 2025
  3. Asia$3.9M34%up 5% from 2025
  4. Australia And Other$272.0K30%down 46% from 2025
Regions by year
Regions20252026
North America$65.5M$85.8M
Europe$14.3M$8.0M
Asia$3.7M$3.9M
Australia And Other$501.0K$272.0K

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Research and development1¢$1.5M
  • Other costs67¢$65.3M
  • Interest2¢$1.9M
  • Income tax8¢$7.4M
  • Profit22¢$21.9M

Out of $98.0M in revenue.3

Where each dollar of operating cash went, fiscal 2026

  • Capital spending25¢$6.5M
  • Share buybacks21¢$5.5M
  • Kept or used elsewhere53¢$13.8M

Out of $25.8M of cash from operations.3

Financial statements

Revenue678910113$98.0M in 2026+67% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $58.7M$58.7M20192020: $65.9M$65.9M2020+12%2021: $61.5M$61.5M2021−7%2022: $71.5M$71.5M2022+16%2023: $75.2M$75.2M2023+5%2024: $78.4M$78.4M2024+4%2025: $84.0M$84.0M2025+7%2026: $98.0M$98.0M2026+17%
Operating income678910113$28.5M in 2026+439% since 2019
0$10.0M$20.0M$30.0M2019: $5.3M$5.3M20192020: $8.3M$8.3M2020+57%2021: $5.9M$5.9M2021−29%2022: $16.1M$16.1M2022+173%2023: $8.7M$8.7M2023−46%2024: $13.2M$13.2M2024+53%2025: $16.8M$16.8M2025+27%2026: $28.5M$28.5M2026+69%
Net income678910113$21.9M in 2026+469% since 2019
0$10.0M$20.0M$30.0M2019: $3.9M$3.9M20192020: $4.2M$4.2M2020+10%2021: $1.4M$1.4M2021−66%2022: $10.4M$10.4M2022+624%2023: $4.5M$4.5M2023−56%2024: $12.5M$12.5M2024+177%2025: $12.6M$12.6M2025+0%2026: $21.9M$21.9M2026+75%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2026-04-302025-04-30
Total revenues$98.0M$84.0M
Marketing and advertising$3.6M$3.7M
General, administrative and other$18.1M$17.5M
Total costs and expenses$69.5M$67.1M
OPERATING INCOME$28.5M$16.8M
Interest expense-$1.9M-$2.2M
Interest income$900.0K$506.0K
Gain on sale of airplanes$403.0K$248.0K
Gain on sale of land and buildings$1.5M$274.0K
Gain on sale of product line$0$1.0M
Total other income (expense)$847.0K-$109.0K
INCOME BEFORE INCOME TAXES$29.3M$16.7M
Provision for income taxes$7.4M$4.2M
NET INCOME$21.9M$12.6M
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share)$0.34$0.19
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)65.0M shares67.8M shares
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share)$0.34$0.19
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)65.0M shares67.8M shares

Compare BUTLER NATIONAL CORP with another company

Corporate structure

BUTLER NATIONAL CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BUTLER NATIONAL CORP

  • Joseph Patrick Daly Filed SCHEDULE 13D/A on BUTLER NATIONAL CORP, latest Sep 24, 2025 (5 filings since Aug 2, 2023)
  • Veradace Capital Management LLC Filed SC 13G/A on BUTLER NATIONAL CORP, latest Feb 14, 2024 (3 filings since Feb 15, 2022)
  • Zeff Capital, LP Filed SC 13G/A on BUTLER NATIONAL CORP, latest Aug 1, 2023 (3 filings since Jan 3, 2022)
  • BUTLER NATIONAL CORP New Century, Kansas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BUTLER NATIONAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$88.1M3 Apr 30, 2026$87.3M3 Apr 30, 2025+0.9%
Accumulated depreciation$30.1M3 Apr 30, 2026$27.1M3 Apr 30, 2025+11.4%
Property and equipment, net$58.0M3 Apr 30, 2026$60.3M3 Apr 30, 2025−3.8%
Finance-lease assets$3.2M3 Apr 30, 2026$3.4M3 Apr 30, 2025−5.9%

Real estate and locations

ItemLatestA year beforeChange
Area of land160 acres3 Apr 30, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$35.1M3 Apr 30, 2026$25.2M3 Apr 30, 2025+39.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$10.0M3 Apr 30, 2026$9.2M3 Apr 30, 2025+8.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$13.1M3 Apr 30, 2026$10.9M3 Apr 30, 2025+20.1%
Raw materials$7.5M3 Apr 30, 2026$6.2M3 Apr 30, 2025+20.4%
Work in process$5.5M3 Apr 30, 2026$4.6M3 Apr 30, 2025+18.6%
Finished goods$139.0K3 Apr 30, 2026$76.0K3 Apr 30, 2025+82.9%

Properties, in its own words

Corporate

Our corporate headquarters are located in a 36,000 square foot leased facility with hangar and office space at One Aero Plaza, New Century, Kansas (located at the New Century Airport).

The rest of Item 2

Butler National Corporation has an office and manufacturing operations at 4654 South Ash Ave, Tempe, Arizona in a 16,110 square foot owned facility.

Butler Avionics, Inc. and Butler National Aviation Certification Center are located at One Aero Plaza, New Century, Kansas in the same facility as the corporate office, in addition to a 24,000 square foot leased facility with hangar and office space at the New Century Airport.

Butler Machine, LLC, dba KC Machine, has an office and manufacturing operations at 505 S McCleary Rd, Excelsior Springs, Missouri in a 18,358 square foot owned facility.

Avcon Industries, Inc. is located at 714 North Oliver Road, Newton, Kansas, in a 47,000 square foot leased facility with hangar and office space at the municipal airport in Newton, Kansas. In addition, Avcon Industries, Inc. owns a 12,000 square foot hangar and office space at the municipal airport in Newton, Kansas. In April of 2025, Avcon purchased a 33,600 square foot manufacturing and office space building improvement at the Newton Airport at 532 N. Oliver, Newton, Kansas on land leased from the City of Newton/Harvey County, Kansas. Avcon Industries, Inc. is also located at One Aero Plaza, New Century, Kansas in the same facility as the corporate office.

BHCMC, LLC is located at 4000 W. Comanche in Dodge City, Kansas in a 60,000 square foot owned building known as the Boot Hill Casino facility.

BHCMC, LLC had an administration center located at 2601 N. 14th Avenue in Dodge City, Kansas in a 29,000 square foot owned facility, which was sold in September 2025 and will be replaced by a newly constructed facility adjacent to the Boot Hill Casino.

Management believes our properties have been well-maintained, are suitable and adequate for us to operate at present levels to support current productive capacity. The utilization of these facilities is appropriate for our existing real estate

requirements. However, in the aerospace products business, significant increases in customer orders, changes in product lines or the size of aircraft we service, and/or future acquisitions may require expansion of our current properties or the addition of new properties.

Item 2 of the 10-K filed Jul 8, 2026.5

Leadership

Who has led BUTLER NATIONAL CORP, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (18)

Timeline

  1. Oct 7, 20268-K Regulation FD disclosure40
  2. Oct 2, 20268-K Shareholder vote41
  3. Sep 30, 20268-K Regulation FD disclosure42
  4. Sep 11, 20268-K Results of operations43
  5. Aug 20, 20268-K Entered a material agreement; Other events44
  6. Jul 24, 20268-K Executive or director change45
  7. Jul 8, 20268-K Results of operations46
  8. Jun 15, 20268-K Executive or director change; Regulation FD disclosure47
  9. Jun 10, 20268-K Other events48
  10. Jun 1, 20268-K Other events49
  11. Mar 12, 20268-K Results of operations50
  12. Dec 11, 20258-K Results of operations51
  13. Oct 19, 2023New chief executive Christopher J. Reedy becomes CEO15
  14. Jan 6, 2006New chief executive Clark D. Stewart becomes CEO16

Calendar

When it reported results

  1. Sep 11, 2026Reported quarterly or annual results43
  2. Jul 8, 2026Reported quarterly or annual results46
  3. Mar 12, 2026Reported quarterly or annual results50
  4. Dec 11, 2025Reported quarterly or annual results51
  5. Sep 12, 2025Reported quarterly or annual results52
  6. Jul 3, 2025Reported quarterly or annual results53
  7. Mar 14, 2025Reported quarterly or annual results54
  8. Dec 6, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

262 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 66 major events, 151 insider forms, 11 large holders, 13 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 7, 20268-K EDGAR
  3. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  4. Oct 2, 20268-K EDGAR
  5. Sep 30, 20268-K EDGAR
  6. Sep 22, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 21, 20264 EDGAR
  8. Sep 21, 20264 EDGAR
  9. Sep 21, 20264 EDGAR
  10. Sep 21, 20264 PRIMARY DOCUMENT EDGAR
  11. Sep 17, 20264 PRIMARY DOCUMENT EDGAR
  12. Sep 16, 20264 EDGAR
  13. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  14. Sep 11, 20268-K EDGAR
  15. Sep 11, 202610-Q EDGAR
  16. Aug 20, 20268-K EDGAR
  17. Aug 18, 2026DEFA14A EDGAR
  18. Aug 18, 2026ARS EDGAR
  19. Aug 18, 2026DEF 14A EDGAR
  20. Jul 24, 20264 EDGAR

The 262 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

121 open-market trades by officers, directors and large owners since October 2021: 113 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Daly Joseph PatrickDirectorBuy6,303$4.05$25.5KForm 4
Sep 21, 2026Daly Joseph PatrickDirectorBuy4,000$4.10$16.4KForm 4
Sep 15, 2026Loh Michael AnthonyDirectorBuy10,000$3.91$39.1KForm 4
Sep 15, 2026Veradace Capital Management LLC10% ownerBuy15,000$3.91$58.6KForm 4
Sep 15, 2026Daly Joseph PatrickDirectorBuy1,500$4.00$6.0KForm 4
Sep 14, 2026Veradace Capital Management LLC10% ownerBuy40,000$4.09$163.6KForm 4
Jul 14, 2026Daly Joseph PatrickDirectorBuy2,126$4.66$9.9KForm 4
Jul 14, 2026Zeff Capital, LP10% ownerSale36,925$4.65$171.7KForm 4
Jul 13, 2026Daly Joseph PatrickDirectorBuy10,000$4.43$44.3KForm 4
Jul 13, 2026Zeff Capital, LP10% ownerSale11,050$4.46$49.3KForm 4
Jul 10, 2026Loh Michael AnthonyDirectorBuy3,658$4.34$15.9KForm 4
Jul 10, 2026Daly Joseph PatrickDirectorBuy20,000$4.36$87.1KForm 4
Jul 10, 2026Zeff Capital, LP10% ownerSale4,000$4.41$17.6KForm 4
Mar 20, 2026Daly Joseph PatrickDirectorBuy1,000$3.88$3.9KForm 4
Mar 19, 2026Daly Joseph PatrickDirectorBuy745$3.93$2.9KForm 4
Jan 12, 2026Loh Michael AnthonyDirectorBuy8,000$2.87$23.0KForm 4
Jan 12, 2026REEDY CHRISTOPHER JCEO and PresidentBuy2,000$2.84$5.7KForm 4
Jan 9, 2026Loh Michael AnthonyDirectorBuy2,000$2.96$5.9KForm 4
Jan 2, 2026Daly Joseph PatrickDirectorBuy2,678$3.04$8.1KForm 4
Dec 29, 2025Daly Joseph PatrickDirectorBuy2,322$2.95$6.8KForm 4

All 121 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Christopher J. Reedy*$565.7K$1.2M59
2026Adam B. Sefchick**$276.8K$477.9K59
2025Former PresidentChief Executive Officer and Secretary$581.1K$1.0M59

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Mink Brook Asset Management LLC1,421,111$5.9M2.6%+66,045
Wesbanco Bank Inc86,887$362.3K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BUTLER NATIONAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBUTLER NATIONAL CORP1
  • CIK0000015847
  • Employer ID (EIN)41-08342935
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inKansas5
  • Fiscal year endsApril 301
  • Industry code (SIC)7990 Services-Miscellaneous Amusement & Recreation1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressOne Aero Plaza, New Century, KS 660311
  • Phone91378095951
  • Shares outstanding63,842,119 as of Sep 11, 202614
  • Public float$90.7M as of Oct 31, 20255
  • AuditorRBSM LLP, Houston, TX PCAOB ID 587; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceOct 13, 19951
  • Filings873 in all: 8-K (323), 4 (270), 10-Q (94), DEF 14A (32), 10-K (31), 10-Q/A (15), 3 (14), SC 13G/A (12)1
    All 33 form types

    10-K/A (11), SC 13D/A (10), S-8 (7), PRE 14A (6), UPLOAD (6), ARS (4), CORRESP (4), S-8 POS (4), SC 13G (4), 4/A (3), DEFA14A (3), NT 10-K (3), NT 10-Q (3), 8-A12G (2), SCHEDULE 13D/A (2), 8-A12G/A (1), 8-K/A (1), D (1), DEFR14A (1), DEFS14A (1), PREM14A (1), PRES14A (1), S-3 (1), SC 13D (1), SD (1)

  • Latest filingsAnnual report (10-K) Jul 8, 2026
    Quarterly report (10-Q) Sep 11, 2026
    Proxy statement (DEF 14A) Aug 18, 2026
    Latest 8-K (8-K) Oct 7, 2026

Risk factors and legal proceedings

The risks BUTLER NATIONAL CORP names in Item 1A of its 10-K filed Jul 8, 2026: 35 risks under these headings, as written.5

  • Risks Related to Our Business and Operations
  • Our Aerospace Products business is subject to significant customer concentration risk.
  • We depend on the U.S. government and friendly foreign countries spending for a significant portion of our revenues.
  • We operate in cyclical industries and an economic downturn could negatively impact our operations.
  • Lack of regulatory approval may lead to difficulties or delays in the development, production, testing and marketing of products, which could adversely affect our business.
  • We rely on highly skilled personnel, including our executive officers and, if we are unable to retain or motivate key personnel or hire qualified personnel, our results of operations could be impacted.
  • We may face risks related to the geographic location of our casino.
  • Due to fixed contract pricing, increasing contract costs expose us to reduced profitability.
  • We are exposed to risks associated with our international sales.
  • Changing trade policy in the U.S. and other nations and the impact of recently announced tariffs may continue to adversely impact our Company.
  • In order for us to substantially grow our aircraft modification business, it may be necessary for us to construct or purchase additional hangars.
  • We may make future acquisitions and our business may suffer if we are unable to successfully integrate such acquisitions into our Company or otherwise manage the growth associated with investments and acquisitions.
The other 24 risks
  • Operational challenges impacting our Aerospace Products business could result in failure to meet customer demand for new modifications.
  • A decrease in customer demand, coupled with the rise of entities purchasing Avcon-modified airplanes and leasing them, may impact our business and operations.
  • We may not carry sufficient insurance for our airplane modification services and liability stemming from these services could adversely affect our business.
  • Cyber security attacks, internal system or service failures, and misappropriation of data or other breaches of information security may adversely impact our business and operations.
  • We face the risk of fraud, theft, and cheating.
  • We are dependent on third-party platforms to offer sports wagering.
  • There can be no assurance our sports wagering operations will be continuous or remain profitable.
  • We are subject to certain change of control restrictions, which could make it more difficult to be acquired.
  • Legal and Regulatory Risks
  • We are subject to significant government regulation and may need to incur significant expenses to comply with new or more stringent government regulation.
  • Our government contracts are subject to termination, audit, and compliance risks that could adversely affect our business.
  • The online gaming industry is heavily regulated and the Company’s failure to obtain or maintain applicable licensure or approvals, or otherwise comply with applicable requirements, could be disruptive to our business and could adversely affect our operations.
  • Gaming regulation and law is evolving, which may adversely affect our business.
  • We are subject to extensive taxation policies, which could adversely affect our business.
  • Changes in financial reporting regulations could have a materially adverse effect on our business.
  • Financial Risks
  • Our business requires financing and financing is dependent upon the stability of economic markets.
  • We may be required in the future to record impairment losses related to assets we currently carry on our balance sheet.
  • Risks Related to our Stock
  • Because our common stock is deemed a “penny” stock, an investment in our common stock should be considered high risk and subject to marketability restrictions.
  • We may conduct a reverse stock split, which could expose us to certain risks.
  • General Risk Factors
  • We operate in competitive markets, and competitive pressures could adversely affect our business.
  • Acts of terrorism and war could disrupt our business.
  • Climate change, inclement weather, natural or human-caused disasters and other conditions could seriously disrupt our business and operations.
  • Rising inflation has increased costs related to materials and labor, which has adversely impacted our operational capacity and lowered profitability.
  • The Company’s risk management strategies may not be effective.
  • If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports.

Legal proceedings

As of June 26, 2026, there are no significant known legal proceedings pending against us. We consider all such unknown proceedings, if any, to be ordinary litigation incidental to the character of the business. We believe that the resolution of any claims will not, individually or in the aggregate, have a material adverse effect on the financial position, results of operations, or liquidity of the Company.

The opening of Item 3, Legal Proceedings.5

Sources

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