FTAI Aviation Ltd. (FTAI) financials

NASDAQ · Industrials · Aerospace & Defense · 985 employees · CEO Joseph Adams Jr.

Price: $180.27 +10.97%
Market cap: $18.4B
Enterprise value: $21.5B
Last report: Q3 '26 filed 2026-11-02
Next report: 2027-02-24 EPS est. $1.79

Revenue (TTM)$3.42B+45.8% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)24.7%-6.4 pp vs a year agoOperating income $844M

Net income (TTM)$529M+8.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$1.41B-15.4% vs a year agoCapex $896M

Diluted EPS (TTM)$4.93+12.6% vs a year agoSum of the last 4 quarters

Net cash-$3.07B-4.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $18.4B
Revenue: $3.42B
Revenue growth: +54%
Profit margin: 15.5%
P/E: 36.1×
P/S: 5.4×
EV / EBITDA: 20.0×
Free cash flow: -$1.41B
Net income: $529M
Revenue estimate: $3.85B
Earnings: 2027-02-24
Dividend: $1.70

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue missed by 2.5%, EPS beat by 1.4%Revenue $978M vs $1B expected (-2.5%); EPS $1.43 vs $1.41 (+1.4%).
Revenue growth accelerating: 46.6% year on yearQ3 '26 revenue $978M, against an average of 45.0% over the four quarters before.
Operating margin 24.7% (TTM), -6.4 pp on a year agoOperating income grew 15.7% while revenue grew 45.8%.
34.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $627M vs operating income $844M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 26.2% of revenue (a year ago 44.6%)$896M invested in the last 4 quarters (-14.4% on a year earlier). Free cash flow -$1.41B = -266.1% of net income.
Diluted share count up 0.1% in a year104M diluted shares in Q3 '26, 104M a year earlier.
Net debt $3.07BCash + short-term investments $386M, debt incl. leases $3.46B; a year ago net debt $2.94B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$978M	$667M	+46.6%
Gross margin	36.2%	37.3%	-1.1 pp
Operating income	$219M	$208M	+5.3%
Operating margin	22.4%	31.2%	-8.8 pp
Net income	$151M	$118M	+27.9%
Diluted EPS	$1.43	$1.10	+30.0%
Operating cash flow	-$67.7M	$4.62M	-1,566.3%
Capex	$177M	$92.5M	+91.8%
Free cash flow	-$245M	-$87.9M	-179.0%
R&D	$22M	$0	–
Stock-based compensation	$7.77M	$5.66M	+37.3%

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$978M	$1B	-2.5%
EPS (as estimated)	$1.43	$1.41	+1.4%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Aerospace products revenue	$692M	–	72.6%	–	–
MRE Contract revenue	$183M	–	19.2%	–	–
Lease income	$27.8M	–	2.9%	–	–
Maintenance revenue	$25.8M	–	2.7%	–	–
Asset sales revenue	$16.9M	–	1.8%	–	–
Other revenue	$7.57M	–	0.8%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
North America	$802M	–	82.0%	–	–
Europe	$101M	–	10.3%	–	–
Asia	$41.3M	–	4.2%	–	–
Africa	$10.7M	–	1.1%	–	–
South America	$22.8M	–	2.3%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$512M
Capex: -$896M
Buybacks: -$50M
Dividends: -$174M
Acquisitions: $330M
Net debt issued: $0
Stock-based compensation: $27.1M
Free cash flow: -$1.41B
Returned to shareholders / FCF: -15.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	36.1×	32.1× 2 of 5 years	21.9× – 42.2×
EV / EBITDA	20.0×	19.9×	13.0× – 38.2×
EV / Sales	6.3×	8.9×	5.3× – 13.7×
Price / FCF	-13.1×	–	–
Price / Book	42.7×	71.7×	2.0× – 179.7×
FCF yield	-7.6%	-22.6%	-49.0% – -5.3%
Return on invested capital	17.7%	9.3%	2.1% – 16.0%
Return on equity	132.0%	-146.6%	-1,023.5% – 149.9%

Analysts

Consensus target $308.00 (+70.9%)
range $290.00 – $325.00 · rating Buy

Strong buy0

Buy19

Hold0

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$3.85B	+53.5%	$5.61	+22.1%	32.1×	3
FY2027	$6.54B	+70.0%	$12.93	+130.4%	13.9×	4
FY2028	$8.01B	+22.4%	$17.49	+35.2%	10.3×	6
FY2029	$9.79B	+22.2%	$23.16	+32.4%	7.8×	3
FY2030	$13.1B	+33.6%	$32.84	+41.8%	5.5×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 217 figures FTAI Aviation Ltd. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$500M2026-09-15	–	–	–	–	–
Accounts Payable, Current	$180M	$147M	+22.1%	$208M	$69.1M	+201.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$156M	$215M	-27.6%	$210M	$151M	+39.2%
Accounts Receivable, Allowance for Credit Loss	$28.4M	$28.4M	0.0%	$28.4M	$74.9M	-62.1%
Accounts Receivable, Credit Loss Expense (Reversal)	$0	$100K	-100.0%	$574K	$2.78M	-79.4%
Accrued Liabilities, Current	$225M	$129M	+74.8%	$90M	$96.9M	-7.1%
Additional Paid in Capital	$0	-$26.5M	+100.0%	$50.6M	$153M	-67.0%
Amortization	–	–	–	$11.8M	$11.5M	+2.6%
Amortization of Debt Issuance Costs	$2.99M	$3.02M	-1.1%	$11.8M	$11.5M	+3.1%
Amortization of Intangible Assets	$373K	$95K	+292.6%	–	–	–
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	52.8K	0	–	0	0	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$7.77M	$5.66M	+37.3%	$21.7M	$6.01M	+261.9%
Asset Impairment Charges	$02025-12-31	$0	–	$0	$962K	-100.0%
Assets	$4.81B	$4.24B	+13.4%	$4.37B	$4.04B	+8.3%
Assets, Current	$2.94B	$2.03B	+44.7%	$2.11B	$1.23B	+72.3%
Below Market Lease, Accumulated Amortization	$2.93M	$2.06M	+41.9%	$2.13M	$1.26M	+69.3%
Below Market Lease, Gross	$5.97M	$9.91M	-39.8%	$7.69M	$13.8M	-44.2%
Below Market Lease, Net	$3.04M	$7.85M	-61.2%	$5.56M	$12.5M	-55.6%
Business Combination, Acquisition Related Costs	$5.03M	$7.07M	-28.8%	$28.6M	$32.3M	-11.5%
Cash and Cash Equivalents, at Carrying Value	$386M	$510M	-24.4%	$300M	$115M	+161.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$386M	$510M	-24.4%	$301M	$115M	+160.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$48.4M	$208M	-76.7%	$185M	$24.4M	+660.9%
Common Stock, Dividends, Per Share, Declared	$0.50	$0.35	+42.9%	$1.35	$1.20	+12.5%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2B	2B	0.0%	2B	2B	0.0%
Common Stock, Shares, Issued	102M	103M	-0.1%	103M	103M	0.0%
Common Stock, Shares, Outstanding	102M	103M	-0.1%	103M	103M	0.0%
Common Stock, Value, Issued	$1.02M	$1.03M	-0.2%	$1.03M	$1.03M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	–	–	–	$501M	$8.68M	+5,671.3%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$151M	$118M	+27.9%	$501M	$8.68M	+5,671.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$16.8M2025-12-31	$0	–	$16.8M	$0	–
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$10.3M2025-09-30	–	–	–	–	–
Contract with Customer, Liability	$02025-12-31	–	–	–	–	–
Contract with Customer, Liability, Current	$234M	–	–	–	–	–
Contract with Customer, Refund Liability, Current	$47.9M2026-03-31	–	–	–	–	–
Cost of Goods and Services Sold	$624M	$363M	+71.9%	$1.35B	$826M	+63.4%
Cost of Property Repairs and Maintenance	–	–	–	$3.2M	$9.8M	-67.3%
Costs and Expenses	$759M	$466M	+62.8%	$1.77B	$1.5B	+18.0%
Current Federal Tax Expense (Benefit)	-$7.86M2025-09-30	-$296K	-2,555.1%	$847K2024-12-31	$935K	-9.4%
Current Income Tax Expense (Benefit)	$24.3M	-$3.43M	+808.2%	$31.7M	$3.61M	+777.4%
Current State and Local Tax Expense (Benefit)	$1.52M2025-09-30	-$72K	+2,208.3%	$1.16M2024-12-31	$1.18M	-1.5%
Deferred Federal Income Tax Expense (Benefit)	$7.09M2025-09-30	$1.42M	+398.7%	$6.02M2024-12-31	$3.94M	+52.7%
Deferred Income Tax Assets, Net	$31.9M2025-12-31	$42.9M	-25.6%	$31.9M	$42.9M	-25.6%
Deferred Income Tax Expense (Benefit)	-$2.05M	$29.8M	-106.9%	$74M	$1.88M	+3,838.0%
Deferred Income Taxes and Tax Credits	-$2.05M	$29.8M	-106.9%	$74M	-$1.88M	+4,038.0%
Deferred State and Local Income Tax Expense (Benefit)	-$1.5M2025-09-30	$317K	-571.9%	-$616K2024-12-31	-$2K	-30,700.0%
Deferred Tax Assets, Goodwill and Intangible Assets	$25.7M2025-12-31	$28.5M	-10.0%	$25.7M	$28.5M	-10.0%
Deferred Tax Assets, Gross	$44.1M2025-12-31	$71.7M	-38.5%	$44.1M	$71.7M	-38.5%
Deferred Tax Assets, Inventory	$2.09M2025-12-31	$2.7M	-22.7%	$2.09M	$2.7M	-22.7%
Deferred Tax Assets, Net	–	–	–	$31.6M2024-12-31	$60.4M	-47.7%
Deferred Tax Assets, Net of Valuation Allowance	$44.1M2025-12-31	$66.5M	-33.7%	$44.1M	$66.5M	-33.7%
Deferred Tax Assets, Operating Loss Carryforwards	$6.99M2025-12-31	$34.1M	-79.5%	$6.99M	$34.1M	-79.5%
Deferred Tax Assets, Other	$9.4M2025-12-31	$4.25M	+121.2%	$9.4M	$4.25M	+121.2%
Deferred Tax Assets, Valuation Allowance	$02025-12-31	$5.23M	-100.0%	$0	$5.23M	-100.0%
Deferred Tax Liabilities, Gross	$65.6M2025-12-31	$34.9M	+87.8%	$65.6M	$34.9M	+87.8%
Deferred Tax Liabilities, Investments	$12.2M2025-12-31	$163K	+7,398.8%	$12.2M	$163K	+7,398.8%
Deferred Tax Liabilities, Net	$21.5M2025-12-31	–	–	$21.5M	–	–
Deferred Tax Liabilities, Other	$1.9M2025-12-31	$2.21M	-14.4%	$1.9M	$2.21M	-14.4%
Deposit Liability, Current	$33.8M2025-12-31	$87.3M	-61.3%	$33.8M	$87.3M	-61.3%
Depreciation, Depletion and Amortization	$43.3M	$55.3M	-21.7%	$226M	$218M	+3.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-09