FTAI Aviation
FTAI · NasdaqServices-Miscellaneous Equipment Rental & Leasing · Fiscal year ends Dec 31
FTAI Aviation reported revenue of $2.5B in the fiscal year ended Dec 2025, up 44.5% from the year before. Net income was $501M. Operating cash flow of −$311M less capital expenditure of $28M left free cash flow of −$338M. Net debt was $3.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $336M | $708M | $1.2B | $1.7B | $2.5B |
| Cost of revenue | $14M | $248M | $502M | $826M | $1.3B |
| Gross profit | $321M | $460M | $669M | $909M | $1.2B |
| Net interest incomeBanks | $2M | – | – | – | – |
| Interest expense | $155M | $169M | $162M | $222M | $248M |
| Pre-tax income | −$40M | −$105M | $184M | $14M | $607M |
| Income tax | $3M | $5M | −$60M | $5M | $106M |
| Net income | −$131M | −$212M | $244M | $9M | $501M |
| Diluted EPS | – | – | 2.11 | −0.32 | 4.60 |
| Diluted shares | 90M | 99M | 100M | 102M | 104M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $138M | $34M | $91M | $115M | $300M |
| Receivables | – | – | $115M | $151M | $210M |
| Inventory | $100M | $164M | $317M | $551M | $1.2B |
| Current assets | – | – | $671M | $1.2B | $2.1B |
| Net PP&E | $38M | $10M | $2.1B | $2.5B | $1.7B |
| Goodwill | $257M | $0 | $5M | $61M | $94M |
| Total assets | $4.9B | $2.4B | $3B | $4B | $4.4B |
| Payables | – | – | $42M | $69M | $208M |
| Current liabilities | – | – | $182M | $347M | $400M |
| Short-term debt | $101M | $0 | $0 | $0 | $0 |
| Long-term debt | $2.5B | $2.2B | $2.5B | $3.4B | $3.4B |
| Total liabilities | $3.7B | $2.4B | $2.8B | $4B | $4B |
| Shareholders' equity | $1.1B | $19M | $175M | $81M | $334M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$22M | −$21M | $129M | −$188M | −$311M |
| Capital expenditure | $157M | $144M | $6M | $9M | $28M |
| Free cash flow | −$179M | −$165M | $123M | −$197M | −$338M |
| Depreciation & amortisation | $148M | $153M | $170M | $218M | $226M |
| Stock-based compensation | $0 | $3M | $2M | $6M | $22M |
| Acquisitions | $627M | $4M | $30M | $148M | $49M |
| Dividends paid | $118M | $128M | $120M | $122M | $128M |
| Dividend per share | 1.32 | 1.26 | 1.20 | 1.20 | 1.35 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 111.1% | 65.3% | 48.2% | 44.5% |
| EPS growth (YoY) | – | – | – | −115.2% | – |
| Gross margin | 95.7% | 64.9% | 57.1% | 52.4% | 46.2% |
| Net margin | −38.9% | −29.9% | 20.8% | 0.5% | 20.0% |
| Return on equityBlank when equity is negative | −11.6% | −1092.8% | 139.0% | 10.7% | 149.9% |
| Free cash flow margin | −53.5% | −23.3% | 10.5% | −11.4% | −13.5% |
| Cash conversion (CFO ÷ net income) | 0.17x | 0.10x | 0.53x | −21.6x | −0.62x |
| Receivable days | – | – | 36 | 32 | 31 |
| Inventory days | 2559 | 241 | 230 | 244 | 323 |
| Payable days | – | – | 30 | 31 | 56 |
| Debt ÷ equity | 2.31x | 112x | 14.4x | 42.3x | 10.3x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.5B | $2.1B | $2.4B | $3.3B | $3.1B |
| Current ratio | – | – | 3.69x | 3.53x | 5.28x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.