FTAI Aviation Ltd.

Listed Company

FTAINCIK 0001590364NasdaqLarge AcceleratedServices-Miscellaneous Equipment Rental & LeasingFY ends Dec 31

Period

FY 2025

Revenue

$2.51B

Net Income

$501.06M

Total Assets

$4.37B

Equity

$334.17M

Shares Out

102.57M

Op. Cash Flow

$-310.75M

Business

FTAI Aviation Ltd. owns, leases and sells aviation equipment and operates asset management businesses focused on generating stable cash flows from aviation assets. It offers aviation leasing of aircraft and engines, aftermarket engine components, repair, refurbishment and manufacturing of engine modules through a joint venture and maintenance facilities. The company reports two primary business segments: Aviation Leasing and Aerospace Products, and also provides aircraft management and asset disposition services. It serves global operators and industrial customers through operating and finance leases, sales, maintenance networks, exclusivity arrangements and strategic partnership channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,507	1,735	1,171	708	336
Cost of sales	1,350	826	502	248	14
Operating expenses	153	116	110	132	60
General and administrative	9	14	14	14	13
Acquisition and transaction expenses	29	32	15	13	18
Management fees and incentive allocation to affiliate	0	8	18	4	684,000
Internalization fee to affiliate	0	300	0	0	—
Depreciation and amortization	226	218	170	153	148
Asset impairment	0	962,000	2	137	10
Gain on sale of assets, net	0	−19	0	—	—
Total expenses	1,766	1,497	831	625	419
Interest expense	−248	−222	−162	−169	—
Loss on extinguishment of debt	0	−17	0	−20	−3
Equity in losses of unconsolidated entities	−7	−2	−2	−369,000	−1
Gain on sale to the 2025 Partnership	46	0	0	—	—
Other income	74	17	8	207,000	−490,000
Total other (expense)	−135	−224	−156	−189	44
Income before income taxes	607	14	184	−105	−40
Provision for (benefit from) income taxes	106	5	−60	5	3
Net income	501	9	244	−212	−131
Less: Dividends on preferred shares	17	33	32	27	25
Less: Loss on redemption of preferred shares	6	8	0	0	—
Net (loss) income attributable to shareholders	477	−32	212	−220	−129
Basic (in dollars per share)	4.66	−0.32	2.12	—	—
Diluted (in dollars per share)	4.6	−0.32	2.11	—	—
Basic (in shares)	103	102	100	99	90
Diluted (in shares)	104	102	100	99	90

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	300	115	91	34	138
Accounts receivable, net	210	151	115	—	—
Inventory, net	1,194	551	317	164	100
Other current assets	408	409	149	—	—
Total current assets	2,113	1,226	671	—	—
Leasing equipment, net	1,546	2,374	—	—	—
Property, plant, and equipment, net	120	107	—	—	—
Investments	314	19	23	22	23
Intangible assets, net	20	42	—	—	—
Goodwill	94	61	5	0	257
Other non-current assets	167	208	286	126	110
Total assets	4,374	4,038	2,965	2,430	4,864
Accounts payable	208	69	42	—	—
Accrued liabilities	90	97	71	—	—
Current maintenance deposits	25	63	39	—	—
Current security deposits	14	18	18	—	—
Other current liabilities	62	101	12	—	—
Total current liabilities	400	347	182	—	—
Long-term debt, net	3,449	3,440	2,517	2,176	2,502
Non-current maintenance deposits	46	44	26	—	—
Non-current security deposits	15	27	23	—	—
Other non-current liabilities	129	98	40	—	—
Total liabilities	4,040	3,957	2,789	2,410	3,740
Commitments and contingencies	—	—	—	—	—
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,573,283 and 102,550,975 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	1	1	1	997,000	992,000
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 6,800,000 and 11,740,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	68,000	117,000	159,000	133,000	133,000
Additional paid in capital	51	153	256	343	1,412
Retained Earnings (accumulated deficit)	283	−73	−82	−326	−132
Shareholders' equity	334	81	175	—	—
Total liabilities and equity	4,374	4,038	2,965	2,430	4,864

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sale of assets	−378	−378	−161	−142	−49
Gain on insurance recoveries	−54	0	0	—	—
Security deposits and maintenance claims included in earnings	−21	−17	−41	−42	—
Equity-based compensation	22	6	2	3	—
Non-cash termination fee to affiliate (issuance of ordinary shares)	0	150	0	0	—
Deferred income taxes	74	−2	−64	2	−2
Change in fair value of guarantees	3	2	−2	0	0
Amortization of lease intangibles and incentives	42	44	44	37	28
Amortization of deferred financing costs	12	11	9	19	22
Provision for credit losses	574,000	3	7	7	13
Other	4	−273,000	−7	−1	−440,000
Accounts receivable	−42	−41	−40	−66	−89
Inventory	−645	−207	−32	−23	0
Other assets	−137	−14	−6	−23	−31
Accounts payable and accrued liabilities	123	16	1	−20	25
Management fees payable to affiliate	−960,000	−6	2	804,000	1
Other liabilities	356,000	−2	−997,000	2	118,000
Net cash (used in) provided by operating activities	−311	−188	129	−21	−22
Investment in unconsolidated entities	−329	0	−20	−7	−55
Return of capital from unconsolidated entities	27	0	0	—	0
Principal collections on finance leases	2	2	4	2	7
Principal collections on notes receivable	7	5	5	0	0
Acquisition of business, net of cash acquired	−49	−148	−30	−4	−627
Acquisition of leasing equipment	−659	−1,147	−750	−638	−573
Investments in financing receivables	−3	−67	0	0	—
Acquisition of property, plant and equipment	−28	−9	−6	−144	−157
Acquisition of lease intangibles	3	3	−21	—	—
Investment in promissory notes	−5	0	−12	0	0
Deposits for acquisitions of leasing equipment	−66	−158	−24	−7	−14
Proceeds from settlement of insurance claims	54	0	0	—	—
Proceeds from deposits on sale of leasing equipment	7	80	1	4	600,000
Return of deposits for acquisition of leasing equipment	49	530,000	300,000	0	—
Net cash provided by (used in) investing activities	723	−469	−373	−411	−1,287
Proceeds from debt	480	2,582	952	814	2,894
Repayment of debt	−480	−1,672	−605	−1,145	−1,553
Payment of deferred financing costs	−524,000	−17	−12	−19	−53
Receipt of security deposits under operating lease agreements	5	8	10	4	9
Return of security deposits under operating lease agreements	−4	−421,000	−2	−2	−1
Receipt of maintenance deposits under operating lease agreements	49	49	30	48	32
Release of maintenance deposits under operating lease agreements	−6	−7	−275,000	−1	−21
Proceeds from issuance of ordinary shares, net of underwriter's discount	0	0	5,000	0	323
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	0	0	62	0	101
Capital contributions from non-controlling interests	0	0	10,000	—	—
Settlement of equity-based compensation	−1	0	0	—	—
Purchase of non-controlling interest shares	0	−534,000	0	0	—
Redemption of preferred shares	−124	−105	0	0	—
Cash dividends - ordinary shares	−128	−122	−120	−128	−118
Cash dividends - preferred shares	−17	−33	−32	−27	−25
Net cash (used in) provided by financing activities	−227	682	282	45	1,588
Net increase (decrease) in cash and cash equivalents and restricted cash	185	24	38	−387	279
Cash paid for interest, net of capitalized interest	235	222	151	185	142
Cash paid for taxes	16	6	1	3	402,000
Receipt of notes receivable in connection with the sale of leasing equipment	88	88	47	—	—
Acquisition of leasing equipment in accrued liabilities	−23	−22	−9	−16	−45
Receipt of leasing equipment in settlement of accounts receivable	−5	0	−14	—	—
Purchase deposits reclassified to leasing equipment from other assets upon acquisition	−53	−20	−6	−14	—
Decrease in leasing equipment for engines provided to aircraft lessees in lieu of cash reimbursements of maintenance deposits	5	0	11	—	—
Accounts receivable settled with security deposits	−3	−5	−6	−13	—
Accounts receivable settled with maintenance deposits	−27	−46	−2	−9	—

Filings

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