FTAI Aviation Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FTAI Aviation Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	149	218	342	579	298	336	708	1,171	1,735	2,507
Cost of revenue					0	14.3	248	502	826	1,350
Gross profit					298	321	460	669	909	1,158
General and administrative	12.3	14.6	15.3	16.9	14.1	13.4	14.2	13.7	14.3	9.48
Operating expenses	66.2	62.4	138	292	110	172
Interest expense	19	37.8	56.8	95.6	87.4	155	169	162	222	248
Other non-operating income	-8.34	18.3	7.37	205	-9.08	43.9	-189	-156	-224	-135
Pre-tax income	-40.3	-20.5	-17.7	152	-43.4	-39.7	-105	184	14.2	607
Income tax	0.27	1.95	2.45	17.8	-4.34	3.13	5.3	-59.8	5.49	106
Income from continuing operations		0.8	1.82	150	-56.9	-67.6	-138	212	-32.1
Net income to minority interests	-20.5	-23.4	-21.6		0	0	0	0
Net income	-20.1	0.13	5.88	223	-105	-129	-220	212	-32.1	477
EPS, basic	-0.26	0.00	0.07					2.12	-0.32	4.66
EPS, diluted	-0.26	0.00	0.07					2.11	-0.32	4.60
Shares, basic (weighted)	75.7	75.8	83.7	86	86	89.9	99.4	99.9	102	103
Shares, diluted (weighted)	75.7	75.8	83.7	86	86	89.9	99.4	100	102	104
Dividend per share	1.32	1.32	0.33	0.33	1.32	1.32	1.26	1.20	1.20	1.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	68.1	59.4	99.6	227	122	138	33.6	90.8	115	300
Receivables								115	151	210
Inventory						100	164	317	551	1,194
Other current assets								149	409	408
Total current assets								671	1,226	2,113
Property, plant and equipment	352	490	662	732	964	38.3	10	2,078	2,481	1,666
Lease right-of-use assets			0	37.5	62.4	3.8	3	3.4	28.7
Goodwill	117	117	116	123	123	257	0	4.63	61.1	94.2
Intangible assets	39	40	38.5	27.7	18.8	31	42	50.6	42.2	19.9
Long-term investments										314
Other non-current assets								138	208	167
Total assets	1,547	1,956	2,639	3,237	3,388	4,864	2,430	2,965	4,038	4,374
Accounts payable								41.6	69.1	208
Accrued liabilities								71.3	96.9	90
Short-term debt	8.08	7.8	49.4	25	25	101	0	0	0	0
Total current liabilities								182	347	400
Other non-current liabilities								40.4	97.9	129
Total liabilities	382	921	1,585	1,898	2,289	3,740	2,410	2,789	3,957	4,040
Total debt	260	703	1,215	1,421	1,905	2,502	2,176	2,517	3,440	3,449
Paid-in capital	1,085	985	1,029	1,110	1,130	1,412	343	256	153	50.6
Retained earnings	-38.8	-38.7	-32.8	190	-28.2	-132	-326	-81.8	-73.1	283
Other comprehensive income	7.13	0	0	0.37	-26.2	-156	0
Shareholders' equity								175	81.4	334
Minority interests								0.53	0
Total equity	1,166	1,035	1,054	1,339	1,099	1,124	19.4	176	81.4	334
Total liabilities and equity	1,547	1,956	2,639	3,237	3,388	4,864	2,430	2,965	4,038	4,374
Shares outstanding	75.8	75.8	84.1	84.9	85.6	99.2	99.7	100	103	103

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-40.6	-23.2	-15.7	208	-104	-131	-212	244	8.68	501
Depreciation and amortization	60.2	86.1	134	169	141	148	153	170	218	226
Stock-based compensation	-3.67	0.61	0.72	1.51	0	0	2.62	1.64	6.01	21.7
Deferred income tax	-0.02	0.18	2.06	17.1	-4.77	0.53	2.65	-63.6	1.88	74
Change in receivables	-7.98	-12	-23.3	-22.6	-59.7	-88.9	-66	-40.4	-41.2	-42.4
Change in inventory					0	0	-23.3	-31.9	-207	-645
Change in payables	7.73	10.3	30.5	31.5	-5.26	25.1	-19.6	1.25	15.9	123
Cash from operations	30.9	68.5	134	151	63.1	-22	-20.7	129	-188	-311
Capital expenditures	-57.4	-116	-230	-331	-265	-157	-144	-6.15	-9.22	-27.7
Acquisitions	0			0	0	-627	-3.82	-29.6	-148	-49.1
Cash from investing	-211	-472	-704	-495	-509	-1,287	-411	-373	-469	723
Debt issued	152	567	751	789	1,341	2,894	814	952	2,582	480
Debt repaid	-160	-125	-219	-405	-852	-1,553	-1,145	-605	-1,672	-480
Stock issued	0	0	148	0	0	323	0	0.01	0	0
Dividends paid	-100	-100	-111	-114	-114	-118	-128	-120	-122	-128
Cash from financing	-90	363	598	466	365	1,588	44.9	282	682	-227
Net change in cash	-314	-40.7	28	122	-81.1	279	-387	37.8	24.4	185
Free cash flow	-26.5	-47.5	-96.3	-180	-202	-179	-165	123	-197	-338
Interest paid	13.2	25.1	43.6	83.2	71.6	142	185	151	222	235
Income taxes paid	0.65	1.73	0.72	1.07	0	0.4	3.28	1.39	5.66	15.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $175.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.2%	Gross profit / revenue.
Pre-tax margin	19.2%	Pre-tax income / revenue.
Net margin	15.3%	Net income / revenue.
FCF margin	-15.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-14.1%	Cash from operations / revenue.
Effective tax rate	17.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	118.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	6.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	44.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	52.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	53.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	27.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	310.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.28x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	8.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	76.9%	Total debt / total assets.
Liabilities / assets	91.0%	Total liabilities / total assets.
Net debt	$3.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$296.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	2.43x	Revenue / average property, plant and equipment.
Inventory turnover	1.22x	Cost of revenue / average inventory.
Days inventory	298 days	365 x average inventory / cost of revenue.
Receivables turnover	18.5x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	267 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-100.6%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.92	Revenue / diluted weighted shares.
FCF per share	-$4.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$4.23	Cash from operations / diluted weighted shares.
Book value per share	$3.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.89	Tangible book value / shares outstanding.
Cash per share	$3.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.98B	Share price x shares outstanding.
Enterprise value	$21.10B	Market cap + total debt - cash - short-term investments.
P/E	37.6x	Market cap / net income. Only when net income is positive.
P/S	5.78x	Market cap / revenue.
P/B	44.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	60.6x	Market cap / tangible book value, when positive.
EV/Sales	6.78x	Enterprise value / revenue.
FCF yield	-2.7%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was FTAI Aviation Ltd.'s revenue in fiscal 2025?

FTAI Aviation Ltd. reported revenue of $2.51B for fiscal 2025, 44.5% higher than the year before.

Was FTAI Aviation Ltd. profitable in fiscal 2025?

Yes. Net income was $477.5M, a net margin of 19%.

How much free cash flow did FTAI Aviation Ltd. generate in fiscal 2025?

Cash from operations of $310.7M minus capital expenditures of $27.7M left free cash flow of -$338.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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