FTAI Aviation Ltd. Reports First Quarter 2026 Results, Increases Dividend to $0.45 per Ordinary Share
Rhea-AI Summary
FTAI Aviation (NASDAQ: FTAI) reported Q1 2026 results and raised its ordinary quarterly dividend to $0.45 per share. Reported metrics include Net income attributable to shareholders $134,190 (in thousands), Basic EPS $1.31, and consolidated Adjusted EBITDA $325,577 (in thousands).
Business highlights: Aerospace Products revenue of $743.8 million and Adjusted EBITDA of $222.6 million in Q1 2026 (increases of 104% and 70% versus Q1 2025), expanded credit commitments to $2.025 billion, upsized warehouse financing to $3.5 billion, and a strategic JV with Jereh targeting 2027 production.
AI-generated analysis. Not financial advice.
Positive
- Aerospace revenue of $743.8 million in Q1 2026 (+104% YoY)
- Aerospace Adjusted EBITDA $222.6 million in Q1 2026 (+70% YoY)
- Consolidated Adjusted EBITDA of $325,577 (in thousands) reported for Q1 2026
- Net income attributable $134,190 (in thousands) for Q1 2026
- Revolving credit facility increased from $400 million to $2.025 billion, maturity April 2031
- Dividend raised to $0.45 per ordinary share, payable May 26, 2026
Negative
- None.
News Market Reaction – FTAI
On the day this news was published, FTAI gained 17.16%, reflecting a significant positive market reaction. Argus tracked a peak move of +25.0% during that session. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $3.81B to the company's valuation, bringing the market cap to $26.00B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FTAI fell 6.04% while key peers (AER, UHAL, GATX) showed modest declines and URI, AL were roughly flat, pointing to a stock-specific move rather than a broad rental & leasing selloff.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Earnings and dividend | Positive | -0.6% | Q4 2025 results, dividend to $0.40, higher 2026 EBITDA guidance. |
| Oct 27 | Earnings and dividend | Positive | -3.1% | Q3 2025 beat-style metrics, dividend to $0.35, higher 2026 guidance. |
| Jul 29 | Earnings and dividend | Positive | +26.6% | Strong Q2 2025 growth, $0.30 dividend, higher Aerospace EBITDA. |
| Apr 30 | Earnings and dividend | Positive | -18.9% | Q1 2025 results with $0.30 dividend and robust Adjusted EBITDA. |
| Feb 26 | Earnings and dividend | Positive | -7.6% | FY 2024 strength, $0.30 dividend, capacity expansion joint venture. |
Dividend-and-earnings releases have often seen weak or negative next-day moves, with an average same-tag reaction of -0.73% despite generally positive fundamentals and regular dividend increases.
Over the last five dividend-and-earnings reports from Feb 2024–Feb 2026, FTAI consistently raised or maintained dividends and reported strong Adjusted EBITDA growth, especially in Aerospace Products. Yet four of these five events saw negative 24-hour price reactions, including a -18.87% move on Apr 30, 2025. Today’s Q1 2026 report, with higher net income, Adjusted EBITDA, and another dividend increase, fits this pattern of solid results coupled with a volatile or negative immediate market response.
Historical Comparison
Past dividend-and-earnings releases for FTAI averaged a -0.73% move, so today’s -6.04% reaction is notably weaker than typical same-tag events.
Same-tag history shows a steady pattern of rising dividends (from $0.30 to $0.45) and increasing Adjusted EBITDA, particularly in Aerospace Products, alongside recurring updates to long-term EBITDA guidance and strategic capacity expansions.
Market Pulse Summary
The stock surged +17.2% in the session following this news. A strong positive reaction aligns with the company’s ongoing pattern of dividend increases and growing Adjusted EBITDA, highlighted by Q1 2026 net income of $134,190 (thousands) and a dividend raise to $0.45 per share. Historically, some dividend-and-earnings releases produced volatile moves, so investors watching sustainability often monitor future quarters’ Aerospace Products performance, capital deployment under the enlarged facilities, and consistency of cash flow to support the higher payout.
Key Terms
adjusted EBITDA financial
revolving credit facility financial
warehouse financing facility financial
aeroderivative technical
AI-generated analysis. Not financial advice.
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the first quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
| (in thousands, except per share data) | ||||
| Selected Financial Results | Q1’26 | |||
| Net Income Attributable to Shareholders | $ | 134,190 | ||
| Basic Earnings per Ordinary Share | $ | 1.31 | ||
| Diluted Earnings per Ordinary Share | $ | 1.29 | ||
| Adjusted EBITDA (1) | $ | 325,577 | ||
| (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. | ||||
First Quarter 2026 Dividends
On April 28, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its ordinary shares of
Additionally, on April 28, 2026, the Board declared cash dividends on its Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) and Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of
Business Highlights
- Generated Aerospace Products Revenue of
$743.8 million and Adjusted EBITDA of$222.6 million in Q1 2026, an increase of104% and70% , respectively, compared to Q1 2025.(1) - Amended and extended existing revolving credit facility with the support of a 15 lender syndicate, increasing total commitments from
$400 million to$2.025 billion and extending maturity to April 2031. - Upsized SCI I warehouse financing facility from
$2.5 billion to$3.5 billion to support the remaining deployment of the vehicle. - Announced a strategic packaging and distribution joint venture with Jereh Group, a global leader in gas turbine mobile packaging, to support the planned 2027 production target of 100 Mod-1 CFM56 aeroderivative units.(2)
- Increased quarterly dividend for the third consecutive quarter, raising it from
$0.40 t o$0.45 per share, supported by continued strong free cash flow generation.
“FTAI delivered another quarter of strong execution across all three of our platforms, led by continued momentum in our core Aerospace Products offering and an expanding, increasingly diverse customer base,” said Joe Adams, Chairman and CEO. “End market demand remains robust, and our team executed well as we continue to scale the business. With a further strengthened balance sheet and significant capital available to deploy, we are well positioned to pursue attractive opportunities we see in the market to deliver sustained growth and long-term value creation for our shareholders in 2026 and beyond.”
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) This is a forward-looking statement. Please see Cautionary Note Regarding Forward-Looking Statements below.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website, https://www.ftaiaviation.com/, and the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Thursday, April 30, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI473c73de9b164133be498d6715eae345. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.ftaiaviation.com/. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Thursday, April 30, 2026 through 11:30 A.M. on Thursday, May 7, 2026 on https://ir.ftaiaviation.com/news-events/presentations/.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Aviation Ltd.
FTAI combines advanced turbine technology and asset ownership to power the world’s most essential markets. Additional information is available at https://www.ftaiaviation.com/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, whether SCI I will be able to complete deployment of capital, FTAI Power remaining on track to deliver FTAI Mod-1 and meet planned production of 100 units on time or at all, and the ability to create sustained growth and long-term value creation for our shareholders in 2026 and beyond. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
| For further information, please contact: Alan Andreini Investor Relations FTAI Aviation Ltd. (646) 734-9414 aandreini@ftaiaviation.com | Media: Tim Lynch / Aaron Palash / Kelly Sullivan Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449 |
Exhibit - Financial Statements
| FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenues | |||||||
| Aerospace products revenue | $ | 522,585 | $ | 264,425 | |||
| MRE Contract revenue | 221,230 | 100,638 | |||||
| Lease income | 39,892 | 68,440 | |||||
| Maintenance revenue | 30,599 | 49,607 | |||||
| Asset sales revenue | 10,184 | 18,939 | |||||
| Other revenue (1) | 6,207 | 31 | |||||
| Total revenues | 830,697 | 502,080 | |||||
| Expenses | |||||||
| Cost of sales | 524,268 | 248,714 | |||||
| Operating expenses | 64,987 | 32,438 | |||||
| General and administrative | 2,413 | 3,116 | |||||
| Acquisition and transaction expenses | 16,361 | 7,292 | |||||
| Depreciation and amortization | 52,289 | 59,562 | |||||
| Total expenses | 660,318 | 351,122 | |||||
| Other (expense) income | |||||||
| Interest expense | (61,407 | ) | (62,040 | ) | |||
| Equity in losses of unconsolidated entities (2) | (2,363 | ) | (7,614 | ) | |||
| Gain on sale to the 2025 Partnership | 15,168 | 10,870 | |||||
| Other income | 47,582 | 33,071 | |||||
| Total other expense | (1,020 | ) | (25,713 | ) | |||
| Income before income taxes | 169,359 | 125,245 | |||||
| Provision for income taxes | 31,460 | 22,859 | |||||
| Net income | 137,899 | 102,386 | |||||
| Less: Dividends on preferred shares | 3,709 | 6,115 | |||||
| Less: Loss on redemption of preferred shares | — | 6,327 | |||||
| Net income attributable to shareholders | $ | 134,190 | $ | 89,944 | |||
| Earnings per share: | |||||||
| Basic | $ | 1.31 | $ | 0.88 | |||
| Diluted | $ | 1.29 | $ | 0.87 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 102,575,500 | 102,552,436 | |||||
| Diluted | 104,255,902 | 103,159,051 | |||||
(1) Includes servicing fees of
(2) Includes the profit elimination of
| FTAI AVIATION LTD. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) | |||||
| (Unaudited) | |||||
| March 31, 2026 | December 31, 2025 | ||||
| Assets | |||||
| Current Assets | |||||
| Cash and cash equivalents | $ | 412,240 | $ | 300,476 | |
| Accounts receivable, net (1) | 176,873 | 209,907 | |||
| Inventory, net | 1,364,256 | 1,193,773 | |||
| Assets held for sale | 75,703 | — | |||
| Other current assets (2) | 561,202 | 408,364 | |||
| Total current assets | 2,590,274 | 2,112,520 | |||
| Leasing equipment, net | 1,248,793 | 1,545,804 | |||
| Property, plant, and equipment, net | 122,136 | 120,068 | |||
| Investments | 313,039 | 314,156 | |||
| Intangible assets, net | 12,872 | 19,929 | |||
| Goodwill | 94,221 | 94,221 | |||
| Other non-current assets | 147,576 | 167,060 | |||
| Total assets | $ | 4,528,911 | $ | 4,373,758 | |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts payable | $ | 203,751 | $ | 208,224 | |
| Accrued liabilities | 136,503 | 90,009 | |||
| Current maintenance deposits | 21,546 | 25,439 | |||
| Current security deposits | 12,354 | 14,001 | |||
| Liabilities held for sale | 23,420 | — | |||
| Other current liabilities | 96,774 | 62,202 | |||
| Total current liabilities | 494,348 | 399,875 | |||
| Long-term debt, net | 3,451,087 | 3,448,891 | |||
| Non-current maintenance deposits | 21,764 | 46,237 | |||
| Non-current security deposits | 9,003 | 15,211 | |||
| Other non-current liabilities | 121,033 | 129,370 | |||
| Total liabilities | $ | 4,097,235 | $ | 4,039,584 | |
| Commitments and contingencies | |||||
| Equity | |||||
| Ordinary shares ( | $ | 1,026 | $ | 1,026 | |
| Preferred shares ( | 68 | 68 | |||
| Additional paid in capital | 54,911 | 50,567 | |||
| Retained earnings | 375,671 | 282,513 | |||
| Shareholders' equity | 431,676 | 334,174 | |||
| Total liabilities and equity | $ | 4,528,911 | $ | 4,373,758 | |
(1) Includes accounts receivable from the 2025 Partnership of
(2) Includes receivables from the 2025 Partnership of
Key Performance Measures
In addition to net income (loss), the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance.
Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense and dividends on preferred shares, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities, if any.
Reconciliations of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this press release because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort.
The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31, | Change | |||||||||
| (in thousands) | 2026 | 2025 | ||||||||
| Net income attributable to shareholders | $ | 134,190 | $ | 89,944 | $ | 44,246 | ||||
| Add: Provision for income taxes | 31,460 | 22,859 | 8,601 | |||||||
| Add: Equity-based compensation expense | 6,347 | 4,889 | 1,458 | |||||||
| Add: Acquisition and transaction expenses | 16,361 | 7,292 | 9,069 | |||||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | — | 6,327 | (6,327 | ) | ||||||
| Add: Asset impairment charges | — | — | — | |||||||
| Add: Incentive allocations | — | — | — | |||||||
| Add: Depreciation and amortization expense (1) | 59,513 | 68,387 | (8,874 | ) | ||||||
| Add: Interest expense and dividends on preferred shares | 65,116 | 68,155 | (3,039 | ) | ||||||
| Add: Internalization fee to affiliate | — | — | — | |||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 20,227 | 41 | 20,186 | |||||||
| Less: Equity in (earnings) losses of unconsolidated entities (3) | (7,637 | ) | 664 | (8,301 | ) | |||||
| Adjusted EBITDA (non-GAAP) | $ | 325,577 | $ | 268,558 | $ | 57,019 | ||||
(1) Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of
(2) Includes the following items for the three months ended March 31, 2026 and 2025: (i) net income of
(3) Excludes the profit elimination of
In addition, the following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aerospace Products for the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31, | Change | ||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Net income attributable to shareholders | $ | 183,735 | $ | 106,643 | $ | 77,092 | |||||
| Add: Provision for income taxes | 33,697 | 19,375 | 14,322 | ||||||||
| Add: Equity-based compensation expense | 27 | 155 | (128 | ) | |||||||
| Add: Acquisition and transaction expenses | (15 | ) | 1,132 | (1,147 | ) | ||||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | — | — | — | ||||||||
| Add: Asset impairment charges | — | — | — | ||||||||
| Add: Incentive allocations | — | — | — | ||||||||
| Add: Depreciation and amortization expense | 4,678 | 3,584 | 1,094 | ||||||||
| Add: Interest expense and dividends on preferred shares | — | — | — | ||||||||
| Add: Internalization fee to affiliate | — | — | — | ||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) | 414 | 169 | 245 | ||||||||
| Less: Equity in losses (earnings) of unconsolidated entities | 40 | (113 | ) | 153 | |||||||
| Adjusted EBITDA (non-GAAP) | $ | 222,576 | $ | 130,945 | $ | 91,631 | |||||
(1) Includes the following items for the three months ended March 31, 2026 and 2025: (i) net loss of
