FTAI Aviation Ltd. Reports Fourth Quarter and Full Year 2025 Results, Increases Dividend to $0.40 per Ordinary Share
Rhea-AI Summary
FTAI Aviation (NASDAQ: FTAI) reported Q4 and full year 2025 results on Feb 25, 2026, with consolidated Q4 net income attributable to shareholders of $111,852 (in thousands) and Q4 adjusted EBITDA of $277,178 (in thousands).
The Board raised the quarterly ordinary dividend to $0.40 per share, declared preferred dividends of $0.52 and $0.59 per share for Series C and D, and increased 2026 adjusted EBITDA guidance to $1.625 billion (Aerospace Products $1.05 billion; Aviation Leasing $575 million). FY2025 Aerospace Products adjusted EBITDA was $671.3 million, up 76% vs FY2024. FTAI expects first Aeroderivative Mod-1 delivery by Q4 2026 and plans production of 100 units in 2027.
Positive
- Updated 2026 adjusted EBITDA guidance to $1.625 billion
- Aerospace Products Adjusted EBITDA of $671.3 million, +76% YoY
- Q4 net income attributable to shareholders of $111,852 (thousands)
- Quarterly ordinary dividend increased to $0.40 per share
Negative
- Declared Series C and D preferred dividends of $0.52 and $0.59 per share
Key Figures
Market Reality Check
Peers on Argus
FTAI gained 6.93%, while peers like AER, UHAL, URI, and GATX moved about 0.5–1.4% and AL slipped 0.11%, pointing to a largely stock-specific reaction.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 27 | Q3 2025 earnings | Positive | +1.7% | Q3 2025 beat, higher dividend to $0.35 and guidance raised for 2026. |
| Jul 29 | Q2 2025 earnings | Positive | +26.6% | Strong Q2 growth, higher Aerospace Products EBITDA and $0.30 dividend declaration. |
| Apr 30 | Q1 2025 earnings | Positive | -18.9% | Robust Q1 results with $0.30 dividend and solid segment EBITDA performance. |
| Feb 26 | FY 2024 results | Positive | -7.6% | Strong FY 2024 growth and JV expansion while maintaining $0.30 dividend level. |
| Oct 30 | Q3 2024 earnings | Positive | -7.5% | Solid Q3 2024 results with $0.30 dividend and higher Adjusted EBITDA. |
Earnings and dividend releases are generally positive, but price reactions have been mixed, with several past quarters selling off despite strong metrics.
Over the past five dividends/earnings releases, FTAI repeatedly reported strong net income and rising Adjusted EBITDA, while steadily lifting its ordinary dividend from $0.30 to $0.35. Strategic Capital initiatives and higher long-term guidance have also featured prominently. Price reactions, however, alternated between gains and notable pullbacks. Today’s Q4 2025 results and another dividend increase to $0.40 continue this trajectory of growth-focused financial updates.
Historical Comparison
Past dividends/earnings headlines saw an average move of -1.14%. Today’s +6.93% gain on raised guidance and a higher dividend marks an unusually strong upside reaction.
Across these dividends/earnings releases, FTAI has increased its ordinary dividend from $0.30 to $0.35 and now $0.40, while steadily lifting multi-year Adjusted EBITDA guidance and expanding its Aerospace Products contribution.
Market Pulse Summary
This announcement details solid Q4 2025 results, including net income of $111,852 (in thousands), Adjusted EBITDA of $277,178 (in thousands), and a second straight dividend increase to $0.40 per ordinary share. Management also raised 2026 Adjusted EBITDA guidance and highlighted strong Aerospace Products growth. Investors may watch future quarters for delivery on guidance, progress at FTAI Power, and sustainability of dividend growth.
Key Terms
adjusted ebitda financial
non-gaap financial
forward-looking statement regulatory
form 10-k regulatory
form 10-q regulatory
AI-generated analysis. Not financial advice.
NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the fourth quarter and full year 2025. 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 | Q4’25 | ||||
| Net Income Attributable to Shareholders | $ | 111,852 | |||
| Basic Earnings per Ordinary Share | $ | 1.09 | |||
| Diluted Earnings per Ordinary Share | $ | 1.08 | |||
| Adjusted EBITDA (1) | $ | 277,178 | |||
| (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. | |||||
Fourth Quarter 2025 Dividends
On February 24, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of
Additionally, on February 24, 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
- Updated Business Segment 2026 Adjusted EBITDA guidance from
$1.52 5 billion to$1.62 5 billion, comprised of$1.05 billion from Aerospace Products and$575 million from Aviation Leasing.(1) - Generated FY2025 Aerospace Products Adjusted EBITDA of
$671.3 million , an annual increase of76% versus FY 2024 and increase of320% versus FY 2023.(1) - Largely completed deployment of the inaugural SCI I partnership and launched fundraising for SCI II partnership with anchor investor commitments.(2)
- Development of FTAI Power continues on-track with first Aeroderivative product, FTAI Mod-1, expected to be delivered by Q4 2026 with planned production of 100 units in 2027.(2)
- Increased quarterly dividend for the second consecutive quarter, raising it from
$0.35 t o$0.40 per share, supported by continued strong free cash flow generation.
“FTAI delivered exceptional results in 2025, driven by continued demand for our Aerospace Products business and excellent execution across the Company,” said Joe Adams, Chairman and CEO. “With this performance, we are entering 2026 from a position of strength—raising our outlook, expanding production capacity, and advancing key initiatives including the next Strategic Capital partnership and the launch of FTAI Power. Combined with another increase to our quarterly dividend, these accomplishments underscore the momentum across the business. We are excited about the opportunities ahead and confident in our ability to create significant long term growth and value for our shareholders.”
(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, February 26, 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/BI28a124870e2142e48f12e45ef226ac88. 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, February 26, 2026 through 11:30 A.M. on Thursday, March 5, 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, the ability to meet guidance for 2026 Adjusted EBITDA, whether SCI I will be able to complete deployment of capital and close fundraising for SCI II, FTAI Power remaining on track to deliver FTAI Mod-1 and meet planned production of 100 units on time or at all, whether FTAI will be able to meet expanded production capacity, and the ability to create significant long term growth and value for our shareholders. 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 |
| FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | |||||||||||||||
| Aerospace products revenue | $ | 456,139 | $ | 342,095 | $ | 1,600,456 | $ | 1,079,821 | |||||||
| MRE Contract revenue | 106,902 | — | 335,788 | — | |||||||||||
| Lease income | 49,259 | 65,973 | 235,210 | 255,338 | |||||||||||
| Maintenance revenue | 43,418 | 43,915 | 218,499 | 200,809 | |||||||||||
| Asset sales revenue | 1,630 | 46,183 | 106,945 | 192,176 | |||||||||||
| Other revenue (1) | 4,680 | 653 | 10,511 | 6,757 | |||||||||||
| Total revenues | 662,028 | 498,819 | 2,507,409 | 1,734,901 | |||||||||||
| Expenses | |||||||||||||||
| Cost of sales | 368,825 | 257,727 | 1,349,719 | 825,884 | |||||||||||
| Operating expenses | 46,683 | 34,587 | 152,541 | 115,861 | |||||||||||
| General and administrative | 2,091 | 3,566 | 9,478 | 14,263 | |||||||||||
| Acquisition and transaction expenses | 9,740 | 8,757 | 28,587 | 32,296 | |||||||||||
| Management fees and incentive allocation to affiliate | — | — | — | 8,449 | |||||||||||
| Internalization fee to affiliate | — | — | — | 300,000 | |||||||||||
| Depreciation and amortization | 55,721 | 54,678 | 225,797 | 218,064 | |||||||||||
| Asset impairment | — | — | — | 962 | |||||||||||
| Gain on sale of assets, net | — | (18,705 | ) | — | (18,705 | ) | |||||||||
| Total expenses | 483,060 | 340,610 | 1,766,122 | 1,497,074 | |||||||||||
| Other expense | |||||||||||||||
| Interest expense | (60,962 | ) | (60,881 | ) | (247,751 | ) | (221,721 | ) | |||||||
| Loss on extinguishment of debt | — | (3,181 | ) | — | (17,101 | ) | |||||||||
| Equity in earnings (losses) of unconsolidated entities (2) | 10,023 | (401 | ) | (6,818 | ) | (2,200 | ) | ||||||||
| Gain (loss) on sale to the 2025 Partnership | (3,703 | ) | — | 46,380 | — | ||||||||||
| Other income | 9,789 | 14,319 | 73,586 | 17,364 | |||||||||||
| Total other expense | (44,853 | ) | (50,144 | ) | (134,603 | ) | (223,658 | ) | |||||||
| Income before income taxes | 134,115 | 108,065 | 606,684 | 14,169 | |||||||||||
| Provision for income taxes | 18,553 | 5,617 | 105,620 | 5,487 | |||||||||||
| Net income | 115,562 | 102,448 | 501,064 | 8,682 | |||||||||||
| Less: Dividends on preferred shares | 3,710 | 7,758 | 17,243 | 32,763 | |||||||||||
| Less: Loss on redemption of preferred shares | — | 7,998 | 6,327 | 7,998 | |||||||||||
| Net income (loss) attributable to shareholders | $ | 111,852 | $ | 86,692 | $ | 477,494 | $ | (32,079 | ) | ||||||
| Earnings (loss) per share: | |||||||||||||||
| Basic | $ | 1.09 | $ | 0.85 | $ | 4.66 | $ | (0.32 | ) | ||||||
| Diluted | $ | 1.08 | $ | 0.84 | $ | 4.60 | $ | (0.32 | ) | ||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 102,572,987 | 102,549,890 | 102,563,486 | 101,538,835 | |||||||||||
| Diluted | 103,864,940 | 103,603,350 | 103,846,914 | 101,538,835 | |||||||||||
(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) | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 300,476 | $ | 115,116 | ||
| Accounts receivable, net (1) | 209,907 | 150,823 | ||||
| Inventory, net | 1,193,773 | 551,156 | ||||
| Other current assets (2) | 408,364 | 408,923 | ||||
| Total current assets | 2,112,520 | 1,226,018 | ||||
| Leasing equipment, net | 1,545,804 | 2,373,730 | ||||
| Property, plant, and equipment, net | 120,068 | 107,451 | ||||
| Investments | 314,156 | 19,048 | ||||
| Intangible assets, net | 19,929 | 42,205 | ||||
| Goodwill | 94,221 | 61,070 | ||||
| Other non-current assets | 167,060 | 208,430 | ||||
| Total assets | $ | 4,373,758 | $ | 4,037,952 | ||
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts payable | $ | 208,224 | $ | 69,119 | ||
| Accrued liabilities | 90,009 | 96,910 | ||||
| Current maintenance deposits | 25,439 | 62,552 | ||||
| Current security deposits | 14,001 | 18,100 | ||||
| Other current liabilities | 62,202 | 100,565 | ||||
| Total current liabilities | 399,875 | 347,246 | ||||
| Long-term debt, net | 3,448,891 | 3,440,478 | ||||
| Non-current maintenance deposits | 46,237 | 44,179 | ||||
| Non-current security deposits | 15,211 | 26,830 | ||||
| Other non-current liabilities | 129,370 | 97,851 | ||||
| Total liabilities | $ | 4,039,584 | $ | 3,956,584 | ||
| Commitments and contingencies | ||||||
| Equity | ||||||
| Ordinary shares ( | $ | 1,026 | $ | 1,026 | ||
| Preferred shares ( | 68 | 117 | ||||
| Additional paid in capital | 50,567 | 153,328 | ||||
| Retained earnings (accumulated deficit) | 282,513 | (73,103 | ) | |||
| Shareholders' equity | 334,174 | 81,368 | ||||
| Total liabilities and equity | $ | 4,373,758 | $ | 4,037,952 | ||
(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”) 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, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, 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 and the non-controlling share of Adjusted EBITDA, 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 (loss) attributable to shareholders to Adjusted EBITDA for the three months and years ended December 31, 2025 and 2024:
| Three Months Ended December 31, | Change | Year Ended December 31, | Change | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net income (loss) attributable to shareholders | $ | 111,852 | $ | 86,692 | $ | 25,160 | $ | 477,494 | $ | (32,079 | ) | $ | 509,573 | ||||||||||
| Add: Provision for income taxes | 18,553 | 5,617 | 12,936 | 105,620 | 5,487 | 100,133 | |||||||||||||||||
| Add: Equity-based compensation expense | 5,674 | 3,428 | 2,246 | 21,733 | 6,006 | 15,727 | |||||||||||||||||
| Add: Acquisition and transaction expenses | 9,740 | 8,757 | 983 | 28,587 | 32,296 | (3,709 | ) | ||||||||||||||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | — | 11,179 | (11,179 | ) | 6,327 | 25,099 | (18,772 | ) | |||||||||||||||
| Add: Asset impairment charges | — | — | — | — | 962 | (962 | ) | ||||||||||||||||
| Add: Incentive allocations | — | — | — | — | 7,456 | (7,456 | ) | ||||||||||||||||
| Add: Depreciation and amortization expense (1) | 65,720 | 67,647 | (1,927 | ) | 267,639 | 262,031 | 5,608 | ||||||||||||||||
| Add: Interest expense and dividends on preferred shares | 64,672 | 68,639 | (3,967 | ) | 264,994 | 254,484 | 10,510 | ||||||||||||||||
| Add: Internalization fee to affiliate | — | — | — | — | 300,000 | (300,000 | ) | ||||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 18,026 | (345 | ) | 18,371 | 34,539 | (1,892 | ) | 36,431 | |||||||||||||||
| Less: Equity in losses (earnings) of unconsolidated entities (3) | (17,059 | ) | 401 | (17,460 | ) | (16,011 | ) | 2,200 | (18,211 | ) | |||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 277,178 | $ | 252,015 | $ | 25,163 | $ | 1,190,922 | $ | 862,050 | $ | 328,872 | |||||||||||
(1) Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation and amortization expense of
(2) Includes the following items for the three months ended December 31, 2025 and 2024: (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 years ended December 31, 2025 and 2024:
| Year Ended December 31, | Change | ||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Net income attributable to shareholders | $ | 548,346 | $ | 346,346 | $ | 202,000 | |||||
| Add: Provision for income taxes | 102,391 | 22,221 | 80,170 | ||||||||
| Add: Equity-based compensation expense | 671 | 309 | 362 | ||||||||
| Add: Acquisition and transaction expenses | 3,198 | 4,906 | (1,708 | ) | |||||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | — | — | — | ||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | ||||||||
| Add: Asset impairment charges | — | — | — | ||||||||
| Add: Incentive allocations | — | — | — | ||||||||
| Add: Depreciation and amortization expense | 15,764 | 6,630 | 9,134 | ||||||||
| Add: Interest expense and dividends on preferred shares | — | — | — | ||||||||
| Add: Internalization fee to affiliate | — | — | — | ||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) | 3,778 | (1,769 | ) | 5,547 | |||||||
| Less: Equity in (earnings) losses of unconsolidated entities | (2,896 | ) | 1,993 | (4,889 | ) | ||||||
| Adjusted EBITDA (non-GAAP) | $ | 671,252 | $ | 380,636 | $ | 290,616 | |||||
(1) Includes the following items for the years ended December 31, 2025 and 2024: (i) net income of