How much does FTAI plan to repurchase through its accelerated share repurchase?

FTAI intends to repurchase $500.0 million of ordinary shares through an accelerated agreement with Royal Bank of Canada, with completion expected in Q4 2026. Following completion, approximately $420.0 million would remain under the repurchase program, which expires in 2027.

FTAI Aviation Ltd. Reports Strong Third Quarter 2026 Performance and Announces $500.0 Million Accelerated Share Repurchase

Q: What were FTAI's third-quarter 2026 earnings?

FTAI reported $149.1 million in net income attributable to shareholders and $1.43 in diluted earnings per ordinary share, compared with $114.0 million and $1.10 a year earlier. Adjusted EBITDA was $348.3 million, compared with $297.4 million.

Q: When will FTAI pay its third-quarter 2026 ordinary and preferred dividends?

The $0.50 ordinary-share dividend is payable November 23, 2026, to holders of record November 10, 2026. The Series D preferred dividend of $0.59375 per share is payable December 15, 2026, to holders of record December 1, 2026.

Approximately $420.0 million would remain available for repurchases following completion of the planned accelerated transaction.

Rhea-AI Impact

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Rhea-AI Sentiment

(Positive)How Sentiment works

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Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Rhea-AI Summary

FTAI Aviation (Nasdaq: FTAI) reported third-quarter earnings growth and announced plans for a $500.0 million accelerated share repurchase. Net income attributable to shareholders reached $149.1 million, versus $114.0 million a year earlier; diluted earnings per share rose to $1.43 from $1.10. Revenue increased to $977.657 million from $667.064 million. Adjusted EBITDA, a non-GAAP earnings measure, rose to $348.3 million from $297.4 million.

The board doubled repurchase authorization to $1.0 billion; approximately $80.0 million has been repurchased. FTAI intends to enter the accelerated agreement with Royal Bank of Canada and expects completion in Q4 2026. Aerospace Products revenue reached $910.0 million, while Aviation Leasing adjusted EBITDA declined. FTAI reaffirmed its 2026 and 2027 adjusted EBITDA guidance and declared a $0.50 ordinary-share dividend payable November 23, 2026.

24 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointQ3 revenue increased to $977.657 million from $667.064 million a year earlier.
Moderate pointQ3 shareholder net income rose to $149.1 million from $114.0 million a year earlier.
Moderate pointQ3 diluted earnings per share increased to $1.43 from $1.10 a year earlier.
Moderate pointQ3 adjusted EBITDA increased to $348.3 million from $297.4 million a year earlier.
Moderate pointRepurchase authorization doubled to $1.0 billion, with approximately $80.0 million repurchased at $178.73 weighted average per share.
Moderate point. Forward-looking: it has not happened yet and may not happen.Planned $500.0 million accelerated repurchase with Royal Bank of Canada is expected to finish in Q4 2026. 2.9% of market cap
Moderate pointAerospace Products revenue rose 76% year over year to $910.0 million in Q3 2026.
Moderate pointAerospace Products adjusted EBITDA rose 57% year over year to $282.4 million in Q3 2026.
Moderate pointCFM56 module production reached 311 in Q3 2026, up 50% year over year.
Moderate pointStrategic Capital exceeds 50% of Aviation Leasing as FTAI transitions toward an asset-light model.
Moderate pointPower has more than 100 units under contract for delivery in 2027 and 2028.

13 minor points

Minor pointAerospace Products adjusted EBITDA margin of 31% met the company's 30% margin guidance.
Minor pointYear-to-date production reached 877 modules toward the company's 2026 outlook of 1,200.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 and 2027 adjusted EBITDA guidance was reaffirmed across all business lines.
Minor point. Forward-looking: it has not happened yet and may not happen.SCI I closed 212 of 301 committed aircraft through September 30, 2026; substantially all are expected by year-end.
Minor pointSCI II began investing in September 2026 and ended the quarter with 109 aircraft committed.
Minor pointMod-1 critical testing milestones completed ahead of the company's planned first deliveries next year.
Minor point. Forward-looking: it has not happened yet and may not happen.Power joint venture entered to develop a mobile combined-cycle add-on; first test units expected in second-half 2027.
Minor pointCash increased to $385.624 million at September 30, 2026, from $300.476 million at December 31, 2025.
Minor pointNine-month shareholder net income increased to $400.839 million from $365.642 million a year earlier.
Minor pointNine-month diluted earnings per share increased to $3.85 from $3.52 a year earlier.
Minor pointQ3 acquisition and transaction expenses fell to $5.030 million from $7.066 million a year earlier.
Minor pointQ3 depreciation and amortization fell to $43.295 million from $55.278 million a year earlier.
Minor pointQ3 income-tax provision fell to $22.239 million from $26.330 million a year earlier.

Negative

Moderate pointAviation Leasing adjusted EBITDA declined to $104.0 million from $134.4 million in Q3 2025.
Moderate pointQ3 cost of sales increased to $623.821 million from $362.922 million a year earlier.
Minor pointCorporate & Other adjusted EBITDA deteriorated to negative $38.1 million from negative $17.4 million in Q3 2025.
Minor pointQ3 operating expenses increased to $62.327 million from $39.092 million a year earlier.
Minor pointQ3 research and development expense reached $22.014 million, versus none a year earlier.

3 minor points

Minor pointQ3 interest expense increased to $65.119 million from $60.784 million a year earlier.
Minor pointQ3 general and administrative expense increased to $2.305 million from $1.829 million a year earlier.
Minor pointLong-term debt, net increased to $3,455.515 million from $3,448.891 million at December 31, 2025.

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Market Reaction – FTAI

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Key Figures

Net income attributable to shareholders: $149.1 million Adjusted EBITDA: $348.3 million Accelerated share repurchase: $500.0 million +5 more

Net income attributable to shareholders: $149.1 million; Q3 2026; up 26.8% from Q2 2026
Adjusted EBITDA: $348.3 million; Q3 2026; up 14.8% from Q2 2026
Accelerated share repurchase: $500.0 million; Planned repurchase of ordinary shares with Royal Bank of Canada
Total share repurchase authorization: $1.0 billion; Authorization after the $500.0 million increase
Shares repurchased to date: $80.0 million; Since the program was initially authorized on September 15, 2026
Remaining repurchase authorization: Approximately $420.0 million; Expected to remain after completion of the ASR
Ordinary-share dividend: $0.50 per share; Quarterly dividend for the quarter ended September 30, 2026
Diluted earnings per ordinary share: $1.43 per share; Q3 2026; Q3 2025 was $1.10

Previous Buybacks Reports

1 past event · Latest: Sep 15

Same Type 1 event

Sep 15
Share repurchase program

24h Move

+7.6%

Initial $500 million program provides the baseline for this increase and planned accelerated repurchase.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

accelerated share repurchase, adjusted ebitda, non-gaap

3 terms

adjusted ebitda financial

"Adjusted EBITDA of $282.4 million in Q3 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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10/29/2026 - 06:00 AM EDT

Third Quarter 2026 Highlights

Net income attributable to shareholders up 26.8% from Q2 2026 to $149.1 million
Adjusted EBITDA up 14.8% from Q2 2026 to $348.3 million
Announced a $500 million accelerated share repurchase, doubled authorization to $1.0 billion and repurchased $80 million of shares since authorization in September
Reaffirmed 2026 and 2027 Adjusted EBITDA guidance across all business lines
Declared a $0.50 quarterly dividend per ordinary share

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (Nasdaq: FTAI) (the “Company” or “FTAI”) today reported financial results for the third quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

“FTAI delivered another strong quarter. Aerospace Products delivered outstanding growth with margins in line with our guidance, SCI’s new vehicle is now investing, and the Mod-1 has cleared its critical testing milestones ahead of first deliveries next year,” said Joe Adams, Chairman and CEO. “We have momentum across every part of the business and clear visibility into 2027, which is why our Board doubled our share repurchase authorization to $1.0 billion and why we announced an accelerated share repurchase alongside our regular quarterly dividend.”

Aerospace Products

Generated Aerospace Products revenue of $910.0 million and Adjusted EBITDA of $282.4 million in Q3 2026, increases of 76% and 57%, respectively, compared to Q3 2025⁽¹⁾
Delivered an Adjusted EBITDA margin of 31%, in line with the Company's 30% margin guidance⁽¹⁾⁽²⁾
Produced 311 CFM56 modules across the global MRE network in Q3 2026, up 50% compared to Q3 2025
Year-to-date production now totals 877 modules toward the 2026 outlook of 1,200 modules⁽²⁾

Aviation Leasing (and Strategic Capital)

Strategic Capital now represents more than 50% of Aviation Leasing, reflecting the success of the Company's planned transition to an asset-light model⁽²⁾
SCI I (“2025 SPV”) has closed 212 of 301 committed aircraft through September 30, 2026 and is expected to close substantially all committed aircraft by year end; paid a 5.0% distribution in Q3 2026, bringing year to date distributions to 17.5% of commitments⁽²⁾
SCI II ("2026 SPV") started investing in September 2026 and ended the quarter with 109 aircraft committed; closed on its $2.0 billion committed warehouse facility in August⁽²⁾

Power

More than 100 units under contract for delivery in 2027 and 2028 to customers in the U.S. and Canada⁽²⁾
Completed the Mod-1's critical testing milestones, meeting its targets of 25MW for peak power and 23MW for continuous baseload power on both natural gas and liquid fuel⁽²⁾
Entered into a joint venture to develop a mobile combined cycle add-on that increases Mod-1 output by 9MW and raises efficiency to above 50% with no additional fuel, emissions or water; first test units expected in the second half of 2027⁽²⁾

Third Quarter 2026 Dividends

The Company’s Board of Directors (the “Board”) declared a cash dividend on its ordinary shares of $0.50 per share for the quarter ended September 30, 2026, payable on November 23, 2026 to the holders of record on November 10, 2026.

Additionally, the Board declared cash dividends on its Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of $0.59375 per share for the quarter ended September 30, 2026, payable on December 15, 2026 to the holders of record on December 1, 2026.

Share Repurchase Program and Accelerated Share Repurchase

On October 27, 2026, the Board approved a $500.0 million increase to the Company’s share repurchase program, bringing the total authorization to $1.0 billion. Under the program, which was initially authorized on September 15, 2026, the Company has repurchased approximately $80.0 million of its ordinary shares to date at a weighted average price of $178.73 per share, including $50.0 million during the third quarter of 2026.

In connection with the increased authorization, the Company intends to enter into an accelerated share repurchase agreement (the “ASR”) with Royal Bank of Canada to repurchase $500.0 million of its ordinary shares. The Company expects to complete the transaction during the fourth quarter of 2026. Following completion of the ASR, approximately $420.0 million will remain available under the share repurchase program which will expire in 2027.

Financial Results

(in millions, except per share data)
Selected Financial Results	Q3 2026			Q3 2025
Net Income Attributable to Shareholders	$	149.1		$	114.0
Aerospace Products Adjusted EBITDA⁽¹⁾	$	282.4		$	180.4
Aviation Leasing Adjusted EBITDA⁽¹⁾	$	104.0		$	134.4
Corporate & Other Adjusted EBITDA^{(1) (3)}	$	(38.1	)	$	(17.4	)
Consolidated Adjusted EBITDA⁽¹⁾	$	348.3		$	297.4
Basic Earnings per Ordinary Share	$	1.45		$	1.11
Diluted Earnings per Ordinary Share	$	1.43		$	1.10

For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
This is a forward-looking statement. Please see Cautionary Note Regarding Forward-Looking Statements below.
Includes Eliminations of $(5.1) million and $(3.9) million for the three months ended September 30, 2026 and 2025, respectively.

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, October 29, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://edge.media-server.com/mmc/p/fjygn2vk/. 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, October 29, 2026 through 11:30 A.M. on Thursday, November 5, 2026 on https://ir.ftaiaviation.com/news-events/event-calendar.

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 FTAI will be able to expand market share, annual module production outlooks, FTAI Power’s ability to meet Mod-1 delivery targets and the expected timing of combined cycle test units, the ability to convert Mod-1s under contract to actual sales, the ability of the 2025 SPV to close on committed aircraft and of the 2026 SPV to deploy capital, the timing and completion of the accelerated share repurchase and any further repurchases under the share repurchase program, 2026 or 2027 Adjusted EBITDA guidance and the ability to deliver sustained growth and long-term 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:
Charlie Arestia
Investor Relations
FTAI Aviation Ltd.
(646) 276-4418
ir@ftaiaviation.com

Media:
Tim Lynch / 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 September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenues
Aerospace products revenue	$	780,598		$	459,206		$	1,995,412		$	1,144,317
MRE Contract revenue - affiliate		129,408			58,663			533,437			228,886
Lease income		25,281			55,072			92,938			185,951
Maintenance revenue		27,292			52,370			83,684			175,081
Asset sales revenue		5,886			38,461			32,995			105,315
Other revenue⁽¹⁾		9,192			3,292			22,973			5,831
Total revenues		977,657			667,064			2,761,439			1,845,381

Expenses
Cost of sales		623,821			362,922			1,783,871			980,894
Operating expenses		62,327			39,092			175,434			105,858
Research and development		22,014			—			41,461			—
General and administrative		2,305			1,829			6,963			7,387
Acquisition and transaction expenses		5,030			7,066			27,090			18,847
Depreciation and amortization		43,295			55,278			142,570			170,076
Total expenses		758,792			466,187			2,177,389			1,283,062

Other (expense) income
Interest expense		(65,119	)		(60,784	)		(190,628	)		(186,789	)
Equity in earnings (losses) of unconsolidated entities⁽²⁾		16,933			(4,224	)		24,540			(16,841	)
Gain on sale to the 2025 Partnership - affiliate		—			4,609			17,633			50,083
Other income		2,168			3,570			57,324			63,797
Total other expense		(46,018	)		(56,829	)		(91,131	)		(89,750	)
Income before income taxes		172,847			144,048			492,919			472,569
Provision for income taxes		22,239			26,330			79,318			87,067
Net income		150,608			117,718			413,601			385,502
Less: Dividends on preferred shares		1,544			3,709			8,962			13,533
Less: Loss on redemption of preferred shares		—			—			3,800			6,327
Net income attributable to shareholders	$	149,064		$	114,009		$	400,839		$	365,642

Earnings per share:
Basic	$	1.45		$	1.11		$	3.91		$	3.57
Diluted	$	1.43		$	1.10		$	3.85		$	3.52

Weighted average shares outstanding:
Basic		102,667,105			102,569,415			102,613,229			102,560,285
Diluted		104,106,460			103,966,650			104,059,963			103,951,713

Includes servicing fees of $4,704 and $17,553 for the three and nine months ended September 30, 2026, respectively (2025 - $3,035 and $5,635, respectively), from the SCI Partnerships.
Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.


FTAI AVIATION LTD. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data)

	(Unaudited)
	September 30, 2026		December 31, 2025
Assets
Current Assets
Cash and cash equivalents	$	385,624	$	300,476
Accounts receivable, net⁽¹⁾		155,638		209,907
Inventory, net		1,932,298		1,193,773
Other current assets⁽²⁾		470,130		408,364
Total current assets		2,943,690		2,112,520
Leasing equipment, net		1,035,039		1,545,804
Property, plant, and equipment, net		180,771		120,068
Investments		400,883		314,156
Intangible assets, net		12,478		19,929
Goodwill		94,221		94,221
Other non-current assets		139,249		167,060
Total assets	$	4,806,331	$	4,373,758

Liabilities
Current Liabilities
Accounts payable	$	179,867	$	208,224
Accrued liabilities		225,379		90,009
Current maintenance deposits		18,254		25,439
Current security deposits		10,094		14,001
Contract liabilities - affiliate		234,000		—
Other current liabilities		103,431		62,202
Total current liabilities		771,025		399,875
Long-term debt, net		3,455,515		3,448,891
Non-current maintenance deposits		16,777		46,237
Non-current security deposits		6,989		15,211
Other non-current liabilities		122,669		129,370
Total liabilities	$	4,372,975	$	4,039,584

Commitments and contingencies

Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,448,764 and 102,573,283 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	$	1,024	$	1,026
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 2,600,000 and 6,800,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)		26		68
Additional paid in capital		—		50,567
Retained earnings		432,306		282,513
Shareholders' equity		433,356		334,174
Total liabilities and equity	$	4,806,331	$	4,373,758

Includes accounts receivable from the SCI Partnerships of $10,951 as of September 30, 2026 (December 31, 2025 - $47,294).
Includes receivables from the SCI Partnerships of $3,086 as of September 30, 2026 (December 31, 2025 - $20,681).

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, FTAI Power pre-commercial research and development (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 and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,					Change			Nine Months Ended September 30,					Change
(in thousands)		2026			2025	Change				2026			2025	Change
Net income attributable to shareholders	$	149,064		$	114,009	$	35,055		$	400,839		$	365,642	$	35,197
Add: Provision for income taxes		22,239			26,330		(4,091	)		79,318			87,067		(7,749	)
Add: Equity-based compensation expense		7,767			5,655		2,112			21,446			16,059		5,387
Add: Acquisition and transaction expenses		5,030			7,066		(2,036	)		27,090			18,847		8,243
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—		—			3,800			6,327		(2,527	)
Add: Asset impairment charges		—			—		—			—			—		—
Add: Incentive allocations		—			—		—			—			—		—
Add: Depreciation and amortization expense⁽¹⁾		49,183			67,855		(18,672	)		160,814			201,919		(41,105	)
Add: Interest expense and dividends on preferred shares		66,663			64,493		2,170			199,591			200,322		(731	)
Add: Internalization fee to affiliate		—			—		—			—			—		—
Add: FTAI Power pre-commercial research and development⁽²⁾		22,014			—		22,014			41,461			—		41,461
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽³⁾		48,323			11,657		36,666			96,596			16,513		80,083
Less: Equity in (earnings) losses of unconsolidated entities⁽⁴⁾		(21,988	)		316		(22,304	)		(46,192	)		1,048		(47,240	)
Adjusted EBITDA (non-GAAP)	$	348,295		$	297,381	$	50,914		$	984,763		$	913,744	$	71,019

Includes the following items for the three months ended September 30, 2026: (i) depreciation and amortization expense of $43,295 (2025 - $55,278), (ii) lease intangible amortization of $(242) (2025 - $534) and (iii) amortization for lease incentives of $6,130 (2025 - $12,043).
Includes the following items for the nine months ended September 30, 2026: (i) depreciation and amortization expense of $142,570 (2025 - $170,076), (ii) lease intangible amortization of $6 (2025 - $5,893) and (iii) amortization for lease incentives of $18,238 (2025 - $25,950).
Represents non-recurring research and development costs incurred for the design and testing related to the development of FTAI Power’s aeroderivative turbine that has not yet been commercially launched and has not generated revenue.
Includes the following items for the three months ended September 30, 2026: (i) net income of $21,988 (2025 - net loss of $316), (ii) interest expense of $7,359 (2025 - $2,629), (iii) depreciation and amortization expense of $18,969 (2025 - $9,449), and (iv) tax expense of $7 (2025 - benefit of $105).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $46,192 (2025 - net loss of $1,048), (ii) interest expense of $16,626 (2025 - $4,119), (iii) depreciation and amortization expense of $33,716 (2025 - $13,077), (iv) acquisition and transaction expenses of $0 (2025 - $470), and (v) tax expense of $62 (2025 - benefit of $105).
Excludes the profit elimination of $5,055 and $21,652 for the three and nine months ended September 30, 2026, respectively (2025 - $3,908 and $15,793, respectively ), for sales to the SCI Partnerships.

The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aerospace Products for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,						Change			Nine Months Ended September 30,						Change
(in thousands)		2026			2025		Change				2026			2025		Change
Net income attributable to shareholders	$	225,514		$	148,594		$	76,920		$	603,493		$	388,819		$	214,674
Add: Provision for income taxes		50,883			26,815			24,068			134,550			72,017			62,533
Add: Equity-based compensation expense		238			168			70			488			491			(3	)
Add: Acquisition and transaction expenses		124			599			(475	)		253			3,145			(2,892	)
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		4,942			3,930			1,012			14,523			11,218			3,305
Add: Interest expense and dividends on preferred shares		—			—			—			—			—			—
Add: Internalization fee to affiliate		—			—			—			—			—			—
Add: FTAI Power pre-commercial research and development		—			—			—			—			—			—
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽¹⁾		2,109			1,082			1,027			2,573			2,134			439
Less: Equity in losses (earnings) of unconsolidated entities		(1,431	)		(767	)		(664	)		(1,209	)		(1,594	)		385
Adjusted EBITDA (non-GAAP)	$	282,379		$	180,421		$	101,958		$	754,671		$	476,230		$	278,441

Includes the following items for the three months ended September 30, 2026: (i) net income of $1,431 (2025 - $767), (ii) depreciation and amortization expense of $671 (2025 - $420), and (iii) tax expense of $7 (2025 - benefit of $105).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $1,209 (2025 - $1,594), (ii) depreciation and amortization expense of $1,302 (2025 - $645), and (iii) tax expense of $62 (2025 - benefit of $105).

The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aviation Leasing for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,					Change			Nine Months Ended September 30,					Change
(in thousands)		2026			2025	Change				2026			2025	Change
Net income attributable to shareholders	$	25,148		$	41,612	$	(16,464	)	$	110,452		$	225,069	$	(114,617	)
Add: Provision for income taxes		8,373			14,500		(6,127	)		34,470			58,301		(23,831	)
Add: Equity-based compensation expense		361			264		97			886			703		183
Add: Acquisition and transaction expenses		1,374			3,571		(2,197	)		7,408			7,053		355
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⁽¹⁾		43,130			62,803		(19,673	)		142,956			187,553		(44,597	)
Add: Interest expense and dividends on preferred shares		—			—		—			—			—		—
Add: Internalization fee to affiliate		—			—		—			—			—		—
Add: FTAI Power pre-commercial research and development		—			—		—			—			—		—
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities⁽²⁾		46,214			10,575		35,639			94,023			14,379		79,644
Less: Equity in (earnings) losses of unconsolidated entities		(20,557	)		1,083		(21,640	)		(44,983	)		2,642		(47,625	)
Adjusted EBITDA (non-GAAP)	$	104,043		$	134,408	$	(30,365	)	$	345,212		$	495,700	$	(150,488	)

Includes the following items for the three months ended September 30, 2026: (i) depreciation expense of $37,242 (2025 - $50,226), (ii) lease intangible amortization of $(242) (2025 - $534) and (iii) amortization for lease incentives of $6,130 (2025 - $12,043).
Includes the following items for the nine months ended September 30, 2026: (i) depreciation expense of $124,712 (2025 - $155,710), (ii) lease intangible amortization of $6 (2025 - $5,893) and (iii) amortization for lease incentives of $18,238 (2025 - $25,950).
Includes the following items for the three months ended September 30, 2026: (i) net income of $20,557 (2025 - net loss of $1,083), (ii) interest expense of $7,359 (2025 - $2,629), and (iii) depreciation and amortization of $18,298 (2025 - $9,029).
Includes the following items for the nine months ended September 30, 2026: (i) net income of $44,983 (2025 - net loss of $2,642), (ii) interest expense of $16,626 (2025 - $4,119), (iii) depreciation and amortization of $32,414 (2025 - $12,432) and (iv) acquisition and transactions expenses of $0 (2025 - $470).

The following table sets forth a reconciliation of net loss attributable to shareholders to Adjusted EBITDA for Corporate and Other for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,						Change			Nine Months Ended September 30,						Change
(in thousands)		2026			2025		Change				2026			2025		Change
Net loss attributable to shareholders	$	(96,543	)	$	(72,289	)	$	(24,254	)	$	(291,454	)	$	(232,453	)	$	(59,001	)
Add: Benefit from income taxes		(37,017	)		(14,985	)		(22,032	)		(89,702	)		(43,251	)		(46,451	)
Add: Equity-based compensation expense		7,168			5,223			1,945			20,072			14,865			5,207
Add: Acquisition and transaction expenses		3,532			2,896			636			19,429			8,649			10,780
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—			—			3,800			6,327			(2,527	)
Add: Asset impairment charges		—			—			—			—			—			—
Add: Incentive allocations		—			—			—			—			—			—
Add: Depreciation and amortization expense		1,111			1,122			(11	)		3,335			3,148			187
Add: Interest expense and dividends on preferred shares		66,663			64,493			2,170			199,591			200,322			(731	)
Add: Internalization fee to affiliate		—			—			—			—			—			—
Add: FTAI Power pre-commercial research and development⁽¹⁾		22,014			—			22,014			41,461			—			41,461
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities		—			—			—			—			—			—
Less: Equity in losses (earnings) of unconsolidated entities		—			—			—			—			—			—
Adjusted EBITDA (non-GAAP)	$	(33,072	)	$	(13,540	)	$	(19,532	)	$	(93,468	)	$	(42,393	)	$	(51,075	)

Represents non-recurring research and development costs incurred for the design and testing related to the development of FTAI Power’s aeroderivative turbine that has not yet been commercially launched and has not generated revenue.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FTAI's third-quarter 2026 earnings?

FTAI reported $149.1 million in net income attributable to shareholders and $1.43 in diluted earnings per ordinary share, compared with $114.0 million and $1.10 a year earlier. Adjusted EBITDA was $348.3 million, compared with $297.4 million.

When will FTAI pay its third-quarter 2026 ordinary and preferred dividends?

The $0.50 ordinary-share dividend is payable November 23, 2026, to holders of record November 10, 2026. The Series D preferred dividend of $0.59375 per share is payable December 15, 2026, to holders of record December 1, 2026.

FTAI Aviation Ltd. Reports Strong Third Quarter 2026 Performance and Announces $500.0 Million Accelerated Share Repurchase