FTAI Aviation Ltd. Reports Third Quarter 2025 Results, Increases Dividend to $0.35 per Ordinary Share

Rhea-AI Summary

FTAI Aviation (NASDAQ: FTAI) reported Q3 2025 results and announced a higher quarterly dividend. Key metrics: Net income attributable to shareholders $114.0M and Basic EPS $1.11; Adjusted EBITDA $297.4M. The board raised the ordinary quarterly dividend to $0.35 per share (payable Nov 19, 2025; record Nov 10, 2025) from $0.30. The company closed inaugural Strategic Capital Initiative fundraising with $2.0B equity commitments, targeting deployment of over $6.0B of capital including debt. Management raised 2026 Adjusted EBITDA guidance to $1.525B from $1.4B and reported Aerospace Products Adjusted EBITDA of $180.4M.

Positive

• $2.0B inaugural Strategic Capital equity commitments
• Targeting to deploy $6.0B of capital including debt
• Net income of $114.0M (Q3 2025)
• Basic EPS of $1.11, +46% versus Q3 2024
• Adjusted EBITDA of $297.4M
• Aerospace Products Adjusted EBITDA $180.4M, +77% versus Q3 2024
• Raised 2026 Adjusted EBITDA guidance to $1.525B

Negative

• None.

Insights

Corporate Finance Analyst

FTAI reported strong Q3 results, raised 2026 Adjusted EBITDA guidance, increased ordinary dividend, and closed a $2.0 billion equity commitment.

FTAI produced $114,009 net income and $297,381 Adjusted EBITDA in Q3 and raised 2026 Adjusted EBITDA guidance to $1.525 billion. The company increased the ordinary quarterly dividend to $0.35 and completed fundraising for a Strategic Capital Initiative vehicle with $2.0 billion of equity commitments intended to help deploy over $6 billion of capital.

The business engine rests on two reportable segments: Aerospace Products and Aviation Leasing, with guidance split at roughly $1.0 billion and $525 million respectively. Key dependencies include successful deployment of the Strategic Capital Initiative capital, realization of expected returns from aircraft purchases, and integration of announced acquisitions and joint ventures. Achievement of the raised guidance relies on continued segment-level momentum, especially the Aerospace Products segment which reported an Adjusted EBITDA increase of 77% year-over-year.

Concrete items to watch: the payout dates and record dates for ordinary and preferred dividends on November 19, 2025, November 10, 2025, December 15, 2025, and December 1, 2025; the company’s detailed reconciliations for non-GAAP measures in the exhibit; execution milestones for the Strategic Capital Initiative deployment plan; and updates to 2026 guidance cadence. Expect near-term clarity around capital deployment and integration outcomes within the next 6–12 months.

NEW YORK, Oct. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the third quarter 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	Q3’25
Net Income Attributable to Shareholders	$	114,009
Basic Earnings per Ordinary Share	$	1.11
Diluted Earnings per Ordinary Share	$	1.10
Adjusted EBITDA(1)	$	297,381

                                        ^{____________________________________________
                                       (1)} For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

Third Quarter 2025 Dividends

On October 27, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of $0.35 per share for the quarter ended September 30, 2025, payable on November 19, 2025 to the holders of record on November 10, 2025, an increase from $0.30 per share in the previous quarter.

Additionally, on October 27, 2025, 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 $0.52 and $0.59 per share, respectively, for the quarter ended September 30, 2025, payable on December 15, 2025 to the holders of record on December 1, 2025.

Business Highlights

• Completed fundraising for inaugural Strategic Capital Initiative partnership with $2 billion of equity commitments, targeting to deploy over $6 billion of capital including current and future debt financing.
• Generated Net Income Attributable to Shareholders of $114.0 million, $1.11 EPS, an increase of 46% versus Q3 2024.
• Continued growth in Aerospace Products segment with Adjusted EBITDA of $180.4 million, an increase of 77% versus Q3 2024.⁽¹⁾
• Raised guidance for 2026 Adjusted EBITDA from $1.4 billion to $1.525 billion from its reportable segments, comprised of approximately $1.0 billion from Aerospace Products and $525 million from Aviation Leasing.⁽¹⁾
• Increased its quarterly dividend to $0.35 per share from $0.30 per share as a result of strong free cash flow generation.
• Announced a definitive agreement to acquire ATOPS MRE to expand MRE Operations in Miami and the launch of a joint venture with Bauer focused on developing in-house CFM56 accessory maintenance repairs.

“Our business had a strong quarter underpinned by continued growth in Aerospace Products allowing us to increase guidance for 2026 and raise our ordinary dividend,” said Joe Adams, Chairman and CEO. “We also held the final closing for the Strategic Capital Initiative’s inaugural vehicle exceeding our fundraising target and hitting the upsized hard cap of $2.0 billion of equity commitments. This, along with debt financing, will allow us to purchase over $6 billion of aircraft up from our earlier target of $4 billion.”

⁽¹⁾ For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

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 Tuesday, October 28, 2025 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/BId6f0e16d5c034abd993d6939251624f5. 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 Tuesday, October 28, 2025 through 11:30 A.M. on Tuesday, November 4, 2025 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 is a leading provider of aftermarket power for the CFM56 and V2500 engines which fly on the world’s most widely used commercial aircraft. FTAI’s differentiated Maintenance, Repair and Exchange (“MRE”) product offers cost savings and flexibility to airlines and asset owners through the lease, sale and exchange of refurbished serviceable engines and modules. In addition, FTAI manages and co-invests in on-lease narrowbody aircraft in partnership with institutional investors through its Strategic Capital Initiative.

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 the Company will be able to close the ATOPS acquisition, subject to customary closing conditions, SCI’s expected closing on equity commitments and debt financing and deploying over $6 billion of capital, and whether the SCI Partnership will be able to close on aircraft under letters of intent (LOI). 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 September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Revenues
Aerospace products revenue	$	459,206			$	303,469			$	1,144,317			$	737,726
MRE Contract revenue		58,663				—				228,886				—
Lease income		55,072				65,450				185,951				189,365
Maintenance revenue		52,370				59,917				175,081				156,894
Asset sales revenue		38,461				34,953				105,315				145,993
Other revenue (1)		3,292				2,005				5,831				6,104
Total revenues		667,064				465,794				1,845,381				1,236,082
Expenses
Cost of sales		362,922				219,496				980,894				568,157
Operating expenses		39,092				26,858				105,858				81,274
General and administrative		1,829				4,045				7,387				10,697
Acquisition and transaction expenses		7,066				9,341				18,847				23,539
Management fees and incentive allocation to affiliate		—				—				—				8,449
Internalization fee to affiliate		—				—				—				300,000
Depreciation and amortization		55,278				56,775				170,076				163,386
Asset impairment		—				—				—				962
Total expenses		466,187				316,515				1,283,062				1,156,464
Other (expense) income
Interest expense		(60,784	)			(57,937	)			(186,789	)			(160,840	)
Loss on extinguishment of debt		—				—				—				(13,920	)
Equity in losses of unconsolidated entities (2)		(4,224	)			(438	)			(16,841	)			(1,799	)
Gain on sale to the 2025 Partnership		4,609				—				50,083				—
Other income		3,570				2,909				63,797				3,045
Total other expense		(56,829	)			(55,466	)			(89,750	)			(173,514	)
Income (loss) before income taxes		144,048				93,813				472,569				(93,896	)
Provision for (benefit from) income taxes		26,330				7,331				87,067				(130	)
Net income (loss)		117,718				86,482				385,502				(93,766	)
Less: Dividends on preferred shares		3,709				8,335				13,533				25,005
Less: Loss on redemption of preferred shares		—				—				6,327				—
Net income (loss) attributable to shareholders	$	114,009			$	78,147			$	365,642			$	(118,771	)
Earnings (loss) per share:
Basic	$	1.11			$	0.76			$	3.57			$	(1.17	)
Diluted	$	1.10			$	0.76			$	3.52			$	(1.17	)
Weighted average shares outstanding:
Basic		102,569,415				102,380,659				102,560,285				101,199,356
Diluted		103,966,650				103,395,348				103,951,713				101,199,356

__________________________________________

⁽¹⁾ Includes servicing fees of $3,035 and $5,635 for the three and nine months ended September 30, 2025, respectively, from the 2025 Partnership.

⁽²⁾ Includes the profit elimination of $(3,908) and $(15,793) for the three and nine months ended September 30, 2025, respectively, for sales to the 2025 Partnership.

FTAI AVIATION LTD.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
	(Unaudited)
	September 30, 2025				December 31, 2024
Assets
Current Assets
Cash and cash equivalents	$	509,945			$	115,116
Accounts receivable, net (1)		214,889				150,823
Inventory, net		897,216				551,156
Other current assets (2)		412,779				408,923
Total current assets		2,034,829				1,226,018
Leasing equipment, net		1,669,634				2,373,730
Property, plant, and equipment, net		113,951				107,451
Investments		164,346				19,048
Intangible assets, net		18,682				42,205
Goodwill		83,012				61,070
Other non-current assets		155,746				208,430
Total assets	$	4,240,200			$	4,037,952
Liabilities
Current Liabilities
Accounts payable	$	147,350			$	69,119
Accrued liabilities		128,936				96,910
Current maintenance deposits		14,650				62,552
Current security deposits		16,012				18,100
Other current liabilities		41,285				100,565
Total current liabilities		348,233				347,246
Long-term debt, net		3,446,733				3,440,478
Non-current maintenance deposits		49,982				44,179
Non-current security deposits		15,991				26,830
Other non-current liabilities		126,797				97,851
Total liabilities	$	3,987,736			$	3,956,584
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,572,000 and 102,550,975 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	$	1,026			$	1,026
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 September 30, 2025 and December 31, 2024, respectively)		68				117
Additional paid in capital		(26,549	)			153,328
Retained earnings (accumulated deficit)		277,919				(73,103	)
Shareholders' equity		252,464				81,368
Total liabilities and equity	$	4,240,200			$	4,037,952

__________________________________________

⁽¹⁾ Includes accounts receivable from the 2025 Partnership of $41,556 and $0 as of September 30, 2025 and December 31, 2024, respectively.

⁽²⁾ Includes receivables from the 2025 Partnership of $17,585 and $0 as of September 30, 2025 and December 31, 2024, respectively.

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 and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,							Change				Nine Months Ended September 30,							Change
(in thousands)	2025			2024								2025			2024
Net income (loss) attributable to shareholders	$	114,009		$	78,147			$	35,862			$	365,642		$	(118,771	)		$	484,413
Add: Provision for (benefit from) income taxes		26,330			7,331				18,999				87,067			(130	)			87,197
Add: Equity-based compensation expense		5,655			1,430				4,225				16,059			2,578				13,481
Add: Acquisition and transaction expenses		7,066			9,341				(2,275	)			18,847			23,539				(4,692	)
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations		—			—				—				6,327			13,920				(7,593	)
Add: Changes in fair value of non-hedge derivative instruments		—			—				—				—			—				—
Add: Asset impairment charges		—			—				—				—			962				(962	)
Add: Incentive allocations		—			—				—				—			7,456				(7,456	)
Add: Depreciation and amortization expense (1)		67,855			69,453				(1,598	)			201,919			194,384				7,535
Add: Interest expense and dividends on preferred shares		64,493			66,272				(1,779	)			200,322			185,845				14,477
Add: Internalization fee to affiliate		—			—				—				—			300,000				(300,000	)
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		11,657			(382	)			12,039				16,513			(1,547	)			18,060
Less: Equity in losses (earnings) of unconsolidated entities (3)		316			438				(122	)			1,048			1,799				(751	)
Less: Non-controlling share of Adjusted EBITDA		—			—				—				—			—				—
Adjusted EBITDA (non-GAAP)	$	297,381		$	232,030			$	65,351			$	913,744		$	610,035			$	303,709

________________________________________________________

⁽¹⁾ Includes the following items for the three months ended September 30, 2025 and 2024: (i) depreciation and amortization expense of $55,278 and $56,775, (ii) lease intangible amortization of $534 and $3,720 and (iii) amortization for lease incentives of $12,043 and $8,958, respectively. Includes the following items for the nine months ended September 30, 2025 and 2024: (i) depreciation and amortization expense of $170,076 and $163,386, (ii) lease intangible amortization of $5,893 and $11,482 and (iii) amortization for lease incentives of $25,950 and $19,516, respectively.

⁽²⁾ Includes the following items for the three months ended September 30, 2025 and 2024: (i) net loss of $316 and $438, (ii) interest expense of $2,629 and $0, (iii) depreciation and amortization expense of $9,449 and $56, and (iv) tax expense of $105 and $0, respectively. Includes the following items for the nine months ended September 30, 2025 and 2024: (i) net loss of $1,048 and $1,799, (ii) interest expense of $4,119 and $0, (iii) depreciation and amortization expense of $13,077 and $252, (iv) acquisition and transaction expenses of $470 and $0, and (v) tax expense of $105 and $0 respectively.

⁽³⁾ Excludes the profit elimination of $3,908 and $15,793 for the three and nine months ended September 30, 2025, for sales to the 2025 Partnership.
In addition, 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, 2025 and 2024:

	Three Months Ended September 30,								Change				Nine Months Ended September 30,								Change
(in thousands)	2025				2024								2025				2024
Net income attributable to shareholders	$	148,594			$	93,788			$	54,806			$	388,819			$	245,096			$	143,723
Add: Provision for income taxes		26,815				4,408				22,407				72,017				11,865				60,152
Add: Equity-based compensation expense		168				156				12				491				154				337
Add: Acquisition and transaction expenses		599				2,100				(1,501	)			3,145				2,871				274
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		3,930				1,306				2,624				11,218				3,177				8,041
Add: Interest expense and dividends on preferred shares		—				—				—				—				—				—
Add: Internalization fee to affiliate		—				—				—				—				—				—
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)		1,082				(382	)			1,464				2,134				(1,424	)			3,558
Less: Equity in (earnings) losses of unconsolidated entities		(767	)			438				(1,205	)			(1,594	)			1,592				(3,186	)
Less: Non-controlling share of Adjusted EBITDA		—				—				—				—				—				—
Adjusted EBITDA (non-GAAP)	$	180,421			$	101,814			$	78,607			$	476,230			$	263,331			$	212,899

________________________________________________________

⁽¹⁾ Includes the following items for the three months ended September 30, 2025 and 2024: (i) net income of $767 and net loss of $438, (ii) depreciation and amortization expense of $420 and $56, and (iii) tax expense of $105 and $0, respectively. Includes the following items for the nine months ended September 30, 2025 and 2024: (i) net income of $1,594 and net loss of $1,592, (ii) depreciation and amortization expense of $645 and $168, and (iii) tax expense of $105 and $0, respectively.

FAQ

What were FTAI's key Q3 2025 earnings metrics (NASDAQ: FTAI)?

FTAI reported Net income $114.0M, Basic EPS $1.11, and Adjusted EBITDA $297.4M for Q3 2025.

When is the FTAI dividend payable and how much is it for Q3 2025?

The board declared an ordinary dividend of $0.35 per share, payable on November 19, 2025 to holders of record on November 10, 2025.

How much equity did FTAI raise for its Strategic Capital Initiative and deployment target?

FTAI completed fundraising with $2.0B of equity commitments, targeting to deploy over $6.0B of capital including debt financing.

Did FTAI update its 2026 guidance after Q3 2025 results?

Yes; management raised 2026 Adjusted EBITDA guidance from $1.4B to $1.525B.

What was FTAI's Aerospace Products Adjusted EBITDA in Q3 2025?

Aerospace Products segment delivered $180.4M of Adjusted EBITDA in Q3 2025, up 77% versus Q3 2024.

Where can investors find FTAI's full Q3 2025 financial tables and webcast?

Financial statements and reconciliations are attached to the press release and a conference call webcast is available on FTAI's investor website; replay available through November 4, 2025.