FTAI Aviation Ltd.

ftaiaviation.com

What Do They Do?

Repairs, rebuilds and sells aircraft engines and aftermarket parts, and leases aircraft and engines to airlines and asset owners.

How Do They Make Money?

Customers buy engines, modules and parts at delivery, while engine-management contracts bring in revenue over their term. The 2025 Partnership pays for serviceable engines and modules when delivered; lessees pay fixed rentals over lease terms.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Aerospace products revenue	64% FY2022: 25%
MRE Contract revenue Sold outright	13%	Sold outright
Lease income Recurring	9.4% FY2022: 25%	Recurring
Maintenance revenue	8.7% FY2022: 21%
Asset sales revenue	4.3% FY2022: 26%
Other revenue	0.4% FY2022: 2.6%

Who Are Their Customers?

Customers and lessees are mainly global transportation-network operators and industrial companies, including airlines. Aviation assets are leased and sold directly and through an equity-method investment.

Customers above 10% of revenue, FY2025

of revenue from two customers (13%, 10%)

FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$338.5M.

Net income, FY2025

20% of revenue

▲ +5671% vs FY2024 ($8.7M, 1%)

Free cash flow, FY2025

−13% of revenue

▲ +72% (Loss) vs FY2024 (−$197.2M, −11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +41%; vs $676.2M in Q2 FY2025
Net income: ▼ −24%; vs $165.4M in Q2 FY2025

Aerospace products revenue share of revenue vs 62.2% in Q2 FY2025

Jul 29, 2026 FTAI Power announced a $1.465 billion customer contract The company introduced 2027 segment Adjusted EBITDA guidance of $2.3 billion and cut 2026 Aviation Leasing guidance from $575 million to $475 million.
Mar 6, 2026 FTAI appointed a new CFO after its CFO resigned

Growing. Revenue grew 7.5x in 4 years, from $335.6M in FY2021 to $2.5B in FY2025, about 65% a year.

Third-party asset management The latest report adds an asset-management business that manages third-party capital for on-lease aircraft and engines; the earlier report describes owning and leasing assets.

Power-turbine products The latest report adds FTAI Power, which converts aircraft engines into power turbines; the earlier report describes aircraft engines and aftermarket components.

Revenue over time

Aerospace products revenue MRE Contract revenue Lease income Maintenance revenue Asset sales revenue Other revenue

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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