Revenue reached $830.7 million in 2026Q1, though gross margins have contracted significantly from a 38.6% peak in 2025Q1 to 22.8% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 2.84B | 2.51B | 1.75B | 1.19B | 722.32M | 335.58M | 370.24M | 585.96M | 350.7M | 222.38M | 153.7M | 143.34M | 57.93M | 19.53M | 3.49M |
| Revenue Growth % | 47.56% | 43.24% | 47.59% | 64.2% | 115.24% | -9.36% | -36.81% | 67.08% | 57.71% | 44.68% | 7.23% | 147.44% | 196.62% | 459.76% | - |
| Cost of Goods Sold | 1.96B | 1.73B | 1.17B | 790.72M | 499.6M | 208.78M | 285.66M | 464.24M | 279.07M | 185.21M | 131.36M | 120.88M | 43.22M | 7.07M | 2.16M |
| COGS % of Revenue | - | 68.92% | 66.99% | 66.67% | 69.17% | 62.21% | 77.15% | 79.23% | 79.57% | 83.29% | 85.46% | 84.33% | 74.61% | 36.18% | 61.97% |
| Gross Profit | 880.56M | 779.35M | 577.88M | 395.31M | 222.72M | 126.8M | 84.58M | 121.72M | 71.63M | 37.16M | 22.34M | 22.47M | 14.71M | 12.46M | 1.33M |
| Gross Margin % | 31.05% | 31.08% | 33.01% | 33.33% | 30.83% | 37.79% | 22.85% | 20.77% | 20.43% | 16.71% | 14.54% | 15.67% | 25.39% | 63.82% | 38.03% |
| Gross Profit Growth % | - | 34.86% | 46.18% | 77.49% | 75.65% | 49.91% | -30.51% | 69.91% | 92.75% | 66.35% | -0.56% | 52.74% | 18.01% | 839.26% | - |
| Operating Expenses | 82.19M | 9.48M | 25.5M | 38.32M | 65.6M | 27.01M | 36.68M | 56.5M | 32.85M | 30.3M | 29.06M | 22.59M | 7.47M | 3.02M | 2.27M |
| OpEx % of Revenue | - | 0.38% | 1.46% | 3.23% | 9.08% | 8.05% | 9.91% | 9.64% | 9.37% | 13.63% | 18.9% | 15.76% | 12.89% | 15.44% | 64.92% |
| Selling, General & Admin | 8.78M | 9.48M | 25.5M | 38.32M | 65.6M | 27.01M | 36.68M | 56.5M | 32.85M | 30.3M | 29.06M | 22.59M | 7.47M | 3.02M | 2.27M |
| SG&A % of Revenue | - | 0.38% | 1.46% | 3.23% | 9.08% | 8.05% | 9.91% | 9.64% | 9.37% | 13.63% | 18.9% | 15.76% | 12.89% | 15.44% | 64.92% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 798.36M | 769.87M | 552.38M | 356.99M | 157.12M | 99.79M | 47.91M | 65.22M | 38.78M | 6.86M | -6.71M | -119K | 7.24M | 9.45M | -938K |
| Operating Margin % | 28.15% | 30.7% | 31.56% | 30.1% | 21.75% | 29.74% | 12.94% | 11.13% | 11.06% | 3.09% | -4.37% | -0.08% | 12.5% | 48.38% | -26.88% |
| Operating Income Growth % | - | 39.37% | 54.73% | 127.21% | 57.45% | 108.3% | -26.54% | 68.16% | 465.17% | 202.19% | -5542.86% | -101.64% | -23.38% | 1107.25% | - |
| EBITDA | 1.04B | 995.67M | 786.04M | 541.99M | 323.95M | 247.53M | 224.05M | 241.42M | 181.28M | 99.69M | 58.94M | 52.2M | 23.24M | 13.36M | 460K |
| EBITDA Margin % | 36.67% | 39.71% | 44.9% | 45.7% | 44.85% | 73.76% | 60.52% | 41.2% | 51.69% | 44.83% | 38.35% | 36.42% | 40.11% | 68.39% | 13.18% |
| EBITDA Growth % | 21.1% | 26.67% | 45.03% | 67.31% | 30.87% | 10.48% | -7.19% | 33.18% | 81.85% | 69.13% | 12.9% | 124.66% | 73.97% | 2803.7% | - |
| D&A (Non-Cash Add-back) | 241.54M | 225.8M | 233.66M | 185M | 166.83M | 147.74M | 176.15M | 176.2M | 142.5M | 92.83M | 65.66M | 52.32M | 16M | 3.91M | 1.4M |
| EBIT | 853.89M | 854.43M | 235.89M | 345.66M | 63.88M | 115.28M | -12.72M | 247.72M | 39.19M | 17.54M | -21.37M | -8.73M | 9.66M | 28.09M | 2.22M |
| Net Interest Income | -247.12M | -247.75M | -221.72M | -161.64M | -169.19M | -155.02M | -98.04M | -95.05M | -56.36M | -38.14M | -18.82M | -18.73M | -5.69M | -2.79M | -30K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 162K | 531K | 488K | 688K | 136K | 579K | 186K | 23K | 0 |
| Interest Expense | 247.12M | 247.75M | 221.72M | 161.64M | 169.19M | 155.02M | 98.21M | 95.58M | 56.84M | 38.83M | 18.96M | 19.31M | 5.87M | 2.82M | 30K |
| Other Income/Expense | -147.57M | -163.19M | -538.21M | -172.97M | -262.43M | -139.52M | -158.83M | 86.92M | -56.44M | -28.15M | -33.62M | -27.93M | -3.45M | 15.83M | 3.13M |
| Pretax Income | 650.8M | 606.68M | 14.17M | 184.02M | -105.31M | -39.73M | -110.93M | 152.13M | -17.66M | -21.29M | -40.33M | -28.05M | 3.79M | 25.28M | 2.19M |
| Pretax Margin % | 22.95% | 24.2% | 0.81% | 15.52% | -14.58% | -11.84% | -29.96% | 25.96% | -5.03% | -9.57% | -26.24% | -19.57% | 6.55% | 129.44% | 62.88% |
| Income Tax | 114.22M | 105.62M | 5.49M | -59.8M | 5.3M | 3.13M | -5.91M | 17.81M | 2.45M | 1.95M | 268K | 586K | 874K | 0 | 0 |
| Effective Tax Rate % | 17.55% | 17.41% | 38.73% | -32.5% | -5.03% | -7.87% | 5.32% | 11.71% | -13.87% | -9.18% | -0.66% | -2.09% | 23.05% | 0% | 0% |
| Net Income | 536.58M | 501.06M | 8.68M | 243.82M | -193.21M | -104.23M | -88.5M | 225.11M | 5.88M | 134K | -20.06M | -11.83M | 7.78M | 24.82M | 2.19M |
| Net Margin % | 18.92% | 19.98% | 0.5% | 20.56% | -26.75% | -31.06% | -23.9% | 38.42% | 1.68% | 0.06% | -13.05% | -8.25% | 13.43% | 127.09% | 62.88% |
| Net Income Growth % | 651.02% | 5671.3% | -96.44% | 226.19% | -85.36% | -17.78% | -139.31% | 3727.07% | 4289.55% | 100.67% | -69.66% | -252.01% | -68.66% | 1031.31% | - |
| Net Income (Continuing) | 536.58M | 501.06M | 8.68M | 243.82M | -110.61M | -42.86M | -105.02M | 134.32M | -20.11M | -23.24M | -40.6M | -28.63M | 2.92M | 25.28M | 2.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -101.42M | -87.84M | 0 | 73.22M | 4.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 534K | 524K | -192K | 22.66M | 36.98M | 56.38M | 88.01M | 111.87M | 124.4M | 99.06M | 3.46M | 0 |
| EPS (Diluted) | 5.15 | 4.60 | -0.32 | 2.11 | -1.11 | -1.45 | -1.22 | 1.56 | 0.07 | 0.00 | -0.26 | -0.18 | 0.15 | 0.46 | 0.04 |
| EPS Growth % | 1637.93% | 1537.5% | -115.17% | 290.09% | 23.45% | -18.85% | -178.21% | 2119.06% | - | 100.69% | -44.44% | -220% | -67.39% | 1021.95% | - |
| EPS (Basic) | - | 4.66 | -0.32 | 2.12 | -1.11 | -1.45 | -1.22 | 1.56 | 0.07 | 0.00 | -0.26 | -0.18 | 0.15 | 0.46 | 0.04 |
| Diluted Shares Outstanding | 104.26M | 103.85M | 101.54M | 100.43M | 99.42M | 89.92M | 86.02M | 86.03M | 83.66M | 75.77M | 75.74M | 67.04M | 53.5M | 53.5M | 53.5M |
| Basic Shares Outstanding | 102.58M | 102.56M | 101.54M | 99.91M | 99.42M | 89.92M | 86.02M | 85.99M | 83.65M | 75.77M | 75.74M | 65.7M | 53.5M | 53.5M | 53.5M |
| Dividend Payout Ratio | - | 25.59% | 1400.33% | 49.15% | - | - | - | 50.44% | 1880.04% | 74670.15% | - | - | 976.85% | 159.67% | 90.2% |
High leverage and interest sensitivity
According to recent quarterly financial filings, FTAI achieved a significant revenue expansion, reaching $830.7 million in 2026Q1, which represents a robust 65.5% year-over-year growth rate, signaling that the company's specialized aviation maintenance and leasing strategy is capturing substantial market share in the current environment.
The acceleration in top-line performance suggests that the company's Module Factory and PMA parts strategy is gaining traction, effectively decoupling its growth from broader, slower-moving leasing peers. Investors should monitor whether this momentum is sustainable or if it reflects a temporary surge in shop visit demand that may normalize in future periods.
As reported in the income statement data, FTAI's gross margin experienced notable fluctuations, contracting to 22.8% in 2026Q1 from a peak of 38.6% in 2025Q1, suggesting that the company's industrial maintenance activities may be subject to significant cost variability and potential pricing pressures.
The compression in margins despite strong revenue growth implies that the cost of engine teardowns or parts procurement may be rising faster than the company can pass those costs to customers. This trend suggests that the firm's competitive advantage in MRO efficiency may be periodically challenged by input cost inflation or shifts in the mix of engine types serviced.
Based on the provided financial figures, FTAI maintains a lean SG&A structure, with expenses consistently representing a small fraction of revenue, which indicates that the company is successfully leveraging its existing infrastructure to scale operations without a proportional increase in administrative overhead costs.
While the operating margin remains relatively healthy, the company's ability to convert gross profit into operating income is impressive given the capital-intensive nature of its business. However, the high debt-to-equity ratio suggests that this operational efficiency is necessary to offset the significant interest burden inherent in their current financing structure.
Analysis of the reported net income reveals significant volatility, including a substantial loss in 2024Q2, which suggests that non-operating items and asset-related charges may be masking the underlying operational performance of the core leasing and maintenance business segments.
The inconsistency in net income, contrasted with strong revenue growth, warrants further investigation into the impact of asset sales and potential impairment charges on the bottom line. Skeptics might argue that the reliance on non-recurring gains to bolster earnings quality creates a misleading picture of the company's long-term profitability and cash-generating capability.
Quick answers to the most common questions about buying FTAI stock.
For fiscal year 2025, FTAI Aviation Ltd. (FTAI) reported total revenue of $2.51B. This represents a 71766.1% increase compared to $3.5M in 2012.
FTAI Aviation Ltd. (FTAI) is profitable, generating $501.1M in net income for the fiscal year ending 2025 with a net profit margin of 20.0%.
FTAI Aviation Ltd. (FTAI) reported an operating income of $769.9M, resulting in an operating profit margin of 30.7%. This margin reflects the operational efficiency of the business before interest and taxes.
FTAI Aviation Ltd. (FTAI) generated $779.4M in gross profit for the year, representing a gross profit margin of 31.1%. This demonstrates the company's core pricing power and production efficiency.