Ftai Aviation — Financial Results

Aerospace Products Revenue Has Nearly Tripled in Two Years

The engine repair and sales business — FTAI's core operation — has grown at a remarkable pace, driven by surging demand for CFM56 engine overhauls and module sales. Revenue jumped another $856M in 2025 alone, with EBITDA (earnings before interest, taxes, depreciation, and amortization — a measure of operating profit) nearly doubling. This is the engine powering the whole company's growth story.

A New $2 Billion Partnership Is Reshaping How FTAI Owns Aircraft

FTAI launched its Strategic Capital Initiative in late 2024, bringing in outside institutional investors to buy aircraft that FTAI previously would have held on its own balance sheet. The first partnership closed its fundraise in October 2025 with $2.0 billion in equity commitments. FTAI sold 45 aircraft into this partnership, earning a $46.4M gain on those sales, and now earns ongoing servicing fees ($10.2M in 2025) for managing the aircraft. This shifts FTAI toward a lighter, fee-based model while freeing up capital.

Overall Profitability Swung Dramatically — Net Income Up Nearly $492M

The swing from near-breakeven in 2024 to $501M in net income in 2025 is striking, though 2024 was distorted by a one-time $300M internalization fee paid to terminate the old management contract. Stripping that out, the underlying improvement is still substantial — Adjusted EBITDA grew $329M year-over-year.

Rising Debt Levels Mean Interest Costs Are Climbing

FTAI carries $3.5 billion in outstanding debt principal as of year-end 2025, with interest payments of $247.8M in 2025, up from $221.7M the prior year. Only interest payments of $228.8M are due in the next twelve months, so near-term obligations are manageable, but the company is funding growth heavily through borrowing. Higher interest costs are a headwind that investors should keep an eye on as rates remain elevated.

A $54M Insurance Win Helped Results — But 25 Assets Remain Stuck in Russia

FTAI received a $54.3M insurance settlement in 2025 related to aircraft and engines trapped in Russia following sanctions imposed after the 2022 invasion of Ukraine. As of year-end, eight aircraft and seventeen engines remain in Russia with an insured value of $210.7M. The company says it intends to pursue all remaining claims, but timing and recovery amounts are uncertain — meaning this is still an open-ended risk on the balance sheet.