FTAI Aviation (FTAI) financial statements
FTAI Aviation reported revenue of $2.5B in fiscal 2025, up 36.9% a year over 9 years.
Net income was $477M and the operating margin 29.6%, against -21.5% in 2016.
Free cash flow was -$338M, and the company returned $128M in dividends.
The diluted share count rose 37% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FTAI Aviation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149M | $185M | $342M | $579M | $298M | $336M | $708M | $1.2B | $1.7B | $2.5B |
| Cost of revenue | — | — | — | — | $0 | $14M | $248M | $502M | $826M | $1.3B |
| Gross profit | — | — | — | — | $298M | $321M | $460M | $669M | $909M | $1.2B |
| Selling, general and admin | $12M | $15M | $15M | $17M | $14M | $13M | $14M | $14M | $14M | $9M |
| Operating income | -$32M | -$39M | -$25M | -$53M | -$34M | -$84M | $84M | $340M | $238M | $741M |
| Interest expense | $19M | $38M | $57M | $96M | $87M | $155M | $169M | $162M | $222M | $248M |
| Pre-tax income | -$40M | -$21M | -$18M | $152M | -$43M | -$40M | -$105M | $184M | $14M | $607M |
| Income tax | $268,000 | $2M | $2M | $18M | -$4M | $3M | $5M | -$60M | $5M | $106M |
| Net income | -$20M | $134,000 | $6M | $223M | -$105M | -$129M | -$220M | $212M | -$32M | $477M |
| EPS (diluted) | -$0.26 | $0.00 | $0.07 | — | — | — | — | $2.11 | -$0.32 | $4.60 |
| Diluted shares | 76M | 76M | 84M | 86M | 86M | 90M | 99M | 100M | 102M | 104M |
| Gross margin | — | — | — | — | 100.0% | 95.7% | 64.9% | 57.1% | 52.4% | 46.2% |
| Operating margin | -21.5% | -21.0% | -7.3% | -9.1% | -11.5% | -24.9% | 11.8% | 29.0% | 13.7% | 29.6% |
| Net margin | -13.5% | 0.1% | 1.7% | 38.6% | -35.3% | -38.4% | -31.1% | 18.1% | -1.8% | 19.0% |
Balance sheet
Fiscal years, from FTAI Aviation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $59M | $100M | $227M | $122M | $138M | $34M | $91M | $115M | $300M |
| Receivables | — | — | — | — | — | — | — | $115M | $151M | $210M |
| Inventory | — | — | — | — | — | $100M | $164M | $317M | $551M | $1.2B |
| Total current assets | — | — | — | — | — | — | — | $671M | $1.2B | $2.1B |
| Property, plant and equipment | $352M | $490M | $662M | $732M | $964M | $38M | $10M | $2.1B | $2.5B | $1.7B |
| Goodwill | $117M | $117M | $116M | $123M | $123M | $257M | $0 | $5M | $61M | $94M |
| Total assets | $1.5B | $2.0B | $2.6B | $3.2B | $3.4B | $4.9B | $2.4B | $3.0B | $4.0B | $4.4B |
| Total current liabilities | — | — | — | — | — | — | — | $182M | $347M | $400M |
| Total liabilities | $382M | $921M | $1.6B | $1.9B | $2.3B | $3.7B | $2.4B | $2.8B | $4.0B | $4.0B |
| Shareholders' equity | $1.2B | $1.0B | $1.1B | $1.3B | $1.1B | $1.1B | $19M | $175M | $81M | $334M |
| Net debt | -$60M | -$52M | -$50M | -$202M | -$97M | -$38M | -$34M | -$91M | -$115M | -$300M |
Cash flow
Fiscal years, from FTAI Aviation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31M | $68M | $134M | $151M | $63M | -$22M | -$21M | $129M | -$188M | -$311M |
| Capital spending | $57M | $116M | $230M | $331M | $265M | $157M | $144M | $6M | $9M | $28M |
| Free cash flow | -$26M | -$48M | -$96M | -$180M | -$202M | -$179M | -$165M | $123M | -$197M | -$338M |
| Stock-based compensation | -$4M | $1M | $901,000 | $2M | $0 | $0 | $3M | $2M | $6M | $22M |
| Dividends paid | $100M | $100M | $111M | $114M | $114M | $118M | $128M | $120M | $122M | $128M |
| Net borrowing | -$8M | $442M | $532M | $384M | $489M | $1.3B | -$331M | $347M | $910M | $0 |
| Free cash flow margin | -17.8% | -25.7% | -28.1% | -31.1% | -67.7% | -53.5% | -23.3% | 10.5% | -11.4% | -13.5% |
| Dividends per share | $1.32 | $1.32 | $1.32 | $1.32 | $1.32 | $1.31 | $1.29 | $1.19 | $1.20 | $1.23 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FTAI.
Open FTAI in InvestinglyQuestions
What was FTAI Aviation's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does FTAI Aviation generate?
-$338M in fiscal 2025 (operating cash flow minus capital spending).
From FTAI Aviation's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.