10-Q · May 1, 2026
FTAI Aviation Ltd. reported stronger than anticipated revenue results for Q1 2026, with revenues reaching $830.7 million, exceeding estimates by 10.98%. However, the company's EPS came in at $1.29, missing estimates by…
Earnings analysis · 10-Q
FTAI earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
FTAI delivered strong year-over-year growth, with revenue up approximately 46.6% and diluted EPS up approximately 30.0% from Q3 2025, led by Aerospace Products revenue of $910.0 million, up 76%. However, revenue and EPS…
Read full summary
FTAI delivered strong year-over-year growth, with revenue up approximately 46.6% and diluted EPS up approximately 30.0% from Q3 2025, led by Aerospace Products revenue of $910.0 million, up 76%. However, revenue and EPS missed consensus, while Aviation Leasing Adjusted EBITDA declined to $104.0 million, leaving the operating trend mixed. The principal concerns are $3.5 billion of indebtedness, geopolitical exposure, and the company’s expanded $1.0 billion repurchase program.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.43
What stood out
-
Revenue grew but missed consensus
Third-quarter revenue was $977.7 million, up approximately 2.6% from $953 million in Q2 2026 and approximately 46.6% from $667 million in Q3 2025. Revenue was approximately $28.5 million below the $1.006 billion consensus estimate.
-
EPS improved year over year
Diluted EPS was $1.43, up from $1.13 in Q2 2026 and $1.10 in Q3 2025, but slightly below the $1.44 consensus estimate.
-
Aerospace Products drove growth
Aerospace Products revenue increased 76% year over year to $910.0 million, demonstrating continued strong expansion in the higher-growth business.
-
Repurchase authorization doubled
The company authorized a total of $1.0 billion for share repurchases on October 27, 2026. It repurchased 260,156 shares for $49.95 million during the quarter and had $450.1 million remaining under the program at September 30, 2026.
-
No reported control weakness
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
-
High leverage and refinancing risk
The company reported $3.5 billion of indebtedness outstanding as of September 30, 2026 and warned that insufficient free cash flow could require refinancing, asset sales, reduced investment or additional capital.
-
Geopolitical exposure increased
The company disclosed exposure to assets in Eastern Europe and the Middle East, including some assets in Russia. It also cited increased Middle East instability following missile strikes in Iran in February 2026 and potential impacts from sanctions and export controls.
-
Strategic Capital Initiative risk
The Strategic Capital Initiative relies on partnerships acquiring 737NG and A320ceo aircraft, with the company acting as general partner and servicer and making minority capital commitments. The filing identifies market, liquidity, valuation, leverage and conflict-of-interest risks for the initiative.
-
Higher international tax exposure
Bermuda enacted a 15% corporate tax regime to which the company has been subject beginning January 1, 2025. The filing warns that further global minimum-tax legislation could increase tax liabilities, interest and penalties.
-
Potential equity dilution
The company disclosed that rights relating to 5,643,940 ordinary shares were outstanding under its 2025 Omnibus Incentive Plan as of September 30, 2026, creating potential dilution risk.
-
Aggressive capital allocation
The company repurchased 260,156 shares at an average price of $192.00 during the quarter and subsequently repurchased 187,178 shares for $30.0 million through October 30, 2026, increasing capital-allocation and liquidity scrutiny.
Management's outlook
The provided 10-Q text does not contain numeric revenue or EPS guidance. The October 29, 2026 earnings release reportedly reaffirmed 2026 and 2027 Adjusted EBITDA guidance, but no numeric ranges were provided.
Earlier filings 4
10-K · February 27, 2026
FTAI positions itself as a focused engine maintenance platform (CFM56-5B/7B and V2500) that is pivoting to an asset-light model via its Strategic Capital Initiative. Operational scale expanded in 2025 (290 aviation…
10-Q · July 31, 2025
FTAI reported a strong operational quarter: revenue rose to $676,237 (three months ended June 30, 2025) and diluted EPS was $1.57, a large improvement versus the prior-year quarter. Aerospace Products drove the revenue…
10-K · March 3, 2025
FTAI’s 10‑K describes a two‑pillar strategy (Aviation Leasing and Aerospace Products) with a new Strategic Capital Initiative to shift toward an asset‑light model via third‑party partnerships. The filing discloses a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.