$FTAI
FTAI Aviation Ltd.
CIK:0001590364|SEC Filings
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Revenues | ||||||||||||
| Total revenues | $ 953,085 | $ 676,237 | $ 1,783,782 | $ 1,178,317 | ||||||||
| Expenses | ||||||||||||
| Cost of sales | 635,782 | 369,258 | 1,160,050 | 617,972 | ||||||||
| Operating expenses | 67,567 | 34,328 | 132,554 | 66,766 | ||||||||
| General and administrative | 2,245 | 2,442 | 4,658 | 5,558 | ||||||||
| Acquisition and transaction expenses | 5,699 | 4,489 | 22,060 | 11,781 | ||||||||
| Depreciation and amortization | 46,986 | 55,236 | 99,275 | 114,798 | ||||||||
| Total expenses | 758,279 | 465,753 | 1,418,597 | 816,875 | ||||||||
| Other (expense) income | ||||||||||||
| Interest expense | (64,102) | (63,965) | (125,509) | (126,005) | ||||||||
| Equity in losses of unconsolidated entities | [1] | 9,970 | (5,003) | 7,607 | [2] | (12,617) | [2] | |||||
| Other income | 7,574 | 27,156 | 55,156 | 60,227 | ||||||||
| Total other income (expense) | (44,093) | (7,208) | (45,113) | (32,921) | ||||||||
| Income (loss) before income taxes | 150,713 | 203,276 | 320,072 | 328,521 | ||||||||
| Provision for income taxes | 25,619 | 37,878 | 57,079 | 60,737 | ||||||||
| Net income (loss) | 125,094 | 165,398 | 262,993 | 267,784 | ||||||||
| Less: Dividends on preferred shares | 3,709 | 3,709 | 7,418 | 9,824 | ||||||||
| Less: Loss on redemption of preferred shares | 3,800 | 0 | 3,800 | 6,327 | ||||||||
| Net income (loss) attributable to shareholders | $ 117,585 | $ 161,689 | $ 251,775 | $ 251,633 | ||||||||
| Earnings per share: | ||||||||||||
| Basic (in dollars per share) | $ 1.15 | $ 1.58 | $ 2.45 | $ 2.45 | ||||||||
| Diluted (in dollars per share) | $ 1.13 | $ 1.57 | $ 2.42 | $ 2.44 | ||||||||
| Weighted average shares outstanding: | ||||||||||||
| Basic (in shares) | 102,597,464 | 102,558,777 | 102,588,692 | 102,555,644 | ||||||||
| Diluted (in shares) | 104,044,113 | 103,147,860 | 104,039,259 | 103,144,727 | ||||||||
| Equity Method Investee | ||||||||||||
| Other (expense) income | ||||||||||||
| Gain on sale to the 2025 Partnership | $ 2,465 | $ 34,604 | $ 17,633 | $ 45,474 | ||||||||
| Aerospace products revenue | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | 692,229 | 420,686 | 1,214,814 | 685,111 | ||||||||
| MRE Contract revenue | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | 182,799 | 69,585 | 404,029 | 170,223 | ||||||||
| Lease income | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | 27,765 | 62,439 | 67,657 | 130,879 | ||||||||
| Maintenance revenue | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | 25,793 | 73,104 | 56,392 | 122,711 | ||||||||
| Asset sales revenue | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | 16,925 | 47,915 | 27,109 | 66,854 | ||||||||
| Other revenue | ||||||||||||
| Revenues | ||||||||||||
| Total revenues | [3] | $ 7,574 | $ 2,508 | $ 13,781 | $ 2,539 | |||||||
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
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|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash and cash equivalents | $ 337,195 | $ 300,476 | ||||
| Accounts receivable, net | [1] | 168,202 | 209,907 | |||
| Inventory, net | 1,544,592 | 1,193,773 | ||||
| Other current assets | [2] | 491,107 | 408,364 | |||
| Total current assets | 2,541,096 | 2,112,520 | ||||
| Leasing equipment, net | 1,146,373 | 1,545,804 | ||||
| Property, plant, and equipment, net | 134,742 | 120,068 | ||||
| Investments | 401,803 | 314,156 | ||||
| Intangible assets, net | 13,048 | 19,929 | ||||
| Goodwill | 94,221 | 94,221 | ||||
| Other non-current assets | 157,879 | 167,060 | ||||
| Total assets | 4,489,162 | 4,373,758 | ||||
| Current Liabilities | ||||||
| Accounts payable | 261,671 | 208,224 | ||||
| Accrued liabilities | 100,159 | 90,009 | ||||
| Current maintenance deposits | 17,926 | 25,439 | ||||
| Current security deposits | 12,368 | 14,001 | ||||
| Other current liabilities | 89,086 | 62,202 | ||||
| Total current liabilities | 481,210 | 399,875 | ||||
| Long-term debt, net | 3,453,320 | 3,448,891 | ||||
| Non-current maintenance deposits | 18,815 | 46,237 | ||||
| Non-current security deposits | 7,574 | 15,211 | ||||
| Other non-current liabilities | 124,256 | 129,370 | ||||
| Total liabilities | 4,085,175 | 4,039,584 | ||||
| Commitments and contingencies | ||||||
| Equity | ||||||
| Ordinary shares: $0.01 par value per share; 2,000,000,000 shares authorized; 102,625,424 shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 102,573,283) | 1,026 | 1,026 | ||||
| Preferred shares: $0.01 par value per share; 200,000,000 shares authorized; 2,600,000 shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 6,800,000) | 26 | 68 | ||||
| Additional paid in capital | 0 | 50,567 | ||||
| Retained earnings | 402,935 | 282,513 | ||||
| Shareholders' equity | 403,987 | 334,174 | ||||
| Total liabilities and equity | $ 4,489,162 | $ 4,373,758 | ||||
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