Revenue: As of FY2026 Q1, the actual value is USD 830.7 M.EPS: As of FY2026 Q1, the actual value is USD 1.29.EBIT: As of FY2026 Q1, the actual value is USD 231.79 M.<h3>Overall Performance</h3>FTAI Aviation Ltd. reported total revenues of $830,697 thousand for the three months ended March 31, 2026, marking a significant increase from $502,080 thousand in the prior year period. Total expenses rose to $660,318 thousand from $351,122 thousand year-over-year. Net income attributable to shareholders increased to $134,190 thousand from $89,944 thousand, and Adjusted EBITDA (non-GAAP) grew to $325,577 thousand from $268,558 thousand in the same period last year.<h4>Cash Flow</h4>Net cash used in operating activities was - $160,076 thousand for the three months ended March 31, 2026, compared to - $25,966 thousand in the prior year. Net cash provided by investing activities was $317,018 thousand, a substantial increase from - $27,627 thousand in the prior year. Net cash used in financing activities was - $45,178 thousand, a change from $50,610 thousand provided in the prior year period.<h3>Segment Performance</h3><h4>Aerospace Products Segment</h4><ul><li>Revenue: Total revenues for the Aerospace Products segment increased by $378,752 thousand to $743,815 thousand in Q1 2026, up from $365,063 thousand in Q1 2025. This growth was driven by a $258,160 thousand increase in aerospace products revenue to $522,585 thousand and a $120,592 thousand increase in MRE Contract revenue to $221,230 thousand, primarily due to increased engine and module sales to the 2025 Partnership.</li><li>Expenses: Total expenses for the segment increased by $287,356 thousand to $526,514 thousand, mainly due to a $282,257 thousand increase in cost of sales corresponding to higher aerospace products revenue. Operating expenses also rose by $5,152 thousand to $10,839 thousand due to acquisitions, increased headcount, and shipping/logistics costs.</li><li>Net Income Attributable to Shareholders: Net income attributable to shareholders for this segment increased by $77,092 thousand to $183,735 thousand.</li><li>Adjusted EBITDA (Non-GAAP): Adjusted EBITDA increased by $91,631 thousand to $222,576 thousand.</li></ul><h4>Aviation Leasing Segment</h4><ul><li>Revenue: Total revenues for the Aviation Leasing segment decreased by $50,131 thousand to $86,882 thousand in Q1 2026, down from $137,013 thousand in Q1 2025. Lease income decreased by $28,548 thousand to $39,892 thousand, mainly due to the sale of Seed Assets to the 2025 Partnership. Maintenance revenue decreased by $19,008 thousand to $30,599 thousand, reflecting fewer revenue-generating assets on lease, while asset sales revenue decreased by $8,755 thousand to $10,184 thousand. Other revenue increased by $6,180 thousand to $6,207 thousand, largely from servicing fees for the 2025 Partnership.</li><li>Expenses: Total expenses for the segment decreased by $11,149 thousand to $74,202 thousand. Depreciation and amortization decreased by $8,576 thousand to $46,485 thousand due to the sale of Seed Assets, and cost of sales decreased by $6,703 thousand to $13,256 thousand. Operating expenses, however, increased by $2,849 thousand to $10,275 thousand due to higher compensation, equipment leases, and shipping/logistics expenses.</li><li>Net Income Attributable to Shareholders: Net income attributable to shareholders for this segment decreased by $12,588 thousand to $64,438 thousand.</li><li>Adjusted EBITDA (Non-GAAP): Adjusted EBITDA decreased by $9,030 thousand to $152,959 thousand.</li></ul><h4>Corporate and Other Segment</h4><ul><li>Expenses: Total expenses increased by $32,989 thousand to $59,602 thousand. Operating expenses increased by $24,548 thousand to $43,873 thousand, driven by higher compensation, technology development costs, and general corporate expenses. Acquisition and transaction expenses increased by $8,935 thousand to $12,190 thousand due to higher professional fees.</li><li>Net Loss Attributable to Shareholders: Net loss attributable to shareholders for this segment increased, resulting in a loss of - $103,983 thousand, which was a $17,208 thousand larger loss than the prior period.</li><li>Adjusted EBITDA (Non-GAAP): Adjusted EBITDA decreased by - $22,532 thousand to - $39,958 thousand.</li></ul><h3>Unique Metrics</h3><ul><li>Aviation Assets: As of March 31, 2026, the Aviation Leasing segment owned and managed 29 commercial aircraft (2 widebody, 27 narrowbody) and 201 engines (8 widebody, 193 narrowbody). The aviation equipment was approximately 73% utilized during Q1 2026, based on days on-lease weighted by monthly average equity value, excluding airframes. Aircraft had a weighted average remaining lease term of 37 months, and engines on-lease had an average remaining lease term of 38 months.</li><li>Geographic Revenue: For Q1 2026, the United States (North America), Bermuda (North America), and Ireland (Europe) accounted for 31%, 24%, and 21% of total revenues, respectively, with no other country representing more than 10%.</li><li>Long-Lived Assets Location: As of March 31, 2026, the United States (North America) and Chile (South America) represented 23% and 12% of property, plant and equipment and leasing equipment, net, respectively, with no other country representing more than 10%.</li><li>Contracted Minimum Future Annual Revenues: As of March 31, 2026, total contracted minimum future annual revenues under existing operating leases amounted to $396,103 thousand, with $86,638 thousand due in the remainder of 2026 and $49,452 thousand due thereafter.</li></ul><h3>Future Outlook and Strategy</h3>FTAI Aviation expects its primary investment activities to shift towards its Strategic Capital Initiative, which manages third-party capital to invest in on-lease narrowbody aircraft. The 2025 Partnership, the first under this initiative, has $2.0 billion in equity commitments and will be the primary buyer of future on-lease 737NG and A320ceo aircraft, with FTAI Aviation providing aircraft management services and making minority capital commitments. The company continues to evaluate potential transactions and related financings, including additional debt and equity, to meet future liquidity requirements and strategic opportunities.

FTAI Aviation Pref Share FTAIN 8.25 PERP 06/15/26 | 10-Q: FY2026 Q1 Revenue: USD 830.7 M