Revenue: As of FY2025 Q4, the actual value is USD 662.03 M.EPS: As of FY2025 Q4, the actual value is USD 1.08.EBIT: As of FY2025 Q4, the actual value is USD 239.93 M.<h3>Financial Overview (Q4 2025 vs Q4 2024 and Full Year 2025 vs Full Year 2024)</h3><h4>Net Income Attributable to Shareholders</h4><ul><li>Net income attributable to shareholders was $111,852 thousand for Q4 2025, up from $86,692 thousand in Q4 2024. For the full year, it increased significantly to $477,494 thousand in FY 2025 from -$32,079 thousand in FY 2024.</li></ul><h4>Adjusted EBITDA</h4><ul><li>Adjusted EBITDA for Q4 2025 was $277,178 thousand, compared to $252,015 thousand in Q4 2024. For the full year, Adjusted EBITDA rose to $1,190,922 thousand in FY 2025 from $862,050 thousand in FY 2024.</li></ul><h4>Segment Revenue</h4><ul><li>Aerospace products revenue was $456,139 thousand in Q4 2025 and $1,600,456 thousand for FY 2025, showing growth from $342,095 thousand and $1,079,821 thousand in the respective prior periods.</li><li>MRE Contract revenue was $106,902 thousand in Q4 2025 and $335,788 thousand for FY 2025, with no revenue recorded in Q4 2024 or FY 2024.</li><li>Lease income decreased to $49,259 thousand in Q4 2025 from $65,973 thousand in Q4 2024, and for the full year, it was $235,210 thousand in FY 2025, down from $255,338 thousand in FY 2024.</li><li>Maintenance revenue was $43,418 thousand in Q4 2025, slightly down from $43,915 thousand in Q4 2024, but increased to $218,499 thousand for FY 2025 from $200,809 thousand in FY 2024.</li><li>Asset sales revenue significantly decreased to $1,630 thousand in Q4 2025 from $46,183 thousand in Q4 2024, and for the full year, it was $106,945 thousand in FY 2025 compared to $192,176 thousand in FY 2024.</li><li>Other revenue increased to $4,680 thousand in Q4 2025 from $653 thousand in Q4 2024, and for the full year, it was $10,511 thousand in FY 2025, up from $6,757 thousand in FY 2024.</li><li>Total revenues reached $662,028 thousand in Q4 2025, up from $498,819 thousand in Q4 2024. Full year total revenues were $2,507,409 thousand in FY 2025, an increase from $1,734,901 thousand in FY 2024.</li></ul><h4>Operating Costs and Expenses</h4><ul><li>Cost of sales was $368,825 thousand in Q4 2025 and $1,349,719 thousand for FY 2025, compared to $257,727 thousand and $825,884 thousand in the respective prior periods.</li><li>Operating expenses increased to $46,683 thousand in Q4 2025 from $34,587 thousand in Q4 2024, and for the full year, they were $152,541 thousand in FY 2025, up from $115,861 thousand in FY 2024.</li><li>General and administrative expenses decreased to $2,091 thousand in Q4 2025 from $3,566 thousand in Q4 2024, and for the full year, they were $9,478 thousand in FY 2025, down from $14,263 thousand in FY 2024.</li><li>Acquisition and transaction expenses were $9,740 thousand in Q4 2025 and $28,587 thousand for FY 2025, compared to $8,757 thousand and $32,296 thousand in the respective prior periods.</li><li>Management fees and incentive allocation to affiliate and Internalization fee to affiliate were $0 in Q4 2025 and FY 2025, compared to $8,449 thousand and $300,000 thousand respectively in FY 2024.</li><li>Depreciation and amortization was $55,721 thousand in Q4 2025 and $225,797 thousand for FY 2025, compared to $54,678 thousand and $218,064 thousand in the respective prior periods.</li><li>Gain on sale of assets, net was $0 in Q4 2025 and FY 2025, compared to -$18,705 thousand in Q4 2024 and FY 2024.</li><li>Total expenses were $483,060 thousand in Q4 2025 and $1,766,122 thousand for FY 2025, compared to $340,610 thousand and $1,497,074 thousand in the respective prior periods.</li></ul><h4>Other Expense</h4><ul><li>Interest expense was -$60,962 thousand in Q4 2025 and -$247,751 thousand for FY 2025, compared to -$60,881 thousand and -$221,721 thousand in the respective prior periods.</li><li>Loss on extinguishment of debt was $0 in Q4 2025 and FY 2025, compared to -$3,181 thousand in Q4 2024 and -$17,101 thousand in FY 2024.</li><li>Equity in earnings (losses) of unconsolidated entities was $10,023 thousand in Q4 2025 and -$6,818 thousand for FY 2025, compared to -$401 thousand and -$2,200 thousand in the respective prior periods.</li><li>Gain (loss) on sale to the 2025 Partnership was -$3,703 thousand in Q4 2025 and $46,380 thousand for FY 2025, with no activity in the prior periods.</li><li>Other income was $9,789 thousand in Q4 2025 and $73,586 thousand for FY 2025, compared to $14,319 thousand and $17,364 thousand in the respective prior periods.</li><li>Total other expense was -$44,853 thousand in Q4 2025 and -$134,603 thousand for FY 2025, compared to -$50,144 thousand and -$223,658 thousand in the respective prior periods.</li></ul><h4>Provision for Income Taxes</h4><ul><li>The provision for income taxes was $18,553 thousand in Q4 2025 and $105,620 thousand for FY 2025, compared to $5,617 thousand and $5,487 thousand in the respective prior periods.</li></ul><h4>Dividends</h4><ul><li>Dividends on preferred shares were $3,710 thousand in Q4 2025 and $17,243 thousand for FY 2025, compared to $7,758 thousand and $32,763 thousand in the respective prior periods.</li><li>Loss on redemption of preferred shares was $0 in Q4 2025 and $6,327 thousand for FY 2025, compared to $7,998 thousand in Q4 2024 and FY 2024.</li><li>The Board declared an ordinary shares dividend of $0.40 per share for Q4 2025, an increase from $0.35 per share, payable on March 23, 2026.</li><li>Preferred shares dividends of $0.52 per share for Series C and $0.59 per share for Series D were declared for Q4 2025, payable on March 16, 2026.</li></ul><h4>Consolidated Balance Sheets (as of December 31, 2025 vs December 31, 2024)</h4><ul><li>Cash and cash equivalents increased to $300,476 thousand as of December 31, 2025, from $115,116 thousand as of December 31, 2024.</li><li>Total current assets increased to $2,112,520 thousand as of December 31, 2025, from $1,226,018 thousand as of December 31, 2024.</li><li>Total assets increased to $4,373,758 thousand as of December 31, 2025, from $4,037,952 thousand as of December 31, 2024.</li><li>Total current liabilities increased to $399,875 thousand as of December 31, 2025, from $347,246 thousand as of December 31, 2024.</li><li>Long-term debt, net was $3,448,891 thousand as of December 31, 2025, slightly up from $3,440,478 thousand as of December 31, 2024.</li><li>Total liabilities increased to $4,039,584 thousand as of December 31, 2025, from $3,956,584 thousand as of December 31, 2024.</li><li>Shareholders’ equity significantly increased to $334,174 thousand as of December 31, 2025, from $81,368 thousand as of December 31, 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Aerospace Products Adjusted EBITDA for FY 2025 was $671,252 thousand, representing an annual increase of 76% versus FY 2024 ($380,636 thousand) and a 320% increase versus FY 2023.</li></ul><h4>Outlook / Guidance</h4>FTAI Aviation Ltd. updated its Business Segment 2026 Adjusted EBITDA guidance to a range of $1.525 billion to $1.625 billion, comprising $1.05 billion from Aerospace Products and $575 million from Aviation Leasing. The company anticipates the first FTAI Mod-1 Aeroderivative product delivery by Q4 2026, with plans for 100 units in 2027.

FTAI Aviation Pref Share FTAIN 8.25 PERP 06/15/26 | 8-K: FY2025 Q4 Revenue: USD 662.03 M