FTAI Aviation (FTAI) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results with net income of $134.2M, adjusted EBITDA of $325.6M (up 70% year-over-year), and 104% revenue growth in Aerospace Products, driven by production growth and expanding market share in CFM56 and V2500 aftermarket services.

• Strategic Capital completed deployment of the 2025 SPV, upsized its warehouse debt facility to $3.5B, and is preparing to launch the 2026 SPV, now the primary channel for on-lease aircraft acquisitions.

• FTAI Power remains on track for commercial launch of Mod-1 in Q4 2026, with a joint venture signed with JERA/Jereh Group and strong customer demand extending into 2028.

• Management completed internalization in 2024, eliminating external management fees and reducing recurring expenses.

• Quarterly dividend increased to $0.45 per share, marking the third consecutive quarterly increase and the 44th dividend as a public company.

Financial highlights

• Q1 2026 revenue reached $831M, up from $408M in Q1 2025; adjusted EBITDA was $325.6M, with Aerospace Products contributing $222.6M and Aviation Leasing $153M.

• Net income for Q1 2026 was $134.2M, compared to $89.9M in Q1 2025; basic EPS was $1.31, up from $0.88.

• Adjusted free cash flow was $158M in Q1 2026; cash balance at quarter-end was $412M.

• Insurance recoveries totaled $45M in Q1, with $5M more expected in 2026, bringing total recoveries since 2022 to $115M.

• Asset sale proceeds were $127.5M, generating a 9% gain; 9 aircraft sold to the 2025 Partnership generated a $15.2M gain.

Outlook and guidance

• Reaffirmed 2026 EBITDA outlook of $1.625B ($1.05B Aerospace Products, $575M Aviation Leasing) and expecting $915M–$1.2B adjusted free cash flow in 2026.

• Targeting 1,050 module production in 2026 and 2,000 at full capacity; FTAI Power aims for 100 Mod-1 units in 2027.

• Management anticipates sufficient liquidity for ongoing operations and strategic investments.