Research · Sep 3, 2026
[FTAI] FTAI Aviation Thesis 2026: Aerospace MRO Engine Becomes Dominant Earnings Driver
FTAI Aviation FY25 revenue $2.51B (+43%); op income $770M (+39%); NI $501M (vs $9M FY24); EPS $4.60 (vs -$0.32). Aerospace Products Q4 EBITDA $195M (35% margin / +66% YoY / +8% QoQ); full-year $671M. Aviation Leasing Q4 EBITDA $113M (incl $20M from SCI mgmt fees + co-invest); full-year $609M. Strategic Capital Initiative (SCI) launched FY25 — $2B equity commitments raised for SCI I; 130 aircraft closed by year-end; SCI II fundraising started. Multi-year materials agreement with CFM Aerospace. Adj FCF $724M FY25 (excludes investments in SCI + FTAI Power + hot section parts). FY26 guide: total segment guidance $1.625B (vs $1.525B prior, +7%) — Aerospace Products $1.05B + Aviation Leasing $575M; FCF ~$915M (+26%); 2026 production target 1,050 modules; quarterly dividend raised to $0.40 from $0.35 effective March 23.