FTAIMHIGH SIGNALFINANCIAL10-K

FTAI Aviation shows explosive 44.5% revenue growth but operating cash flow deteriorated significantly to -$310.7M, indicating potential cash burn concerns despite strong top-line performance.

The dramatic deterioration in operating cash flow by 65.3% to negative $310.7M raises immediate concerns about the company's ability to convert revenue growth into cash generation. While the strong revenue growth demonstrates business momentum, the widening gap between revenue and cash flow suggests potential working capital issues or timing mismatches that investors should monitor closely.

Comparing 2026-02-27 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

FTAI Aviation delivered impressive growth with revenue surging 44.5% to $2.5B and current assets jumping 72.3% to $2.1B, indicating strong business expansion. However, the company's operating cash flow deteriorated sharply to -$310.7M while continuing to pay $110.6M in dividends, creating a concerning cash burn dynamic. The combination of strong revenue growth but negative operating cash flow suggests the company may be experiencing working capital strain or investment timing issues that warrant close investor scrutiny.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+72.3%
$1.2B$2.1B

Current assets grew 72.3% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
-65.3%
-$188.0M-$310.7M

Operating cash flow fell 65.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+44.5%
$1.7B$2.5B

Strong top-line growth of 44.5% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+39.2%
$150.8M$209.9M

Receivables surged 39.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+15.2%
$347.2M$399.9M

Current liabilities rose 15.2% — increased short-term obligations, watch current ratio.

Dividends Paid
Cash Flow
+10.5%
$100.1M$110.6M

Dividend payments increased 10.5% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-03
ADDED
held by non-affiliates as of the close of business as of June 30, 2025 was approximately $ 11.7 billion.
There were 102,573,283 ordinary shares outstanding at February 25, 2026.
Form 10-K Summary 93 Signatures 93 3 FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Except as otherwise specified, we , us , our , FTAI , FTAI Aviation or the Company refer to us and our consolidated subsidiaries.
We are a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft.
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REMOVED
held by non-affiliates as of the close of business as of June 30, 2024 was approximately $ 10.4 billion.
There were 102,550,975 ordinary shares outstanding at February 26, 2025.
Form 10-K Summary 97 Signatures 97 4 FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
(Nasdaq: FTAI) is, a Cayman Islands exempted company, except as otherwise specified, we , us , our , FTAI , FTAI Aviation or the Company refer to us and our consolidated subsidiaries.
We also develop and manufacture through a joint venture, and repair and sell, through our maintenance facilities and exclusivity arrangements, aftermarket components for aircraft engines.
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