FTAINHIGH SIGNALFINANCIAL10-K

FTAI Aviation shows strong revenue growth of 44.5% but deteriorating cash generation with operating cash flow worsening from -$188M to -$311M.

The company is experiencing rapid top-line growth while burning significantly more cash, indicating potential working capital strain or investment in growth that hasn't yet translated to profitability. The 72% increase in current assets alongside growing receivables suggests the business is scaling but may face liquidity management challenges.

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

FTAI Aviation demonstrates robust revenue expansion of 44.5% to $2.5B, accompanied by a substantial 72% increase in current assets to $2.1B and 39% growth in accounts receivable, indicating strong business momentum. However, operating cash flow deteriorated significantly by 65% to -$311M, suggesting the revenue growth is not yet converting to cash generation and may reflect working capital pressures from rapid expansion. Despite the cash burn, the company maintained dividend payments with a 10% increase, which could signal management confidence but also raises questions about capital allocation priorities given the negative operating cash flow.

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.
We repair and rebuild engines in our maintenance facilities and with our joint venture partners, and sell or lease the engines to airlines and asset owners around the world.
Our primary business model is to sell or lease engines via exchange through our proprietary Maintenance, Repair and Exchange ( MRE ) model which is reported under our Aerospace Products segment.
We also own and manage a portfolio of on- and off-lease aircraft and engines through our Aviation Leasing segment.
While historically these investment activities have been primarily held on balance sheet, at the end of 2024, we launched our Strategic Capital Initiative, which consists of an asset management business that manages third-party capital to invest in on-lease aircraft and engines.
We expect our primary investment activities to be through our Strategic Capital Initiative going forward.
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.
We believe that there is a large number of acquisition opportunities in our markets and that our expertise and business and financing relationships, together with our access to capital, will allow us to take advantage of these opportunities.
As of December 31, 2024, we had total consolidated assets of $4.0 billion and total equity of $81.4 million.
As of December 31, 2024, our operations consisted of Aviation Leasing and Aerospace Products.
Our Aviation Leasing b usiness acquires assets that are designed to carry cargo or people.
Aviation equipment assets are typically long-lived, moveable and leased by us on either operating leases or finance leases to companies that provide transportation services.
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