# FTAI Aviation Ltd. (FTAI) Informational only - not investment advice. CIK: 0001590364 SIC: 7350 Services-Miscellaneous Equipment Rental & Leasing SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7350 Services-Miscellaneous Equipment Rental & Leasing](/industry/7350/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1590364 Filing source: https://www.sec.gov/Archives/edgar/data/1590364/000162828026012940/ftai-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001628280-26-012940 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001590364.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,507,409,000 USD | 2025 | verified | | Net income | 501,064,000 USD | 2025 | verified | | Assets | 4,373,758,000 USD | 2025 | verified | | Free cash flow | -338,457,000 USD | 2025 | computed | | Net margin | 19.98% | 2025 | computed | | Revenue YoY | +44.53% | 2025 | computed | | ROE | 149.94% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | FTAI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 20.0% | 4.2% | 84 | 310 | | Revenue growth | 44.5% | 9.2% | 93 | 315 | | FCF margin | -13.5% | 14.9% | 5 | 307 | | ROE | 149.9% | 6.6% | 98 | 287 | | ROA | 11.5% | 2.6% | 83 | 318 | | Liabilities / equity | 12.09 | 1.27 | 95 | 290 | | Current ratio | 5.28 | 1.50 | 93 | 313 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 73 Business Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2507409000 | USD | 2025 | 2026-02-27 | | Net income | 501064000 | USD | 2025 | 2026-02-27 | | Assets | 4373758000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001590364.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | 335,583,000 | 708,411,000 | 1,170,896,000 | 1,734,901,000 | 2,507,409,000 | | Net income | | | -40,598,000 | -23,240,000 | -15,704,000 | 207,784,000 | -103,692,000 | -130,706,000 | -212,027,000 | 243,817,000 | 8,682,000 | 501,064,000 | | Diluted EPS | 0.15 | -0.18 | -0.26 | 0.00 | 0.07 | | | | | 2.11 | -0.32 | 4.60 | | Operating cash flow | | | 30,903,000 | 68,497,000 | 133,697,000 | 151,043,000 | 63,106,000 | -22,044,000 | -20,657,000 | 128,982,000 | -187,956,000 | -310,745,000 | | Capital expenditures | | | 57,371,000 | 116,031,000 | 229,963,000 | 331,171,000 | 264,829,000 | 157,332,000 | 144,196,000 | 6,148,000 | 9,220,000 | 27,712,000 | | Dividends paid | | | | 100,058,000 | 110,584,000 | 113,541,000 | 113,572,000 | 118,009,000 | 128,483,000 | 119,847,000 | 121,577,000 | 128,205,000 | | Assets | | | 1,547,312,000 | 1,955,806,000 | 2,638,778,000 | 3,236,922,000 | 3,387,977,000 | 4,863,854,000 | 2,429,577,000 | 2,964,685,000 | 4,037,952,000 | 4,373,758,000 | | Liabilities | | | 381,632,000 | 920,731,000 | 1,584,996,000 | 1,898,065,000 | 2,288,656,000 | 3,739,754,000 | 2,410,175,000 | 2,788,802,000 | 3,956,584,000 | 4,039,584,000 | | Stockholders' equity | | | | | | | | | | 175,349,000 | 81,368,000 | 334,174,000 | | Cash and cash equivalents | | | 68,055,000 | 59,400,000 | 99,601,000 | 226,512,000 | 121,703,000 | 138,206,000 | 33,565,000 | 90,756,000 | 115,116,000 | 300,476,000 | | Free cash flow | | | -26,468,000 | -47,534,000 | -96,266,000 | -180,128,000 | -201,723,000 | -179,376,000 | -164,853,000 | 122,834,000 | -197,176,000 | -338,457,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | -38.95% | -29.93% | 20.82% | 0.50% | 19.98% | | Return on equity | | | | | | | | | | 139.05% | 10.67% | 149.94% | | Return on assets | | | -2.62% | -1.19% | -0.60% | 6.42% | -3.06% | -2.69% | -8.73% | 8.22% | 0.22% | 11.46% | | Liabilities / equity | | | | | | | | | | 15.90 | 48.63 | 12.09 | | Current ratio | | | | | | | | | | 3.69 | 3.53 | 5.28 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/FTAI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001590364.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2019-Q3 | 2019-09-30 | | | 0.30 | reported discrete quarter | | 2022-Q1 | 2022-03-31 | | | -2.30 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | 0.11 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 291,096,000 | 32,973,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 312,737,000 | 110,025,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 326,694,000 | 31,287,000 | 0.31 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 443,594,000 | -228,205,000 | -2.26 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 465,794,000 | 78,147,000 | 0.76 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 498,819,000 | 86,692,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 502,080,000 | 89,944,000 | 0.87 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 676,237,000 | 161,689,000 | 1.57 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 667,064,000 | 114,009,000 | 1.10 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 662,028,000 | 111,852,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 830,697,000 | 134,190,000 | 1.29 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 953,085,000 | 117,585,000 | 1.13 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from FTAI's latest 10-K: [/company/FTAI/business/](/company/FTAI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from FTAI's latest 10-K: [/company/FTAI/risk-factors/](/company/FTAI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1590364/000162828026051412/ftai-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand FTAI Aviation Ltd. (the “Company,” “we,” “our” or “us”). Our MD&A should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes, and with Part II, Item 1A, “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. Overview 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 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. We expect our primary investment activities to be through our Strategic Capital Initiative going forward. As of June 30, 2026, we had total consolidated assets of $4.5 billion and total equity of $404.0 million. Internalization of Management On May 28, 2024, the Company entered into definitive agreements with the Former Manager and Master GP to internalize the Company’s management function. As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period until October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation, rent and related real estate expenses and actually incurred out-of-pocket expenses, plus a mark-up of ten percent (10%). Strategic Capital Initiative On December 30, 2024, we announced the launch of a Strategic Capital Initiative in collaboration with third-party institutional investors. The Strategic Capital Initiative, and its related partnerships, allows us to maintain an asset-light business model while the partnerships actively acquire on-lease narrowbody aircraft at scale. The first partnership under the initiative (the “2025 Partnership”) focuses on acquiring 737NG and A320ceo aircraft. The 2025 Partnership completed its fundraise in October 2025 with $2.0 billion of equity commitments. The 2025 Partnership, and follow-on partnerships, is the primary buyer of on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company made minority capital commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors. Operating Segments The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aerospace Products and (ii) Aviation Leasing. The Aerospace Products segment, through our maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components primarily for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to lessees, directly and also through its equity method investment. Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes offshore energy related assets, which consist of equipment that support offshore oil and gas activities and production, and expenses relating to FTAI Power. 33 Adjusted EBITDA (Non-GAAP) Besides net income (loss), the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense and dividends on preferred shares, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities, if any. 34 Results of Operations Comparison of the three and six months ended June 30, 2026 and 2025 The following table presents our consolidated results of operations: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change","","Six Months Ended June 30,","","Change"],["(in thousands)","2026","","2025","","","2026","","2025"],["Revenues"],["Aerospace products revenue","$","692,229","","","$","420,686","","","$","271,543","","","$","1,214,814","","","$","685,111","","","$","529,703"],["MRE Contract revenue","182,799","","","69,585","","","113,214","","","404,029","","","170,223","","","233,806"],["Lease income","27,765","","","62,439","","","(34,674)","","","67,657","","","130,879","","","(63,222)"],["Maintenance revenue","25,793","","","73,104","","","(47,311)","","","56,392","","","122,711","","","(66,319)"],["Asset sales revenue","16,925","","","47,915","","","(30,990)","","","27,109","","","66,854","","","(39,745)"],["Other revenue (1)","7,574","","","2,508","","","5,066","","","13,781","","","2,539","","","11,242"],["Total revenues","953,085","","","676,237","","","276,848","","","1,783,782","","","1,178,317","","","605,465"],["Expenses"],["Cost of sales","635,782","","","369,258","","","266,524","","","1,160,050","","","617,972","","","542,078"],["Operating expenses","67,567","","","34,328","","","33,239","","","132,554","","","66,766","","","65,788"],["General and administrative","2,245","","","2,442","","","(197)","","","4,658","","","5,558","","","(900)"],["Acquisition and transaction expenses","5,699","","","4,489","","","1,210","","","22,060","","","11,781","","","10,279"],["Depreciation and amortization","46,986","","","55,236","","","(8,250)","","","99,275","","","114,798","","","(15,523)"],["Total expenses","758,279","","","465,753","","","292,526","","","1,418,597","","","816,875","","","601,722"],["Other (expense) income"],["Interest expense","(64,102)","","","(63,965)","","","(137)","","","(125,509)","","","(126,005)","","","496"],["Equity in earnings (losses) of unconsolidated entities (2)","9,970","","","(5,003)","","","14,973","","","7,607","","","(12,617)","","","20,224"],["Gain on sale to the 2025 Partnership","2,465","","","34,604","","","(32,139)","","","17,633","","","45,474","","","(27,841)"],["Other income","7,574","","","27,156","","","(19,582)","","","55,156","","","60,227","","","(5,071)"],["Total other expense","(44,093)","","","(7,208)","","","(36,885)","","","(45,113)","","","(32,921)","","","(12,192)"],["Income before income taxes","150,713","","","203,276","","","(52,563)","","","320,072","","","328,521","","","(8,449)"],["Provision for income taxes","25,619","","","37,878","","","(12,259)","","","57,079","","","60,737","","","(3,658)"],["Net income","125,094","","","165,398","","","(40,304)","","","262,993","","","267,784","","","(4,791)"],["Less: Dividends on preferred shares","3,709","","","3,709","","","\u2014","","","7,418","","","9,824","","","(2,406)"],["Less: Loss on redemption of preferred shares","3,800","","","\u2014","","","3,800","","","3,800","","","6,327","","","(2,527)"],["Net income attributable to shareholders","$","117,585","","","$","161,689","","","$","(44,104)","","","$","251,775","","","$","251,633","","","$","142"]] [[/GREPCENT_TABLE]] (1)Includes servicing fees of $6,988 and $12,849 for the three and six months ended June 30, 2026, respectively (2025 - $2,052 and $2,600, respectively), from the 2025 Partnership. (2)Includes the profit elimination of $(6,597) and $(16,597) for the three and six months ended June 30, 2026, respectively (2025 - $(4,935) and $(11,885), respectively), for sales to the 2025 Partnership. 35 The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1590364/000162828026012940/ftai-20251231.htm Complete FY 2025 MD&A: /company/FTAI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand FTAI Aviation Ltd. (the “Company,” “we,” “our” or “us”). Our MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes, and with Part I, Item 1A, “Risk Factors” and “Forward-Looking Statements” included elsewhere in this Annual Report on Form 10-K. A discussion of our cash flows for 2025 compared to 2024 is included in our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview 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. As of December 31, 2025, we had total consolidated assets of $4.4 billion and total equity of $334.2 million. Internalization of Management On May 28, 2024, the Company entered into definitive agreements with the Former Manager and Master GP to internalize the Company’s management function. As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period until October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation, rent and related real estate expenses and actually incurred out-of-pocket expenses, plus a mark-up of ten percent (10%). Impact of Russia’s Invasion of Ukraine Economic sanctions and export controls against Russia and Russia’s aviation industry were imposed due to its invasion of Ukraine during the three months ended March 31, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. We determined that it is unlikely that we will regain possession of the aircraft and engines that had not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits for the year ended December 31, 2022, to write-off the entire carrying value of leasing equipment assets that we did not expect to recover from Ukraine and Russia. As of December 31, 2025, eight aircraft and seventeen engines were still located in Russia. Our lessees are required to provide insurance coverage with respect to leased aircraft and engines, and we are named as insureds under those policies in the event of a total loss of an aircraft or engine. We also purchase insurance which provides us with coverage when our aircraft or engines are not subject to a lease or where a lessee’s policy fails to indemnify us. The insured value of the aircraft and engines that remain in Russia is $210.7 million. We intend to pursue all of our claims under these policies. However, the timing and amount of any recoveries under these policies are uncertain. The extent of the impact of Russia’s invasion of Ukraine and the related sanctions on our results, including the ability for us to recover our leasing equipment in the region, will depend on future developments, including the duration of the conflict, sanctions and restrictions imposed by Russian and international governments, all of which remain uncertain. 27 Strategic Capital Initiative On December 30, 2024, we announced the launch of a Strategic Capital Initiative in collaboration with third-party institutional investors. The Strategic Capital Initiative, and its related partnerships, allows us to maintain an asset-light business model while the partnerships actively acquire on-lease narrowbody aircraft at scale. The first partnership under the initiative (the “2025 Partnership”) focuses on acquiring 737NG and A320ceo aircraft. The 2025 Partnership completed its fundraise in October 2025 with $2.0 billion of equity commitments. The 2025 Partnership, and follow-on partnerships, is the primary buyer of all future on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company also made a minority capital commitment and will make additional commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors. Operating Segments The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aerospace Products and (ii) Aviation Leasing. The Aerospace Products segment, through our maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components primarily for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to lessees, directly and also through its equity method investment. Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes offshore energy related assets, which consist of equipment that support offshore oil and gas activities and production. Adjusted EBITDA (Non-GAAP) Besides net income (loss), the chief operating decision maker (“CODM”) utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities, if any. 28 Results of Operations   The following table presents our consolidated results of operations: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/FTAI/mda/fy2025/ All MD&A years: /company/FTAI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/FTAI/mda/fy2024/): filed 2025-03-03; accession 0001590364-25-000006 (https://www.sec.gov/Archives/edgar/data/1590364/000159036425000006/ftai-20241231.htm) - [FY 2023 MD&A](/company/FTAI/mda/fy2023/): filed 2024-02-26; accession 0001590364-24-000003 (https://www.sec.gov/Archives/edgar/data/1590364/000159036424000003/ftai-20231231.htm) - [FY 2022 MD&A](/company/FTAI/mda/fy2022/): filed 2023-02-27; accession 0001590364-23-000007 (https://www.sec.gov/Archives/edgar/data/1590364/000159036423000007/ftai-20221231.htm) - [FY 2021 MD&A](/company/FTAI/mda/fy2021/): filed 2022-02-28; accession 0001590364-22-000002 (https://www.sec.gov/Archives/edgar/data/1590364/000159036422000002/ftai-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7350 Services-Miscellaneous Equipment Rental & Leasing) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/FTAI.md · JSON record: /company/FTAI.json · verified financials: /company/FTAI/financials.json / /company/FTAI/financials.csv · machine TOC for the whole site: /llms.txt