Key Highlights

  • Diluted EPS of USD 1.43 rose from USD 1.10 a year earlier and topped the consensus estimate of USD 1.41.
  • Revenue of USD 977.7 million grew 47% year over year but landed below the consensus estimate of USD 1.00 billion.
  • Aerospace Products Revenue rose 76% to USD 910.0 million, with adjusted EBITDA of USD 282.4 million at a 31% margin.
  • An accelerated share repurchase of USD 500 million came with a doubled USD 1.0 billion authorization and reaffirmed guidance.

FTAI Aviation Ltd. (NASDAQ:FTAI) reported third quarter 2026 Diluted Earnings per Share of USD 1.43, above a consensus estimate of USD 1.41 and up from USD 1.10 a year earlier. Total revenues were USD 977.7 million, up from USD 667.1 million but below a consensus estimate of USD 1.00 billion. Net Income attributable to shareholders was USD 149.1 million versus USD 114.0 million, and consolidated adjusted EBITDA of USD 348.3 million rose 17% from USD 297.4 million.

Net income attributable to shareholders rose 26.8% from the second quarter.

Aerospace Products Drives the Quarter

Aerospace Products revenue reached USD 910.0 million and adjusted EBITDA USD 282.4 million, up 76% and 57% from a year earlier, at a Margin of 31% against guidance of 30%. The company produced a record 311 CFM56 modules, up 50%, bringing year to date output to 877 against a 2026 outlook of 1,200 modules. Chairman and Chief Executive Officer Joe Adams said Market Share reached about 15%.

Aviation Leasing adjusted EBITDA was USD 104.0 million against USD 134.4 million, as Lease income fell to USD 25.3 million from USD 55.1 million under the shift to an asset-light model. Strategic Capital now exceeds 50% of the segment. The first vehicle has closed 212 of 301 committed aircraft, and the second began investing in September with 109 aircraft committed. In Power, the Mod-1 turbine met its 25 MW peak and 23 MW continuous testing targets, with more than 100 units under contract for 2027 and 2028 and USD 234 million of customer deposits received.

Guidance, Buyback and Balance Sheet

The company reaffirmed 2026 adjusted EBITDA guidance of USD 1.05 billion for Aerospace Products and USD 475 million for Aviation Leasing. For 2027 it guided to USD 2.3 billion, made up of USD 1.4 billion from Aerospace Products, USD 450 million to USD 750 million from Power and USD 450 million from Aviation Leasing. The chief financial officer said full year free Cash Flow before growth initiatives is projected at USD 1.1 billion, revised down USD 61 million for engine acquisitions, while growth initiatives rose to USD 463 million from USD 290 million.

The board increased the repurchase authorization by USD 500 million to USD 1.0 billion, and the company plans a USD 500 million accelerated repurchase with Royal Bank of Canada to finish in the fourth quarter. About USD 80.0 million of shares were already bought. Total Debt was about USD 3.5 billion against cash of USD 386 million, and net debt to run rate adjusted EBITDA fell to 2.2 times from 2.6 times, with no Corporate Bond maturities until May 2028.

Signposts for the Fourth Quarter and 2027

Several dated items stand out. The accelerated repurchase is scheduled to complete by year end, leaving about USD 420 million of authorization. A Dividend of USD 0.50 per ordinary share is payable November 23 to holders of record on November 10, and an investor meeting is scheduled for December 10. The first vehicle is projected to close substantially all committed aircraft by December 31, and CFM56 module output of 877 year to date compares with the 1,200 target for 2026 and 1,700 for 2027.