FTAI Aviation Ltd. (FTAI) · Oct 29, 2026 · Earnings

FTAI earnings miss consensus as aerospace surges, buyback doubles

Miss — Diluted EPS $1.43 vs ~$1.54 consensus; revenue $977.7M vs ~$1.01B consensus

FTAI earnings showed explosive aerospace growth and a larger buyback, but revenue and diluted EPS came in below published Q3 expectations.

FTAI is shifting from an aircraft-leasing model toward higher-growth aerospace products and a new FTAI Power business aimed at data-center power demand; the aerospace expansion and Mod-1 opportunity were already established before this report.

The quarter missed the published earnings bar despite strong reported growth. Revenue of $977.7 million increased 46.6% year over year, but was below published Q3 expectations of roughly $1.01 billion; diluted EPS of $1.43 also trailed the roughly $1.54 consensus cited before the release.

Q3 2026Q3 2025Consensus
Total revenue (Income Statement)$977.7M (+46.6%)$667.1M~$1.01B
Diluted EPS (Income Statement)$1.43 (+30.0%)$1.10~$1.54
Consolidated Adjusted EBITDA (Adjusted EBITDA reconciliation)$348.3M (+17.1%)$297.4M
Aerospace Products Adjusted EBITDA (Segment reconciliation)$282.4M (+56.5%)$180.4M
Aviation Leasing Adjusted EBITDA (Segment reconciliation)$104.0M (-22.6%)$134.4M

Aerospace Products is now carrying the business. Aerospace Products revenue rose to $780.6 million from $459.2 million, while segment Adjusted EBITDA climbed to $282.4 million from $180.4 million. That validates the growth engine FTAI is building, but the release does not establish that the ramp is translating into results above the near-term earnings hurdle.

The leasing transition is the offsetting drag. Aviation Leasing Adjusted EBITDA fell to $104.0 million from $134.4 million, and lease income, maintenance revenue, and asset-sale revenue all declined year over year. That is consistent with an asset-light transition, but it leaves more of the consolidated result dependent on aerospace execution and future Power commercialization.

FTAI Power remains strategically important but financially pre-revenue. The company spent $22.0 million on pre-commercial research and development in the quarter, and the filing says the Mod-1 has cleared critical testing milestones ahead of first deliveries next year. The new combined-cycle joint venture could raise output by 9MW and efficiency above 50%, but first test units are not expected until the second half of 2027.

The enlarged buyback is a meaningful capital-allocation signal, not a quarterly earnings fix. The board doubled authorization to $1.0 billion, with about $80.0 million already repurchased and a planned $500.0 million accelerated share repurchase expected to complete in Q4 2026. That supports per-share economics, but it also raises the importance of converting the aerospace and Power pipeline into durable operating earnings.

Bottom line: The business mix is improving faster than the headline earnings result, with Aerospace Products clearly outperforming while leasing contracts. But against the published Q3 bar, this was still a miss; the next proof point is whether aerospace growth and the Mod-1 rollout can close that gap.

What to watch next

Accelerated share repurchase expected to complete in Q4 2026

Original filing on SEC EDGAR

More FTAI Aviation Ltd. news

FTAI earnings miss consensus as aerospace surges, buyback doubles | FTAI Stock News
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