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FTAI Aviation Ltd. logo

FTAI Aviation Ltd. Cash Flow Statement

Operating, investing, and financing cash movements

FTAI Aviation Ltd. generated -$449.5M in operating cash flow over the trailing twelve months. After $30.2M in capital expenditures, free cash flow was -$475.1M. Free cash flow decreased 0.8% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)-$449.5MNet Cash From Investing (TTM)$1.1BNet Cash From Financing (TTM)-$323.0MCapital Expenditures (TTM)$30.2MDepreciation And Amortization Cf (TTM)$218.5MNet Change In Cash (TTM)$398.1M
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$24.8B
P/E Ratio46.14
ROE233.29%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$3.5M$2.8M$2.9M$3M$3M$3.1M
Change in accounts payable—$65.3M—$83.1M$22M$26.3M
Change in accounts receivable$10M$73.1M—$20.5M$3.5M-$28.8M
Change in inventories$43M$127.2M$141.6M$123.1M$253.6M$186.9M
Change in other assets—$41.4M-$55.3M$77.9M$72.8M$121.1M
Change in other liabilities—-$3.5M-$55K-$19.1M$22.9M$23.5M
Other working capital changes-$115K$210K$65K$435K$3.5M$1.6M
Deferred income taxes—$20.7M$27.1M$29.8M$0$12.2M
Depreciation and amortization$54.7M$59.6M$55.2M$55.3M$55.7M$52.3M
Net gains (losses) on investments-$401K-$7.6M-$5M-$4.2M—-$2.4M
Net cash from operating activities-$41.8M-$26M-$110.3M$0-$179.1M-$160.1M
Net income$102.4M$102.4M$165.4M$117.7M$115.6M$137.9M
Amortization expense related to capitalized debt issuance costs$3.5M$2.8M$2.9M$3M$3M$3.1M
Amortization of lease intangibles and incentives—$8.8M———$7.2M
Fair Value Adjustment Of Guarantees-$746K-$316K-$1.8M-$389K-$654K-$411K
Gain on sale to the 2025 Partnership$0$11.6M$11.6M$11.6M$11.6M—
Equity in earnings (losses) of equity method investees-$401K-$7.6M-$5M-$4.2M—-$2.4M
Increase Decrease In Due To Related Parties-$1.5M-$260K-$500K-$200K$0$0
Increase (Decrease) in Other Operating Assets—$41.4M-$55.3M$77.9M$72.8M$121.1M
Insurance Recoveries$0$30.1M$24.2M$0$0$44.6M
Security Deposits And Maintenance Claims$3.3M$3.6M$27.6M——$1.8M
Stock-based compensation$3.4M$4.9M$5.5M$5.7M$5.7M$6.3M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$6.3M$4.2M$6.9M$6.4M$10.2M$6.6M
Acquisition Of Lease Intangibles, Net—$1.3M———$0
Payments For Advance To Affiliate$0$20M$98.8M$70M$139.8M$1.2M
Purchase deposits—$46.3M———$37.1M
Payments to notes receivables$0$0———$801K
Proceeds From Collection Of Notes Receivable$1.1M$989K$1M$2.3M$2.4M$1.6M
Proceeds from deposits on sale of leasing equipment$77.4M$3.4M—$6.2M$880K$7M
Return of deposits for acquisition of leasing equipment—$44.3M$0$848K$3.8M$5.4M
Net cash from investing activities-$26.8M-$27.6M$523.8M$226.5M$646K$317M
Net change in loans and leases$3M$2.8M———$0

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$512.6M$290M$140M$0$50M$125M
Repayments of debt$305M$90M$340M$0$50M$125M
Dividends paid$30.8M$30.8M$30.8M$30.8M$35.9M$41M
Dividends paid on preferred stock$7.8M$6.1M$3.7M$3.7M$3.7M$3.7M
Decrease In Maintenance Deposits—$4.2M———$5.3M
Decrease In Security Deposits—$300K———$558K
Receipt of maintenance deposits under operating lease agreements—$15M———$7.5M
Receipt of security deposits under operating lease agreements—$1.2M———$100K
Payment For Settlement Of Equity Based Compensation$0$0———$2.1M
Payments for Repurchase of Redeemable Noncontrolling Interest$133.5K$0$0$0$0—
Payments For Repurchase Of Redeemable Preferred Stock$105.4M$124.2M———$0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$7.8M$6.1M$3.7M$3.7M$3.7M$3.7M
Net cash from financing activities$71.8M$50.6M-$223.7M-$23.1M-$31M-$45.2M
Payment of debt issuance costs$6.5M$39K$478K$7K$0$0
Redemption of preferred stock$105.4M$124.2M———$0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$48.1M-$30.1M-$117.2M-$1.8M-$189.3M-$166.7M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$1.4M$3.9M$3.9M$3.9M$3.9M—
Interest paid$55.5M$58.8M$58.8M$58.8M$58.8M—
Income Taxes Paid, Net$1.4M$3.9M$3.9M$3.9M$3.9M—
Noncash or Part Noncash Acquisition, Accounts Receivable Settled With Maintenance Deposits$6.9M$5.8M$3.5M$14.6M$3.1M$1.5M
Noncash or Part Noncash Acquisition, Leasing Equipment Acquired$10.3M$8.3M$10.2M$4M$0$15.9M
Receipt of notes receivable in connection with the sale of leasing equipment$22.1M$34.6M———$59.3M
Purchase Deposits Reclassified To Leasing Equipment$0$17M$30M$5.8M$0$0

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$3.2M-$3M$189.8M$208M—$111.8M
Payments To Acquire Equipment On Lease$525M$267.4M$144.7M$77.6M$169M$87.8M
Proceeds from insurance settlements related to property and equipment$0$30.1M$24.2M——$27M