FTAI Aviation Ltd. (FTAI) Income Statement

The revenue trajectory shows a re-acceleration in 2026Q3 after a notable trough in 2025Q4, which may indicate a mix of volume expansion and favorable pricing in leased engine and aircraft assets. Because the data does not isolate organic from acquisition-driven growth, it is difficult to determine how much of this expansion is repeatable. The gap between the 65.5% peak and the 31.6% trough suggests quarterly timing effects are material, so a trailing-twelve-month view is more informative than any single quarter.

Gross margins have ranged from roughly 23% to 46% across the recent quarters, which is far more dispersed than a stable lessor-style margin profile would typically show. This may reflect the timing of asset sales or engine maintenance events that flow through cost of revenue rather than steady leasing income. Relative to peers such as AL and AER, whose gross margins sit near 59 to 60%, FTAI's structure appears more cyclical and less insulated from period-specific cost recognition.

SG&A remains extremely small relative to revenue, at roughly $2 to $3M per quarter, so operating leverage is driven almost entirely by the gross profit line rather than overhead discipline. Because operating income has not consistently scaled with gross profit, the cost of revenue appears to be the primary swing factor. Investors should interpret the reported SG&A figures cautiously, as they may not capture all overhead components.